Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 59.50

  (1)   To the extent that a * native title benefit would otherwise be included in your assessable income, it is not assessable income and is not * exempt income if you are an * Indigenous person or an * Indigenous holding entity.

  (2)   To the extent that an amount, or other benefit, arising directly or indirectly from a * native title benefit would otherwise be included in your assessable income, it is not assessable income and is not * exempt income if you are an * Indigenous person or an * Indigenous holding entity.

  (3)   Neither subsection   (1) nor (2) applies to an amount, or benefit, to the extent that it:

  (a)   is for the purposes of meeting the provider's administrative costs; or

  (b)   is remuneration or consideration for the provision of goods or services.

  (4)   Subsection   (2) does not apply to an amount, or benefit, to the extent that it arises directly or indirectly:

  (a)   from so much of:

  (i)   the * native title benefit; or

  (ii)   an amount, or benefit, arising directly or indirectly from the native title benefit;

    as is not * non - assessable non - exempt income of an entity because of this section; or

  (b)   from an entity investing any or all of:

  (i)   the native title benefit; or

  (ii)   an amount, or benefit, arising directly or indirectly from the native title benefit.

  (5)   A native title benefit is an amount, or * non - cash benefit, that:

  (a)   arises under:

  (i)   an agreement made under an Act of the Commonwealth, a State or a Territory, or under an instrument made under such an Act; or

  (ii)   an ancillary agreement to such an agreement;

    to the extent that the amount or benefit relates to an act that would extinguish * native title or that would otherwise be wholly or partly inconsistent with the continued existence, enjoyment or exercise of native title; or

  (b)   is compensation determined in accordance with Division   5 of Part   2 of the Native Title Act 1993 .

Note 1:   Agreements that can be covered by paragraph   (a) include:

(a)   indigenous land use agreements (within the meaning of the Native Title Act 1993 ); and

(b)   an agreement of the kind mentioned in paragraph   31(1)(b) of that Act; and

(c)   recognition and settlement agreements (within the meaning of the Traditional Owner Settlement Act 2010 (Vic.)).

Note 2:   Paragraph   (a) does not require a determination of native title under the Native Title Act 1993 .

  (6)   An Indigenous holding entity is:

  (a)   a * distributing body; or

  (b)   a trust, if the beneficiaries of the trust can only be * Indigenous persons or Indigenous holding entities; or

  (c)   a * registered charity.