Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2007 MEASURES NO. 5) ACT 2007 - SCHEDULE 5

Income Tax Assessment Act 1997

1   Section   11 - 10 (after table item headed "non - cash benefits")

Insert:

2   At the end of Division   51

Add:

51 - 60   Prime Minister's Prizes

  (1)   To the extent that the Prime Minister's Prize for Australian History would otherwise be assessable income, it is exempt from income tax.

  (2)   To the extent that the Prime Minister's Prize for Science would otherwise be assessable income, it is exempt from income tax.

3   Application

The amendments made by this Schedule apply to assessments for the 2006 - 07 income year and later income years.