Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 6) 2000 - SCHEDULE 2

Income Tax Assessment Act 1997

1   Section   11 - 15 (after the table item headed "foreign investment")

Insert:

2   At the end of Division   51

Add:

51 - 60   Income from GST Direct Assistance Certificate

    Your * ordinary income and * statutory income for the 1999 - 2000 and 2000 - 01 income years are exempt from income tax so far as they are attributable to a certificate that:

  (a)   is commonly called a GST Direct Assistance Certificate; and

  (b)   is issued to you by an organisation known as the GST Start - Up Assistance Office in the Department of the Treasury; and

  (c)   is expressed to have a maximum value of $200.

3   After section   118 - 13

Insert:

118 - 14   GST Direct Assistance Certificate

    A * capital gain or * capital loss you make in the 1999 - 2000 or 2000 - 01 income year is disregarded if the gain or loss is from a * CGT event that happens when you use a certificate that:

  (a)   is commonly called a GST Direct Assistance Certificate; and

  (b)   is issued to you by an organisation known as the GST Start - Up Assistance Office in the Department of the Treasury; and

  (c)   is expressed to have a maximum value of $200.