Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2006 MEASURES NO. 3) ACT 2006 - SCHEDULE 5

Income Tax Assessment Act 1997

1   Subsection 118 - 37(2)

Repeal the subsection, substitute:

  (2)   A * capital gain or * capital loss is disregarded if you make it as a result of receiving a payment or property as reimbursement or payment of your expenses, or receiving or using a voucher or certificate, under:

  (a)   a scheme established by an * Australian government agency, a * local governing body or a * foreign government agency under an enactment or an instrument of a legislative character; or

  (b)   the General Practice Rural Incentives Program or the Rural and Remote General Practice Program; or

  (c)   the Sydney Aircraft Noise Insulation Project; or

  (d)   the M4/M5 Cashback Scheme; or

  (e)   the Unlawful Termination Assistance Scheme or the Alternative Dispute Resolution Assistance Scheme.

2   Application

The amendment made by item   1 of this Schedule applies to assessments for the 2005 - 06 income year and later income years.