Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 59.15

  (1)   These are not assessable income and are not * exempt income:

  (a)   a * mining payment made to a * distributing body;

  (b)   a mining payment made to one or more * Indigenous persons, or applied for their benefit.

  (2)   A payment:

  (a)   made to a * distributing body; or

  (b)   made to one or more * Indigenous persons, or applied for their benefit;

is not assessable income and is not * exempt income if the payment is made by a * distributing body out of a * mining payment that it has received.

  (3)   A payment made to a * distributing body by another distributing body, out of a * mining payment received by the other distributing body, is taken to be a mining payment for the purposes of:

  (a)   any further applications of subsection   (2); and

  (b)   any further applications of this subsection.

  (4)   Subsection   (2) does not apply to a payment by a * distributing body for the purposes of meeting its administrative costs.

  (5)   This section does not apply to an amount paid to or applied for the benefit of a person if it is remuneration or consideration for goods or services provided by that person.