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Tax Laws Amendment (Election Commitments No. 1) Bill 2008

Schedule 2 Prime Minister’s Literary Awards

   

Income Tax Assessment Act 1997

1  Section 11-10 (at the end of table item headed “prizes”)

Add:

Prime Minister’s Literary Awards ...........................................

51-60

2  At the end of section 51-60

Add:

             (3)  To the extent that a Prime Minister’s Literary Award would otherwise be assessable income, it is exempt from income tax.

3  Application

The amendments made by this Schedule apply to assessments for the 2007-08 income year and later income years.