The 2001-02 Budget announced that the Income Tax Assessment Act 1936 (the Act) will be amended to prevent periods of overseas service which qualify for the taxation exemption available under Section 23AG of the Act from also qualifying as periods of service for either the taxation rebate available under Section 23AB of the Act (the UN armed forces rebate) or the taxation rebate available under Section 79B of the Act (the overseas defence forces rebate).
The Assistant Treasurer today announced that these amendments will commence to apply from 1 July 2001.
The Government will introduce these amendments into Parliament as soon as practicable.
CANBERRA
28 June 2001
Contact:
Richard Wise, Assistant Treasurer's Office (02) 6277 7360
Mark OConnor, Australian Taxation Office (02) 6279 6889