Document ID: chunk:federal_register_of_legislation:C2014C00709:clause:1_3
Version: federal_register_of_legislation:C2014C00709
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 6327–8892

3  After section 59‑45
Insert:

59‑50  Native title benefits
 (1) To the extent that a *native title benefit would otherwise be included in your assessable income, it is not assessable income and is not *exempt income if you are an *Indigenous person or an *Indigenous holding entity.
 (2) To the extent that an amount, or other benefit, arising directly or indirectly from a *native title benefit would otherwise be included in your assessable income, it is not assessable income and is not *exempt income if you are an *Indigenous person or an *Indigenous holding entity.
 (3) Neither subsection (1) nor (2) applies to an amount, or benefit, to the extent that it:
 (a) is for the purposes of meeting the provider's administrative costs; or
 (b) is remuneration or consideration for the provision of goods or services.
 (4) Subsection (2) does not apply to an amount, or benefit, to the extent that it arises directly or indirectly:
 (a) from so much of:
 (i) the *native title benefit; or
 (ii) an amount, or benefit, arising directly or indirectly from the native title benefit;
  as is not *non‑assessable non‑exempt income of an entity because of this section; or
 (b) from an entity investing any or all of:
 (i) the native title benefit; or
 (ii) an amount, or benefit, arising directly or indirectly from the native title benefit.
 (5) A native title benefit is an amount, or *non‑cash benefit, that:
 (a) arises under:
 (i) an agreement made under an Act of the Commonwealth, a State or a Territory, or under an instrument made under such an Act; or
 (ii) an ancillary agreement to such an agreement;
  to the extent that the amount or benefit relates to an act that would extinguish *native title or that would otherwise be wholly or partly inconsistent with the continued existence, enjoyment or exercise of native title; or
 (b) is compensation determined in accordance with Division 5 of Part 2 of the Native Title Act 1993.
Note 1: Agreements that can be covered by paragraph (a) include:
(a) indigenous land use agreements (within the meaning of the Native Title Act 1993); and
(b) an agreement of the kind mentioned in paragraph 31(1)(b) of that Act; and
(c) recognition and settlement agreements (within the meaning of the Traditional Owner Settlement Act 2010 (Vic.)).
Note 2: Paragraph (a) does not require a determination of native title under the Native Title Act 1993.
 (6) An Indigenous holding entity is:
 (a) a *distributing body; or
 (b) a trust, if the beneficiaries of the trust can only be *Indigenous persons or distributing bodies.