Section 554P Exclusions: employment income exemptions under Part 4F1

Chapter 2 does not apply by reason of a relevant step if an employment income exemption under Part 4 applies to the subject of the relevant step.

If the employment income exemption applies to the subject of the relevant step in part only, the relevant step is to be treated for the purposes of this Part as being two separate relevant steps—

with subsection (1) applying only in relation to the separate relevant step mentioned in paragraph (a).

In order to give effect to subsection (2), the sum of money or asset which is the subject of the relevant step is to be apportioned between the two separate relevant steps on a just and reasonable basis.

In this section “employment income exemption” includes the exemption under section 271.