22Tax treatment of stockpile activities

#### 22 Tax treatment of stockpile activities (1) Amounts derived by WoolStock Australia Limited from stockpile activities are exempt income for the purposes of the 1936 Tax Act and the 1997 Tax Act. (2) No deduction is allowable to WoolStock Australia Limited under the 1936 Tax Act or the 1997 Tax Act in respect of stockpile activities. (3) Subdivision 57‑L of Schedule 2D to the 1936 Tax Act does not apply in relation to WoolStock Australia Limited. (4) In this section: > eligible wool means: (a) wool owned by WoolStock Australia Limited at or before the conversion time; and (b) wool acquired by WoolStock Australia Limited after the conversion time for the purpose of facilitating the disposal of wool owned by WoolStock Australia Limited at the conversion time. > stockpile activities means any of the following activities: (a) holding, managing or disposing of eligible wool; (b) distributing the proceeds of sale of eligible wool to registered equity holders or shareholders; (c) activities connected with, or incidental to, activities covered by paragraph (a) or (b), including the temporary investment of the proceeds of sale of eligible wool, pending the distribution of those proceeds to registered equity holders or shareholders.