(1) The object of this section is to ensure Australia's compliance with certain provisions of the * United Nations Convention on the Law of the Sea.
Note: The text of the United Nations Convention on the Law of the Sea is in Australian Treaty Series 1994 No. 31 ( ATS 31) and could in 2014 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
(2) If you are a foreign resident, your * ordinary income and * statutory income is neither assessable income, nor * exempt income, to the extent that:
(a) the income is from an activity carried on in an area that is:
(i) part of Australia's exclusive economic zone; or
(ii) part of, or above, Australia's continental shelf; and
(b) the activity is specified by regulation to be a prescribed activity for the purpose of this section.
Guide to Subdivision 768-G