The ATO Wed 25.7.2012, issued Class Ruling CR 2012/55 (Master of Veterinary Studies/Master of Veterinary Clinical Studies (University of Sydney)). It applies from 1 July 2012. Broadly, the Ruling states the fortnightly stipend payments to the students undertaking the studies would be ordinary income under s 6-5(1) of the ITAA 1997, however, these payments are exempt from income tax under item 2.1A in the table in s 51-10 of the ITAA 1997.
[LTN 142, 25/7]