INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 36 - Tax losses of earlier income years  

Subdivision 36-A - Deductions for tax losses of earlier income years  

SECTION 36-20   Net exempt income  

36-20(1)  


If you are an Australian resident, your net exempt income is the amount by which your total *exempt income from all sources exceeds the total of:


(a) the losses and outgoings (except capital losses and outgoings) you incurred in deriving that exempt income; and


(b) any taxes payable outside Australia on that exempt income.

36-20(2)  


If you are a foreign resident, your net exempt income is the amount (if any) by which the total of:


(a) your *exempt income *derived from sources in Australia; and


(b) your exempt income to which section 26AG (Certain film proceeds included in assessable income) of the Income Tax Assessment Act 1936 applies;

exceeds the total of:


(c) the losses and outgoings (except capital losses and outgoings) you incurred in deriving exempt income covered by paragraph (a) or (b); and


(d) any taxes payable outside Australia on income covered by paragraph (b).

36-20(3)  
(Repealed by No 66 of 2003)

36-20(3A)  
(Repealed by No 66 of 2003)

36-20(4)  
(Repealed by No 66 of 2003)


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