INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

Division 15 - Some items of assessable income  

Operative provisions  

SECTION 15-15   Profit-making undertaking or plan  

15-15(1)  
Your assessable income includes profit arising from the carrying on or carrying out of a profit-making undertaking or plan.

15-15(2)  
This section does not apply to a profit that:

(a) is assessable as ^* ordinary income under section 6-5 ; or

(b) arises in respect of the sale of property acquired on or after 20 September 1985.

Note:

If you sell property you acquired before 20 September 1985 for profit-making by sale, your assessable income includes the profit: see section 25A of the Income Tax Assessment Act 1936 .