INCOME TAX ASSESSMENT ACT 1997

CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS  

PART 1-3 - CORE PROVISIONS  

Division 6 - Assessable income and exempt income  

Guide to Division 6  

Operative provisions

SECTION 6-15   What is not assessable income  

6-15(1)  
If an amount is not * ordinary income, and is not * statutory income, it is not assessable income (so you do not have to pay income tax on it).

6-15(2)  
If an amount is * exempt income, it is not assessable income .

Note:

If an amount is exempt income, there are other consequences besides it being exempt from income tax. For example:

  • · the amount may be taken into account in working out the amount of a tax loss (see section 36-10 );
  • · you cannot deduct as a general deduction a loss or outgoing incurred in deriving the amount (see Division 8 );
  • · capital gains and losses on assets used solely to produce exempt income are disregarded (see section 118-12 ).
  • 6-15(3)  


    If an amount is * non-assessable non-exempt income, it is not assessable income .
    Note 1:

    You cannot deduct as a general deduction a loss or outgoing incurred in deriving an amount of non-assessable non-exempt income (see Division 8 ).

    Note 2:

    Capital gains and losses on assets used to produce some types of non-assessable non-exempt income are disregarded (see section 118-12 ).


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