Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)

Schedule 3   Non-assessable non-exempt income

Income Tax Assessment Act 1997

55   At the end of section 6-20

Add:

(4) If an amount of *ordinary income or *statutory income is *non-assessable non-exempt income, it is not exempt income .

Note: An amount of non-assessable non-exempt income is not taken into account in working out the amount of a tax loss.