INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Subsection (1) does not apply to the 1997-98 year of income or a later year of income.
Sections 6-5 , 6-10 and 6-15 of the Income Tax Assessment Act 1997 set out rules for working out what amounts are included in an entity's assessable income for the 1997-98 year of income and later years of income.
(a) where the taxpayer is a resident -
the gross income derived directly or indirectly from all sources whether in or out of Australia; and
(b) where the taxpayer is a non-resident -
the gross income derived directly or indirectly from all sources in Australia,
Interest (except interest paid outside Australia to a non-resident on debentures issued outside Australia by a company or an eligible unit trust within the meaning of section 128FA ) upon money secured by mortgage of any property in Australia shall be deemed to be derived from a source in Australia.