Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 (101 of 2006)
Schedule 2 Consequential amendments relating to Schedule 1 repeals etc.
Part 1 Amendments: general
Income Tax Assessment Act 1997
627 Before section 15-3
15-2 Allowances and other things provided in respect of employment or services
(1) Your assessable income includes the value to you of all allowances, gratuities, compensation, benefits, bonuses and premiums *provided to you in respect of, or for or in relation directly or indirectly to, any employment of or services rendered by you (including any service as a member of the Defence Force).
(2) This is so whether the things were *provided in money or in any other form.
(3) However, the value of the following are not included in your assessable income under this section:
(a) an *eligible termination payment;
(b) an amount to which section 26AC or 26AD (about termination payments for unused leave) of the Income Tax Assessment Act 1936 applies;
(c) a *dividend or *non-share dividend;
(d) an amount that is assessable as *ordinary income under section 6-5.
Note: Section 23L of the Income Tax Assessment Act 1936 provides that fringe benefits are non-assessable non-exempt income.