INCOME TAX ASSESSMENT ACT 1997
Assessable income consists of ordinary income and statutory income. 6-1(2)
Some ordinary income, and some statutory income, is exempt income. 6-1(3)
Exempt income is not assessable income. 6-1(4)
Some ordinary income, and some statutory income, is neither assessable income nor exempt income.
For the effect of the GST in working out assessable income, see Division 17 .6-1(5)
An amount of ordinary income or statutory income can have only one status (that is, assessable income, exempt income or non-assessable non-exempt income) in the hands of a particular entity.
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