INCOME TAX ASSESSMENT ACT 1997
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 .
If an amount is exempt income, there are other consequences besides it being exempt from income tax. For example:
If an amount is * non-assessable non-exempt income, it is not assessable income .
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 ).
Capital gains and losses on assets used to produce some types of non-assessable non-exempt income are disregarded (see section 118-12 ).
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.