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:
S 6-15(2) amended by No 66 of 2003.
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 ).
S 6-15(3) inserted by No 66 of 2003.
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