Division 2 - Income  

Subdivision A - Assessable income generally  


25(1A)   [No operation from 1997/98 year onwards]  

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.

25(1)   [Assessable income to include gross income]  

The assessable income of a taxpayer shall include -

(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,

which is not exempt income, an amount to which section 26AC or 26AD applies or an eligible termination payment within the meaning of Subdivision AA .

25(2)   [Source of mortgage interest]  

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.


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