Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 15.15

Profit-making undertaking or plan

             (1)  Your assessable income includes profit arising from the carrying on or carrying out of a profit-making undertaking or plan.

             (2)  This section does not apply to a profit that:

                     (a)  is assessable as * ordinary income under section 6-5; or

                     (b)  arises in respect of the sale of property acquired on or after 20 September 1985.

Note:          If you sell property you acquired before 20 September 1985 for profit-making by sale, your assessable income includes the profit: see section 25A of the Income Tax Assessment Act 1936 .



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