(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 .