INCOME TAX ASSESSMENT ACT 1997 - SECT 15.15 Profit - making undertaking or plan

INCOME TAX ASSESSMENT ACT 1997 - SECT 15.15

  (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 .