Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 15.2

             (1)  Your assessable income includes the value to you of all allowances, gratuities, compensation, benefits, bonuses and premiums * provided to you in respect of, or for or in relation directly or indirectly to, any employment of or services rendered by you (including any service as a member of the Defence Force).

             (2)  This is so whether the things were * provided in money or in any other form.

             (3)  However, the value of the following are not included in your assessable income under this section:

                     (a)  a * superannuation lump sum or an * employment termination payment;

                     (b)  an * unused annual leave payment or an * unused long service leave payment;

                     (c)  a * dividend or * non‑share dividend;

                     (d)  an amount that is assessable as * ordinary income under section 6‑5.

Note:          Section 23L of the Income Tax Assessment Act 1936 provides that fringe benefits are non‑assessable non‑exempt income.