INCOME TAX ASSESSMENT ACT 1997 - SECT 15.2 Allowances and other things provided in respect of employment or services

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;

  (e)   * ESS interests to which Subdivision   83A - B or 83A - C (about employee share schemes) applies.

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