INCOME TAX ASSESSMENT ACT 1997 - SECT 15.75 Bonuses

INCOME TAX ASSESSMENT ACT 1997 - SECT 15.75

    Your assessable income includes any amount you receive as or by way of bonus on a * life insurance policy, other than a reversionary bonus.

Note:   Reversionary bonuses are covered by section   6 - 5 of this Act if they are ordinary income and, if not, by section   26AH of the Income Tax Assessment Act 1936 .