INCOME TAX ASSESSMENT ACT 1997 - SECT 36.20 Net exempt income

INCOME TAX ASSESSMENT ACT 1997 - SECT 36.20

  (1)   If you are an Australian resident, your net exempt income is the amount by which your total * exempt income from all sources exceeds the total of:

  (a)   the losses and outgoings (except capital losses and outgoings) you incurred in deriving that exempt income; and

  (b)   any taxes payable outside Australia on that exempt income.

  (2)   If you are a foreign resident, your net exempt income is the amount (if any) by which the total of:

  (a)   your * exempt income * derived from sources in Australia; and

  (b)   your exempt income to which section   26AG (Certain film proceeds included in assessable income) of the Income Tax Assessment Act 1936 applies;

exceeds the total of:

  (c)   the losses and outgoings (except capital losses and outgoings) you incurred in deriving exempt income covered by paragraph   (a) or (b); and

  (d)   any taxes payable outside Australia on income covered by paragraph   (b).