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INCOME TAX ASSESSMENT ACT 1997 - SECT 405.30 What you cannot count as assessable professional income

INCOME TAX ASSESSMENT ACT 1997 - SECT 405.30

What you cannot count as assessable professional income

Assessable income from continuous service as author or inventor

  (1)   You cannot count as * assessable professional income any assessable income you * derive for meeting your obligations under a * scheme to provide services to another person by engaging in activities as the author of a literary, dramatic, musical or artistic work, or as the inventor of an invention, unless:

  (a)   the scheme was entered into solely to require you to provide services by:

  (i)   making one or more specified literary, dramatic, musical or artistic works; or

  (ii)   inventing one or more specified inventions; and

  (b)   you have not been providing services, and may not reasonably be expected to provide services, to that person or his or her * associates under successive * schemes that result in substantial continuity of your providing services.

Assessable income from certain activities

  (2)   You cannot count as * assessable professional income any assessable income that you * derive for:

  (a)   coaching or training * sportspersons; or

  (b)   umpiring or refereeing a * sporting competition; or

  (c)   administering a * sporting competition; or

  (d)   being a member of the pit crew in motor sport; or

  (e)   being a theatrical or sports entrepreneur; or

  (f)   owning or training animals.

Payments at end of employment, and capital gains

  (3)   You cannot count as * assessable professional income:

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

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

  (c)   a * net capital gain.

This section prevails over section   405 - 20

  (4)   You cannot count particular assessable income as * assessable professional income if this section says you cannot, even if section   405 - 20 says you count it.

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