Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 6.15

             (1)  If an amount is not * ordinary income, and is not * statutory income, it is not assessable income (so you do not have to pay income tax on it).

             (2)  If an amount is * exempt income, it is not assessable income .

Note:          If an amount is exempt income, there are other consequences besides it being exempt from income tax. For example:

*          the amount may be taken into account in working out the amount of a tax loss (see section 36‑10);

*          you cannot deduct as a general deduction a loss or outgoing incurred in deriving the amount (see Division 8);

*          capital gains and losses on assets used solely to produce exempt income are disregarded (see section 118‑ 12).

             (3)  If an amount is * non‑assessable non‑exempt income, it is not assessable income .

Note 1:       You cannot deduct as a general deduction a loss or outgoing incurred in deriving an amount of non‑assessable non‑exempt income (see Division 8).

Note 2:       Capital gains and losses on assets used to produce some types of non‑assessable non‑exempt income are disregarded (see section 118‑ 12).