Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 6.20

             (1)  An amount of * ordinary income or * statutory income is exempt income if it is made exempt from income tax by a provision of this Act or another * Commonwealth law.

For summary lists of provisions about exempt income,
see sections 11‑5, 11‑10 and 11‑15.

             (2)  * Ordinary income is also exempt income to the extent that this Act excludes it (expressly or by implication) from being assessable income.

             (3)  By contrast, an amount of * statutory income is exempt income only if it is made exempt from income tax by a provision of this Act outside this Division or another * Commonwealth law.

             (4)  If an amount of * ordinary income or * statutory income is * non‑assessable non‑exempt income, it is not exempt income .

Note:          An amount of non‑assessable non‑exempt income is not taken into account in working out the amount of a tax loss.