Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 6.23

                   An amount of * ordinary income or * statutory income is non‑assessable non‑exempt income if a provision of this Act or of another * Commonwealth law states that it is not assessable income and is not * exempt income.

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

For a summary list of provisions about non‑assessable non‑exempt income, see Subdivision 11‑B.