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SOCIAL SECURITY ACT 1991 - SECT 1072 General meaning of ordinary income

SOCIAL SECURITY ACT 1991 - SECT 1072

General meaning of ordinary income

    A reference in this Act to a person's ordinary income for a period is a reference to the person's gross ordinary income from all sources for the period calculated without any reduction, other than a reduction under Division   1A.

Note 1:   For ordinary income see subsection   8(1).

Note 2:   For other provisions affecting the amount of a person's ordinary income see section   1073AA (work bonus), sections   1074 and 1075 (business income), Division   1B (income from financial assets (including income streams (short term) and certain income streams (long term)) and Division   1C (income from income streams not covered by Division   1B).

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