INCOME TAX ASSESSMENT ACT 1997 - SECT 6.5 Income according to ordinary concepts ( ordinary income )

INCOME TAX ASSESSMENT ACT 1997 - SECT 6.5

  (1)   Your assessable income includes income according to ordinary concepts, which is called ordinary income .

Note:   Some of the provisions about assessable income listed in section   10 - 5 may affect the treatment of ordinary income.

  (2)   If you are an Australian resident, your assessable income includes the * ordinary income you * derived directly or indirectly from all sources, whether in or out of Australia, during the income year.

  (3)   If you are a foreign resident, your assessable income includes:

  (a)   the * ordinary income you * derived directly or indirectly from all * Australian sources during the income year; and

  (b)   other * ordinary income that a provision includes in your assessable income for the income year on some basis other than having an * Australian source.

  (4)   In working out whether you have derived an amount of * ordinary income, and (if so) when you derived it, you are taken to have received the amount as soon as it is applied or dealt with in any way on your behalf or as you direct.