Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 36.20

Net exempt income

             (1)  If you are an Australian resident, your net exempt income is the amount by which your total * exempt income from all sources exceeds the total of:

                     (a)  the losses and outgoings (except capital losses and outgoings) you incurred in deriving that exempt income; and

                     (b)  any taxes payable outside Australia on that exempt income.

             (2)  If you are a foreign resident, your net exempt income is the amount (if any) by which the total of:

                     (a)  your * exempt income * derived from sources in Australia; and

                     (b)  your exempt income to which section 26AG (Certain film proceeds included in assessable income) of the Income Tax Assessment Act 1936 applies;

exceeds the total of:

                     (c)  the losses and outgoings (except capital losses and outgoings) you incurred in deriving exempt income covered by paragraph (a) or (b); and

                     (d)  any taxes payable outside Australia on income covered by paragraph (b).



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