Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 6.1

  (1)   Assessable income consists of ordinary income and statutory income.

  (2)   Some ordinary income, and some statutory income, is exempt income.

  (3)   Exempt income is not assessable income.

  (4)   Some ordinary income, and some statutory income, is neither assessable income nor exempt income.

For the effect of the GST in working out assessable income, see Division   17.

  (5)   An amount of ordinary income or statutory income can have only one status (that is, assessable income, exempt income or non - assessable non - exempt income) in the hands of a particular entity.