Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 6.15

  (1)   If an amount is not * ordinary income, and is not * statutory income, it is not assessable income (so you do not have to pay income tax on it).

  (2)   If an amount is * exempt income, it is not assessable income .

Note:   If an amount is exempt income, there are other consequences besides it being exempt from income tax. For example:

•    the amount may be taken into account in working out the amount of a tax loss (see section   36 - 10);
•    you cannot deduct as a general deduction a loss or outgoing incurred in deriving the amount (see Division   8);
•    capital gains and losses on assets used solely to produce exempt income are disregarded (see section   118 - 12).

  (3)   If an amount is * non - assessable non - exempt income, it is not assessable income .

Note 1:   You cannot deduct as a general deduction a loss or outgoing incurred in deriving an amount of non - assessable non - exempt income (see Division   8).

Note 2:   Capital gains and losses on assets used to produce some types of non - assessable non - exempt income are disregarded (see section   118 - 12).