Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 15.2

Allowances and other things provided in respect of employment or services

  (1)   Your assessable income includes the value to you of all allowances, gratuities, compensation, benefits, bonuses and premiums * provided to you in respect of, or for or in relation directly or indirectly to, any employment of or services rendered by you (including any service as a member of the Defence Force).

  (2)   This is so whether the things were * provided in money or in any other form.

  (3)   However, the value of the following are not included in your assessable income under this section:

  (a)   a * superannuation lump sum or an * employment termination payment;

  (b)   an * unused annual leave payment or an * unused long service leave payment;

  (c)   a * dividend or * non - share dividend;

  (d)   an amount that is assessable as * ordinary income under section   6 - 5;

  (e)   * ESS interests to which Subdivision   83A - B or 83A - C (about employee share schemes) applies.

Note:   Section   23L of the Income Tax Assessment Act 1936 provides that fringe benefits are non - assessable non - exempt income.



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