Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 6.15

What is not assessable income

  (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:

  (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).



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback