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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME    View history reference

Division 15 - Some items of assessable income    View history reference

Operative provisions  

SECTION 15-15  Profit-making undertaking or plan  

 View history reference ITAA 36

15-15(1)  

Your assessable income includes profit arising from the carrying on or carrying out of a profit-making undertaking or plan.

15-15(2)  

This section does not apply to a profit that:


(a) is assessable as *ordinary income under section 6-5; or


(b) arises in respect of the sale of property acquired on or after 20 September 1985.

Note:

If you sell property you acquired before 20 September 1985 for profit-making by sale, your assessable income includes the profit: see section 25A of the Income Tax Assessment Act 1936.


 



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