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INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 1 - General  

SECTION 23L  CERTAIN BENEFITS IN THE NATURE OF INCOME NOT ASSESSABLE  

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23L(1)  

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Income derived by a taxpayer by way of the provision of a fringe benefit is not assessable income and is not exempt income of the taxpayer.

23L(1A)  

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Income derived by a taxpayer by way of the provision of a benefit (other than a benefit to which section 15-70 of the Income Tax Assessment Act 1997 applies) that, but for paragraph (g) of the definition of fringe benefit in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 , would be a fringe benefit is exempt income of the taxpayer.

23L(2)  

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Where:


(a) in a year of income, a taxpayer derives income consisting of one or more non-cash business benefits (within the meaning of section 21A ); and


(b) the total amount that is applicable under section 21A in respect of those benefits does not exceed $300;

the income is exempt income.


 



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