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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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