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INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 1 - General  

History
Archived:

S 17 repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 38, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .

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.

History

S 23L(1) amended by No 101 of 2006 , s 3 and Sch 2 item 166, by omitting " within the meaning of the Fringe Benefits Tax Assessment Act 1986 " after " fringe benefit " , effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 23L(1) and (1A) substituted for s 23L(1) by No 66 of 2003.

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.

History

S 23L(1A) amended by No 97 of 2008 , s 3 and Sch 3 item 10, by substituting " section 15-70 " for " section 15-75 " , applicable to assessments for the 2006-07 year of income and later income years.

S 23L(1A) amended by No 101 of 2006 , s 3 and Sch 2 items 167 and 168, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 23L(1) and (1A) substituted for s 23L(1) by No 66 of 2003.

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.

History

S 23L(2) inserted by No 95 of 1988.

S 23L inserted by No 41 of 1986.


 



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