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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 15-2  Allowances and other things provided in respect of employment or services  

 View history reference ITAA 36

15-2(1)  

Your assessable income includes the value to you of all allowances, gratuities, compensation, benefits, bonuses and premiums *provided to you in respect of, or for or in relation directly or indirectly to, any employment of or services rendered by you (including any service as a member of the Defence Force).

15-2(2)  

This is so whether the things were *provided in money or in any other form.

15-2(3)  

However, the value of the following are not included in your assessable income under this section:


(a) a *superannuation lump sum or an *employment termination payment;
 View history reference


(b) an *unused annual leave payment or an *unused long service leave payment;
 View history reference


(c) a *dividend or *non-share dividend;


(d) an amount that is assessable as *ordinary income under section 6-5;


(e) *ESS interests to which Subdivision 83A-B or 83A-C (about employee share schemes) applies.
 View history reference

Note:

Section 23L of the Income Tax Assessment Act 1936 provides that fringe benefits are non-assessable non-exempt income.


 



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