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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS

PART 1-3 - CORE PROVISIONS

Division 6 - Assessable income and exempt income

Guide to Division 6

Operative provisions

SECTION 6-10  Other assessable income (statutory income)

6-10(1)

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Your assessable income also includes some amounts that are not ^*ordinary income.

Note:

These are included by provisions about assessable income. For a summary list of these provisions, see section 10-5.

6-10(2)

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Amounts that are not ^*ordinary income, but are included in your assessable income by provisions about assessable income, are called statutory income.

Note 1:

Although an amount is statutory income because it has been included in assessable income under a provision of this Act, it may be made exempt income or non-assessable non-exempt income under another provision: see sections 6-20 and 6-23.

Note 2:

Many provisions in the summary list in section 10-5 contain rules about ordinary income. These rules do not change its character as ordinary income.

View history note Hide history note View history notes

History S 6-10(2) amended by No 58 of 2006, s 3 and Sch 7 item 56, by substituting the note, effective 22 June 2006. The note formerly read: Note: Many provisions in the summary list in section 10-5 contain rules about ordinary income. These rules do not change its character as ordinary income.

6-10(3)

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If an amount would be ^*statutory income apart from the fact that you have not received it, it becomes statutory income as soon as it is applied or dealt with in any way on your behalf or as you direct.

6-10(4)

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If you are an Australian resident, your assessable income includes your ^*statutory income from all sources, whether in or out of Australia.

6-10(5)

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If you are a foreign resident, your assessable income includes:

(a) your ^*statutory income from all ^*Australian sources; and

(b) other ^*statutory income that a provision includes in your assessable income on some basis other than having an ^*Australian source.

View history note Hide history note View history notes

History S 6-10(5) amended by No 41 of 2005.