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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 6-20  Exempt income  

 ITAA 36

6-20(1)  

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An amount of *ordinary income or *statutory income is exempt income if it is made exempt from income tax by a provision of this Act or another *Commonwealth law.

For summary lists of provisions about exempt income, see sections 11-5 and 11-15.

6-20(2)  

*Ordinary income is also exempt income to the extent that this Act excludes it (expressly or by implication) from being assessable income.

6-20(3)  

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By contrast, an amount of *statutory income is exempt income only if it is made exempt from income tax by a provision of this Act outside this Division or another *Commonwealth law.

6-20(4)  

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If an amount of *ordinary income or *statutory income is *non-assessable non-exempt income, it is not exempt income.

Note:

An amount of non-assessable non-exempt income is not taken into account in working out the amount of a tax loss.


 



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