Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 15.25

    Your assessable income includes an amount you receive from an entity if:

  (a)   you receive it as a lessor or former lessor of premises; and

  (b)   the entity pays you the amount for failing to comply with a lease obligation to make repairs to the premises; and

  (c)   the entity uses or has used the premises for the * purpose of producing assessable income; and

  (d)   the amount is not assessable as * ordinary income under section   6 - 5.

Note:   The entity can deduct the amount: see section   25 - 15.