Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 6.20

  (1)   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.

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

  (3)   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.

  (4)   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.