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  

SECTION 6-1   Diagram showing relationships among concepts in this Division  

6-1(1)    
Assessable income consists of ordinary income and statutory income.

6-1(2)    
Some ordinary income, and some statutory income, is exempt income.

6-1(3)    
Exempt income is not assessable income.

6-1(4)    
Some ordinary income, and some statutory income, is neither assessable income nor exempt income.

For the effect of the GST in working out assessable income, see Division 17 .

6-1(5)    
An amount of ordinary income or statutory income can have only one status (that is, assessable income, exempt income or non-assessable non-exempt income) in the hands of a particular entity.