Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

Division 15 - Some items of assessable income  

Operative provisions  

SECTION 15-2   Allowances and other things provided in respect of employment or services  

15-2(1)    
Your assessable income includes the value to you of all allowances, gratuities, compensation, benefits, bonuses and premiums *provided to you in respect of, or for or in relation directly or indirectly to, any employment of or services rendered by you (including any service as a member of the Defence Force).

15-2(2)    
This is so whether the things were *provided in money or in any other form.

15-2(3)    
However, the value of the following are not included in your assessable income under this section:

(a) a *superannuation lump sum or an *employment termination payment;

(b) an *unused annual leave payment or an *unused long service leave payment;

(c) a *dividend or *non-share dividend;

(d) an amount that is assessable as *ordinary income under section 6-5 ;

(e) *ESS interests to which Subdivision 83A-B or 83A-C (about employee share schemes) applies.

Note:

Section 23L of the Income Tax Assessment Act 1936 provides that fringe benefits are non-assessable non-exempt income.