Income Tax Assessment Act 1997
If you are an Australian resident, your net exempt income is the amount by which your total * exempt income from all sources exceeds the total of:
(a) the losses and outgoings (except capital losses and outgoings) you incurred in deriving that exempt income; and
(b) any taxes payable outside Australia on that exempt income.
36-20(2)
If you are a foreign resident, your net exempt income is the amount (if any) by which the total of:
(a) your * exempt income * derived from sources in Australia; and
(b) your exempt income to which section 26AG (Certain film proceeds included in assessable income) of the Income Tax Assessment Act 1936 applies;
exceeds the total of:
(c) the losses and outgoings (except capital losses and outgoings) you incurred in deriving exempt income covered by paragraph (a) or (b); and
(d) any taxes payable outside Australia on income covered by paragraph (b).
36-20(3)
(Repealed by No 66 of 2003)
36-20(3A)
(Repealed by No 66 of 2003)
36-20(4)
(Repealed by No 66 of 2003)
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