Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)

Schedule 3   Non-assessable non-exempt income

Taxation Administration Act 1953

137   After section 360-75 in Schedule 1

Insert:

360-77 Basic categories of non-assessable non-exempt income

This section covers *ordinary income, or *statutory income, to the extent that it is *non-assessable non-exempt income because of:

(a) subsection 23L(1) of the Income Tax Assessment Act 1936 (about fringe benefits); or

(b) section 59-5 of the Income Tax Assessment Act 1997 (about bonus payments made to certain older Australians).