Income Tax Assessment Act 1997
View history note
Hide history noteYour assessable income includes profit arising from the carrying on or carrying out of a profit-making undertaking or plan.
15-15(2)
This section does not apply to a profit that:
(a) is assessable as * ordinary income under section 6-5 ; or
(b) arises in respect of the sale of property acquired on or after 20 September 1985.
Note:
If you sell property you acquired before 20 September 1985 for profit-making by sale, your assessable income includes the profit: see section 25A of the Income Tax Assessment Act 1936 .
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