Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)
Schedule 3 Non-assessable non-exempt income
Income Tax Assessment Act 1997
51 At the end of section 6-15
Add:
(3) If an amount is *non-assessable non-exempt income, it is not assessable income .
Note 1: You cannot deduct as a general deduction a loss or outgoing incurred in deriving an amount of non-assessable non-exempt income (see Division 8).
Note 2: Capital gains and losses on assets used to produce some types of non-assessable non-exempt income are disregarded (see section 118-12).
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