Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)
Schedule 3 Non-assessable non-exempt income
Income Tax Assessment Act 1997
55 At the end of section 6-20
Add:
(4) If an amount of *ordinary income or *statutory income is *non-assessable non-exempt income, it is not exempt income .
Note: An amount of non-assessable non-exempt income is not taken into account in working out the amount of a tax loss.
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