Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)
Schedule 3 Non-assessable non-exempt income
Income Tax Assessment Act 1997
56 After section 6-20
Insert:
6-23 Non-assessable non-exempt income
An amount of *ordinary income or *statutory income is non-assessable non-exempt income if a provision of this Act or of another *Commonwealth law states that it is not assessable income and is not *exempt income.
Note: Capital gains and losses on assets used to produce some types of non-assessable non-exempt income are disregarded (see section 118-12).
For a summary list of provisions about non-assessable non-exempt income, see Subdivision 11-B.
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