Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 (101 of 2006)

Schedule 2   Consequential amendments relating to Schedule 1 repeals etc.

Part 1   Amendments: general

Income Tax Assessment Act 1997

627   Before section 15-3

Insert:

15-2 Allowances and other things provided in respect of employment or services

(1) Your assessable income includes the value to you of all allowances, gratuities, compensation, benefits, bonuses and premiums *provided to you in respect of, or for or in relation directly or indirectly to, any employment of or services rendered by you (including any service as a member of the Defence Force).

(2) This is so whether the things were *provided in money or in any other form.

(3) However, the value of the following are not included in your assessable income under this section:

(a) an *eligible termination payment;

(b) an amount to which section 26AC or 26AD (about termination payments for unused leave) of the Income Tax Assessment Act 1936 applies;

(c) a *dividend or *non-share dividend;

(d) an amount that is assessable as *ordinary income under section 6-5.

Note: Section 23L of the Income Tax Assessment Act 1936 provides that fringe benefits are non-assessable non-exempt income.