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Income Tax Assessment Act 1997
15‑15 Profit‑making undertaking or plan15‑15 Profit‑making undertaking or plan
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#### 15‑15 Profit‑making undertaking or plan
(1) Your assessable income includes profit arising from the carrying on or carrying out of a profit‑making undertaking or plan.
(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.