6‑15 What is not assessable income6‑15 What is not assessable income

#### 6‑15 What is not assessable income (1) If an amount is not \*ordinary income, and is not \*statutory income, it is not assessable income (so you do not have to pay income tax on it). (2) If an amount is \*exempt income, it is not assessable income. > Note: If an amount is exempt income, there are other consequences besides it being exempt from income tax. For example: - the amount may be taken into account in working out the amount of a tax loss (see section 36‑10); - you cannot deduct as a general deduction a loss or outgoing incurred in deriving the amount (see Division 8); - capital gains and losses on assets used solely to produce exempt income are disregarded (see section 118‑12). (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).