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).