6‑20 Exempt income6‑20 Exempt income

#### 6‑20 Exempt income (1) An amount of \*ordinary income or \*statutory income is exempt income if it is made exempt from income tax by a provision of this Act or another \*Commonwealth law. For summary lists of provisions about exempt income, see sections 11‑5 and 11‑15. (2) \*Ordinary income is also exempt income to the extent that this Act excludes it (expressly or by implication) from being assessable income. (3) By contrast, an amount of \*statutory income is exempt income only if it is made exempt from income tax by a provision of this Act outside this Division or another \*Commonwealth law. (4) If an amount of \*ordinary income or \*statutory income is \*non‑assessable non‑exempt income, it is not exempt income. > Note: An amount of non‑assessable non‑exempt income is not taken into account in working out the amount of a tax loss.