Document ID: chunk:federal_register_of_legislation:C2025C00029:front:0:p19
Version: federal_register_of_legislation:C2025C00029
Segment Type: other
Provision Reference: 
Character Range: 47732–50521

*statutory income from all sources, whether in or out of Australia.
 (5) If you are a foreign resident, your assessable income includes:
 (a) your *statutory income from all *Australian sources; and
 (b) other *statutory income that a provision includes in your assessable income on some basis other than having an *Australian source.

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).

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.

6‑23  Non‑assessable non‑exempt income
  An amount of *ordinary income or *statutory income is non‑assessable non‑exempt income if a provision of this Act or of another *Commonwealth law states that it is not assessable income and is not *exempt income.
Note: Capital gains and losses on assets used to produce some types of non‑assessable non‑exempt income are disregarded (see section 118‑12).
For a summary list of provisions about non‑assessable non‑exempt income, see