Document ID: chunk:federal_register_of_legislation:C2010C00576:clause:3_56
Version: federal_register_of_legislation:C2010C00576
Segment Type: clause
Provision Reference: sch 3 cl 56
Character Range: 53498–54026

56  After section 6‑20
Insert:

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 Subdivision 11‑B.