Document ID: chunk:federal_register_of_legislation:C2025C00029:front:0:p18
Version: federal_register_of_legislation:C2025C00029
Segment Type: other
Provision Reference: 
Character Range: 45209–47988

income, is neither assessable income nor exempt income.
For the effect of the GST in working out assessable income, see Division 17.
 (5) An amount of ordinary income or statutory income can have only one status (that is, assessable income, exempt income or non‑assessable non‑exempt income) in the hands of a particular entity.

Operative provisions

6‑5  Income according to ordinary concepts (ordinary income)
 (1) Your assessable income includes income according to ordinary concepts, which is called ordinary income.
Note: Some of the provisions about assessable income listed in section 10‑5 may affect the treatment of ordinary income.
 (2) If you are an Australian resident, your assessable income includes the *ordinary income you *derived directly or indirectly from all sources, whether in or out of Australia, during the income year.
 (3) If you are a foreign resident, your assessable income includes:
 (a) the *ordinary income you *derived directly or indirectly from all *Australian sources during the income year; and
 (b) other *ordinary income that a provision includes in your assessable income for the income year on some basis other than having an *Australian source.
 (4) In working out whether you have derived an amount of *ordinary income, and (if so) when you derived it, you are taken to have received the amount as soon as it is applied or dealt with in any way on your behalf or as you direct.

6‑10  Other assessable income (statutory income)
 (1) Your assessable income also includes some amounts that are not *ordinary income.
Note: These are included by provisions about assessable income.
For a summary list of these provisions, see section 10‑5.
 (2) Amounts that are not *ordinary income, but are included in your assessable income by provisions about assessable income, are called statutory income.
Note 1: Although an amount is statutory income because it has been included in assessable income under a provision of this Act, it may be made exempt income or non‑assessable non‑exempt income under another provision: see sections 6‑20 and 6‑23.
Note 2: Many provisions in the summary list in section 10‑5 contain rules about ordinary income. These rules do not change its character as ordinary income.
 (3) If an amount would be *statutory income apart from the fact that you have not received it, it becomes statutory income as soon as it is applied or dealt with in any way on your behalf or as you direct.
 (4) If you are an Australian resident, your assessable income includes your *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