Document ID: chunk:federal_register_of_legislation:C2025C00029:front:0:p20
Version: federal_register_of_legislation:C2025C00029
Segment Type: other
Provision Reference: 
Character Range: 50254–53022

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.

6‑25  Relationships among various rules about ordinary income
 (1) Sometimes more than one rule includes an amount in your assessable income:
              * the same amount may be *ordinary income and may also be included in your assessable income by one or more provisions about assessable income; or
              * the same amount may be included in your assessable income by more than one provision about assessable income.
For a summary list of the provisions about assessable income,
 see section 10‑5.
However, the amount is included only once in your assessable income for an income year, and is then not included in your assessable income for any other income year.
 (2) Unless the contrary intention appears, the provisions of this Act (outside this Part) prevail over the rules about *ordinary income.
Note: This Act contains some specific provisions about how far the rules about ordinary income prevail over the other provisions of this Act.

Division 8—Deductions

Table of sections
8‑1 General deductions
8‑5 Specific deductions
8‑10 No double deductions

8‑1  General deductions
 (1) You can deduct from your assessable income any loss or outgoing to the extent that:
 (a) it is incurred in gaining or producing your assessable income; or
 (b) it is necessarily incurred in carrying on a *business for the purpose of gaining or producing your assessable income.
Note: Division 35 prevents losses from non‑commercial business activities that may contribute to a tax loss being offset against other assessable income.
 (2) However, you cannot deduct a loss or outgoing under this section to the extent that:
 (a) it is a loss or outgoing of capital, or of a capital nature; or
 (b) it is a loss or outgoing of a private or domestic nature; or
 (c) it is incurred in relation to gaining or producing your *exempt income or your *non‑assessable non‑exempt income; or
 (d) a provision of this Act prevents you from deducting it.
For a summary list of provisions about deductions, see section 12‑5.
 (3) A loss or outgoing that you can deduct under this section is called a general deduction.
For the effect of the GST in working out deductions, see Division 27.
Note If you receive an amount as insurance, indemnity or other recoupment of a loss or outgoing that you can deduct under this section, the amount may be included in your assessable income: see Subdivision 20‑A.

8‑5  Specific deductions
 (1) You can also deduct from your assessable income an amount that a