Document ID: chunk:federal_register_of_legislation:C2011C00702:clause:2_627
Version: federal_register_of_legislation:C2011C00702
Segment Type: clause
Provision Reference: sch 2 cl 627
Character Range: 130868–131903

627  Before section 15‑3
Insert:

15‑2  Allowances and other things provided in respect of employment or services

 (1) Your assessable income includes the value to you of all allowances, gratuities, compensation, benefits, bonuses and premiums *provided to you in respect of, or for or in relation directly or indirectly to, any employment of or services rendered by you (including any service as a member of the Defence Force).

 (2) This is so whether the things were *provided in money or in any other form.

 (3) However, the value of the following are not included in your assessable income under this section:
 (a) an *eligible termination payment;
 (b) an amount to which section 26AC or 26AD (about termination payments for unused leave) of the Income Tax Assessment Act 1936 applies;
 (c) a *dividend or *non‑share dividend;
 (d) an amount that is assessable as *ordinary income under section 6‑5.

Note: Section 23L of the Income Tax Assessment Act 1936 provides that fringe benefits are non‑assessable non‑exempt income.