Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_2:p1
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/11)
Character Range: 6481–9331

2  Before Part 2‑5
Insert:

Part 2-1—Assessable income

[The next Division is Division 15.]

Division 15—Some items of assessable income

Guide to Division 15

15-1  What this Division is about

      This Division sets out some items that are included in your assessable income. Remember that the general rules about assessable income in Division 6 apply to these items.

Table of sections

Operative provisions

15-3 Return to work payments
15-5 Accrued leave transfer payments
15-10 Bounties and subsidies
15-15 Profit-making undertaking or plan
15-20 Royalties
15-25 Amount received for lease obligation to repair
15-30 Insurance or indemnity for loss of assessable income
15-35 Interest on overpayments and early payments of tax

Operative provisions

15-3   Return to work payments

  Your assessable income includes an amount you receive under an *arrangement that an entity enters into for a purpose of inducing you to resume working for, or providing services to, any entity.

15-5  Accrued leave transfer payments

  Your assessable income includes an *accrued leave transfer payment that you receive.

To find out if the payment is deductible to the payer, see section 26-10.

15-10  Bounties and subsidies

  Your assessable income includes a bounty or subsidy that:
 (a) you receive in relation to carrying on a *business; and
 (b) is not assessable as *ordinary income under section 6‑5.

15-15  Profit-making undertaking or plan

 (1) Your assessable income includes profit arising from the carrying on or carrying out of a profit-making undertaking or plan.

 (2) This section does not apply to a profit that:
 (a) is assessable as *ordinary income under section 6‑5; or
 (b) arises in respect of the sale of property acquired on or after 20 September 1985.

Note: If you sell property you acquired before 20 September 1985 for profit-making by sale, your assessable income includes the profit: see section 25A of the Income Tax Assessment Act 1936.

15-20  Royalties

  Your assessable income includes an amount that you receive as or by way of royalty within the ordinary meaning of "royalty" (disregarding the definition of royalty in subsection 995-1(1)) if the amount is not assessable as *ordinary income under section 6‑5.

15-25  Amount received for lease obligation to repair

  Your assessable income includes an amount you receive from an entity if:
 (a) you receive it as a lessor or former lessor of premises; and
 (b) the entity pays you the amount for failing to comply with a lease obligation to make repairs to the premises; and
 (c) the entity uses or has used the premises for the *purpose of producing assessable income; and
 (d) the amount is not assessable as *ordinary income under section 6‑5.

Note: The entity can deduct the amount: see section 25-15.

15-30  Insurance or indemnity for loss of