Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102ae:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AE (pt 1/5)
Character Range: 794039–796646

102AE  Eligible assessable income
 (1) For the purposes of this Division, the eligible assessable income of a year of income of a person is so much of the assessable income of the person of the year of income as is not excepted assessable income.
 (2) Subject to this section, an amount included in the assessable income of a person (in this subsection referred to as the minor) is excepted assessable income to the extent to which the amount:
 (a) is employment income or business income;
 (b) is derived by the minor from the investment of any property transferred to the minor:
 (i) by way of, or in satisfaction of a claim for, damages in respect of:
 (A) loss by the minor of parental support; or
 (B) personal injury to the minor, any disease suffered by the minor or any impairment of the minor's physical or mental condition;
 (ii) pursuant to any law relating to worker's compensation;
 (iii) pursuant to any law relating to the payment of compensation in respect of criminal injuries;
 (iv) directly as the result of the death of another person and under the terms of a life assurance policy;
 (v) directly as the result of the death of another person and out of a provident, benefit, superannuation or retirement fund;
 (vi) directly as the result of the death of another person by an employer of the deceased person;
 (vii) out of a public fund established and maintained exclusively for the relief of persons in necessitous circumstances; or
 (viii) as the result of a family breakdown (see section 102AGA);
 (c) is derived by the minor from the investment of any property:
 (i) that devolved upon the minor from the estate of a deceased person;
 (ii) that was transferred to the minor by another person out of property that devolved upon that other person from the estate of a deceased person and was so transferred within 3 years after the date of the death of the deceased person; or
 (iii) that was acquired by the minor as the beneficial owner of a verifiable prize in a legally authorized and conducted lottery;
 (d) not being business income, is included in the assessable income of the minor under section 92;
 (e) is included in the assessable income of the minor under section 97 or 100; or
 (f) is derived by the minor from the investment of any property that, in the opinion of the Commissioner, represents accumulations of:
 (i) excepted assessable income derived by the minor during a year of income in relation to which this Division applies;
 (ii) assessable income derived by the minor during a year of income in relation to which this Division does not apply, being assessable