Income Tax Assessment Act | Apprentice Tax Practitioner Program
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
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 assessable income
Your assessable income includes an amount you receive by way of insurance or indemnity for the loss of an amount (the lost amount) if:
(a)the lost amount would have been included in your assessable income and
(b)the amount you receive is not assessable as *ordinary income under section 6-5.
15-35 Interest on overpayments and early payments of tax
Your assessable income includes interest payable to you under the Taxation (Interest on Overpayments and Early Payments) Act 1983. The interest becomes assessable when it is paid to you or applied to discharge a liability you have to the Commonwealth.
[The next Division is Division 20.]
Income Tax Assessment Act | Apprentice Tax Practitioner Program