bO2 2021 Ch 2 Assessable Income

James Murphy Tax

Tax is levied on the taxable income of the taxpayer derived during the income year.  Assessable income minus allowable deductions equals taxable income. Assessable income as defined in ITAA 1997 consists of ordinary income and statutory income. If specially excluded or made exempt, certain types of ordinary and statutory income will not be subject to tax. DEFINITIONS  Ordinary Income is ...

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