INCOME TAX ASSESSMENT ACT 1997 - SECT 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) a * superannuation lump sum or an * employment termination payment; (b) an * unused annual leave payment or an * unused long service leave payment; (c) a * dividend or * non-share dividend; (d) an amount that is assessable as * ordinary income under section 65; (e) * ESS interests to which Subdivision 83A-B or 83A-C (about employee share schemes) applies. Note: Section 23L of the Income Tax Assessment Act 1936 provides that fringe benefits are non-assessable non-exempt income.
INCOME TAX ASSESSMENT ACT 1936 - SECT 21 Where consideration not in cash (1) Where, upon any transaction, any consideration is paid or given otherwise than in cash, the money value of that consideration shall, for the purposes of this Act, be deemed to have been paid or given. (2) This section has effect subject to section 21A.
INCOME TAX ASSESSMENT ACT 1936 - SECT 21A Non-cash business benefits (1) For the purposes of this Act, in determining the income derived by a taxpayer, a non-cash business benefit that is not convertible to cash shall be treated as if it were convertible to cash. (2) For the purposes of this Act, if a non-cash business benefit (whether or not convertible to cash) is income derived by a taxpayer: (a) the benefit shall be brought into account at its arm's length value reduced by the recipient's contribution (if any); and (b) if the benefit is not...
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