1.1.I.40 Income, income amount
These definitions apply to all payments.
Income generally means:
- an income amount earned, derived or received by the person for the person's own use or benefit
- a periodical payment by way of gift or allowance, or
- a periodical benefit by way of gift or allowance
but does not include an amount that is excluded under SSAct subsection 8(4), (5) or (8).
Ordinary income means gross income, without any reduction, other than a deduction from business income under SSAct Division 1A.
Act reference: SSAct section 8(1)-'income', section 1072 General meaning of ordinary income
Policy reference: SS Guide 4.7 Business Structures, Primary Production & pre-01/01/2002 Assessment of Trusts & Private Companies
Definition: income amount
An income amount generally means:
- valuable consideration
- personal earnings
- moneys, or
Act reference: SSAct section 8(1)-'income amount'