Income Tax Act 2007 Explanatory Notes

Section 541: Attributing income to the non-exempt amount

1635.This section specifies how income is attributed to the non-exempt amount. It is based on section 505(4) and (7) of ICTA.

1636.It specifies that the non-exempt amount is to have attributed to it amounts of attributable income or amounts of attributable gains or a combination of both, until it is used up.

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