Section BD 1 — Income Tax Act 2007: Income, exempt income, excluded income, non-residents' foreign-sourced income, and assessable income

BD 1 Income, exempt income, excluded income, non-residents' foreign-sourced income, and assessable income Amounts of income (1) An amount is income of a person if it is their income under a provision in Part C (Income). Exempt income (2) An amount of income of a person is exempt income if it is their exempt income under a provision in subpart CW (Exempt income) or CZ (Terminating provisions). Excluded income (3) An amount of income of a person is excluded income if— (a) it is their excluded income under a provision in subpart CX (Excluded income) or CZ ; and (b) it is not their non-residents' foreign-sourced income. Non-residents' foreign-sourced income (4) An amount of income of a person is non-residents' foreign-sourced income if— (a) the amount is a foreign-sourced amount; and (b) the person is a non-resident when it is derived; and (c) the amount is not income of a trustee to which section HC 25(2) (Foreign-sourced amounts: non-resident trustees) applies. Assessable income (5) An amount of income of a person is assessable income in the calculation of their annual gross income if it is not income of any of the following kinds: (a) their exempt income: (b) their excluded income: (c) their non-residents' foreign-sourced income. Defined in this Act: amount , annual gross income , assessable income , excluded income , exempt income , foreign-sourced amount , income , non-resident , non-residents' foreign-sourced income , Compare: 2004 No 35 s BD 1