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