Topic 2 Ordinary Income1. Assessable income = ordinary income + statutory income (s. 6-1(1) Taxable income = assessable income - deduction (s. 995-1(1) & s. 4-15)2. Ordinary income: a. Periodicity, recurrence & regularity (Harris, Dixon) b. Income must be money or convertible into money c. Receipts from income producing activities will be regarded as ordinary income & income earning activity (Harris, Dixon)3. Inco
