What elements must be present for an amount to constitute ordinary income under s 6-5 of ITAA 1997?

Select one:

Benefit is cash or cash convertible and income according to ordinary concepts

Benefit must be cash or cash convertible; it must have a nexus with an income earning

activity; benefit must not be in the nature of capital.

Nexus with an income earning activity

Must not bestatutory incomeand must not be capital