PART 6CALCULATION OF CAPITAL AND INCOME

CHAPTER 2EARNED INCOME

Meaning of “earned income”51

Earned income” means—

a

the remuneration or profits derived from—

i

employment under a contract of service or in an office, including elective office,

ii

a trade, profession or vocation, or

iii

any other paid work; or

b

any income treated as earned income in accordance with this Chapter.