Part 3Employment income: earnings and benefits etc. treated as earnings

Chapter 1Earnings

62Earnings

1

This section explains what is meant by “earnings” in the employment income Parts.

2

In those Parts “earnings”, in relation to an employment, means—

a

any salary, wages or fee,

b

any gratuity or other profit or incidental benefit of any kind obtained by the employee if it is money or money’s worth, or

c

anything else that constitutes an emolument of the employment.

3

For the purposes of subsection (2) “money’s worth” means something that is—

a

of direct monetary value to the employee, or

b

capable of being converted into money or something of direct monetary value to the employee.

4

Subsection (1) does not affect the operation of statutory provisions that provide for amounts to be treated as earnings (and see section 721(7)).