BASIS PERIOD FOR A NON-BUSINESS SOURCE (INDIVIDUALS & PERSONS OTHER THAN COMPANIES)

1.0 TAX LAW

This Ruling applies in respect of sections 20 and 21 of the Income Tax Act 1967. It is effective for the year of assessment 2001 and subsequent years of assessment. This Ruling supersedes Public Ruling No. 1/2000 dated 1 March 2000.
3.0 HOW THE TAX LAW APPLIES
    3.1
 A person is chargeable to income tax in respect of all his sources of income for a year of assessment.
4.0 INTERPRETATION

For the purpose of this Ruling:
    4 .1
 “Non-business source” includes employment, pension, dividend, interest, rent and royalties which are not considered as part of a business source.