Income averaging eligibility
You're eligible for special professional income averaging (a concessional tax treatment) if the following applies, you:
- are an individual who is an Australian resident at any time during the income year
- are a special professional
- have satisfied the first-year requirements in either the current income year or an earlier income year.
First-year requirements
The first year you're eligible for special professional income averaging is the first income year that the taxable professional income (TPI) you earn as a resident special professional individual is more than $2,500. This is known as professional year 1.
You don't need to be an Australian resident for every income year since establishing your eligibility for the professional year 1.
Continue to: Types of special professionals