Income Tax Assessment Act 1997

Div 345 repealed by No 70 of 2015, s 3 and Sch 1 item 103, effective 1 July 2015.

Div 345 inserted by No 45 of 2008, s 3 and Sch 1 item 31, effective 26 June 2008.

Subdiv 345-A repealed by No 70 of 2015, s 3 and Sch 1 item 103, effective 1 July 2015.

Subdiv 345-A inserted by No 45 of 2008, s 3 and Sch 1 item 31, effective 26 June 2008.

S 345-15 repealed by No 70 of 2015, s 3 and Sch 1 item 103, effective 1 July 2015. S 345-15 formerly read:

SECTION 345-15 FHSA provider that is an ADI (other than RSA provider) - taxable income and standard component of taxable income  
345-15(1)
The taxable income of an * FHSA provider that is an * ADI (other than an * RSA provider) is split into an * FHSA component and a * standard component.

Note:

The taxable income of an FHSA provider that is an ADI and an RSA provider is split into an RSA component, an FHSA component and a standard component (see section 295-555 ).

345-15(2)
If the * FHSA component exceeds the * FHSA provider's taxable income:

(a) the provider's taxable income is equal to the FHSA component; and

(b) this Act applies to the provider as if it had a * tax loss for the income year of an amount that would have been that loss if the FHSA component were not * ordinary income or * statutory income.

345-15(3)
The standard component is the remaining part (if any) of the * FHSA provider's taxable income for the income year after subtracting the * FHSA component.

S 345-15 inserted by No 45 of 2008, s 3 and Sch 1 item 31, effective 26 June 2008.