Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-N - How this Part applies to the trustee of a trust  

How Commissioner works out instalment rate and notional tax for a multi-rate trustee

SECTION 45-480   WORKING OUT YOUR ADJUSTED TAXABLE INCOME  

45-480(1)  
Your adjusted taxable income for the *base year is worked out using the formula:


Adjusted net income
of the trust    
× Relevant share
Reduced net income of the trust

45-480(2)  


For the purposes of the formula in subsection (1):

adjusted net income of the trust
means the net income of the trust, as worked out for the purposes of the *base assessment and:


(a) reduced by any *net capital gain included in the trust ' s assessable income as so worked out; and


(b) increased by any deductions for *tax losses that were made in so working out that net income; and


(c) reduced by the amount of any tax loss, to the extent that it is *unutilised at the end of the *base year.

reduced net income of the trust
means the net income of the trust, as worked out for the purposes of the *base assessment and reduced by any *net capital gain included in the trust ' s assessable income as so worked out.

relevant share
means the *reduced beneficiary ' s share, or the *reduced no beneficiary ' s share, as appropriate, of the net income of the trust, as worked out for the purposes of the *base assessment.




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