Taxation Administration Act 1953
SCHEDULE 1
-
COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
Your adjusted withholding income for the *base year is worked out using the formula:
45-485(2)
For the purposes of the formula in subsection (1):•
the total of the amounts included in the trust
'
s assessable income for the *base assessment in respect of *withholding payments (except *non-quotation withholding payments);
•
the trust
'
s deductions for that year, as used in making that assessment, to the extent that they reasonably relate to those amounts.
Note: See section 3AA .
Chapter 2 - Collection, recovery and administration of income tax
PART 2-10
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PAY AS YOU GO (PAYG) INSTALMENTS
Division 45
-
Instalment payments
Subdivision 45-N
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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 45-485
WORKING OUT YOUR
ADJUSTED WITHHOLDING INCOME
45-485(1)
Your adjusted withholding income for the *base year is worked out using the formula:
Net withholding income
of the trust |
× | Relevant share |
Reduced net income of the trust |
For the purposes of the formula in subsection (1):
net withholding income of the trust
means:
reduced by:
reduced net income of the trust
has the meaning given by subsection
45-480(2)
.
relevant share
has the meaning given by subsection
45-480(2)
.
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