Income Tax Assessment Act 1997
Work out your basic taxable income for an income year as follows: Method statement
Work out what would have been your taxable income for the income year if your assessable income for the income year:
This means that certain deductions will also be excluded.
Subtract from the Step 1 amount any * above-average special professional income included in your taxable income for the income year under Division 405 .
However, your basic taxable income for an income year is nil if:
(a) you do not have a taxable income for the income year; or
(b) the amount worked out under subsection (1) for the income year is less than nil.