Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 392 - Long-term averaging of primary producers' tax liability  

Subdivision 392-A - Is your income tax affected by averaging?  

SECTION 392-15   Meaning of basic taxable income  

392-15(1)  


Work out your basic taxable income for an income year as follows: Method statement

Step 1.

Work out what would have been your taxable income for the income year if your assessable income for the income year:

  • (a) had not included any amount under section 82-65 , 82-70 or 302-145 of the Income Tax Assessment Act 1997 (certain superannuation benefits and employment termination payments); and
  • Note:

    This means that certain deductions will also be excluded.

  • (b) had not included any * net capital gain for the income year.

  • Step 2.

    Subtract from the Step 1 amount any * above-average special professional income included in your taxable income for the income year under Division 405 .

    392-15(2)  
    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.


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