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.(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
(b) had
not
included any
*
net capital gain for the income year.
Step 2.
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.
View history note
Hide history noteWork 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:
Note:
This means that certain deductions will also be excluded.
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 .
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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