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.



    This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.