Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

8   Above-average special professional income (new Division 405)

1   Amendment of the Income Tax (Transitional Provisions) Act 1997

1   At the end of the Act

Add:

[The next Division is Division 405.]

Division 405 - Above-average special professional income of authors, inventors, performing artists, production associates and sportspersons

Table of sections

405-1 Application of Division 405 of the Income Tax Assessment Act 1997

405-1 Application of Division 405 of the Income Tax Assessment Act 1997

(1) Division 405 of the Income Tax Assessment Act 1997 applies for the purposes of assessments for the 1998-99 income year and later income years.

(2) It applies for the purposes of your assessment as if:

(a) for each income year earlier than the 1998-99 income year you had a taxable professional income equal to your eligible taxable income (if any) under Division 16A of Part III of the Income Tax Assessment Act 1936 for that earlier income year; and

(b) you had been an Australian resident for each income year before the 1998-99 income year for which you were a qualifying resident taxpayer under Division 16A of Part III of the Income Tax Assessment Act 1936.