TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-K - How Commissioner works out your benchmark instalment rate and benchmark tax  

SECTION 45-370   WORKING OUT YOUR ADJUSTED ASSESSED TAXABLE INCOME FOR THE VARIATION YEAR  

45-370(1)  
Your adjusted assessed taxable income for the variation year is your taxable income for the year, reduced by any *net capital gain included in your assessable income for the year. Exception: superannuation entities and net capital gains

45-370(2)  
In working out the adjusted assessed taxable income , taxable income is not reduced by any *net capital gain in the case of:


(a) a *complying approved deposit fund or a *non-complying approved deposit fund for the variation year; or


(b) a *complying superannuation fund or a *non-complying superannuation fund for the variation year; or


(c) a *pooled superannuation trust for the variation year.


(d) (Repealed by No 70 of 2015)

Special rule for life insurance companies

45-370(3)  


The adjusted assessed taxable income of a *life insurance company for the variation year is worked out as follows: Method statement

Step 1.

Recalculate the *ordinary class of the taxable income for the variation year on the basis that the assessable income that relates to the class did not include any *net capital gain.


Step 2.

Add to the step 1 result the *complying superannuation class of the taxable income for the variation year.




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