Income Tax Assessment Act 1936
The notional tax amount for a recent accrual year is calculated in accordance with the formula:
|Tax on increased income - Tax on actual income|
Tax on increased income is the rebated tax on the taxable income of the accrual year, being that taxable income adjusted as follows:
Tax on actual income is the rebated tax on the taxable income of the accrual year, being that taxable income adjusted as follows (if applicable):
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