Taxation Administration Act 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
Your adjusted taxable income for the *base year is your total assessable income for the *base assessment, reduced by:
(a) any *net capital gain included in that assessable income; and
(b) your deductions for the base year (except *tax losses), as used in making that assessment; and
(c) the amount of any tax loss, to the extent that it is *unutilised at the end of the base year.
Paragraph (1)(a) does not apply in the case of:
(a) a *complying approved deposit fund or a *non-complying approved deposit fund for the *base year; or
(b) a *complying superannuation fund or a *non-complying superannuation fund for that year; or
(c) a *pooled superannuation trust for that year.
(d) (Repealed by No 70 of 2015)
If an entity:
(a) has *tax losses transferred to it under Subdivision 707-A of the Income Tax Assessment Act 1997 ; or
(b) is a *corporate tax entity at any time during the *base year;
the adjusted taxable income of the entity for the base year is worked out under subsection (1) as if paragraph (1)(c) were replaced by the following provision:
(c) the lesser of the following amounts:
(i) the amount of any tax loss, to the extent that it is *unutilised at the end of the base year;
(ii) the amount of the deductions for tax losses used in making your *base assessment.
To avoid doubt, paragraph (1)(a) does not apply to a *net capital gain that is included in your assessable income under Subdivision 250-E of the Income Tax Assessment Act 1997 .
The adjusted taxable income of a *life insurance company for the *base year is worked out as follows: Method statement
Recalculate the taxable income of the *ordinary class for the *base assessment on the basis that it did not include any *net capital gain.
Add to the step 1 result the deductions for *tax losses of the *ordinary class that were used in making the *base assessment.
Reduce the step 2 result by the lesser of the following amounts:
Add to the step 3 result the taxable income of the *complying superannuation class for the *base assessment.
Add to the step 4 result the deductions for *tax losses of the *complying superannuation class that were used in making the *base assessment.
Reduce the step 5 result by the lesser of the following amounts:
The result of this step is the adjusted taxable income of the company for the *base year.
(Repealed by No 142 of 2003)
(Repealed by No 142 of 2003)
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