Taxation Administration Act 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
Your benchmark tax is your *adjusted assessed tax (worked out under section 45-375 ) on your *adjusted assessed taxable income (worked out under section 45-370 ) for the variation year. Benchmark tax if you have no-TFN contributions income 45-365(1A)
In working out the benchmark tax of a *complying superannuation fund, *non-complying superannuation fund or *RSA provider for the variation year, assume that the entity had no *no-TFN contributions income for the variation year and that the entity was not entitled to a *tax offset for the variation year under Subdivision 295-J of the Income Tax Assessment Act 1997 .
However, your benchmark tax (as worked out under subsection (1)) is reduced if your assessable income for the variation year includes amounts in respect of *withholding payments. 45-365(3)
It is reduced (but not below nil) by the sum of:
(a) the total amount of the credits to which you are entitled for the variation year under section 18-15 (for amounts withheld from withholding payments made to you during the variation year); and
(b) the total amount of the credits to which you are entitled for the variation year under section 18-27 (for amounts paid under Division 13 in respect of amounts included in your assessable income under section 86-15 of the Income Tax Assessment Act 1997 ).
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