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(d) (Repealed by No 70 of 2015)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.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.