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-N - How this Part applies to the trustee of a trust  

How Commissioner works out instalment rate and notional tax for a multi-rate trustee

SECTION 45-485   WORKING OUT YOUR ADJUSTED WITHHOLDING INCOME  

45-485(1)  
Your adjusted withholding income for the *base year is worked out using the formula:


Net withholding income
of the trust      
× Relevant share
Reduced net income of the trust

45-485(2)  
For the purposes of the formula in subsection (1):

net withholding income of the trust
means:

  • the total of the amounts included in the trust ' s assessable income for the *base assessment in respect of *withholding payments (except *non-quotation withholding payments);
  • reduced by:

  • the trust ' s deductions for that year, as used in making that assessment, to the extent that they reasonably relate to those amounts.
  • reduced net income of the trust
    has the meaning given by subsection 45-480(2) .

    relevant share
    has the meaning given by subsection 45-480(2) .


     

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