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 the *reduced beneficiary ' s share, or the *reduced no beneficiary ' s share, as appropriate, of the net income of the trust for the variation year. Benchmark tax if you had withholding income 45-535(2)
However, your benchmark tax (as worked out under subsection (1)) is reduced if the trust ' s assessable income for the variation year includes amounts in respect of *withholding payments. 45-535(3)
It is reduced (but not below nil) by the total amount of the credits to which you are entitled for the variation year under section 18-25 (for amounts withheld from the withholding payments).
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