Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 405 - Above-average special professional income of authors, inventors, performing artists, production associates and sportspersons  

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History

Div 405 inserted by No 46 of 1998.

Subdivision 405-C - Taxable professional income and average taxable professional income  

SECTION 405-45  

405-45   Working out your taxable professional income  

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Your taxable professional income for an income year is the amount (if any) by which your ^* assessable professional income for that year exceeds the amount of your deductions for that year worked out as follows: Method statement

Step 1.

Add up any amounts you can deduct for that year (except ^* apportionable deductions), so far as they reasonably relate to your ^* assessable professional income for the year.

Step 2.

Work out the amount using the formula:

*Apportionable deductions

×

(*Assessable professional income − Sum from Step 1)     Taxable income + *Apportionable deductions

Note:

The result may be greater than the apportionable deductions. Also, it may be negative.

Step 3.

Add the sum from Step 1 to the result from Step 2. If the result is more than nil, it is the amount of your deductions to be subtracted from your ^* assessable professional income.

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Archived:

S 405-45 (note) repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 243, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .

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S 405-45 amended by No 12 of 2012, s 3 and Sch 6 item 157, by substituting the formula in step 2 of the method statement, applicable for the purposes of assessments for the 1998-99 income year and later income years. The formula formerly read:

" *Apportionable deductions

×

(*Assessable professional income −     Sum from Step 1)         Taxable income − *Apportionable deductions "

S 405-45 inserted by No 46 of 1998.

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