A New Tax System (Bonuses for Older Australians) Act 1999 (REPEALED)
In this Part, an individual's adjusted business and wages income for the 1999-2000 income year is worked out as follows: Method statement
Step 1.
Work out the individual's business and wages income for the year: see subsections (2) and (3).
Step 2.
Subtract from the step 1 amount the sum of the individual's deductions for the year, to the extent that the deductions relate to any or all of his or her business and wages income.
Step 3.
If the final result is nil or negative, the individual does not have any adjusted business and wages income.
(2)
In this Part, an individual's business and wages income is the sum of the following:
(a) all of the individual's assessable income that is PAYE earnings;
(b) all of the individual's assessable income (other than PAYE earnings) derived from a business carried on by the individual.
(3)
However, an individual's business and wages income does not include the following amounts:
(a) any amount paid to the individual that is included in the individual's assessable income and that is covered by paragraph (c) of the definition of salary or wages in former subsection 221A(1) of the Income Tax Assessment Act 1936 ;
(b) so much of the amount of any eligible termination payment (as defined in section 27A of the Income Tax Assessment Act 1936 ) made to the individual as is included in the individual's assessable income under section 27B or 27C of that Act.
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