A New Tax System (Family Assistance) Act 1999
Schedules
Schedule 3 - Adjusted taxable incomeNote: See section 3 .
For the purposes of this Act and subject to subclause (2), an individual ' s adjusted taxable income for a particular income year is the sum of the following amounts ( income components ): (a) the individual ' s taxable income for that year, disregarding the individual ' s assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997 ) for that year; (b) the individual ' s adjusted fringe benefits total for that year; (c) the individual ' s target foreign income for that year; (d) the individual ' s total net investment loss (within the meaning of the Income Tax Assessment Act 1997 ) for that year; (e) the individual ' s tax free pension or benefit for that year; (f) the individual ' s reportable superannuation contributions (within the meaning of the Income Tax Assessment Act 1997 ) for that year;
less the amount of the individual ' s deductible child maintenance expenditure for that year.
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If an individual dies before the end of a particular income year, the individual ' s adjusted taxable income for that year is to be calculated in accordance with the following formula:
| Income of individual
to date of death |
× | Number of days in
income year Number of days individual was alive during income year |
where:
income of individual to date of death
means the amount that would, but for the operation of this subclause, have been the amount of adjusted taxable income of the individual for the particular income year in which the individual died if, so far as that particular individual is concerned, that year had comprised only those days preceding the individual
'
s death.
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