Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 10E - PDFs (pooled development funds)  

Subdivision B - The taxable income of PDFs  

SECTION 124ZT   SME ASSESSABLE INCOME  

124ZT(1)   SME assessable income.  

A company's SME assessable income of a year of income is the sum of:

(a) so much of the company's non-CGT assessable income of the year of income as was derived:

(i) from, or from the disposal of, an SME investment of the company; and

(ii) at a time when the company was a PDF; and

(b) any assessable income allocated to the company's SME assessable income under section 124ZZB .

Note:

Section 124ZZB deals with capital gains etc.

124ZT(2)   When assessable income derived.  

For the purposes of paragraph (1)(a), if an amount is derived by a company during, but not at a particular time during, a year of income, the amount is taken to have been derived by the company on the last day of the year of income.