Taxation Administration Act 1953

Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Ch 2 title inserted by No 73 of 2006 , s 3 and Sch 5 item 40, effective 1 July 2006.

Pt 2-10 applies to the 2000/2001 income year and later income years. If the Commissioner gives an entity an instalment rate before the start of the 2000/2001 income year, s 45-50 applies as if the rate had been given on the first day of that income year.

S 45-330(1) amended by No 88 of 2013, s 3 and Sch 6 item 44, by substituting " it is *unutilised at the end of the base year " for " you can carry it forward to the next income year " in para (c), effective 29 June 2013.

S 45-330(2) amended by No 70 of 2015, s 3 and Sch 1 items 160 and 161, by substituting " year. " for " year; or " in para (c) and repealing para (d), effective 1 July 2015. Para (d) formerly read:

(d) an *FHSA trust for that year.

S 45-330(2) amended by No 45 of 2008, s 3 and Sch 1 item 60, by inserting para (d), effective 26 June 2008.

S 45-330(2) amended by No 15 of 2007, s 3 and Sch 1 item 380, by substituting paras (a), (b) and (c), applicable to the 2007-2008 income year and later years. The paras formerly read:

(a) an eligible ADF (as defined in section 267 of the Income Tax Assessment Act 1936 ) for the *base year; or

(b) an eligible superannuation fund (as defined in that section) for that year; or

(c) a pooled superannuation trust (as defined in that section) for that year.

S 45-330(2A) amended by No 88 of 2013, s 3 and Sch 6 item 45, by substituting " it is *unutilised at the end of the base year " for " you can carry it forward to the next income year " in para (c)(i), effective 29 June 2013.

S 45-330(2A) substituted by No 142 of 2003 and inserted by No 68 of 2002.

S 45-330(2AA) inserted by No 164 of 2007 , s 3 and Sch 1 item 70, effective 25 September 2007.

S 45-330(3) amended by No 70 of 2015, s 3 and Sch 1 item 162, by substituting " superannuation " for " superannuation/FHSA " in steps 4, 5 and 6 of the method statement (wherever occurring), effective 1 July 2015.

S 45-330(3) amended by No 88 of 2013, s 3 and Sch 6 items 46 and 47, by substituting " they are *unutilised at the end of the *base year " for " the company can carry them forward to the next income year " in paras (a) of steps 3 and 6 of the method statement, effective 29 June 2013.

S 45-330(3) amended by No 45 of 2008, s 3 and Sch 6 item 20, by substituting " complying superannuation/FHSA class " for " complying superannuation class " in steps 4, 5 and 6 in the method statement, effective 26 June 2008.

S 45-330(3) amended by No 83 of 2004, s 3 and Sch 1 item 107, by substituting the method statement, applicable to a base year that is an income year including 1 July 2002 or is a later income year. The method statement formerly read:

Method statement :

Step 1. Recalculate the *ordinary class of the taxable income for the *base assessment on the basis that the assessable income that relates to the class did not include any *net capital gain.

Step 2. Add to the step 1 result the *complying superannuation class of the taxable income for the *base assessment.

Step 3. Add to the step 2 result the deductions for *tax losses used in making the *base assessment.

Step 4. Reduce the step 3 result by the lesser of the following amounts:

(a) the amount of any tax loss, to the extent that the *life insurance company can carry it forward to the next income year;

(b) deductions for *tax losses used in making the *base assessment.

[ CCH Note: No 83 of 2004, s 3 and Sch 1 item 84, substitutes the method statement, effective 30 June 2000 and applicable to a base year that is an income year including 1 July 2000 or is a later income year. The substituted method statement reads:

" Method statement

Step 1. Recalculate the taxable income of the *ordinary class for the *base assessment on the basis that it did not include any *net capital gain.

Step 2. Add to the step 1 result the deductions for *tax losses of the *ordinary class that were used in making the *base assessment.

Step 3. Reduce the step 2 result by the amount of any *tax losses of the *ordinary class, to the extent that the company can carry them forward to the next income year.

Step 4. Add to the step 3 result the taxable income of the *complying superannuation class for the *base assessment.

Step 5. Add to the step 4 result the deductions for *tax losses of the *complying superannuation class that were used in making the *base assessment.

Step 6. Reduce the step 5 result by the amount of any *tax losses of the *complying superannuation class, to the extent that the company can carry them forward to the next income year.

The result of this step is the adjusted taxable income of the company for the *base year. " ]

S 45-330(3) substituted by No 142 of 2003, No 89 of 2000 and inserted by No 44 of 2000.

S 45-330(4) inserted by No 16 of 2003.

S 45-330(5) inserted by No 16 of 2003.