Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
PART 2-10
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PAY AS YOU GO (PAYG) INSTALMENTS
Division 45
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Instalment payments
Subdivision 45-K
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How Commissioner works out your benchmark instalment rate and benchmark tax
SECTION 45-370
WORKING OUT YOUR
ADJUSTED ASSESSED TAXABLE INCOME
FOR THE VARIATION YEAR
45-370(1)
Your adjusted assessed taxable income for the variation year is your taxable income for the year, reduced by any *net capital gain included in your assessable income for the year.
Exception: superannuation entities and net capital gains
45-370(2)
In working out the adjusted assessed taxable income , taxable income is not reduced by any *net capital gain in the case of:
(a) a *complying approved deposit fund or a *non-complying approved deposit fund for the variation year; or
(b) a *complying superannuation fund or a *non-complying superannuation fund for the variation year; or
(c) a *pooled superannuation trust for the variation year.
(d) (Repealed by No 70 of 2015)
Special rule for life insurance companies
45-370(3)
The adjusted assessed taxable income of a *life insurance company for the variation year is worked out as follows: Method statement
Step 1.
Step 2.
View history note
Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxYour adjusted assessed taxable income for the variation year is your taxable income for the year, reduced by any *net capital gain included in your assessable income for the year.
Exception: superannuation entities and net capital gains
45-370(2)
In working out the adjusted assessed taxable income , taxable income is not reduced by any *net capital gain in the case of:
(a) a *complying approved deposit fund or a *non-complying approved deposit fund for the variation year; or
(b) a *complying superannuation fund or a *non-complying superannuation fund for the variation year; or
(c) a *pooled superannuation trust for the variation year.
(d) (Repealed by No 70 of 2015)
Special rule for life insurance companies
45-370(3)
The adjusted assessed taxable income of a *life insurance company for the variation year is worked out as follows: Method statement
Step 1.
Recalculate the *ordinary class of the taxable income for the variation year 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 variation year.
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