Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 16 - Averaging of incomes  

SECTION 151   FIRST APPLICATION OF DIVISION IN RELATION TO A TAXPAYER  

151(1)   [First average year]  

For the purposes of the first application of this Division in determining the tax payable by a taxpayer, the first average year shall be the first year which is otherwise capable of being an average year, and in which the taxable income is not greater than that of the next succeeding year. No year prior to that first average year shall, for the purposes of any application of this Division in determining the tax payable by a taxpayer, be capable of being an average year.

151(2)   [Year not counted]  

Any year in which the taxpayer was not carrying on business and was not in receipt of a taxable income shall not be counted as a first average year for the purposes of the first application of this Division in determining the tax payable by a taxpayer.

151(3)   [Application]  

This section shall not apply to a taxpayer whose income has been or is liable to be assessed at an average rate of tax determined under the provisions of the previous Act.