Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 16 - Averaging of incomes  

SECTION 149A   CAPITAL GAINS, ABNORMAL INCOME AND CERTAIN DEATH BENEFITS TO BE DISREGARDED  

149A(1)    

For the purposes of this Division (including the purpose of determining whether this Division applies to the income of a taxpayer):

(a) references in this Division to the assessable income of a taxpayer shall be read as references to the amount that would have been the assessable income if the assessable income did not include any net capital gain and did not include any amount under section 82-65 , 82-70 or 302-145 of the Income Tax Assessment Act 1997 ; and

(b) references in this Division to the taxable income of a taxpayer shall be read as references to the amount that would have been the taxable income if:

(i) the assessable income did not include any net capital gain and did not include any amount under section 82-65 , 82-70 or 302-145 of the Income Tax Assessment Act 1997 ; and

(ii) the taxable income were reduced by so much of the taxable income as consists of above-average special professional income within the meaning of the Income Tax Assessment Act 1997 .

149A(2)    
A reference in subsection (1) to the assessable income or taxable income of a taxpayer of a year of income shall, in relation to a taxpayer in the capacity of trustee of a trust estate, be read as a reference to the assessable income or net income, as the case may be, of the trust estate of the year of income.