Taxation Administration Act 1953
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Chapter 2 - Collection, recovery and administration of income taxSECTION 45-475 WORKING OUT YOUR NOTIONAL TAX
Notional tax if no withholding income
45-475(1)
Your notional tax is your *adjusted tax (worked out under section 45-340 ) on your *adjusted taxable income (worked out under section 45-480 ) for the *base year.
Notional tax if trust has withholding income
45-475(2)
However, your notional tax (as worked out under subsection (1)) is reduced if the trust ' s assessable income for the *base assessment includes amounts in respect of *withholding payments (except *non-quotation withholding payments).
45-475(3)
It is reduced (but not below nil) by your *adjusted tax (worked out under section 45-340 ) on your *adjusted withholding income (worked out under section 45-485 ) for the *base year.
Commissioner may take into account actual and proposed changes to the law
45-475(4)
Subsections 45-325(4) and (5) apply for the purposes of working out your *notional tax under this section.
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