Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-N - How this Part applies to the trustee of a trust  

How Commissioner works out instalment rate and notional tax for a multi-rate trustee

SECTION 45-485   WORKING OUT YOUR ADJUSTED WITHHOLDING INCOME  

45-485(1)    
Your adjusted withholding income for the *base year is worked out using the formula:

Net withholding income of the trust	×	Relevant share
		Reduced net income of the trust

45-485(2)    
For the purposes of the formula in subsection (1):

net withholding income of the trust
means:

• the total of the amounts included in the trust ' s assessable income for the *base assessment in respect of *withholding payments (except *non-quotation withholding payments);

reduced by:

• the trust ' s deductions for that year, as used in making that assessment, to the extent that they reasonably relate to those amounts.

reduced net income of the trust
has the meaning given by subsection 45-480(2) .

relevant share
has the meaning given by subsection 45-480(2) .