Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 392 - Long-term averaging of primary producers ' tax liability  

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History

Div 392 inserted by No 46 of 1998.

Subdivision 392-A - Is your income tax affected by averaging?  

SECTION 392-15   Meaning of basic taxable income  

392-15(1)    

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Work out your basic taxable income for an income year as follows: Method statement

Step 1.

Work out what would have been your taxable income for the income year if your assessable income for the income year:

(a) had not included any amount under section 82-65 , 82-70 or 302-145 of the Income Tax Assessment Act 1997 (certain superannuation benefits and employment termination payments); and

Note:

This means that certain deductions will also be excluded.

(b) had not included any ^* net capital gain for the income year.

Step 2.

Subtract from the Step 1 amount any ^* above-average special professional income included in your taxable income for the income year under Division 405 .

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History

S 392-15(1) amended by No 15 of 2007, s 3 and Sch 1 item 244, by substituting " section 82-65, 82-70 or 302-145 of the Income Tax Assessment Act 1997 (certain superannuation benefits and employment termination payments) " for " subsection 27B(1A) or (3) (Assessable income to include certain superannuation and kindred payments) of the Income Tax Assessment Act 1936 " in para (a), step 1 of the method statement, applicable to the 2007-2008 income year and later years.

392-15(2)    
However, your basic taxable income for an income year is nil if:

(a) you do not have a taxable income for the income year; or

(b) the amount worked out under subsection (1) for the income year is less than nil.

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History

S 392-15 inserted by No 46 of 1998.

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