Income Tax Assessment Act 1997

CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS

PART 1-3 - CORE PROVISIONS

Division 4 - How to work out the income tax payable on your taxable income

SECTION 4-25

4-25 Special provisions for working out your basic income tax liability

Subsection 392-35(3) may increase your basic income tax liability beyond the liability worked out simply by applying the income tax rates to your taxable income.

Note:

Subsection 392-35(3) increases some primary producers ' tax liability by requiring them to pay extra income tax on their averaging components worked out under Subdivision 392-C .

View history note

History

S 4-25 substituted by No 92 of 2020, s 3 and Sch 5 item 11, effective 1 January 2021 and applicable in relation to assessments for income years commencing on or after 1 July 2021. S 4-25 formerly read:

SECTION 4-25 Special provisions for working out your basic income tax liability
4-25
The following provisions may increase your basic income tax liability beyond the liability worked out simply by applying the income tax rates to your taxable income:

(a) Subdivision 355-G;

(b) subsection 392-35(3).
Note 1:

Subdivision 355-G increases some entities ' tax liability by requiring them to pay extra income tax on government recoupments relating to R & D activities for which entitlements to tax offsets arise under Division 355.

Note 2:

Subsection 392-35(3) increases some primary producers ' tax liability by requiring them to pay extra income tax on their averaging components worked out under Subdivision 392-C.

S 4-25 substituted by No 93 of 2011, s 3 and Sch 3 item 54, effective 8 September 2011. For application, savings and transitional provisions see note under Div 355 heading. S 4-25 formerly read:

SECTION 4-25 Special provisions for working out your basic income tax liability
4-25
Subsection 392-35(3) may increase your basic income tax liability beyond the liability worked out simply by applying the income tax rates to your taxable income.
Note:

Subsection 392-35(3) increases some primary producers ' tax liability by requiring them to pay extra income tax on their averaging components worked out under Subdivision 392-C .

S 4-25 inserted by No 46 of 1998.

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