Income Tax Assessment Act 1997
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Hide history noteFor which income years do you have above-average special professional income?
405-10(1)
The first income year for which you have above-average special professional income is the first income year (professional year 1):
(a) for which your taxable professional income is more than $2,500; and
(b) during all or part of which you are an Australian resident.
405-10(2)
After professional year 1, you have above-average special professional income for any income year for all or part of which you are an Australian resident.
Note:
You need not have been an Australian resident for every income year since professional year 1.
What is above-average special professional income?
405-10(3)
Your above-average special professional income for the current year is the amount (if any) by which your taxable professional income exceeds your average taxable professional income.
See Subdivision 405-A .
What is taxable professional income?
405-10(4)
Your taxable professional income depends on your assessable professional income.
See section 405-45 .
405-10(5)
Your assessable professional income is assessable income from your work as an author, inventor, performing artist, production associate or sportsperson.
See Subdivision 405-B .
How do you work out your average taxable professional income?
405-10(6)
Generally, your average taxable professional income for the current year is the average of your taxable professional income for the last 4 income years.
See section 405-50 .
405-10(7)
However, special phasing-in arrangements apply to work out your average taxable professional income for an income year that is less than 4 income years after professional year 1.
These arrangements favour people who were Australian residents for at least part of the income year before professional year 1.
See section 405-50 .
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