Tax Laws Amendment (2009 Measures No. 1) Act 2009 (27 of 2009)

Schedule 3   Reforms to income tests

Part 1   Key concepts

Income Tax Assessment Act 1997

7   Subsection 995-1(1)

Insert:

income for surcharge purposes , for a person and an income year, means the sum of the following:

(a) the person’s taxable income for the income year (disregarding subsection 271-105(1) of Schedule 2F to the Income Tax Assessment Act 1936);

(b) the person’s *reportable fringe benefits total (if any) for the income year;

(c) the person’s *reportable superannuation contributions for the income year;

(d) the person’s *total net investment loss for the income year;

less the amount mentioned in subsection 301-20(3) for the person for the income year if the person is entitled to a tax offset under subsection 301-20(2) for the income year.