Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 292.25

Amount included in assessable income

  (1)   The amount included in your assessable income for the income year is equal to the amount of associated earnings stated in the most recent of those determinations.

  (2)   However, if:

  (a)   the sum of any amounts paid in response to release authorities issued in relation to those determinations (the total amount ) is less than the amount of the excess stated in the most recent of those determinations; and

  (b)   section   292 - 467 does not apply to you for the * financial year;

the amount included in your assessable income for the income year is equal to the amount of associated earnings that would have been stated in that most recent determination if the total amount had been the amount of the excess stated in that determination.

Note 1:   The release authorities are issued under Division   131, or former Division   96, in Schedule   1 to the Taxation Administration Act 1953 .

Note 2:   Any amounts paid in response to the release authorities are non - assessable non - exempt income (see section   303 - 15 or former sections   303 - 15 and 303 - 17).


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