Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) 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.
(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.