Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 392.15

Meaning of basic taxable income

  (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.


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