Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 4.15

  (1)   Work out your taxable income for the income year like this:

Note:   If the deductions exceed the assessable income, you may have a tax loss which you may be able to utilise in that or a later income year: see Division   36.

  (2)   There are cases where taxable income is worked out in a special way:

 

Item	For this case ...	See:
1.	A company does not maintain continuity of ownership and control during the income year and does not satisfy the business continuity test	Subdivision   165 - B
1B.	An entity is a * member of a * consolidated group at any time in the income year	Part   3 - 90
2.	A company becomes a PDF (pooled development fund) during the income year, and the PDF component for the income year is a nil amount	section   124ZTA of the Income Tax Assessment Act 1936
3.	A shipowner or charterer: ï‚·   has its principal place of business outside Australia; and ï‚·   carries passengers, freight or mail shipped in Australia	section   129 of the Income Tax Assessment Act 1936
4.	An insurer who is a foreign resident enters into insurance contracts connected with Australia	sections   142 and 143 of the Income Tax Assessment Act 1936
5.	The Commissioner makes a default or special assessment of taxable income	sections   167 and 168 of the Income Tax Assessment Act 1936
6.	The Commissioner makes a determination of the amount of taxable income to prevent double taxation in certain treaty cases	section   24 of the International Tax Agreements Act 1953

Note:   A life insurance company can have a taxable income of the complying superannuation class and/or a taxable income of the ordinary class for the purposes of working out its income tax for an income year: see Subdivision   320 - D.