Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 405.15

When do you have above - average special professional income?

  (1)   Your taxable income for the * current year includes above - average special professional income if and only if:

  (a)   you are an individual; and

  (b)   you have been an Australian resident for all or part of the current year; and

  (c)   your * taxable professional income for the current year exceeds your * average taxable professional income for the current year; and

  (d)   either:

  (i)   your * taxable professional income for the current year is more than $2,500; or

  (ii)   your * taxable professional income for an earlier income year was more than $2,500 and you were an Australian resident for all or part of that income year.

How much above - average special professional income do you have?

  (2)   The amount of * above - average special professional income in your taxable income for the * current year is the difference between:

  (a)   your * taxable professional income for the current year; and

  (b)   your * average taxable professional income for the current year.

Table of sections

405 - 20   What you count as assessable professional income

405 - 25   Meaning of special professional , performing artist , production associate , sportsperson and sporting competition

405 - 30   What you cannot count as assessable professional income

405 - 35   Limits on counting amounts as assessable professional income

405 - 40   Joint author or inventor treated as sole author or inventor


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