Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_5:p9
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 9/11)
Character Range: 711322–714170

owning or training animals.

Payments at end of employment, and capital gains

 (3) You cannot count as *assessable professional income:

 (a) an eligible termination payment as defined in Subdivision AA (Superannuation and kindred payments) of Division 2 of Part III of the Income Tax Assessment Act 1936; or

 (b) a payment for leave that is covered by section 26AC or 26AD of the Income Tax Assessment Act 1936; or

 (c) a net capital gain under Part IIIA (Capital gains and capital losses) of the Income Tax Assessment Act 1936.

This section prevails over section 405‑20

 (4) You cannot count particular assessable income as *assessable professional income if this section says you cannot, even if section 405‑20 says you count it.

405‑35  Limits on counting amounts as assessable professional income

No double‑counting

 (1) You cannot count the same amount as *assessable professional income more than once, even if it is described in more than one subsection of section 405‑20.

Amounts that are partly assessable professional income

 (2) If:

 (a) you *derive assessable income under or as a result of a *scheme; and

 (b) the assessable income consists of a part that is counted as *assessable professional income and another part that cannot be; and

 (c) one component is unreasonably large and the other component is unreasonably small, for reasons that are directly or indirectly related to one another;

you must work out your *assessable professional income as if the unreasonably large component were reduced by a reasonable amount and the unreasonably small component were increased by the same amount.

 (3) Subsection (2) affects your *assessable professional income:

 (a) whether you *derived the assessable income directly or indirectly under or as a result of the *scheme; and

 (b) whether or not a reason mentioned in paragraph (2)(c) is the only reason why a component is unreasonably large or small.

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

 (1) If you are a joint author of a literary, dramatic, musical or artistic work, work out your *assessable professional income as if you were the author of that work.

Note: This section means that you are treated as a special professional, even if you have never been the sole author of a work.

 (2) If you are a joint inventor of an invention, work out your *assessable professional income as if you were the inventor of that invention.

Note: This section means that you are treated as a special professional, even if you have never been the sole inventor of an invention.

Subdivision 405‑C—Taxable professional income and average taxable professional income

Table of sections

405‑45 Working out your taxable professional income
405‑50 Working out your average taxable professional income

405‑45  Working