Document ID: chunk:federal_register_of_legislation:C2024A00052:clause:7_1
Version: federal_register_of_legislation:C2024A00052
Segment Type: clause
Provision Reference: sch 7 cl 1
Character Range: 52501–53623

1  Subsection 295‑545(2)
Repeal the subsection, substitute:
 (2) If an entity is not of a kind referred to in paragraph 295‑550(8)(a) (about certain small entities), the non‑arm's length component for an income year is the entity's *non‑arm's length income for that year less any deductions to the extent that they are attributable to that income.
 (2A) If the entity is of a kind referred to in paragraph 295‑550(8)(a) (about certain small entities), the non‑arm's length component for an income year is the lesser of:
 (a) the sum of:
 (i) each amount of the entity's *non‑arm's length income under subsection 295‑550(1), (2), (4) or (5) for that year less any deductions to the extent that they are attributable to that income; and
 (ii) each amount of the entity's non‑arm's length income under subsection 295‑550(8) or (9) for that year; and
 (b) the entity's taxable income for the income year:
 (i) less the contributions that are included in the entity's assessable income under Subdivision 295‑C for the income year; and
 (ii) plus any deductions to the extent that they are attributable to those contributions.