Document ID: chunk:federal_register_of_legislation:F2023L00352:clause:1_4
Version: federal_register_of_legislation:F2023L00352
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 1551–2830

4  Definitions
           Note 1: A number of expressions used in this instrument have the same meaning as in the Act, including the following:
             (a) alienated personal services payment;
             (b) amount required to be withheld;
             (c) PAYG payment period;
             (d) personal services entity;
             (e) personal services income;
             (f) withholding payment.
           Note 2: Expressions in Schedule 1 to the Act have the same meaning as in the Income Tax Assessment Act 1997 (see section 3AA of the Act).
  In this instrument:
Act means the Taxation Administration Act 1953.
net personal services income percentage means the percentage worked out using the following method statement:
             Step 1 – subtract any allowable deductions (excluding salary or wages paid in accordance with subsection 86-15(4) of the Income Tax Assessment Act 1997) for the previous income year from the personal services entity's gross personal services income (exclusive of GST) for the previous income year;
             Step 2 – divide the result by the personal services entity's gross personal services income (exclusive of GST) for the previous income year; and
             Step 3 – multiply the result by 100 to give a percentage.