Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p11
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 11/18)
Character Range: 807230–809882

*RSA provider for the *base year, assume that the entity had no *no‑TFN contributions income for the base year and that the entity was not entitled to a *tax offset for the base year under Subdivision 295‑J of the Income Tax Assessment Act 1997.

Notional tax if you have withholding income
 (2) However, your notional tax (as worked out under subsection (1)) is reduced if your assessable income for the *base assessment includes amounts in respect of *withholding payments (except *non‑quotation withholding payments).
 (3) It is reduced (but not below nil) by your *adjusted tax (worked out under section 45‑340) on your *adjusted withholding income (worked out under section 45‑335) for the *base year.

Commissioner may take into account effect of the law, as applying to income years after base year
 (4) For the purposes of working out your *notional tax, the Commissioner may work out an amount as if provisions of an Act or regulations, as they may reasonably be expected to apply for the purposes of your assessment for a later income year, had applied for the purposes of the *base assessment.

Commissioner may take into account proposed changes to the law so as to reduce instalment rate
 (5) For the purposes of working out your *notional tax, the Commissioner may work out an amount as if provisions of an Act or regulations that, in the Commissioner's opinion, are likely to be enacted or made had applied for the purposes of the *base assessment. But the Commissioner may do so only if, as a result, the instalment rate given to you is reduced.
 (6) If the *base year is the income year immediately preceding the income year in which 1 July 2000 occurred, subsections (4) and (5) apply for the purpose of working out the *base assessment instalment income of a *life insurance company in the same way as they apply for the purpose of working out such a company's *notional tax.

45‑330  Working out your adjusted taxable income
 (1) Your adjusted taxable income for the *base year is your total assessable income for the *base assessment, reduced by:
 (a) any *net capital gain included in that assessable income; and
 (b) your deductions for the base year (except *tax losses), as used in making that assessment; and
 (c) the amount of any tax loss, to the extent that it is *unutilised at the end of the base year.

Exception: superannuation entities and net capital gains
 (2) Paragraph (1)(a) does not apply in the case of:
 (a) a *complying approved deposit fund or a *non‑complying approved deposit fund for the *base year; or
 (b) a *complying superannuation fund or a *non‑complying superannuation fund for that year; or
 (c) a