Document ID: chunk:federal_register_of_legislation:C2024C00381:section:3:p4
Version: federal_register_of_legislation:C2024C00381
Segment Type: section
Provision Reference: s 3 (pt 4/5)
Character Range: 12581–14900

an abnormal income amount, means:
 (a) so much of the taxable income as does not exceed the abnormal income amount; or
 (b) if the sum (the component sum) of:
 (i) the abnormal income amount; and
 (ii) the superannuation remainder of the taxable income; and
 (iii) the employment termination remainder of the taxable income;
  is more than the taxable income—the abnormal income amount, reduced by the amount by which the component sum exceeds the taxable income.
standard component has the same meaning as in the Income Tax Assessment Act 1997.
superannuation remainder of taxable income means so much of the taxable income as:
 (a) is included in assessable income under a maximum tax rate provision in Division 301 of the Income Tax Assessment Act 1997; and
 (b) does not give rise to an entitlement to a tax offset under that maximum tax rate provision.
tax means income tax imposed as such by any Act other than income tax payable in accordance with section 121H, 126, 128B, 128N, 128NA, 128NB, 128T, 128V, 136A or 159C of the Assessment Act.
tax‑free threshold means $18,200.
tax offset has the same meaning as in the Income Tax Assessment Act 1997.
third resident personal tax rate means the rate mentioned in item 3 of the table in clause 1 of Part I of Schedule 7 that is applicable to the year of income.
unregulated investment component has the same meaning as in Subdivision B of Division 10E of Part III of the Assessment Act.
working holiday maker has the meaning given by subsection 3A(1).
working holiday taxable income has the meaning given by subsections 3A(2) and (3).
 (2) In this Act:
 (a) a reference to net income, taxable income or reduced taxable income shall be read as a reference to net income, taxable income or reduced taxable income, as the case may be, of the year of income; and
 (b) a reference to eligible taxable income for the purposes of Division 6AA of Part III of the Assessment Act shall be read as a reference to eligible taxable income of the year of income for the purposes of that Division.
 (3) A reference in this Act to the part to which Division 6AA of Part III of the Assessment Act applies of the share of a beneficiary of the net income of a trust estate shall, if that Division applies to the whole of such a share, be read as a reference to the whole of that share.