Document ID: chunk:federal_register_of_legislation:C2024C00583:clause:1_32
Version: federal_register_of_legislation:C2024C00583
Segment Type: clause
Provision Reference: sch 1 cl 32
Character Range: 399849–400631

32  Income test
  This is how to work out an individual's reduction for adjusted taxable income:

      Method statement
           Step 1. Work out the individual's income free area using clause 33.
           Step 2. Work out whether the individual's adjusted taxable income exceeds the individual's income free area.
           Step 3. If the individual's adjusted taxable income does not exceed the individual's income free area, the individual's income excess is nil.
           Step 4. If the individual's adjusted taxable income exceeds the individual's income free area, the individual's income excess is the individual's adjusted taxable income less the individual's income free area.
           Step 5. The individual's reduction for income is 20% of the income excess.