Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 8/53)
Character Range: 2934188–2936871

expenditure.
See items 1.16 and 2.5 in section 20‑30, which lists deductions for which recoupments are assessable under Subdivision 20‑A.
 (4) An amount included in the company's assessable income under section 385‑135 (Election to defer including profit on second wool clip) is attributed to the period when the wool would ordinarily have been shorn.
 (5) An amount included in the company's assessable income that is a *dividend under:
 (a) section 65 (Payments to associated persons); or
 (c) section 109 (Excessive payments to shareholders and associates);
of the Income Tax Assessment Act 1936 is attributed to the period when the amount was paid or credited, whichever occurred first.
 (6) All other items of assessable income (except *full year amounts) are attributed to periods as if each period were an income year.
 (6A) A *net capital gain is not attributed to a period.
Note: This is because Subdivision 165‑CB provides for how the company must work out its net capital gain for the income year.
 (7) Full year amounts are amounts referred to in paragraphs (2)(a) and (b), so far as they are not reasonably attributable to a period, but do not include any part of a *capital gain that forms part of a *net capital gain. Full year amounts are brought in at a later stage of the process of calculating the company's taxable income for the income year.

165‑65  How to calculate the company's taxable income for the income year
 (1) The company's taxable income for the income year is calculated as follows.
 (2) Add up the *notional taxable incomes (if any) worked out under section 165‑50 or 165‑75.
Note: A notional loss for a period is not taken into account, but counts towards the company's tax loss for the income year.
 (3) Add the *full year amounts referred to in subsection 165‑60(7) (if any) and any *net capital gain of the company for the income year.
 (4) Subtract the company's *full year deductions of these kinds:
 (a) deductions for bad debts under section 8‑1 (about general deductions) or section 25‑35 (about bad debts);
 (c) deductions, so far as they are allowable under Division 8 (which is about deductions) because Subdivision H (Period of deductibility of certain advance expenditure) of Division 3 of Part III of the Income Tax Assessment Act 1936 applies to the company in relation to the income year;
unless they exceed the total of the *notional taxable incomes and the *full year amounts. (If they equal or exceed that total, the company does not have a taxable income for the income year.)
 (5) If an amount remains, subtract from it the company's other *full year deductions, in the order shown in subsection 165‑55(5), unless they exceed