Document ID: chunk:federal_register_of_legislation:C2004A05083:schedule:1:p7
Version: federal_register_of_legislation:C2004A05083
Segment Type: schedule
Provision Reference: sch 1 (pt 7/18)
Character Range: 16704–19219

threshold increase means the number of whole dollars in the sum of the amounts by which, subject to this Division, the amount of $5,400 set out in column 1 of the table in clause 1 of Part 1 of Schedule 7 is increased in relation to the taxpayer in respect of the year of income under sections 20C and 20D, or would be so increased if those sections applied to the taxpayer.

      taxable income means the number of whole dollars in the taxpayers' taxable income of the year of income.

      deemed taxable income from primary production means the number of whole dollars in the amount that is the deemed taxable income from primary production of the taxpayer of the year of income for the purposes of section 156 of the Assessment Act.

      share of net income means the number of whole dollars in the beneficiary's share of the net income of the trust estate of the year of income.

      deemed net income from primary production means the number of whole dollars in the amount that is the deemed net income from primary production of the trust estate of the year of income for the purposes of section 156 of the Assessment Act.

20H Notional income

      If a taxpayer to whom section 20C or 20D applies, or would apart from section 20E apply, has in a year of income a notional income as determined under section 59AB or 86 of the Assessment Act, sections 20C, 20D and 20E do not apply, but the rate of tax for every $1 of the ordinary taxable income, as worked out under clause 1 of Part 1 of Schedule 9 and apart from sections 20C, 20D and 20E, is reduced by the rate worked out using the formula:

      where:

      tax-free threshold increase means the number of whole dollars in the sum of the amounts by which, subject to this Division, the

      amount of $5,400 set out in column 1 of the table in clause 1 of Part 1 of Schedule 7 is increased in relation to the taxpayer in respect of the year of income under sections 20C and 20D, or would be so increased if those sections applied to the taxpayer.

      ordinary taxable income means the number of whole dollars in the taxpayers' ordinary taxable income of the year of income.

20J Trustee assessment where section 20C or 20D applies to beneficiary

      (1) If:

          (a) a trustee is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of a share of a resident beneficiary of the net income of a trust estate; and

          (b) section 20C or 20D applies, or would apart from section 20E apply,