Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_12:p7
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 7/7)
Character Range: 277394–279633

or
 (ii) a partnership of which you are a partner; or
 (iii) the trustee of a trust in which you have a present entitlement to a share of the net income and are not under a legal disability; and
 (b) as a result of the following balancing adjustment calculation, an amount is included in your assessable income or the assessable income of the partnership or trust.

 (3) This section does not apply if, for the income year in which the *balancing adjustment event occurred:
 (a) you are a company, other than a corporate trustee; or
 (b) you are the trustee of a trust and are liable to be assessed under section 99A of the Income Tax Assessment Act 1936 (Certain trust income to be taxed at special rate); or
 (c) the *plant was in a *pool; or
 (d) Division 16 of Part III of that Act (averaging of income) applies to your assessment; or
 (e) you chose balancing adjustment relief under section 42-285 (same year relief) or 42‑290 (later year relief) for the balancing adjustment event.

42-300  Working out notional income and abnormal income for the concessional rate

 (1) Your notional income for the income year in which the *balancing adjustment event occurred is:
 (a) if your taxable income is greater than your *abnormal income—your taxable income less 2/3 of your abnormal income;
 (b) if your taxable income is equal to or less than your abnormal income—1/3 of your taxable income;
 (c) if section 86 of the Income Tax Assessment Act 1936 (Notional income of a taxpayer deriving a premium) applies to you and your notional income under that section is:
 (i) greater than your abnormal income—your notional income under that section less 2/3 of your abnormal income;
 (ii) equal to or less than your abnormal income—1/3 of your notional income under that section.

 (2) Your abnormal income is worked out using the following table.

Abnormal income table
                       If the *balancing adjustment event referred to in                                                                                      And the balancing adjustment calculation causes an amount to be included in assessable income, your abnormal income is ...
                       section 42‑295 relates to assets of a *business carried on ...

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