Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1071:p2
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1071 (pt 2/4)
Character Range: 2040632–2043347

particular tax year is the sum of the following amounts (income components):
 (a) the person's taxable income for that year, disregarding the person's assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997) for that year;
 (b) the person's fringe benefits value for that year;
 (c) the person's target foreign income for that year;
 (d) the person's total net investment loss (within the meaning of the Income Tax Assessment Act 1997) for that year;
 (e) the person's reportable superannuation contributions (within the meaning of the Income Tax Assessment Act 1997) for that year.
Note 1: For taxable income see subsection 23(1) and point 1071‑4.
Note 2: For fringe benefits value see point 1071‑6.
Note 3: For target foreign income see subsection 10A(2) and point 1071‑7.

Taxable income
 1071‑4 For the purposes of this Part, a person's taxable income for a particular tax year is:
 (a) the person's assessed taxable income for that year; or
 (b) if the person does not have an assessed taxable income for that year—the person's accepted estimate of taxable income for that year.

Assessed taxable income
 1071‑5 For the purposes of this Part, a person's assessed taxable income for a particular tax year at a particular time is the most recent of:
 (a) if, at that time, the Commissioner of Taxation has made an assessment or an amended assessment of that taxable income—that taxable income according to the assessment or amended assessment; or
 (b) if, at that time, a tribunal has amended an assessment or an amended assessment made by the Commissioner—that taxable income according to the amendment made by the tribunal; or
 (c) if, at that time, a court has amended an assessment or an amended assessment made by the Commissioner or an amended assessment made by a tribunal—that taxable income according to the amendment made by the court.

Fringe benefits value
 1071‑6 For the purposes of this Part, a person's fringe benefits value for a particular tax year is the person's accepted estimate of the amount by which the total of the assessable fringe benefits received or to be received by the person in the tax year exceeds $1,000.
Note: For assessable fringe benefit see subsection 10A(2) and Part 3.12A.

Target foreign income
 1071‑7 For the purposes of this Part, a person's target foreign income for a particular tax year is the person's accepted estimate of the amount of that income for that year.

Total net investment loss
 1071‑8 For the purposes of this Part, a person's total net investment loss for a particular tax year is the person's accepted estimate of the amount of that loss for that year.

Accepted estimate
 1071‑9 For the purposes of this Part, a