Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1071:p3
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1071 (pt 3/4)
Character Range: 2043122–2045778

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 person's accepted estimate of an income component for a particular tax year is that income component according to the most recent notice given by the person to the Secretary under point 1071‑10 and accepted by the Secretary for the purposes of this Part.

Notice estimating income component
 1071‑10(1) A person may give the Secretary a notice, in a form approved by the Secretary, setting out the person's estimate of an income component of the person for a tax year.

 (2) The notice is to contain, or be accompanied by, such information as is required by the form to be contained in it or to accompany it, as the case may be.

 (3) The Secretary is to accept a notice only if the Secretary is satisfied that the estimate is reasonable.

Adjusted taxable income of members of couples
 1071‑11 If a person is a member of a couple, add the couple's adjusted taxable incomes for the reference tax year and divide by 2 to work out the amount of the person's adjusted taxable income for the reference tax year.

Deemed income amount
 1071‑11A This is how to work out the person's deemed income amount under this point:

      Method statement
           Step 1. Work out the total value of all of the person's long‑term financial assets (see point 1071‑13) at the test time.
           Step 2. Work out under section 1076 the amount of ordinary income the person would be taken to receive per year on the financial assets:

                (a) on the assumption that the only financial assets of the person were the financial assets referred to in step 1; and
                (b) on the assumption that the total value of the person's financial assets were the amount at step 1.

           Step 3. The result at step 2 is the person's deemed income amount.
 1071‑11B This is how to work out the person's deemed income amount under this point:

      Method statement
           Step 1. Work out the total value of all of the person's long‑term financial assets (see point 1071‑13) at the test time.
           Step 2. If, at the test time, the person's partner has reached the minimum age mentioned in section 301‑10 of the Income Tax Assessment Act 1997, work out the total value of all of the person's partner's long‑term financial assets (see point 1071‑13) at the test time.
           Step 3. Work out under section 1077 the amount of ordinary income the couple would be taken to receive per year on the financial assets: