Document ID: chunk:federal_register_of_legislation:C2024C00381:clause:7_3:p1
Version: federal_register_of_legislation:C2024C00381
Segment Type: clause
Provision Reference: sch 7 cl 3 (pt 1/2)
Character Range: 59688–62367

3                                                                                              exceeds $190,000                                                   45%

 2. Where:
 (a) the taxable income of a non‑resident taxpayer consists of or includes a special income component; and
 (b) Division 16 of Part III of the Assessment Act does not apply to the income of the taxpayer; and
 (c) Division 392 (Long‑term averaging of primary producers' tax liability) of the Income Tax Assessment Act 1997 does not apply to the taxpayer's assessment;
the rate of tax for every $1 of the taxable income is the amount ascertained in accordance with the formula , where:
         A is the amount of tax that would be payable by the taxpayer under clause 1 on a taxable income equal to the reduced taxable income;
         B is 5 times the difference between:
 (c) the amount of tax that would be payable by the taxpayer under clause 1 on a taxable income equal to the sum of:
 (i) the reduced taxable income; and
 (ii) 20% of the special income component of the taxable income; and
 (d) the amount of tax that would be payable by the taxpayer under clause 1 on a taxable income equal to the reduced taxable income; and
         C is the number of whole dollars in the taxable income.
In applying the formula, component B is to be worked out on the assumption that the whole of the taxable income is ordinary taxable income.
 3. Where:
 (a) the taxable income of a non‑resident taxpayer consists of or includes a special income component; and
 (b) Division 16 of Part III of the Assessment Act applies to the income of the taxpayer or Division 392 (Long‑term averaging of primary producers' tax liability) of the Income Tax Assessment Act 1997 applies to the taxpayer's assessment;
the rate of tax for every $1 of the taxable income is the amount ascertained in accordance with the formula , where:
         A is the amount of tax that would be payable by the taxpayer under clause 1 on a taxable income equal to the reduced taxable income;
         B is 5 times the difference between:
 (c) the amount of tax that would be payable by the taxpayer under clause 1 on a taxable income equal to the sum of:
 (i) the average income; and
 (ii) 20% of the special income component of the taxable income; and
 (d) the amount of tax that would be payable by the taxpayer under clause 1 on a taxable income equal to the average income; and
         C is the number of whole dollars in the taxable income.
In applying the formula, component B is to be worked out on the assumption that the whole of the taxable income is ordinary taxable income.
 4. If the non‑resident taxpayer is a working holiday