Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p8
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 8/13)
Character Range: 846870–849529

rate must be a nil rate if either component of the formula is nil.
 (2) For the purposes of the formula in subsection (1):
base assessment instalment income means so much of the assessable income of the trust, as worked out for the purposes of the *base assessment, as the Commissioner determines is *instalment income of the trust for the *base year.
 (3) The base assessment is the latest assessment for the most recent income year for which an assessment has been made of the tax payable by you:
 (a) under subsection 98(1) or (2) of the Income Tax Assessment Act 1936 in respect of the same beneficiary; or
 (b) under section 99 or 99A of the Income Tax Assessment Act 1936;
as appropriate.
 (4) However, if the Commissioner is satisfied that there is a later income year for which no tax is payable as mentioned in subsection (3), the base assessment is the latest return or other information from which an assessment of tax so payable for that income year would have been made.
 (5) The base year is the income year to which the *base assessment relates.

45‑473  Commissioner must notify you of notional tax
  When the Commissioner gives you the instalment rate, he or she must also notify you of the amount of your *notional tax, as worked out for the purposes of working out the instalment rate.

45‑475  Working out your notional tax

Notional tax if no withholding income
 (1) Your notional tax is your *adjusted tax (worked out under section 45‑340) on your *adjusted taxable income (worked out under section 45‑480) for the *base year.

Notional tax if trust has withholding income
 (2) However, your notional tax (as worked out under subsection (1)) is reduced if the trust's assessable income for the *base assessment includes amounts in respect of *withholding payments (except *non‑quotation withholding payments).
 (3) It is reduced (but not below nil) by your *adjusted tax (worked out under section 45‑340) on your *adjusted withholding income (worked out under section 45‑485) for the *base year.

Commissioner may take into account actual and proposed changes to the law
 (4) Subsections 45‑325(4) and (5) apply for the purposes of working out your *notional tax under this section.

45‑480  Working out your adjusted taxable income
 (1) Your adjusted taxable income for the *base year is worked out using the formula:
 (2) For the purposes of the formula in subsection (1):
adjusted net income of the trust means the net income of the trust, as worked out for the purposes of the *base assessment and:
 (a) reduced by any *net capital gain included in the trust's assessable income as so worked out; and
 (b) increased by any deductions