Document ID: chunk:federal_register_of_legislation:C2004A00636:clause:1_16:p4
Version: federal_register_of_legislation:C2004A00636
Segment Type: clause
Provision Reference: sch 1 cl 16 (pt 4/6)
Character Range: 16136–18709

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 for *tax losses that were made in so working out that net income; and
 (c) reduced by the amount of any tax loss, to the extent that it can be carried forward for working out the trust's net income for the next income year.

reduced net income of the trust means the net income of the trust, as worked out for the purposes of the *base assessment and reduced by any *net capital gain included in the trust's assessable income as so worked out.

relevant share means the *reduced beneficiary's share, or the *reduced no beneficiary's share, as appropriate, of the net income of the trust, as worked out for the purposes of the *base assessment.

45‑483  Meaning of reduced beneficiary's share and reduced no beneficiary's share

 (1) If the trustee of a trust is liable to be assessed, and to pay tax, for an income year under subsection 98(1) or (2) of the Income Tax Assessment Act 1936 in respect of a particular beneficiary, the reduced beneficiary's share of the net income is the amount on which the trustee is so liable to be assessed and to pay tax, except so much of that amount as is attributable to a *net capital gain included in the trust's assessable income for that income year.

 (2) If the trustee of a trust is liable to be assessed, and to pay tax, for an income year under section 99 or 99A of the Income Tax Assessment Act 1936, the reduced no beneficiary's share of the net income is the amount on which the trustee is so liable to be assessed and to pay tax, except so much of that amount as is attributable to a *capital gain made by the trust during that income year.

45‑485  Working out your adjusted withholding income

 (1) Your adjusted