Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p19
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 19/20)
Character Range: 164926–167759

to you during the variation year).

45‑370  Working out your adjusted assessed taxable income for the variation year

 (1) Your adjusted assessed taxable income for the variation year is your taxable income for the year, reduced by any *net capital gain included in your assessable income for the year.

Exception: superannuation entities and net capital gains

 (2) In working out the adjusted assessed taxable income, taxable income is not reduced by any *net capital gain in the case of:
 (a) an eligible ADF (as defined in section 267 of the Income Tax Assessment Act 1936) for the variation year; or
 (b) an eligible superannuation fund (as defined in that section) for the variation year; or
 (c) a pooled superannuation trust (as defined in that section) for the variation year.

45‑375  Adjusted assessed tax on adjusted assessed taxable income

  Your adjusted assessed tax on your *adjusted assessed taxable income for the variation year is worked out as follows:

      Method statement
           Step 1. The income tax payable on your *adjusted assessed taxable income for the variation year is worked out disregarding any *tax offset under:

                (a) Subdivision 61‑H of the Income Tax Assessment Act 1997 (for a premium under a private health insurance policy); or
                (b) section 159N of the Income Tax Assessment Act 1936 (for certain low income individuals); or
                (c) section 159T of the Income Tax Assessment Act 1936 (for individuals who make superannuation contributions for a spouse).

           Step 2. The Medicare levy payable on your *adjusted assessed taxable income for the variation year is worked out disregarding sections 8B, 8C, 8D, 8E, 8F and 8G of the Medicare Levy Act 1986 (which increase Medicare levy in certain cases).
           Step 3. The amount (if any) that you would have been liable to pay for the variation year in respect of an accumulated HEC debt under the Higher Education Funding Act 1988 if your taxable income for that year had been your *adjusted assessed taxable income for that year is worked out.
           Step 4. The results of steps 1, 2 and 3 are added together, and reduced by what would have been your *FTB amount (if any) for the variation year if your taxable income for that year had been your *adjusted assessed taxable income for that year. The result is your adjusted assessed tax on your *adjusted assessed taxable income for the variation year.

Subdivision 45‑L—How Commissioner works out amount of quarterly instalment on basis of GDP‑adjusted notional tax

Table of sections

45‑400 Working out amount of instalment
45‑405 Working out your GDP‑adjusted notional tax

45‑400  Working out amount of instalment

  The Commissioner must work out in accordance with the table an amount that he or she notifies to you