Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p16
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 16/20)
Character Range: 157322–159991

which an assessment has been made. However, if the Commissioner is satisfied that there is a later income year for which you do not have a taxable income, the base assessment is the latest return or other information from which an assessment for that income year would have been made.

 (4) The base year is the income year to which the *base assessment relates.

 (5) 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.

 (6) The Commissioner may incorporate notice of the instalment rate and the amount of your *notional tax in notice of your assessment.

45‑325  Working out your notional tax

Notional tax if you have 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 45‑330) for the *base year.

Notional tax if you have withholding income

 (2) However, your notional tax (as worked out under subsection (1)) is reduced if your 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 45‑335) for the *base year.

Commissioner may take into account effect of the law, as applying to income years after base year

 (4) For the purposes of working out your *notional tax, the Commissioner may work out an amount as if provisions of an Act or regulations, as they may reasonably be expected to apply for the purposes of your assessment for a later income year, had applied for the purposes of the *base assessment.

Commissioner may take into account proposed changes to the law so as to reduce instalment rate

 (5) For the purposes of working out your *notional tax, the Commissioner may work out an amount as if provisions of an Act or regulations that, in the Commissioner's opinion, are likely to be enacted or made had applied for the purposes of the *base assessment. But the Commissioner may do so only if, as a result, the instalment rate given to you is reduced.

45‑330  Working out your adjusted taxable income

 (1) Your adjusted taxable income for the *base year is your total assessable income for the *base assessment, reduced by:
 (a) any *net capital gain included in that assessable income; and
 (b) your deductions for the base year (except *tax losses), as used in making that assessment; and
 (c) the amount of any tax loss, to the extent that you