Document ID: chunk:federal_register_of_legislation:C2024C00381:section:3:p3
Version: federal_register_of_legislation:C2024C00381
Segment Type: section
Provision Reference: s 3 (pt 3/5)
Character Range: 10237–12814

the Assessment Act.
pooled superannuation trust has the same meaning as in the Income Tax Assessment Act 1997.
prescribed non‑resident, in relation to a year of income, means a person who, at all times during the year of income, is a non‑resident, not being a person to whom, at any time during the year of income, compensation or a pension, allowance or benefit is payable under:
 (a) the Veterans' Entitlements Act 1986;
 (b) subsection 4(6) of the Veterans' Entitlements (Transitional Provisions and Consequential Amendments) Act 1986; or
 (ba) the Military Rehabilitation and Compensation Act 2004; or
 (c) the Social Security Act 1991;
being compensation or a pension, allowance or benefit in respect of which the person is liable to be assessed and to pay income tax in Australia.
prescribed unit trust, in relation to a year of income, means a trust estate that is a public trading trust in relation to the year of income.
public trading trust, in relation to a year of income, means a unit trust that is a public trading trust, within the meaning of Division 6C of Part III of the Assessment Act, in relation to the year of income.
reduced taxable income means the part (if any) of the taxable income other than the special income component.
resident beneficiary, in relation to a year of income, means a beneficiary of a trust estate who is not a prescribed non‑resident in relation to that year of income.
resident phase‑out limit has the meaning given by subsection 13(10).
resident taxpayer, in relation to a year of income, means a taxpayer who is not a prescribed non‑resident in relation to that year of income.
resident trust estate, in relation to a year of income, means a trust estate that, under subsection 95(2) of the Assessment Act, is to be taken to be a resident trust estate in relation to that year of income.
RSA component has the same meaning as in the Income Tax Assessment Act 1997.
second resident personal tax rate means the rate mentioned in item 2 of the table in clause 1 of Part I of Schedule 7 that is applicable to the year of income.
SME income component has the same meaning as in Subdivision B of Division 10E of Part III of the Assessment Act.
sovereign entity has the same meaning as in the Income Tax Assessment Act 1997.
special income component, in relation to a taxable income for which there is an abnormal income amount, means:
 (a) so much of the taxable income as does not exceed the abnormal income amount; or
 (b) if the sum (the component sum) of:
 (i) the abnormal income amount; and
 (ii) the superannuation remainder of