Document ID: chunk:federal_register_of_legislation:C2024C00583:clause:1_28
Version: federal_register_of_legislation:C2024C00583
Segment Type: clause
Provision Reference: sch 1 cl 28
Character Range: 379576–380426

28  Income test
  This is how to work out an individual's reduction for adjusted taxable income:

      Method statement
           Step 1. Work out the individual's higher income free area using clause 2.
           Step 2. Work out whether the individual's adjusted taxable income exceeds the individual's higher income free area.
           Step 3. If the individual's adjusted taxable income does not exceed the individual's higher income free area, the individual's income excess is nil.
           Step 4. If the individual's adjusted taxable income exceeds the individual's higher income free area, the individual's income excess is the individual's adjusted taxable income less the individual's higher income free area.
           Step 5. The individual's reduction for income is 30% of the income excess.

Part 3A—Part A rate (Method 3)