Document ID: chunk:federal_register_of_legislation:C2024C00866:section:118zza:p2
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 118ZZA (pt 2/4)
Character Range: 1563822–1566549

particular tax year is the sum of the following amounts (income components):
 (a) the person's taxable income for that year, disregarding the person's assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997) for that year;
 (b) the person's fringe benefits value for that year;
 (c) the person's target foreign income for that year;
 (d) the person's total net investment loss (within the meaning of the Income Tax Assessment Act 1997) for that year;
 (e) the person's reportable superannuation contributions (within the meaning of the Income Tax Assessment Act 1997) for that year.
Note 1: For taxable income see point 118ZZA‑4.
Note 2: For fringe benefits value see point 118ZZA‑5.
Note 3: For target foreign income see point 118ZZA‑6.

Taxable income
        118ZZA‑4(1) In this Division:
taxable income has the same meaning as in the Income Tax Assessment Act 1997.
 (2) For the purposes of this Division, a person's taxable income for a particular tax year is:
 (a) the person's assessed taxable income for that year; or
 (b) if the person does not have an assessed taxable income for that year—the person's accepted estimate of taxable income for that year.
 (3) For the purposes of this Division, a person's assessed taxable income for a particular tax year at a particular time is the most recent of:
 (a) if, at that time, the Commissioner of Taxation has made an assessment or an amended assessment of that taxable income—that taxable income according to the assessment or amended assessment; or
 (b) if, at that time, a tribunal has amended an assessment or an amended assessment made by the Commissioner—that taxable income according to the amendment made by the tribunal; or
 (c) if, at that time, a court has amended an assessment or an amended assessment made by the Commissioner or an amended assessment made by a tribunal—that taxable income according to the amendment made by the court.

Fringe benefits value
        118ZZA‑5(1) For the purposes of this Division, a person's fringe benefits value for a particular tax year is the person's accepted estimate of the amount by which the total of the assessable fringe benefits received or to be received by the person in the tax year exceeds $1,000.
 (2) In this point:
assessable fringe benefit has the meaning given by subsection 10A(2) of the Social Security Act 1991.
 (3) The value of an assessable fringe benefit is to be worked out in accordance with Part 3.12A of the Social Security Act 1991 except that references in that Part to the Minister and to the Secretary are to be taken to be references to the Minister for Veterans' Affairs and to the Secretary of the Department of Veterans' Affairs, respectively.

Target