Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 293.155

High income threshold--effect of modification

             (1)  For the purpose of working out the extent (if any) to which the sum mentioned in subsection 293-20(1) for the individual exceeds the $250,000 threshold mentioned in that subsection, disregard section 293-150.

             (2)  To avoid doubt, the effect of subsection (1) is that the amount of the individual's * taxable contributions for an income year is the lesser of:

                     (a)  the excess (if any) mentioned in subsection 293-20(1) (worked out disregarding section 293-150) for the income year; and

                     (b)  the individual's * low tax contributions for the corresponding * financial year (worked out having regard to section 293-150).



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