Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 392.40

Identify income years for averaging your basic taxable income

                   The income years over which you must average your * basic taxable income are:

                     (a)  if this Division has applied to your assessment for at least 4 income years in a row (including the * current year)--the current year and the 4 previous income years; or

                     (b)  if this Division has applied to your assessment for less than 4 income years in a row (including the * current year)--those income years and the last income year before them.

Note:          You may need to average your basic taxable income for one or more income years before the 1998-99 income year. See section 392-1 of the Income Tax (Transitional Provisions) Act 1997 .



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback