Commonwealth Consolidated Acts

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Grossing up threshold amounts for periods of less than 365 days

             (1)  Under some provisions of this Act, something that is relevant to working out:

                     (a)  an entity's taxable income (if any); or

                     (b)  the income tax (if any) payable on an entity's taxable income; or

                     (c)  an entity's loss (if any) of a particular * sort;

is determined on the basis of a comparison between an amount worked out for an income year, or an amount * derived from 2 or more such amounts, and another amount.

Note:          The other amount assumes an income year of 365 days.

             (2)  This section affects how such a provision (the threshold provision ) operates for the purposes of subsection 701-30(3), which requires each thing covered by paragraph (1)(a), (b) or (c) of this section to be worked out for an entity for a non-membership period (under section 701-30) during an income year.

Note:          A non-membership period is a period (of less than an income year) when the entity is not a subsidiary member of any consolidated group.

             (3)  An amount that would otherwise be worked out for the non-membership period, for the purposes of the comparison under the threshold provision, is instead:

                     (a)  to be worked out by reference to the period (the reference period ) starting at the start of the income year and ending at the end of the non-membership period; and

                     (b)  then to be grossed up by multiplying it by this fraction:

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