Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Subdivision, a person's adjusted taxable income for a particular tax year is the sum of the following amounts (each of which is an income component ):
(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 for that year;
(e) the person's tax free pensions or benefits for that year;
(f) the person's reportable superannuation contributions for that year;
less the amount of the person's deductible child maintenance expenditure (the deductible component ) for that year.
Note: For tax year see subsection 23(1).
(2) For the purposes of this section, 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.
Note: For accepted estimate see section 957C.
(3) For the purposes of this section, 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.
(4) For the purposes of this section, 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.
Note 1: For assessable fringe benefit see subsection 10A(2) and Part 3.12A.
Note 2: For accepted estimate see section 957C.
Target foreign income
(5) For the purposes of this section, a person's target foreign income for a particular tax year is the person's accepted estimate of the amount of the person's target foreign income for that year.
Note 1: For target foreign income see subsection 10A(2).
Note 2: For accepted estimate see section 957C.
Total net investment loss
(6) For the purposes of this section, a person's total net investment loss for a particular tax year is the person's accepted estimate of the amount of the person's total net investment loss (within the meaning of the Income Tax Assessment Act 1997 ) for that year.
Note: For accepted estimate see section 957C.
(7) For the purposes of this section, a person's tax free pensions or benefits for a particular tax year is the person's accepted estimate of the total of the person's tax free pensions or benefits (worked out under clause 7 of Schedule 3 to the A New Tax System (Family Assistance) Act 1999 ) for that year.
Note: For accepted estimate see section 957C.
Reportable superannuation contributions
(8) For the purposes of this section, a person's reportable superannuation contributions for a particular tax year is the person's accepted estimate of the amount of the person's reportable superannuation contributions (within the meaning of the Income Tax Assessment Act 1997 ) for that year.
Note: For accepted estimate see section 957C.
Deductible child maintenance expenditure
(9) For the purposes of this section, a person's deductible child maintenance expenditure for a particular tax year is the person's accepted estimate of the amount worked out under subclause 8(1) of Schedule 3 to the A New Tax System (Family Assistance) Act 1999 for the person for that year.
Note: For accepted estimate see section 957C.