Commonwealth Consolidated Acts Commonwealth Consolidated ActsIt is generally a 4-year average
(1) Work out your average taxable professional income for the * current year by:
(a) adding up your * taxable professional income for each of the last 4 income years before the current year; and
(b) dividing the total by 4.
Phasing-in arrangements for new professionals
(2) However, if the * current year is less than 4 income years after * professional year 1, work out your average taxable professional income using the table in subsection (5).
(3) Professional year 1 is the first income year:
(a) during which you were an Australian resident (for all or part of the income year); and
(b) for which your * taxable professional income was more than $2,500.
(4) Professional year 2 , professional year 3 and professional year 4 are respectively the next 3 income years after * professional year 1.
(5) The table is as follows:
|
Average taxable professional income during phase-in period |
|||
|
|
Average taxable professional income if you were an Australian resident for all or part of the income year immediately before professional year 1 |
Average taxable professional income if you were a foreign resident for any of the income year immediately before professional year 1 |
|
|
1 |
Professional year 1 |
Nil |
Your * taxable professional income for *professional year 1 |
|
2 |
Professional year 2 |
1 /3 of your *taxable professional income for *professional year 1 |
Your * taxable professional income for *professional year 1 |
|
3 |
Professional year 3 |
1 /4 of the sum of your *taxable professional income for each of * professional years 1 and 2 |
1 /2 of the sum of your *taxable professional income for each of * professional years 1 and 2 |
|
4 |
Professional year 4 |
1 /4 of the sum of your *taxable professional income for each of * professional years 1, 2 and 3 |
1 /3 of the sum of your *taxable professional income for each of * professional years 1, 2 and 3 |
Note: If you were a foreign resident for any part of the income year immediately before professional year 1, the effect of item 1 of the table is that your taxable income for professional year 1 will not include above-average special professional income.
Table of Subdivisions
Guide to Division 410
410-A Notice of payments
Guide to Division 410