Working out your adjusted assessed taxable income for the variation year
45-370 Working out your adjusted assessed taxable income for the variation year
Your adjusted assessed taxable income for the variation year is your taxable income for the year, reduced by any *net capital gain included in your assessable income for the year.
Exception: superannuation entities and net capital gains
In working out the adjusted assessed taxable income, taxable income is not reduced by any *net capital gain in the case of:
a *complying approved deposit fund or a *non‑complying approved deposit fund for the variation year; or
a *complying superannuation fund or a *non‑complying superannuation fund for the variation year; or
a *pooled superannuation trust for the variation year.
Special rule for life insurance companies
The adjusted assessed taxable income of a *life insurance company for the variation year is worked out as follows:
Method statement
Step 1. Recalculate the *ordinary class of the taxable income for the variation year on the basis that the assessable income that relates to the class did not include any *net capital gain.
Step 2. Add to the step 1 result the *complying superannuation class of the taxable income for the variation year.
This Act’s bill:Second reading speech
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