Working out your adjusted taxable income
45-480 Working out your adjusted taxable income
Your adjusted taxable income for the *base year is worked out using the formula:
Start formula Adjusted net income of the trust times start fraction Relevant share over Reduced net income of the trust end fraction end formula
For the purposes of the formula in subsection (1):
adjusted net income of the trust means the net income of the trust, as worked out for the purposes of the *base assessment and:
reduced by any *net capital gain included in the trust’s assessable income as so worked out; and
increased by any deductions for *tax losses that were made in so working out that net income; and
reduced by the amount of any tax loss, to the extent that it is *unutilised at the end of the *base year.
reduced net income of the trust means the net income of the trust, as worked out for the purposes of the *base assessment and reduced by any *net capital gain included in the trust’s assessable income as so worked out.
relevant share means the *reduced beneficiary’s share, or the *reduced no beneficiary’s share, as appropriate, of the net income of the trust, as worked out for the purposes of the *base assessment.
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