CHILD SUPPORT (ASSESSMENT) ACT 1989 - SECT 43 Working out parent's adjusted taxable income

CHILD SUPPORT (ASSESSMENT) ACT 1989 - SECT 43

  (1)   Subject to this Part, a parent's adjusted taxable income for a child for a day in a child support period is the total of the following components:

  (a)   the parent's taxable income for the last relevant year of income in relation to the child support period, disregarding the parent's assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997 ) for that year of income;

  (b)   the parent's reportable fringe benefits total for that year of income;

  (c)   the parent's target foreign income for that year of income;

  (d)   the parent's total net investment loss (within the meaning of the Income Tax Assessment Act 1997 ) for that year of income;

  (e)   the total of the tax free pensions or benefits received by that parent in that year of income;

  (f)   the parent's reportable superannuation contributions (within the meaning of the Income Tax Assessment Act 1997 ) for that year of income.

Note 1:   Other provisions that relate to a person's adjusted taxable income are section   34A and Subdivisions B and C of Division   7.

Note 2:   The components of the definition of adjusted taxable income are defined in section   5.

  (2)   If the Registrar amends an assessment under section   44, then for the purposes of the assessment, the person's adjusted taxable income for a child to whom the assessment relates, for a day in the child support period, is the amount determined by the Registrar.