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INCOME TAX ASSESSMENT ACT 1936 - SECT 124ZT SME assessable income

INCOME TAX ASSESSMENT ACT 1936 - SECT 124ZT

SME assessable income

SME assessable income

  (1)   A company's SME assessable income of a year of income is the sum of:

  (a)   so much of the company's non - CGT assessable income of the year of income as was derived:

  (i)   from, or from the disposal of, an SME investment of the company; and

  (ii)   at a time when the company was a PDF; and

  (b)   any assessable income allocated to the company's SME assessable income under section   124ZZB.

Note:   Section   124ZZB deals with capital gains etc.

When assessable income derived

  (2)   For the purposes of paragraph   (1)(a), if an amount is derived by a company during, but not at a particular time during, a year of income, the amount is taken to have been derived by the company on the last day of the year of income.

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