Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 124ZT

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.