Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 124ZTA

Taxable income in first year as PDF if PDF component is nil

             (1)  This section applies if:

                     (a)  a company becomes a PDF during a year of income and is still a PDF at the end of the year of income; and

                     (b)  the PDF component for the year of income is a nil amount; and

                     (c)  the year of income is the 1997-98 year of income or a later one.

             (2)  The company's taxable income of the year of income is the amount that, if the period (the notional year ) beginning at the start of the year of income and ending immediately before the company becomes a PDF were a year of income of the company, would be the company's taxable income of the notional year.


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