INCOME TAX ASSESSMENT ACT 1997 - SECT 405.45 Working out your taxable professional income
INCOME TAX ASSESSMENT ACT 1997 - SECT 405.45
Working out your taxable professional incomeYour taxable professional income for an income year is the amount (if any) by which your * assessable professional income for that year exceeds the amount of your deductions for that year worked out as follows:
Method statement
Step 1. Add up any amounts you can deduct for that year (except * apportionable deductions), so far as they reasonably relate to your * assessable professional income for the year.
Step 2. Work out the amount using the formula:
Note: The result may be greater than the apportionable deductions. Also, it may be negative.
Step 3. Add the sum from Step 1 to the result from Step 2. If the result is more than nil, it is the amount of your deductions to be subtracted from your * assessable professional income.