Commonwealth Numbered Acts

INCOME TAX ASSESSMENT AMENDMENT ACT 1977 No. 57 of 1977 - SECT 9

9. Section 149 of the Principal Act is repealed and the following section
substituted:- Average income.
'' 149. (1) Subject to sub-section (2), for the purposes of the application of
this Division in relation to a taxpayer in relation to a year of income, a
reference in this Division to the average income of the taxpayer shall be
construed as a reference to the average of the taxable incomes of the taxpayer
of the years of income (in this Division referred to as 'average years')
beginning with the first average year and ending with the first-mentioned year
of income.

'' (2) For the purposes of the application of sub-section (1) in ascertaining
the average income of a taxpayer in relation to a year of income, where the
taxable income of the taxpayer of an average year is greater than $16,000,
that taxable income shall be taken to be $16,000.''.