INCOME TAX ASSESSMENT ACT 1997 - SECT 405.10 Overview of the Division
INCOME TAX ASSESSMENT ACT 1997 - SECT 405.10
Overview of the DivisionFor which income years do you have above - average special professional income?
(1) The first income year for which you have above - average special professional income is the first income year (professional year 1):
(a) for which your taxable professional income is more than $2,500; and
(b) during all or part of which you are an Australian resident.
(2) After professional year 1, you have above - average special professional income for any income year for all or part of which you are an Australian resident.
Note: You need not have been an Australian resident for every income year since professional year 1.
What is above - average special professional income?
(3) Your above - average special professional income for the current year is the amount (if any) by which your taxable professional income exceeds your average taxable professional income.
See Subdivision 405 - A.
What is taxable professional income?
(4) Your taxable professional income depends on your assessable professional income.
See section 405 - 45.
(5) Your assessable professional income is assessable income from your work as an author, inventor, performing artist, production associate or sportsperson.
See Subdivision 405 - B.
How do you work out your average taxable professional income?
(6) Generally, your average taxable professional income for the current year is the average of your taxable professional income for the last 4 income years.
See section 405 - 50.
(7) However, special phasing - in arrangements apply to work out your average taxable professional income for an income year that is less than 4 income years after professional year 1.
These arrangements favour people who were Australian residents for at least part of the income year before professional year 1.
See section 405 - 50.
Table of sections
405 - 15 When do you have above - average special professional income?