Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 405.35

No double - counting

  (1)   You cannot count the same amount as * assessable professional income more than once, even if it is described in more than one subsection of section   405 - 20.

Amounts that are partly assessable professional income

  (2)   If:

  (a)   you * derive assessable income under or as a result of a * scheme; and

  (b)   the assessable income consists of a part that is counted as * assessable professional income and another part that cannot be; and

  (c)   one component is unreasonably large and the other component is unreasonably small, for reasons that are directly or indirectly related to one another;

you must work out your * assessable professional income as if the unreasonably large component were reduced by a reasonable amount and the unreasonably small component were increased by the same amount.

  (3)   Subsection   (2) affects your * assessable professional income:

  (a)   whether you * derived the assessable income directly or indirectly under or as a result of the * scheme; and

  (b)   whether or not a reason mentioned in paragraph   (2)(c) is the only reason why a component is unreasonably large or small.