Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section sets the rate of extra income tax payable under subsection 392 - 35(3) of the Income Tax Assessment Act 1997 on every dollar of a taxpayer's averaging component for a year of income.
(2) The rate is worked out using the formula:
Rate if taxable income is less than tax - free threshold adjusted by family tax assistance
(6) In this section:
"averaging adjustment" means the taxpayer's smoothing adjustment, worked out for the year of income under section 392 - 75 of the Income Tax Assessment Act 1997 .
"averaging component" means the taxpayer's averaging component in whole dollars, worked out for the year of income under Subdivision 392 - C of the Income Tax Assessment Act 1997 .