Section 124ZT — Income Tax Assessment Act 1936: SME assessable income

SME assessable income (1) A company’s SME assessable income of a year of income is the sum of: (a) so much of the company’s non-CGT assessable income of the year of income as was derived: (i) from, or from the disposal of, an SME investment of the company; and (ii) at a time when the company was a PDF; and (b) any assessable income allocated to the company’s SME assessable income under section 124ZZB. Note: Section 124ZZB deals with capital gains etc. When assessable income derived (2) For the purposes of paragraph (1)(a), if an amount is derived by a company during, but not at a particular time during, a year of income, the amount is taken to have been derived by the company on the last day of the year of income.