Section DV 3 — Income Tax Act 2007: Formula for calculating maximum deduction

DV 3 Formula for calculating maximum deduction Formula (1) The formula referred to in section DV 2(8) is— taxable income − non-resident passive income. Definition of items in formula (2) The items in the formula are defined in subsections (3) and (4). Taxable income (3) Taxable income is the amount that would be the master superannuation fund’s taxable income in the tax year in which the expenditure is incurred in the absence of sections DV 2 to DV 4 . Non-resident passive income (4) Non-resident passive income is the total of any amounts of non-resident passive income of any of the kinds to which section RF 2(5) (Non-resident passive income) applies derived by the master superannuation fund in the corresponding income year in which the expenditure is incurred. Defined in this Act: amount , corresponding income year , deduction , non-resident passive income , superannuation fund , tax year , taxable income , Compare: 2004 No 35 s DV 3