Section MB 2 — Income Tax Act 2007: Adjustment for period that is less or more than 1 year

MB 2 Adjustment for period that is less or more than 1 year Calculation of adjustment (1) If a person’s income is calculated for a period that is less or more than a year, their family scheme income must be adjusted by an amount calculated using the formula— person's family scheme income × 365 days. Definition of items in formula (2) In the formula,— (a) person’s family scheme income is the person’s income calculated under subparts MB to MF and MZ : (b) days is the total number of days in the period for which the income has been derived. Defined in this Act: amount , family scheme income , income , year , Compare: 2004 No 35 s KD 1(4)–(6)