1.1.I.10 Income
Definition
For the purposes of PLP, a person's income is the ATI for an income year and is worked out in accordance with FAAct Schedule 3 (disregarding subclause 2(2) and clauses 3 and 3A of the Schedule).
An individual's ATI is:
- the sum of the following amounts for the relevant income year
- taxable income
- the value of any adjusted fringe benefits
- target foreign income
- total net investment losses
- tax free pension or benefit, and
- reportable superannuation contributions, and
- less the amount of the individual's deductible child maintenance expenditure.