1.1.I.30 Income year
Definition
For the purposes of the PPL scheme income test and the PPLSC, income year has the same meaning as in the Income Tax Assessment Act 1997 and is the same as the financial year.
The income year is the 12-month period ending on 30 June each year and is the same as the financial year, except in these cases:
- for a company, the income year is the previous financial year
- if a person has an accounting period that is not the same as the financial year, each such accounting period or, for a company, each previous accounting period is an income year.
Note 1: The Commissioner of Taxation (Commissioner) (1.1.C.125) can allow a person to adopt an accounting period ending on a day other than 30 June.
Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a venture capital limited partnership, an early stage venture capital limited partnership, an Australian venture capital fund of funds or a venture capital management partnership.
Act reference: PPLAct section 6 The Dictionary
Income Tax Assessment Act 1997 section 4-10(2) How to work out how much income tax you must pay, section 995-1 Definitions
Income Tax Assessment Act 1936 section 18 Accounting period, section 18A Accounting periods for VCLPs, ESVCLPs, AFOFs and VCMPs
Policy reference: PPL Guide 2.3 PPL scheme income test for PLP, 1.1.I.20 Income test, Part 9 PPL superannuation contribution