Steps to assess an interim profit and loss statement 043-03080040

Policy

Social Security Guide 4.7 Business Structures, Primary Production & pre-01/01/2002 Assessment of Trusts & Private Companies

Social Security Guide 4.7.1.20 Assessment of income for sole traders & partnerships

Social Security Guide 4.7.5.30 Business Requirements & Fringe Benefits

Social Security Guide 4.12.7 Assessing Income & Distributions of Controlled Private Trusts & Controlled Private Companies

Legislation

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Social Security Act 1991

• Section 8, Income test definitions
• subsection 8 (zt) - Excluded amounts - general
• section 1075, Permissible reductions of business income
• section 1208B, Permissible reductions of business and investment income
• section 1073, Certain amounts taken to be received over 12 months
• section 1207Y, Attribution of income