BC 5 Taxable income

A person’s taxable income for a tax year is determined by subtracting any available tax loss that the person has from their net income under Part I (Treatment of tax losses).

Defined in this Act: available tax loss, net income, taxable income, tax year

Compare: 2004 No 35 s BC 5

Flowchart B3: Calculating income tax liability
This diagram is a flow chart showing the continuation of the process shown in Flowchart B2. Section BC 6 is applied to the taxable income from section BC 5 in several steps to produce an income tax liability that is zero or positive. Both results feed into section BC 8, for the calculation shown in the next flow chart.

Section BC 5 list of defined terms tax loss: repealed (with effect on 1 April 2008), on 30 March 2022, by section 47 of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).