If it’s your first year as a special professional you would not be able to have your income averaged? If Greg earns 180,0 AUD, and it’s his first year as a professional golf player, would he have his income averaged or pay tax on the full amount????
Thanks everyone in advance!
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If Greg is a resident and was a resident in the previous year, then he would get a fantastic tax offset on such a high above average income in his first year because the prior years’ average income is nil.
Source(s): http://law.ato.gov.au/atolaw/view.htm?locid=%27PAC…