Section 12: Income received in anticipation
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
12. Income received in anticipation
Where income is derived by a person in any year by way of premium or
payment in advance or in any like manner by way of anticipation, the Director-General may, on the written application of that person during the following year, apportion that income between the income year and any number of
subsequent years not exceeding 5, and the part so apportioned to each of
those years shall be deemed to be income derived in that year.
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Questions this section answers
- If I receive a payment in advance covering future years, can I ask to spread it out for tax?