SCHEDULES

SCHEDULE 3Calculation of income

PART 4Residual income

CHAPTER 2Residual income of persons other than an eligible student

Calculation of residual income of persons other than eligible student

14.

P's residual income is calculated as follows—

  • P's taxable income for the applicable financial year.

  • Plus

  • Income payable to P under a pension arrangements order during the applicable financial year, net of income tax.

  • Minus

  • The aggregate of the deductions set out in paragraph 15 (unless already deducted for the purposes of determining P's taxable income).