- An averaging scheme applies to prevent eligible individuals from being pushed into a higher tax bracket due to fluctuations in income.
- The scheme is designed for natural persons whose income from eligible sources varies significantly from year to year.
- Defined under s.405-25, the following classes are eligible for the averaging scheme:
- Sportspersons
- Performers
- Writers, composers, authors
- Art directors, costume designers, choreographers, and film editors
- Inventors
- Under s.405-30, the following activities do not qualify a taxpayer as a special professional for the purposes of the averaging scheme:
- Coaching or training athletes
- Umpiring or refereeing
- Being a member of a motor sport pit crew
- Owning or training animals
- Sports administration
- Theatrical or sports entrepreneurship
- Defined under s.405-20 as:
- Income derived in relation to activities as a special professional.
- Prizes and rewards for activities as a special professional.
- Fees from endorsements, interviews, commentary, advertisements, and promotions relating to special professional activities.
- A taxpayer is not classified as a special professional by merely engaging in a listed profession under s.405-30(1) if there is substantial continuity in providing services to another person.
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