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Income Averaging & Net Relevant Earnings

  • 06-10-2014 8:00pm
    #1
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭


    In the case of a farmer, where an individual utilises income averaging is the net relevant earnings used for calculating the max RAC allowable the adjusted profit for the year or the assessable profit i.e. the averaged profit?

    Can not easily find a definition of net relevant earnings online...


Comments

  • #2
    Gard1
    Registered Users, Registered Users 2 Posts: 90 ✭✭Gard1


    HcksawJimDuggan wrote: »
    In the case of a farmer, where an individual utilises income averaging is the net relevant earnings used for calculating the max RAC allowable the adjusted profit for the year or the assessable profit i.e. the averaged profit?

    Can not easily find a definition of net relevant earnings online...

    I would be thinking that the relevant earnings would be the income averaging amount


  • #3
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    You'd need to look at the relevant section(s) of the legislation OP.

    Up around s780-790 I think - I'm pretty sure the definition of relevant income/relevant earnings refers to profits arising in a basis period.

    Income averaging is a separate relief, and you'd need to see how the 2 interact.


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