37Relevant year of income in certain cases

37 Relevant year of income in certain cases

(1) Where an applicant, by notice in writing furnished to the Secretary, requests the Secretary to give a direction under this section and the Secretary is satisfied that: (a) by reason of circumstances that occurred before the prescribed date, the estimated amount, or the actual amount, of the taxable income of the applicant for the current year of income is less than the amount of his taxable income for the preceding year of income; (b) the applicant took reasonable steps to avoid those circumstances or to mitigate their effect; and (c) the applicant will be advantaged by the making of such a direction; the Secretary shall direct that this section shall apply in relation to the applicant. (2) Subject to subsection (3), where a direction is given under subsection (1) in relation to an applicant, the relevant year of income in relation to the applicant is the current year of income. (3) Where a direction is given under subsection (1) in relation to an applicant on the basis of an estimated amount of taxable income and the actual amount is greater than that estimated amount, the relevant year of income in relation to the applicant is the current year of income or the preceding year of income, whichever is of greater advantage to the applicant.