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Basis Period, as a result
no more overlapping periods
no more…
Basis Period
commencement of business
- <12 month
- ending on a day in the same basis year it commenced business
That period will constitute the basis period for the 1st YA
- for a period ending on a day in the following basis year
That period shall constitute the BP for the 2nd YA
*no BP for 1st YA
- '>12 month
- ending on a day in the 3rd basis year
That period shall constitute the BP for the 3rd YA
*no BP for 1st,2nd YA
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as a result
- no more overlapping periods
- no more apportionment of adjusted income/ loss