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of <h1>Definition of 'previous year' for tax assessment: normally the year before assessment, exception for newly established businesses or income sources</h1> For this Act, 'previous year' means the financial year immediately preceding the assessment year, except that where a business, profession or source of income is newly established in that financial year, the previous year is the period beginning on the date of establishment or commencement of that source and ending with the relevant financial year. Provisions historically allowed varied special cases and transitional adjustments, but the core rule treats the year immediately before the assessment year as the previous year, with the stated exception for new businesses or income sources.
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