Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 392 - Long-term averaging of primary producers ' tax liability  

Subdivision 392-C - How big is your averaging adjustment?  

Your gross averaging amount

SECTION 392-70  

392-70   Working out your gross averaging amount  
Your gross averaging amount is the amount of the difference between the following amounts worked out under section 392-35 :

(a) the income tax you would pay at the comparison rate;

(b) the amount of income tax that you would pay on your ^* basic taxable income for the ^* current year at ^* basic rates.