INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART XII - DROUGHT INVESTMENT ALLOWANCE  

Division 8 - Definitions etc.  

SECTION 676   MEANING OF ASSESSABLE PRIMARY PRODUCTION INCOME  

676(1)   [Definition]  

The expression assessable primary production income of a person means:

(a) assessable income derived by the person in the course of carrying on a business of primary production; or

(b) other assessable income derived by the person as a result of the person carrying on a business of primary production.

676(2)   Effect of private or domestic use on production of assessable primary production income.  

If:

(a) at a particular time a company, whose shares are not listed for quotation in the official list of a stock exchange in Australia or elsewhere, is using an item of property for the purpose of producing assessable primary production income; and

(b) at that time, an employee, director or member of the company, or a relative of any of those people, is using the item for a private or domestic purpose that is not incidental to the purpose of producing the assessable primary production income;

the item is taken not to be used at that time as mentioned in paragraph (a).

676(3)   Deemed use of minimum tillage equipment for producing assessable primary production income.  

If:

(a) in performing a contract, a person uses minimum tillage equipment; and

(b) the use is for the purpose of producing assessable income that is not assessable primary production income;

the use is taken to be for the purpose of producing assessable primary production income.