Tax and Superannuation Laws Amendment (2016 Measures No. 2) Act 2017 (15 of 2017)

Schedule 2   Primary producer income averaging

Income Tax Assessment Act 1997

2   At the end of section 392-10

Add:

(3) This section applies as if you did not carry on a *primary production business during a particular income year if, because you made a choice under section 392-25, this Division did not apply to your assessment for that income year.

Note: A choice that you make under section 392-25 has the effect that this Division does not apply to your assessments for 10 income years. None of these income years can be taken into account in applying this section after the 10 year opt-out period.