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-B - What kind of averaging adjustment must you make?

How to work out the comparison rate

SECTION 392-40

392-40 Identify income years for averaging your basic taxable income
The income years over which you must average your ^* basic taxable income are:

(a) if this Division has applied to your assessment for at least 4 income years in a row (including the ^* current year) - the current year and the 4 previous income years; or

(b) if this Division has applied to your assessment for less than 4 income years in a row (including the ^* current year) - those income years and the last income year before them.

Note:

You may need to average your basic taxable income for one or more income years before the 1998-99 income year. See section 392-1 of the Income Tax (Transitional Provisions) Act 1997.

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