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?

How to work out your averaging component

SECTION 392-85 Work out your taxable non-primary production income

392-85(1)
Work out your taxable non-primary production income for the ^* current year in this way: Method statement

Step 1.

Compare your ^* assessable non-primary production income for the ^* current year with your ^* non-primary production deductions for the current year.

Step 2.

If your assessable non-primary production income is larger than your non-primary production deductions, your taxable non-primary production income is the difference between them.

Step 3.

If your non-primary production deductions are larger than (or equal to) your assessable non-primary production income, your taxable non-primary production income is nil.

Assessable non-primary production income

392-85(2)
Your assessable non-primary production income for the ^* current year is the difference between:

(a) your ^* basic assessable income for the current year; and

(b) your ^* assessable primary production income for the current year.

Non-primary production deductions

392-85(3)
Your non-primary production deductions for the ^* current year are the difference between:

(a) the sum of your deductions for the current year; and

(b) your ^* primary production deductions for the current year.

View history note

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