Income Tax Assessment Act 1997
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View history noteDiv 392 inserted by No 46 of 1998.
SECTION 392-90 Work out your averaging component 392-90(1)
Work out your averaging component for the * current year using the following table, taking into account:
(a) your * taxable primary production income for the current year; and
(b) your * taxable non-primary production income for the current year.
| Averaging component | |||
| The averaging component equals: | |||
| Item | If *taxable non-primary production income: | for *taxable primary production income > 0 | for *taxable primary production income = 0 |
| 1 | is nil | *Basic taxable income | Nil |
| . | |||
| 2 | is more than nil but does not exceed $5,000 | *Basic taxable income | *Basic taxable income |
| . | |||
| 3 | exceeds $5,000 but does not exceed $10,000 | *Taxable primary production income plus *non-primary production shade-out amount | *Non-primary production shade-out amount |
| . | |||
| 4 | is $10,000 or more | *Taxable primary production income | Nil |
Note:
Subsections (2) and (3) explain how to work out your non-primary production shade-out amount if your taxable non-primary production income is between $5,000 and $10,000.
Non-primary production shade-out amount if your taxable primary production income is more than nil
392-90(2)
If your * taxable primary production income is more than nil, your non-primary production shade-out amount is the amount worked out using the formula:
| $10,000 | − | Taxable non-PP income |
Non-primary production shade-out amount if your taxable primary production income is nil
392-90(3)
If your * taxable primary production income is nil, your non-primary production shade-out amount is the amount worked out using the formula:
However, if that amount is less than nil, your non-primary production shade-out amount is nil.
392-90(4)
In this section:
Assessable PP income
means your
*
assessable primary production income for the
*
current year.
PP deductions
means your
*
primary production deductions for the
*
current year.
Taxable non-PP income
your
*
taxable non-primary production income for the
*
current year.
S 392-90 inserted by No 46 of 1998.
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