Tax Laws Amendment (2011 Measures No. 5) Act 2011 (62 of 2011)

Schedule 1   Primary producers' income averaging and farm management deposits

Part 1   Primary producers' income averaging

Income Tax (Transitional Provisions) Act 1997

13   After section 393-10

Insert:

393-27 Trustee may choose that a beneficiary is a chosen beneficiary of the trust

If a beneficiary of a trust was covered by paragraph (c) of the definition of primary producer in section 393-25 in Schedule 2G to the Income Tax Assessment Act 1936 in the 2009-10 income year, treat subsection 393-25(3) of the Income Tax Assessment Act 1997 as having applied to the beneficiary for the purpose of determining the maximum number of choices that the trustee may make under subsection 393-27(2) of that Act for the 2010-11 income year.

Part 3 - Application provision