Search for     
ato.gov.au        legal database        
Advanced search
Search tips
> Community consultation > Resource rent tax  
 

Income averaging and farm management deposit concessions

 
Increase text size Decrease text size
 
Warning: This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

The government announced on 16 December 2010 that it will introduce legislation to allow primary producer trust beneficiaries to continue to access the income averaging and the farm management deposit concessions in a loss year.

The law intends to provide certainty for those farmers who conduct their businesses through trusts following the High Court's decision in Bamford v. Federal Commissioner of Taxation 2010 ATC 20-170.

This measure received royal assent on 29 June 2011.

Media release

Media release No. 025 (issued on 16 December 2010) - Farmers benefit with changes to Trust Laws.

Legislation and supporting material

Tax Laws Amendment (2011 Measures No. 5) Act 2011 received royal assent on 29 June 2011. For more information refer to the Explanatory Memorandum.

Direction icon

More information

For more information refer to Bamford Decision Impact Statement.

For more information on other trust changes announced in media release No. 025 above refer to Improving the taxation of trust income.

Last Modified: Friday, 8 July 2011
 
Give us your feedback
 
© Australian Taxation Office for the Commonwealth of Australia
Top of page
More information on page