Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 392
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Long-term averaging of primary producers
'
tax liability
Subdivision 392-C
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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.
Step 2.
Step 3.
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
Hide history noteWork 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.
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.
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