Tax Law Improvement Act (No. 1) 1998 (46 of 1998)
6 Averaging primary producers' tax liability (new Division 392)
3 Consequential amendment of the Income Tax Assessment Act 1936
13 Sub-subparagraph 94(10C)(a)(i)(B) (definition of A)
Repeal the definition, substitute:
A is the amount shown in the following table:
|
Value of A for formula |
||
|
|
Taxpayer's taxable non-primary production income |
|
|
1 |
Nil |
Nil |
|
2 |
Not more than $5,000 (but more than nil) |
Difference between basic taxable income and taxable primary production income |
|
3 |
Between $5,000 and $10,000 |
$10,000 taxable non-primary production income |
|
4 |
At least $10,000 |
Nil |