Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

6   Averaging primary producers' tax liability (new Division 392)

2   Consequential amendment of the Income Tax Assessment Act 1997

3   At the end of Division 4

Add:

[The next section is section 4-25.]

4-25 Special provisions for working out your basic income tax liability

Subsection 392-35(3) may increase your basic income tax liability beyond the liability worked out simply by applying the income tax rates to your taxable income.

Note: Subsection 392-35(3) increases some primary producers' tax liability by requiring them to pay extra income tax on their averaging components worked out under Subdivision 392-C.