Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 392 - Long-term averaging of primary producers' tax liability  

Subdivision 392-C - 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.

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.

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.


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