Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)

Schedule 4   Farm management deposits

Part 2   Consequential amendments

Income Tax Assessment Act 1997

46   Subsection 392-80(3)

Repeal the subsection, substitute:

Primary production deductions

(3) Your primary production deductions for the*current year are:

(a) all amounts you can deduct that relate exclusively to your*assessable primary production income for the current year; and

(b) so much of any other amounts you can deduct (other than*apportionable deductions) to the extent that they reasonably relate to your assessable primary production income for the current year.