INCOME TAX (TRANSITIONAL PROVISIONS) 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  

SECTION 392-1   Application of Division 392 of the Income Tax Assessment Act 1997  

392-1(1)  
Division 392 of the Income Tax Assessment Act 1997 applies to assessments for the 1998-99 income year and later income years.

392-1(2)  
It applies to your assessment as if:


(a) it had applied to your assessment for each income year before the 1998-99 income year for which Division 16 of Part III of the Income Tax Assessment Act 1936 applied in relation to your income; and


(b) you had carried on a primary production business during each income year before the 1998-99 income year when you carried on a business of primary production; and


(c) for each income year before the 1998-99 income year you had a basic taxable income equal to your taxable income for the income year for the purposes of Division 16 of Part III of the Income Tax Assessment Act 1936 .

Note:

Section 149A of the Income Tax Assessment Act 1936 identifies what your taxable income for an income year is for the purposes of Division 16 of Part III of that Act.




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