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-B - What kind of averaging adjustment must you make?  

How to work out the comparison rate

SECTION 392-45   Work out your average income for those years  

392-45(1)  
Work out your average income in this way: Method statement


Step 1.

Add up your * basic taxable income for each of the income years over which you must average your basic taxable income.


Step 2.

Divide the sum by the number of those income years.


Step 3.

Round the result down to the nearest whole dollar if the result is not already a number of whole dollars.

392-45(2)  


Your basic assessable income for an income year is your assessable income for the income year, less:


(a) any amount included in your assessable income section 82-65 , 82-70 or 302-145 of the Income Tax Assessment Act 1997 (certain employment termination payments and superannuation benefits); and


(b) any * net capital gain included in your assessable income under Division 102 of the Income Tax Assessment Act 1997 .


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