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

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

3   Consequential amendment of the Income Tax Assessment Act 1936

21   Before subsection 156(1)

Insert:

(1A) Subsections (4) and (4A) do not apply to an assessment for the 1998-99 income year or a later income year.

Note: This means that an individual taxpayer is not entitled to a rebate or required to pay complementary tax under this section for those income years (and that subsections (1), (2) and (3) are not relevant to those income years). Division 392 of the Income Tax Assessment Act 1997 provides for averaging of individual primary producers' tax liability for years of income after 1997-98, taking into account the tax on their average incomes.