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

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

4   Consequential amendment of the Income Tax Rates Act 1986

34   Paragraph 12(7)(b) (definition of B)

Repeal the definition, substitute:

B is the amount of tax (if any) that would be payable by the person on the person's taxable income if:

(i) the comparison rate described in section 392-55 of the Income Tax Assessment Act 1997 were the rate of tax payable by the person on that income; and

(ii) this subsection and section 12A did not apply; and

(iii) the person were not entitled to any rebate or credit; and