Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 392.80

Work out your taxable primary production income

             (1)  Work out your taxable primary production income for the * current year in this way:

Method statement

Step 1.    Compare your * assessable primary production income for the * current year with your * primary production deductions for the current year.

Step 2.    If your assessable primary production income is larger than your primary production deductions, your taxable primary production income is the difference between them.

Step 3.    If your primary production deductions are larger than (or equal to) your assessable primary production income, your taxable primary production income is nil.

Assessable primary production income

             (2)  Your assessable primary production income for the * current year is the amount of your * basic assessable income for the current year that was * derived from, or resulted from, your carrying on a * primary production business.

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.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback