Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Work out your taxable non - primary production income for the * current year in this way:
Method statement
Step 1. Compare your * assessable non - primary production income for the * current year with your * non - primary production deductions for the current year.
Step 2. If your assessable non - primary production income is larger than your non - primary production deductions, your taxable non - primary production income is the difference between them.
Step 3. If your non - primary production deductions are larger than (or equal to) your assessable non - primary production income, your taxable non - primary production income is nil.
Assessable non - primary production income
(2) Your assessable non - primary production income for the * current year is the difference between:
(a) your * basic assessable income for the current year; and
(b) your * assessable primary production income for the current year.
Non - primary production deductions
(3) Your non - primary production deductions for the * current year are the difference between:
(a) the sum of your deductions for the current year; and
(b) your * primary production deductions for the current year.