Commonwealth Consolidated Acts

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

INCOME TAX ASSESSMENT ACT 1997 - SECT 392.90

Work out your averaging component

             (1)  Work out your averaging component for the * current year using the following table, taking into account:

                     (a)  your * taxable primary production income for the current year; and

                     (b)  your * taxable non-primary production income for the current year.

 

Averaging component

 

If * taxable

The averaging component equals:


Item

non-primary production income:

for * taxable primary production income > 0

for * taxable primary production income = 0

1

is nil

* Basic taxable income

Nil

2

is more than nil but does not exceed $5,000

* Basic taxable income

* Basic taxable income

3

exceeds $5,000 but does not exceed $10,000

* Taxable primary production income plus * non-primary production shade-out amount

* Non-primary production shade-out amount

4

is $10,000 or more

* Taxable primary production income

Nil

Note:          Subsections (2) and (3) explain how to work out your non-primary production shade-out amount if your taxable non-primary production income is between $5,000 and $10,000.

Non-primary production shade-out amount if your taxable primary production income is more than nil

             (2)  If your * taxable primary production income is more than nil, your non-primary production shade-out amount is the amount worked out using the formula:

Non-primary production shade-out amount if your taxable primary production income is nil

             (3)  If your * taxable primary production income is nil, your non-primary production shade-out amount is the amount worked out using the formula:

However, if that amount is less than nil, your non-primary production shade-out amount is nil.

             (4)  In this section:

"Assessable PP income" means your * assessable primary production income for the * current year.

"PP deductions" means your * primary production deductions for the * current year.

"Taxable non-PP income" your * taxable non-primary production income for the * current year.

Table of sections

392-95      You are treated as if you had not carried on business before



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback