Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If you incurred a loss for the purposes of section 80AA (Primary production losses of pre - 1990 years of income) of the Income Tax Assessment Act 1936 in any of the 1957 - 58 to 1988 - 89 income years, the loss is your tax loss for that income year, which is called a loss year . The loss is also called a primary production loss .
(2) You can deduct the tax loss in the 1997 - 98 or a later income year only to the extent that it has not already been deducted.
(3) You deduct your primary production losses (in the order in which you incurred them) before any other tax losses of the same or any other loss year, except film losses.
(4) A company cannot transfer any amount of a primary production loss for the 1983 - 84 or an earlier income year under Subdivision 170 - A (Transfer of tax losses within wholly - owned groups of companies) of the Income Tax Assessment Act 1997 .
(5) For the purposes of determining how much (if any) of a primary production loss you can deduct in the 1997 - 98 or a later income year, subsections 80AA(9), (10) and (11) of the Income Tax Assessment Act 1936 apply in the same way as they apply for the purposes they refer to.
Step 3A. Subtract your tax offsets from your basic income tax liability.
For the list of tax offsets, see section 13 - 1.
Step 3B. Add the extra income tax you must pay as mentioned in subsection 4 - 11(1) of the Income Tax (Transitional Provisions) Act 1997 .
Step 4. If an amount of your tax offset for foreign income tax under Division 770 remains after applying section 63 - 10, subtract the remaining amount from the result of step 3B. The result is how much income tax you owe for the financial year.
40 - BA Backing business investment
40 - BB Temporary full expensing of depreciating assets
40 - E Low - value and software development pools
40 - F Primary production depreciating assets
40 - G Capital expenditure of primary producers and other landholders
40 - I Capital expenditure that is deductible over time
40 - J Ships depreciated under section 57AM of the Income Tax Assessment Act 1936
40 - 12 Plant acquired after 30 June 2001
40 - 13 Accelerated depreciation for split or merged plant
40 - 15 Recalculating effective life
40 - 33 Datacasting transmitter licences
40 - 35 Mining unrecouped expenditure
40 - 37 Post - 30 June 2001 mining expenditure
40 - 38 Mining cash bidding payments
40 - 43 Post - 30 June 2001 transport expenditure
40 - 44 No additional decline in certain cases
40 - 50 Forestry roads and timber mill buildings
40 - 55 Environmental impact assessment
40 - 60 Pooling under Subdivision 42 - L of the former Act
40 - 65 Substituted accounting periods
40 - 67 Methods for working out decline in value
40 - 70 References to amounts deducted and reductions in deductions
40 - 72 New diminishing value method not to apply in some cases
40 - 75 Mining expenditure incurred after 1 July 2001 on an asset
40 - 77 Mining, quarrying or prospecting rights or information held before 1 July 2001
40 - 80 Other expenditure incurred after 1 July 2001 on a depreciating asset
40 - 100 Commissioner's determination of effective life
40 - 105 Calculations of effective life