Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 392.1

  (1)   Division   392 of the Income Tax Assessment Act 1997 applies to assessments for the 1998 - 99 income year and later income years.

  (2)   It applies to your assessment as if:

  (a)   it had applied to your assessment for each income year before the 1998 - 99 income year for which Division   16 of Part   III of the Income Tax Assessment Act 1936 applied in relation to your income; and

  (b)   you had carried on a primary production business during each income year before the 1998 - 99 income year when you carried on a business of primary production; and

  (c)   for each income year before the 1998 - 99 income year you had a basic taxable income equal to your taxable income for the income year for the purposes of Division   16 of Part   III of the Income Tax Assessment Act 1936 .

Note:   Section   149A of the Income Tax Assessment Act 1936 identifies what your taxable income for an income year is for the purposes of Division   16 of Part   III of that Act.