Commonwealth Consolidated Acts

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

SOCIAL SECURITY ACT 1991 - SECT 1209

Adjusted net primary production income

  (1)   For the purposes of this Division, the adjusted net primary production income of an individual for a particular tax year is the sum of:

  (a)   if the individual carried on a primary production enterprise throughout that tax year--100% of the net income of that primary production enterprise for that tax year; and

  (b)   if a company carried on a primary production enterprise throughout that tax year and the company was a controlled private company in relation to the individual throughout that tax year:

  (i)   100% of the net income of that primary production enterprise for that tax year; or

  (ii)   if the Secretary, by writing, determines a lower percentage in relation to the individual and the enterprise--that lower percentage of the net income of that primary production enterprise for that tax year; and

  (c)   if a trust carried on a primary production enterprise throughout that tax year and the trust was a controlled private trust in relation to the individual throughout that tax year:

  (i)   100% of the net income of that primary production enterprise for that tax year; or

  (ii)   if the Secretary, by writing, determines a lower percentage in relation to the individual and the enterprise--that lower percentage of the net income of that primary production enterprise for that tax year; and

  (d)   if:

  (i)   a business partnership carried on a primary production enterprise throughout that tax year; and

  (ii)   the individual was a partner in the partnership throughout that tax year;

    the individual's share of the net income of that primary production enterprise for that tax year.

  (2)   In making a determination under this section, the Secretary must comply with any relevant decision - making principles.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback