Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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: | |
| 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 | 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