Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p18
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 18/18)
Character Range: 5471069–5473659

year in relation to expenditure you incur under an *arrangement with a *carbon service provider to the extent that:
 (i) the arrangement relates to the provider starting to hold, holding or ceasing to hold an *Australian carbon credit unit; and
 (ii) the unit would have been a primary producer registered emissions unit if you were starting to hold, holding or ceasing to hold the unit (as applicable) instead of the provider; and
 (iii) the expenditure does not relate to you giving the provider a *quasi‑ownership right over land.
Note 1: For the expenditure covered by subparagraph (c)(i), see subsections 420‑15(1) and (4) and 420‑65(4).
Note 2: For the expenditure covered by subparagraph (c)(iii), see subsection 420‑42(1).

392‑85  Work out your taxable non‑primary production income
 (1) Work out your taxable non‑primary production income for the *current year in this way:

      Method statement
           Step 1. Compare your *assessable non‑primary production income for the *current year with your *non‑primary production deductions for the current year.
           Step 2. If your assessable non‑primary production income is larger than your non‑primary production deductions, your taxable non‑primary production income is the difference between them.
           Step 3. If your non‑primary production deductions are larger than (or equal to) your assessable non‑primary production income, your taxable non‑primary production income is nil.

Assessable non‑primary production income
 (2) Your assessable non‑primary production income for the *current year is the difference between:
 (a) your *basic assessable income for the current year; and
 (b) your *assessable primary production income for the current year.

Non‑primary production deductions
 (3) Your non‑primary production deductions for the *current year are the difference between:
 (a) the sum of your deductions for the current year; and
 (b) your *primary production deductions for the current year.

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:
                     non‑primary production income:               for *taxable primary production income > 0                                        for *taxable primary production income = 0
Item