Document ID: chunk:federal_register_of_legislation:C2025C00014:section:4:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 4 (pt 3/3)
Character Range: 613807–616212

in the eligible trust portion.
  C  is the number of whole dollars in the net income of the trust estate of which the eligible trust portion is a portion; and
  D  is the number of whole dollars in the amount by which the net income of the trust estate of which the eligible trust portion is a portion would have been increased if the aggregate of the relevant primary production deductions allowable in calculating the net income of the trust estate of the year of income had been equal to the assessable primary production income of the trust estate of the year of income; and
 (b) the relevant part of the eligible trust portion in relation to a trust estate is the amount ascertained by deducting from that eligible trust portion so much of that eligible trust portion as is the prescribed part of that eligible trust portion.
 (13) In this section:
prescribed deductions, in relation to a trust estate, means the deductions that are allowable in calculating in accordance with section 95 the net income of the trust estate.
share in the net income of a partnership, in relation to a partner, means:
 (a) so much of the individual interest of the partner in the net income of the partnership and of any income derived by the partner from the partnership otherwise than as a partner as is attributable to a period when the partner was a resident; and
 (b) so much of the individual interest of the partner in the net income of the partnership and of any income derived by the partner from the partnership otherwise than as a partner as is attributable to a period when the partner was not a resident and is also attributable to sources in Australia.
 (14) In this section, actual net income from primary production, assessable primary production income, notional net income from primary production and relevant primary production deductions have the same respective meanings as in section 156.
 (15) In this section, the following terms have the same meanings that they have in Division 392 (Long‑term averaging of primary producers' tax liability) of the Income Tax Assessment Act 1997:
 (a) assessable primary production income;
 (b) basic taxable income;
 (c) non‑primary production shade‑out amount;
 (d) primary production deductions;
 (e) taxable non‑primary production income;
 (f) taxable primary production income.

Division 5A—Income of certain limited partnerships

Subdivision A—Preliminary