Document ID: chunk:federal_register_of_legislation:C2005C00508:clause:2_52zzzo
Version: federal_register_of_legislation:C2005C00508
Segment Type: clause
Provision Reference: sch 2 cl 52ZZZO
Character Range: 199621–201484

52ZZZO  Permissible reductions of income from carrying on a primary production enterprise

 (1) For the purposes of this Subdivision, if an entity carries on a primary production enterprise, the entity's income from the primary production enterprise is to be reduced by:
 (a) losses and outgoings that relate to the primary production enterprise and are allowable deductions for the purposes of section 51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate; and
 (b) depreciation that relates to the primary production enterprise and is an allowable deduction for the purposes of subsection 54(1) of the Income Tax Assessment Act 1936 or Division 42 of the Income Tax Assessment Act 1997; and
 (c) amounts that relate to the primary production enterprise and are allowable deductions under any other provision of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997.

 (2) However, the rule in subsection (1) does not apply to:
 (a) an ineligible deduction (see subsection (3)); or
 (b) an ineligible amount (see subsection (4)); or
 (c) an ineligible part of a deduction (see subsection (5)).

 (3) The Commission may, by writing, determine a specified deduction is an ineligible deduction for the purposes of this section.

 (4) The Commission may, by writing, determine that a specified amount is an ineligible amount for the purposes of this section.

 (5) The Commission may, by writing, determine that a specified part of a specified deduction is an ineligible part of the deduction for the purposes of this section.

 (6) A determination under subsection (3), (4) or (5) has effect accordingly.

 (7) A determination under subsection (3), (4) or (5) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

Subdivision L—Anti‑avoidance