Document ID: chunk:federal_register_of_legislation:C2025C00014:section:94:p5
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 94 (pt 5/5)
Character Range: 605902–607558

392 (Long‑term averaging of primary producers' tax liability) of the Income Tax Assessment Act 1997 applies in relation to the income of a taxpayer of the year of income, the taxpayer is liable to pay further tax upon the relevant part of the eligible portion of his or her taxable income at the rate declared by the Parliament to be the rate of further tax payable in pursuance of subsection (9) in respect of the relevant part of the taxable income and is, in addition, liable to pay further tax upon the prescribed part of the eligible portion of his or her taxable income at the rate declared by the Parliament to be the rate of further tax payable in pursuance of subsection (9) in respect of the prescribed part of the taxable income.
 (10C) For the purposes of subsections (10A) and (10B):
 (a) the prescribed part of the eligible portion of the taxable income of a taxpayer of a year of income is:
 (i) in a case to which subparagraph (ii) does not apply—the sum of:
 (A) the amount ascertained by deducting from so much of the assessable primary production income of the taxpayer as is also income to which this section applies so much of the deductions allowable in his or her assessment as constitutes primary production deductions and is also deductible in accordance with subsection (10) from income to which this section applies; and
 (B) the amount (if any) ascertained in accordance with the formula , where:
  A  is the amount shown in the following table:

Value of A for formula
                        Taxpayer's taxable non‑primary production income

Item                                                                      Value of A