Document ID: chunk:federal_register_of_legislation:C2025C00014:section:156:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 156 (pt 1/6)
Character Range: 1326962–1329537

156  Rebate of tax for, or complementary tax payable by, certain primary producers
 (1) In this section:
actual taxable income from primary production, in relation to a taxpayer in relation to a year of income, means the amount (if any) remaining after deducting from the assessable primary production income of the taxpayer of the year of income so much of the aggregate of the relevant primary production deductions of the taxpayer of the year of income as does not exceed that assessable income.
assessable primary production income, in relation to a taxpayer in relation to a year of income, means so much of the assessable income of the taxpayer of the year of income as was derived from the carrying on of a primary production business by the taxpayer or was included in the assessable income of the taxpayer of the year of income in consequence of the carrying on of a primary production business by the taxpayer.
deemed taxable income from primary production, in relation to a taxpayer in relation to a year of income, means:
 (a) if the taxpayer did not have a non‑primary production profit in relation to the year of income—the taxable income of the taxpayer; and
 (b) in any other case—the sum of the actual taxable income from primary production of the taxpayer of the year of income and the notional taxable income from primary production of the taxpayer of the year of income.
notional taxable income from primary production, in relation to a taxpayer in relation to a year of income, being a taxpayer who had a non‑primary production profit in relation to the year of income, means:
 (a) where the taxpayer did not incur a primary production loss in relation to the year of income:
 (i) in a case to which subparagraph (ii) does not apply—the amount ascertained by deducting from the taxable income of the taxpayer of the year of income the actual taxable income from primary production of the taxpayer of the year of income; and
 (ii) where the taxable income of the taxpayer of the year of income exceeds the actual taxable income from primary production of the taxpayer of the year of income and that excess is greater than $5,000—$5,000 reduced by $1 for each whole dollar by which the amount of that excess exceeds $5,000; and
 (b) where the taxpayer incurred a primary production loss in relation to the year of income:
 (i) in a case where the sum of the taxable income of the taxpayer of the year of income and the amount of the primary production loss is less than or equal to $5,000—the taxable income of the taxpayer of the year of income; and
 (ii)