Document ID: chunk:federal_register_of_legislation:C2025C00162:clause:1a_1209a
Version: federal_register_of_legislation:C2025C00162
Segment Type: clause
Provision Reference: sch 1A cl 1209A
Character Range: 2621685–2622548

1209A  Net income of a primary production enterprise
 (1) For the purposes of this Division, if an entity carries on a primary production enterprise during a tax year of the entity, the net income of that primary production enterprise for that tax year is the entity's gross ordinary income from the carrying on of that enterprise calculated without any reduction, other than a reduction under section 1209B or 1209C.
 (2) For the purposes of this Division, the net income of a primary production enterprise is to be worked out as if:
 (a) exempt lump sums were not excluded from the definition of ordinary income in subsection 8(1); and
 (b) each reference in section 8 to a person included a reference to an entity; and
 (c) the following provisions had not been enacted:
 (i) subsection 8(7A);
 (ii) subsection 8(8);
 (iii) subsection 8(11);
 (iv) Part 3.10.