Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_9:p3
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 9 (pt 3/11)
Character Range: 665959–668705

on a *primary production business in Australia; and

 (b) you do not carry on that business during the current year; and

 (c) at least one of the following conditions is met for each income year (including the current year) after the income year in which you stopped carrying on that business:

 (i) your assessable income for the income year included assessable income that was *derived from, or resulted from, your having carried on that business;

 (ii) you carried on a *primary production business in Australia during the income year.

Note: In working out whether this Division applies to your assessment for an income year, you may need to take account of income years before the 1998‑99 income year. See section 392‑1 of the Income Tax (Transitional Provisions) Act 1997.

392‑15  Meaning of basic taxable income

 (1) Work out your basic taxable income for an income year as follows:

      Method statement

           Step 1. Work out what would have been your taxable income for the income year if your assessable income for the income year:

                (a) had not included any amount under subsection 27B(1A) or (3) (Assessable income to include certain superannuation and kindred payments) of the Income Tax Assessment Act 1936; and

                Note: This means that certain deductions will also be excluded.

                (b) had not included any *net capital gain for the income year.

           Step 2. Subtract from the Step 1 amount any *above‑average special professional income included in your taxable income for the income year under Division 405.

 (2) However, your basic taxable income for an income year is nil if:

 (a) you do not have a taxable income for the income year; or

 (b) the amount worked out under subsection (1) for the income year is less than nil.

392‑20  Trust beneficiaries taken to be carrying on primary production business

 (1) You are taken to carry on a *primary production business carried on by a trust during an income year if you are a beneficiary presently entitled to all or part of the trust income for the income year.

 (2) However, you are not taken to carry on the *primary production business if you are presently entitled to less than $1,040 of the trust income for the income year, unless the Commissioner is satisfied that your interest in the trust was not acquired or granted wholly or primarily to enable your income tax to be adjusted under this Division.

 (3) You are not taken to carry on a *primary production business carried on by the trustee of:

 (a) a corporate unit trust (as defined in section 102J of the Income Tax Assessment Act 1936, which deals with corporate unit trusts); or

 (b) a public trading trust (as defined in