Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p5
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 5/17)
Character Range: 574936–577649

Act 1997 for the 1989‑90 or a later income year, apply former section 375‑810 of that Act.
 (2) You can deduct in the 1997‑98 or a later income year your film loss for any of the 1989‑90 to 1996‑97 income years only to the extent that it has not already been deducted.

Division 392—Long‑term averaging of primary producers' tax liability

Table of sections
392‑1 Application of Division 392 of the Income Tax Assessment Act 1997
392‑25 Transitional provision—election under section 158A of the Income Tax Assessment Act 1936

392‑1  Application of Division 392 of the Income Tax Assessment Act 1997
 (1) Division 392 of the Income Tax Assessment Act 1997 applies to assessments for the 1998‑99 income year and later income years.
 (2) It applies to your assessment as if:
 (a) it had applied to your assessment for each income year before the 1998‑99 income year for which Division 16 of Part III of the Income Tax Assessment Act 1936 applied in relation to your income; and
 (b) you had carried on a primary production business during each income year before the 1998‑99 income year when you carried on a business of primary production; and
 (c) for each income year before the 1998‑99 income year you had a basic taxable income equal to your taxable income for the income year for the purposes of Division 16 of Part III of the Income Tax Assessment Act 1936.
Note: Section 149A of the Income Tax Assessment Act 1936 identifies what your taxable income for an income year is for the purposes of Division 16 of Part III of that Act.

392‑25  Transitional provision—election under section 158A of the Income Tax Assessment Act 1936
  Division 392 of the Income Tax Assessment Act 1997 does not apply to your assessment for the 1998‑99 income year or a later income year if you made an election under section 158A (Election that Division not apply) of the Income Tax Assessment Act 1936 relating to an income year before the 1998‑99 income year.

Division 393—Farm management deposits

Table of Subdivisions
393‑A Tax consequences of farm management deposits
393‑B Meaning of farm management deposit and owner

Subdivision 393‑A—Tax consequences of farm management deposits

Table of sections
393‑1 Application of Division 393 of the Income Tax Assessment Act 1997
393‑5 Unrecouped FMD deduction
393‑10 Unrecouped FMD deduction for deposits made as a result of section 25B of the Loan (Income Equalization Deposits) Act 1976
393‑27 Trustee may choose that a beneficiary is a chosen beneficiary of the trust
393‑30 Unclaimed moneys

393‑1  Application of Division 393 of the Income Tax Assessment Act 1997
  Division 393 of the Income Tax Assessment Act 1997 (about farm management deposits) applies to assessments