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Accounting News

Primary Producer Income Tax Averaging

Legislation has been introduced in Parliament that proposes to allow primary producers to return to income tax averaging 10 income years after choosing to opt out, instead of the opt-out choice being permanent. 

 

 

The Federal Government says this will assist primary producers, as averaging only recommences when it is to their benefit (i.e. they receive a tax offset) and they can still opt out if averaging no longer suits their circumstances. The changes are proposed to apply for the 2016–2017 income year and later income years.

Primary producers have to meet basic conditions to be eligible for income averaging. 

 

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