Adjusted net primary production income | CLIK

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Adjusted net primary production income

According to section 52ZZZL of the VEA, the adjusted net primary production income within subdivision K for a particular tax year is the sum of, where a primary production enterprise is being carried on by:

  • an individual, 100% of the net income of that primary production enterprise,
  • a company being a controlled private company in relation to the individual throughout that tax year
  • 100% of the net income of that primary production enterprise, or

  • a lower percentage if the Commission determines otherwise,

  • a business partnership of which the individual was a partner throughout that tax year:

  • The Commission must comply with any relevant decision-making principles.

 

 

According to section 52ZZC of the VEA, a company is a controlled private company in relation to an individual if the company is a designated private company  and the individual passes either the:

 

 

According to section 52ZZH of the VEA, a trust is a controlled private trust in relation to an individual if the company is a designated private trust and the individual passes either the:

 

 

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