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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 trust that was a controlled private trust in relation to the individual throughout that tax year:
a business partnership of which the individual was a partner throughout that tax year:
The Commission must comply with any relevant decision-making principles.
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