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Legislation has been introduced in Parliament that proposes tonallow primary producers to access income tax averaging 10 income years afternchoosing to opt out, instead of the opt-out choice being permanent. The FederalnGovernment says this will assist primary producers, as averaging onlynrecommences when it is to their benefit (ie they receive a tax offset) and theyncan still opt out if averaging no longer suits their circumstances. The changesnare proposed to apply for the 2016–2017 income year and later income years.
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TIP:nPrimary producers have to meet basic conditions to be eligible for incomenaveraging. Please contact our office for further information.
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Important: Clients should not act solely on the basis of the material contained in Update. Items herein are general comments only and do not constitute or convey advice per se. Also, changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. This update is issued as a helpful guide to clients and for their private information.