Primary Production Income Details

Not available in Accountants Office

This screen is used for entering information regarding income derived from primary production sources, such as the cultivation of land and the husbanding of animals, poultry, crops, etc. At each of these fields, you may press [F3] to display the Online Calculator.

Primary Production Income

Partnerships/Trusts: Enter the amount of income that the taxpayer received as a distribution of net primary production income from a partnership or trust. The amount in this field corresponds to the Partnerships and Trusts field in an individual tax return form.

For Trusts, there is a new category of Non-Primary Production Income, Franked Distributions and a new field together with a field for the related deductions is included in this dialog.

Share of ABN Cr: Enter the amount of the tax withheld from the share of net primary production income distributed to the taxpayer, from a partnership or trust because the ABN was not quoted.

Share of Trustee tax: Enter the share of tax paid by a trustee on behalf of a non-resident beneficiary, presently entitled but under a legal disability.

PP Business Income: Enter the amount of net primary production income earned from operating a primary production business. The amount in this field corresponds to the Net Income or Loss from business item in an individual tax return form.

Business taxes withheld: Enter the amount of tax withheld from the net primary production business income as detailed on the payment summary.

Deferred Losses: Enter the amount of Non-commercial PP losses being deferred to a future year.

Farm Management Deposits Scheme

Withdrawal (deposit): If a taxpayer is a primary producer and has made a deposit into, or withdrawal from, the Farm Management Deposits Scheme, enter that amount in this field. The amount in this field corresponds to the Farm Management Deposit Scheme field of an individual tax return form.

Repayments: This is the sum of: Early repayments exception circumstances, Early repayments natural disaster and Other repayments.

The deduction for FMD in any one year cannot exceed the taxable primary production income of the taxpayer for that year.

Primary Production Deductions

Prior Year Losses: Enter the amount of the prior year Primary Production losses used this year to reduce Taxable Income. This amount is required to calculate Primary Production Income for the breakdown of income in the detailed estimate.