*TD 2012/D9 – Ordinary income from allowing wind farming on a farm, is not and “assessable primary production income” for Div 392 averaging purposes (51)

This Draft TD, issued on Wed 24.10.2012, says ordinary income derived by an individual from allowing wind farming infrastructure to be constructed, operated and accessed on freehold land that they own and use in carrying on a primary production business does not constitute “assessable primary production income” of that individual for the purposes of Div 392 of the ITAA 1997 [which gives primary producers an adjustment to the tax they have to pay based on averaging their income].

DATE OF EFFECT: When the final Determination is issued, it is proposed to apply both before and after its date of issue.

COMMENTS are due by 23 November 2012. ATO contact: Chris Tate – Tel: (07) 3213 6129; Fax: (07) 3213 6858; Email: Christopher.Tate@ato.gov.au.

[LTN 206, 24/10]