Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Subdivision, if an entity carries on a primary production enterprise, the entity's income from the primary production enterprise is to be reduced by:
(a) losses and outgoings that relate to the primary production enterprise and are allowable deductions for the purposes of section 8 - 1 of the Income Tax Assessment Act 1997 ; and
(ba) amounts that relate to the primary production enterprise and can be deducted for the decline in value of depreciating assets under Subdivision 40 - B of the Income Tax Assessment Act 1997 ; and
(c) amounts that relate to the primary production enterprise and are allowable deductions under any other provision of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 .
(2) However, the rule in subsection (1) does not apply to:
(a) an ineligible deduction (see subsection (3)); or
(b) an ineligible amount (see subsection (4)); or
(c) an ineligible part of a deduction (see subsection (5)).
(3) The Commission may, by legislative instrument, determine a specified deduction is an ineligible deduction for the purposes of this section.
(4) The Commission may, by legislative instrument, determine that a specified amount is an ineligible amount for the purposes of this section.
(5) The Commission may, by legislative instrument, determine that a specified part of a specified deduction is an ineligible part of the deduction for the purposes of this section.
(6) A determination under subsection (3), (4) or (5) has effect accordingly.