Primary Producer Income Tax Averaging — election (ATO)
Form number: Primary producer averaging election (lodged via individual income tax return)
Primary producer averaging spreads tax across high-income and low-income years for primary producers (farmers, foresters, fishers). It is a default election that runs automatically once you have been in primary production for 5 years — but you can also elect to opt out for 10 years if you no longer benefit. Used well, it can save tens of thousands of dollars over a farming career.
Official source
ato.gov.auRelated topics
primary producer averaging · farm tax averaging · ato averaging · farmer tax · income averaging primary production · farm income averaging · agricultural tax relief · farmer tax deduction · primary production tax · forestry tax averaging · fishing income tax · rural tax averaging · agribusiness tax · farm tax offset · seasonal income tax · business grant · income tax
Related forms
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- Regional Investment Corporation (RIC) Drought LoanRIC Drought Loan application
- RIC Farm Investment LoanRIC Farm Investment Loan application
- RIC AgriStarter Loan (next-generation farmers)RIC AgriStarter Loan application
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