12ARate of extra income tax for primary producers

#### 12A Rate of extra income tax for primary producers (1) This section sets the rate of extra income tax payable under subsection 392‑35(3) of the Income Tax Assessment Act 1997 on every dollar of a taxpayer’s averaging component for a year of income. (2) The rate is worked out using the formula:  Rate if taxable income is less than tax‑free threshold adjusted by family tax assistance (6) In this section: > averaging adjustment means the taxpayer’s smoothing adjustment, worked out for the year of income under section 392‑75 of the Income Tax Assessment Act 1997. > averaging component means the taxpayer’s averaging component in whole dollars, worked out for the year of income under Subdivision 392‑C of the Income Tax Assessment Act 1997.