A new message will appear on the notice of assessment of primary producer clients when it is their first year of income for averaging calculations
The ATO made this change due to practitioner feedback that it would be useful, and to show when primary producers automatically re-enter averaging.
The ATO will notify on their 2017 and later year notices of assessment when it’s their first year of income for averaging calculations
This will happen if:
- It’s their first year of primary production;
- They automatically re-enter into averaging; or
- They choose to restart averaging due to a permanent reduction in income.