Section 52ZZZM — Veterans' Entitlements Act 1986: Net income of a primary production enterprise

(1) For the purposes of this Subdivision, if an entity carries on a primary production enterprise during a tax year of the entity, the net income of that primary production enterprise for that tax year is the entity’s gross ordinary income from the carrying on of that enterprise calculated without any reduction, other than a reduction under section 52ZZZN or 52ZZZO. (2) For the purposes of this Subdivision, the net income of a primary production enterprise is to be worked out as if: (a) exempt lump sums were not excluded from the definition of ordinary income in subsection 5H(1); and (b) each reference in section 5H to a person included a reference to an entity; and (c) the following provisions had not been enacted: (i) section 46Q; (ii) subsection 5H(8); (iii) subsections 5H(12) and (12A); (iv) Divisions 1, 2, 3, 4, 6 and 7.