Taxation Administration Act 1953
Note: See section 3AA .Chapter 4 - Generic assessment, collection and recovery rules
The person who made or is making a *farm management deposit is liable to an administrative penalty if:
(a) the fact that the person made or is making the deposit is the reason why, or one of the reasons why, an amount of interest payable to the *FMD provider in respect of loans or other debts falls short of what it would otherwise be; and
(b) the shortfall:
(i) contravenes a requirement, contained in the agreement mentioned in paragraph 393-20(1)(b) of the Income Tax Assessment Act 1997 in relation to the deposit, as set out in item 8 of the table in section 393-35 of that Act; or
(ii) would contravene such a requirement if it were contained in that agreement.
The amount of the penalty is 200% of so much of the shortfall as contravenes that requirement, or would contravene such a requirement.
[ CCH Note: S 288-115 (second occurring) was inserted by No 52 of 2016, s 3 and Sch 3 item 14, at the end of Division 288. Since s 288-115 already exists in Division 288, the second occurring s 288-115 has been renumbered as s 288-120, in line with an editorial change made by the Federal Register of Legislation under the Legislation Act 2003 .]