Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 393
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Farm management deposits
Subdivision 393-B
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Meaning of farm management deposit and owner
SECTION 393-37
393-37
Agreements for a farm management deposit may allow for some offsets of a depositor
'
s liabilities
An agreement mentioned in paragraph 393-20(1)(b) does not contravene the requirements of item 8 of the table in section 393-35 to the extent that:
(a) it provides for amounts of interest to be payable to the *FMD provider in respect of a loan or other debt of the *owner of the *farm management deposit, or of a partnership of which the owner is a partner, to be reduced; and
(b) that loan or other debt relates to a *primary production business that the owner or partnership carries on.
View history note
Hide history noteAn agreement mentioned in paragraph 393-20(1)(b) does not contravene the requirements of item 8 of the table in section 393-35 to the extent that:
(a) it provides for amounts of interest to be payable to the *FMD provider in respect of a loan or other debt of the *owner of the *farm management deposit, or of a partnership of which the owner is a partner, to be reduced; and
(b) that loan or other debt relates to a *primary production business that the owner or partnership carries on.
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