INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 393 - Farm management deposits  

Subdivision 393-B - Meaning of farm management deposit and owner  

SECTION 393-28   393-28   Application of Division to beneficiary no longer under legal disability  


If:


(a) a *farm management deposit was made by a trustee on behalf of a beneficiary of a trust; and


(b) the beneficiary was under a legal disability when the deposit was made; and


(c) the beneficiary is no longer under a legal disability;

then this Division, and Division 4A of Part VA of the Income Tax Assessment Act 1936 , apply as if the beneficiary had made the deposit.

Note:

Division 4A of Part VA of the Income Tax Assessment Act 1936 is about quotation of tax file numbers in connection with farm management deposits.


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