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 393-37   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.


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