Income Tax Assessment Act 1997
You can deduct the amount of a *farm management deposit for an income year if:
(a) you are the *owner of the deposit; and
(b) the deposit is made at a time during the year when you are an individual carrying on a *primary production business in Australia; and
(c) if during the year, at a time after the deposit was made, you stopped carrying on a primary production business in Australia - you started carrying on such a business again within 120 days (whether or not during the year); and
(d) your *taxable non-primary production income for the year is not more than $100,000; and
(e) you do not die or become bankrupt during the year.
The sum of the deductions that you would otherwise be entitled to under this section for *farm management deposits made in the income year must not exceed your *taxable primary production income for the income year. Amounts to be deducted in order of deposits 393-5(3)
If you are entitled to deduct amounts in respect of 2 or more deposits, deduct the amounts in the order in which the deposits were made (until you reach the limit imposed by subsection (2)).