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-C - Special rules relating to financial claims scheme for account-holders with insolvent ADIs  

Guide to Subdivision 393-C

SECTION 393-50   What this Subdivision is about  


A deposit (the new deposit ) arising from:

  • (a) an entitlement under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 relating to a farm management deposit (the old deposit ); or
  • (b) a distribution from liquidation of an ADI that is attributable to a farm management deposit (also the old deposit );
  • is treated as a transfer of the old deposit and does not give rise to new assessable income or deductions.


    TABLE OF SECTIONS
    TABLE OF SECTIONS
    Operative provisions
    393-55 Farm management deposits arising from farm management deposits with ADIs subject to financial claims scheme
    393-60 Repayment if owner of farm management deposit with insolvent ADI dies, is bankrupt or ceases to be a primary producer


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