INCOME TAX (TRANSITIONAL PROVISIONS) 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 393-40   393-40   The day the deposit was made for deposits made as a result of section 25B of the Loan (Income Equalization Deposits) Act 1976  


If a farm management deposit was made with an FMD provider as a result of a request under section 25B of the Loan (Income Equalization Deposits) Act 1976 , as in force on 21 February 2005, then:


(a) subsections 393-40(1) to (4) of the Income Tax Assessment Act 1997 apply as if the day the deposit was made was the day on which the deposit was originally made under the Loan (Income Equalization Deposits) Act 1976 ; and


(b) subsection 393-40(6) does not apply to the deposit.

Note:

The Loan (Income Equalization Deposits) Act 1976 was repealed on 22 February 2005.




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