INCOME TAX ASSESSMENT REGULATIONS 1997

PART 3A - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 393 - Farm management deposits  

REGULATION 393-15   REPAYMENT OF FARM MANAGEMENT DEPOSIT IN THE EVENT OF A NATURAL DISASTER  

393-15(1)  


For paragraphs 393-40(3A)(a) and (b) of the Act, the circumstances that are to be satisfied in relation to a repayment of the whole or a part of a farm management deposit are:


(a) recovery assistance has been provided as a Category C measure, in the form of a recovery grant for a primary producer, in accordance with a determination mentioned in subregulation (2); and


(b) the recovery assistance was first provided during the 12 month period mentioned in subsection 393-40(1) of the Act; and


(c) the farm management deposit was repaid after the recovery assistance was first provided.

Note:

Paragraph 393-40(3A)(b) of the Act relates to a repayment if natural disaster relief and recovery arrangements made by or on behalf of the Commonwealth apply.

393-15(2)  


For the purposes of paragraph (1)(a), the determinations are the following:


(a) Natural Disaster Relief and Recovery Arrangements Determination 2012 Version 2.0, determined by the Minister for Justice on 29 October 2015;


(b) Natural Disaster Relief and Recovery Arrangements Determination 2017, determined by the Minister for Justice and Minister Assisting the Prime Minister for Counter-Terrorism on 1 June 2017;


(c) Disaster Recovery Funding Arrangements 2018, determined by the Minister for Law Enforcement and Cyber Security on 5 June 2018.




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