INCOME TAX ASSESSMENT REGULATIONS 1997
(regulation 393-10 )
FARM MANAGEMENT DEPOSITS: STATEMENTS TO BE READ BY DEPOSITORSPart 3 - Additional information
Under paragraph 393-10(1)(c) of the Act, an FMD provider is required to insert the figures that are stated in the provisions mentioned in this Part.SECTION 6 6
If neither the owner ' s tax file number nor Australian Business Number has been quoted to the FMD provider, any repayment will be subject to the withholding rate, which is the sum of:
(a) the top marginal tax rate for the income year in the year of deposit; and
(b) the Medicare levy.
The Medicare levy is specified in subsection 6(1) of the Medicare Levy Act 1986 .