Income Tax Assessment (1997 Act) Regulations 2021
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 393
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Farm management deposits
Subdivision 393-B
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Meaning of farm management deposit and owner
SECTION 393-40.01
393-40.01
REPAYMENT OF FARM MANAGEMENT DEPOSIT IN THE EVENT OF A NATURAL DISASTER
For the purposes of 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 the Disaster Recovery Funding Arrangements 2018, determined by the Minister for Law Enforcement and Cyber Security on 5 June 2018; 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.
For the purposes of 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 the Disaster Recovery Funding Arrangements 2018, determined by the Minister for Law Enforcement and Cyber Security on 5 June 2018; 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 1:
A repayment that satisfies the circumstances in this section is not precluded from being a farm management deposit under subsections 393-40(1) or (2) of the Act.
Note 2:
The Disaster Recovery Funding Arrangements 2018 could in 2021 be viewed on the DisasterAssist website (https://www.disasterassist.gov.au).
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