Taxation Administration Act 1953
Note: See section 3AA .Chapter 4 - Generic assessment, collection and recovery rules
The person who made or is making a *farm management deposit is liable to an administrative penalty if:
(a) the fact that the person made or is making the deposit is the reason why, or one of the reasons why, an amount of interest payable to the *FMD provider in respect of loans or other debts falls short of what it would otherwise be; and
(b) the shortfall:
(i) contravenes a requirement, contained in the agreement mentioned in paragraph 393-20(1)(b) of the Income Tax Assessment Act 1997 in relation to the deposit, as set out in item 8 of the table in section 393-35 of that Act; or
(ii) would contravene such a requirement if it were contained in that agreement.
The amount of the penalty is 200% of so much of the shortfall as contravenes that requirement, or would contravene such a requirement.
[ CCH Note: S 288-115 (second occurring) was inserted by No 52 of 2016, s 3 and Sch 3 item 14, at the end of Division 288. Since s 288-115 already exists in Division 288, the second occurring s 288-115 has been renumbered as s 288-120, in line with an editorial change made by the Federal Register of Legislation under the Legislation Act 2003 .]
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.