Income Tax Assessment 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 393-30   Effect of contravening requirements  

393-30(1)  
A deposit is not a farm management deposit if, when the deposit was accepted, a requirement contained in the relevant agreement as set out in items 1 to 6 of the table in section 393-35 was contravened.

393-30(2)  


A deposit is not, and is taken never to have been, a farm management deposit if a requirement contained in the relevant agreement as set out in items 7 and 9 of the table in section 393-35 is contravened at any time in relation to the deposit.

393-30(3)  
So much of a deposit as causes a requirement contained in the relevant agreement as set out in item 10 of the table in section 393-35 to be contravened is not a farm management deposit .

Note:

There is an administrative penalty if a requirement contained in the relevant agreement as set out in item 8 of the table in section 393-35 is contravened: see section 288-120 in Schedule 1 to the Taxation Administration Act 1953 .


 

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