INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteSubject to this section, if, when a current IED scheme deposit is made, a taxpayer is the owner of the deposit and is an eligible primary producer, the amount of the deposit is allowable as a deduction from the assessable income of the taxpayer of the year of income in which the deposit is made.
159GC(2) [Where deductions not allowable]Subsection (1) does not apply in relation to a deposit or a part of a deposit that has become or becomes repayable because of:
(a) a declaration under section 15A or 16 of the Deposits Act as a result of a request made during the year of income;
(b) a declaration under section 19 of that Act as a result of the taxpayer having ceased to be an eligible primary producer during the year of income; or
(c) a declaration under section 20 of that Act as a result of the taxpayer having died or become bankrupt during the year of income.
Subsection (1) does not apply in relation to the making of a deposit that is later deposited with a financial institution (within the meaning of Schedule 2G ) in accordance with a request under section 25B of the Deposits Act if, in the year of income in which it is made, the taxpayer dies or becomes bankrupt, or ceases to be an eligible primary producer without again becoming one within 120 days after the day of so ceasing.
The sum of the deductions that, apart from this subsection, would be allowable to the taxpayer under this section in respect of deposits for the year of income is not to exceed the taxable primary production income of the taxpayer of the year of income.
Where subsection (3) prevents deductions otherwise allowable in respect of 2 or more deposits from being allowed in full, the deductions are to be allowable in the order in which the deposits were made until the limit imposed by that subsection is reached.
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