INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Note:
In addition to the obligations imposed on financial institutions in relation to farm management deposits under this Division, they are required to report information about such deposits to the Department of Primary Industries and Energy under section 264AA .
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Hide history noteExpressions used in this Division that are also used in Schedule 2G have the same meanings as in that Schedule.
221ZXA(2) Assessable FMD amount.The expression assessable FMD amount in relation to the repayment of some or all of a farm management deposit means:
(a) if paragraph (b) does not apply - the amount included in the owner's assessable income under section 393-15 of Schedule 2G as a result of the repayment; or
(b) if the repayment results from the deposit becoming repayable under a requirement in the agreement concerned as mentioned in subsection 393-40(3) of Schedule 2G (which covers death, bankruptcy and ceasing to be a primary producer) - the amount that would be included in the owner's assessable income under section 393-15 of that Schedule as a result of the repayment if subsection (4) of that section were disregarded.
Note:
Subsection 393-15(4) causes any previous income tax deduction for the deposit to be recouped when the deposit becomes repayable on the death etc. of the owner, rather than when the deposit is actually repaid. By ignoring the subsection, a deduction under this Division will effectively be required from the actual repayment, because its assessable FMD amount is worked out as if the actual repayment (rather than the deposit becoming repayable) caused the previous income tax deduction to be recouped.
221ZXA(3) Quote a tax file number.The expression quote a tax file number to a financial institution in connection with a farm management deposit has the meaning given by section 202DL .
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