LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)
PART II - MAKING OF DEPOSITS
SECTION 15 FARM MANAGEMENT BONDS 15(1) [Right to elect on or after 1 October 1992] Subject to this section, when making a deposit on or after 1 October 1992, the depositor may elect in the application form that the deposit, or a specified part of the deposit, is to be a farm management bond. 15(2) [Right to elect for pre 1 October 1992 deposits] Subject to this section, the depositor in respect of a deposit made before 1 October 1992 may, at any time, elect that the deposit, or a specified part of the deposit, is, after the election is made, to be a farm management bond. 15(3) [Deposit in multiples of $1,000] If the depositor specifies a part of a deposit, the part must be $1,000 or a multiple of $1,000. 15(4) [Conditions for election] An election under this section does not have effect: (a) unless the taxable non-primary-production income of the owner of the deposit for the year of income in which the election is made is less than $50,000; and (b) to the extent that it results in the total of the balances of all farm management bonds of the owner being more than $150,000; and (c) to the extent that the amount of the deposit or the part is not allowable under section 159GC of the Assessment Act as a deduction from the assessable income of the owner.This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.