Tax Laws Amendment (2009 Measures No. 2) Act 2009 (42 of 2009)

Schedule 1   Tax treatment of payments under financial claims scheme

Income Tax Assessment Act 1936

12   At the end of subsection 393-15(4) in Schedule 2G

Add:

Note 3: Section 393-85 limits the operation of subsection (4) of this section if:

(a) the farm management deposit is with an ADI that becomes a declared ADI under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959; and

(b) an amount equal to the deposit has not been paid to you as an entitlement under that Division, or in liquidation of the ADI, by the end of the year of income.