Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 393
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Farm management deposits
Subdivision 393-B
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Meaning of farm management deposit and owner
SECTION 393-25
Owners of farm management deposits
Meaning of owner
393-25(1)
The owner of a *farm management deposit is:
(a) if paragraph (b) does not apply - the individual who made or is making the deposit; or
(b) in the case of a deposit made or being made by the trustee of a trust on behalf of a beneficiary who is an individual - the beneficiary.
Primary production business carried on by a partnership
393-25(2)
This Division applies to you as if you were an individual who is carrying on a *primary production business that is actually carried on by a partnership, if you are an individual who is a partner in the partnership.
Primary production business carried on by a trust
393-25(3)
This Division (other than subsection 393-17(2) and paragraph 393-37(b) ), and section 97A of the Income Tax Assessment Act 1936 (about beneficiaries who are owners of farm management deposits), apply to you as if you were an individual who is carrying on a *primary production business that is actually carried on by a trust, if you satisfy the requirements in subsection (4), (5) or (6).
Primary production business carried on by a trust with beneficiary presently entitled to income of the trust
393-25(4)
You satisfy the requirements in this subsection if:
(a) you are an individual and a beneficiary of the trust referred to in subsection (3); and
(b) you are presently entitled to a share of the income of the trust for the income year.
Primary production business carried on by a fixed trust with no income of the trust
393-25(5)
You satisfy the requirements in this subsection if:
(a) you are an individual and a beneficiary of the trust referred to in subsection (3); and
(b) at all times during the income year, the manner or extent to which each beneficiary of the trust can benefit from the trust is not capable of being significantly affected by the exercise, or non-exercise, of a power; and
(c) the trust does not have any income of the trust for the income year to which a beneficiary of the trust could be presently entitled; and
(d) if the trust had income of the trust for the income year, you would have been presently entitled to a share of the income of the trust.
Primary production business carried on by a non-fixed trust with no income of the trust
393-25(6)
You satisfy the requirements in this subsection if you do not satisfy the requirements in subsection (5) and you are an individual and a chosen beneficiary of the trust referred to in subsection (3) for the purposes of section 393-27 for the income year.
View history note
Hide history noteMeaning of owner
393-25(1)
The owner of a *farm management deposit is:
(a) if paragraph (b) does not apply - the individual who made or is making the deposit; or
(b) in the case of a deposit made or being made by the trustee of a trust on behalf of a beneficiary who is an individual - the beneficiary.
Primary production business carried on by a partnership
393-25(2)
This Division applies to you as if you were an individual who is carrying on a *primary production business that is actually carried on by a partnership, if you are an individual who is a partner in the partnership.
Primary production business carried on by a trust
393-25(3)
This Division (other than subsection 393-17(2) and paragraph 393-37(b) ), and section 97A of the Income Tax Assessment Act 1936 (about beneficiaries who are owners of farm management deposits), apply to you as if you were an individual who is carrying on a *primary production business that is actually carried on by a trust, if you satisfy the requirements in subsection (4), (5) or (6).
Primary production business carried on by a trust with beneficiary presently entitled to income of the trust
393-25(4)
You satisfy the requirements in this subsection if:
(a) you are an individual and a beneficiary of the trust referred to in subsection (3); and
(b) you are presently entitled to a share of the income of the trust for the income year.
Primary production business carried on by a fixed trust with no income of the trust
393-25(5)
You satisfy the requirements in this subsection if:
(a) you are an individual and a beneficiary of the trust referred to in subsection (3); and
(b) at all times during the income year, the manner or extent to which each beneficiary of the trust can benefit from the trust is not capable of being significantly affected by the exercise, or non-exercise, of a power; and
(c) the trust does not have any income of the trust for the income year to which a beneficiary of the trust could be presently entitled; and
(d) if the trust had income of the trust for the income year, you would have been presently entitled to a share of the income of the trust.
Primary production business carried on by a non-fixed trust with no income of the trust
393-25(6)
You satisfy the requirements in this subsection if you do not satisfy the requirements in subsection (5) and you are an individual and a chosen beneficiary of the trust referred to in subsection (3) for the purposes of section 393-27 for the income year.
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