Tax Laws Amendment (2011 Measures No. 7) Act 2011 (147 of 2011)

Schedule 5   Farm management deposits

Part 1   Early repayments in the event of applicable natural disasters

Income Tax Assessment Act 1997

5   After subsection 393-40(3)

Insert:

Repayment in the event of an applicable natural disaster

(3A) Subsections (1) and (2) do not apply to a repayment of the whole or a part of a *farm management deposit if:

(a) natural disaster relief and recovery arrangements made by or on behalf of the Commonwealth apply, in a way specified in regulations made for the purposes of this subsection, to a *primary production business of the *owner of the deposit; and

(b) all of the other circumstances specified in those regulations are satisfied.