Income Tax Assessment Act 1997
View history note
Hide history noteA deposit is not a farm management deposit if, when the deposit was accepted, a requirement contained in the relevant agreement as set out in items 1 to 6 of the table in section 393-35 was contravened.
393-30(2)
A deposit is not, and is taken never to have been, a farm management deposit if a requirement contained in the relevant agreement as set out in items 7 and 9 of the table in section 393-35 is contravened at any time in relation to the deposit.
393-30(3)
So much of a deposit as causes a requirement contained in the relevant agreement as set out in item 10 of the table in section 393-35 to be contravened is not a farm management deposit .
Note:
There is an administrative penalty if a requirement contained in the relevant agreement as set out in item 8 of the table in section 393-35 is contravened: see section 288-120 in Schedule 1 to the Taxation Administration Act 1953 .
[ CCH Note: S 393-30 was amended by No 52 of 2016, s 3 and Sch 3 item 6, by inserting a note at the end of the section which refers to s 288-115. This cross-reference has been updated by omitting the words " section 288-115 " and substituting the words " section 288-120 " , in line with an editorial change made by the Federal Register of Legislation under the Legislation Act 2003 . This editorial change is consequential upon the editorial change to s 288-115 of Schedule 1 of the Taxation Administration Act 1953 also made the Federal Register of Legislation to renumber a provision.]
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