Income Tax Assessment Regulations 1997 (Repealed)

Schedule 1C  

(regulation 393-10 )

FARM MANAGEMENT DEPOSITS: STATEMENTS TO BE READ BY DEPOSITORS

Part 2 - Required statements  

4   Repayment of farm management deposits  
The tax benefits are not retained for deposit amounts repaid within the first 12 months after the deposit was made, unless the repayment is made:

(a) because the owner:

(i) dies; or

(ii) becomes bankrupt; or

(iii) ceases to carry on a primary production business in Australia and does not start carrying on such a business again within 120 days; or

(iv) has requested the deposit, or part of the deposit, to be transferred to another FMD provider and the repayment relates to the transfer; or

(b) because the circumstances specified in subsection 393-40(3) of the Act or in regulations made for the purposes of that subsection, relating to repayment in the event of severe drought, exist; or

(c) because the circumstances specified in regulation 393-15 , relating to repayment in the event of a natural disaster, exist.