Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 393 - Farm management deposits  

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History

Div 393 inserted by No 79 of 2010 , s 3 and Sch 4 item 2, applicable to assessments for: (a) the 2010-11 income year; and (b) later income years.

Subdivision 393-B - Meaning of farm management deposit and owner  

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History

Subdiv 393-B inserted by No 79 of 2010 , s 3 and Sch 4 item 2, applicable to assessments for: (a) the 2010-11 income year; and (b) later income years.

SECTION 393-28  

393-28   Application of Division to beneficiary no longer under legal disability  

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If:

(a) a *farm management deposit was made by a trustee on behalf of a beneficiary of a trust; and

(b) the beneficiary was under a legal disability when the deposit was made; and

(c) the beneficiary is no longer under a legal disability;

then this Division, and Division 4A of Part VA of the Income Tax Assessment Act 1936 , apply as if the beneficiary had made the deposit.

Note:

Division 4A of Part VA of the Income Tax Assessment Act 1936 is about quotation of tax file numbers in connection with farm management deposits.

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History

S 393-28 inserted by No 62 of 2011, s 3 and Sch 1 item 11, applicable to: (a) assessments for the trustee of a trust for an income year that is the 2010-11 income year or a later income year; or (b) assessments for a beneficiary of a trust that relate to the 2010-11 income year or a later income year of the trust.

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