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-C - Special rules relating to financial claims scheme for account-holders with insolvent ADIs  

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History

Subdiv 393-C 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.

Guide to Subdivision 393-C

SECTION 393-50   What this Subdivision is about  

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A deposit (the new deposit ) arising from:

(a) an entitlement under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 relating to a farm management deposit (the old deposit ); or

(b) a distribution from liquidation of an ADI that is attributable to a farm management deposit (also the old deposit );

is treated as a transfer of the old deposit and does not give rise to new assessable income or deductions.

TABLE OF SECTIONS

TABLE OF SECTIONS

Operative provisions
393-55	Farm management deposits arising from farm management deposits with ADIs subject to financial claims scheme
393-60	Repayment if owner of farm management deposit with insolvent ADI dies, is bankrupt or ceases to be a primary producer

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History

S 393-50 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.

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