Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 393 - Farm management deposits  

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

SECTION 393-40.01  

393-40.01   REPAYMENT OF FARM MANAGEMENT DEPOSIT IN THE EVENT OF A NATURAL DISASTER  
For the purposes of paragraphs 393-40(3A)(a) and (b) of the Act, the circumstances that are to be satisfied in relation to a repayment of the whole or a part of a farm management deposit are:

(a)    recovery assistance has been provided as a Category C measure, in the form of a recovery grant for a primary producer, in accordance with the Disaster Recovery Funding Arrangements 2018, determined by the Minister for Law Enforcement and Cyber Security on 5 June 2018; and

(b)    the recovery assistance was first provided during the 12 month period mentioned in subsection 393-40(1) of the Act; and

(c)    the farm management deposit was repaid after the recovery assistance was first provided.

Note 1:

A repayment that satisfies the circumstances in this section is not precluded from being a farm management deposit under subsections 393-40(1) or (2) of the Act.

Note 2:

The Disaster Recovery Funding Arrangements 2018 could in 2021 be viewed on the DisasterAssist website (https://www.disasterassist.gov.au).


 

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