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INCOME TAX ASSESSMENT ACT 1936 - SECT 97A Beneficiaries who are owners of farm management deposits

INCOME TAX ASSESSMENT ACT 1936 - SECT 97A

Beneficiaries who are owners of farm management deposits

  (1)   Where a beneficiary who is under a legal disability:

  (a)   is presently entitled to a share of the income of a trust estate derived during a year of income of the beneficiary; and

  (b)   is the owner of a farm management deposit made during the year of income;

this Division   applies in relation to the beneficiary in relation to the year of income as if the beneficiary were not under any legal disability.

  (1A)   Where a beneficiary who is deemed by subsection   95A(2) to be presently entitled to any income of a trust estate derived during a year of income of the beneficiary:

  (a)   is not under a legal disability; and

  (b)   is the owner of a farm management deposit made during the year of income;

the beneficiary is, for the purposes of the application of this Division   in relation to that beneficiary in relation to that year of income, a beneficiary to whom this subsection applies.

Note:   This section applies to certain beneficiaries as if they were individuals who are carrying on a primary production business: see subsections   393 - 25(3), (4), (5) and (6) of the Income Tax Assessment Act 1997 .

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