INCOME TAX ASSESSMENT ACT 1997 - SECT 393.30 Effect of contravening requirements
INCOME TAX ASSESSMENT ACT 1997 - SECT 393.30
Effect of contravening requirements(1) A deposit is not a farm management deposit if, when the deposit was accepted, a requirement contained in the relevant agreement as set out in items 1 to 6 of the table in section 393 - 35 was contravened.
(2) A deposit is not, and is taken never to have been, a farm management deposit if a requirement contained in the relevant agreement as set out in items 7 and 9 of the table in section 393 - 35 is contravened at any time in relation to the deposit.
(3) So much of a deposit as causes a requirement contained in the relevant agreement as set out in item 10 of the table in section 393 - 35 to be contravened is not a farm management deposit .
Note: There is an administrative penalty if a requirement contained in
the relevant agreement as set out in item 8 of the table in section
393 - 35 is contravened: see section 288 - 120 in Schedule
1 to the Taxation Administration Act 1953 .