Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (FARM MANAGEMENT DEPOSITS) ACT 1998 NO. 85, 1998 - SCHEDULE 5--Other

Farm Household Support Act 1992

1 Subsection 3(2) (after paragraph (a) of the definition of exempt livestock proceeds )

Insert:

or (aa) a farm management deposit (within the meaning of Schedule 2G to the Income Tax Assessment Act 1936) ; or

2 At the end of section 8J

Add:

(18) If:

(a) a depositor gives a financial institution a statement that:

(i) there will be no assessable FMD amount in respect of the repayment of a farm management deposit; or

(ii) there will be an assessable FMD amount in respect of the repayment of a farm management deposit that is less than the amount of the deposit, where the statement specifies what the assessable FMD amount will be; and

(b) the statement turns out to be incorrect; and

(c) the person believed, or had reasonable grounds for believing, that the statement would turn out to be incorrect;

(19) Expressions used in subsection (18) that are also used in Division 6A of Part VI of the Income Tax Assessment Act 1936 have the same respective meanings as in that Division.

Taxation (Interest on Overpayments and Early Payments) Act 1983

3 Subsection 3(1) (paragraph (a) of the definition of income tax crediting amount )

Omit "or 221ZT", substitute ", 221ZT or 221ZXK".

(91/98)

[ Minister's second reading speech made in--

House of Representatives on 28 May 1998

Senate on 22 June 1998 ]