Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Tax Laws Amendment (2008 Measures No. 2) Bill 2008

Schedule 11 Farm management deposits


Income Tax Assessment Act 1936

1  Paragraphs 393-37(3)(b) and (c) in Schedule 2G

Repeal the paragraphs, substitute:

                     (b)  at the time of the withdrawal, that owner is eligible for the issue of an exceptional circumstances certificate (within the meaning of subsection 8A(2) of the Farm Household Support Act 1992 ) that relates to a primary production business of that owner;

                     (c)  by the end of 3 months after the end of the year of income in which the withdrawal is made, such an exceptional circumstances certificate is issued in respect of that owner;

                     (d)  a declaration of exceptional circumstances (as referred to in paragraph 8(c) of the Rural Adjustment Act 1992 ) was not in force in relation to that primary production business when the deposit was made.

2  Application

The amendment made by this Schedule applies to assessments for the 2002-03 year of income and later years of income.