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Tax Laws Amendment (2008 Measures No. 1) Bill 2008

Schedule 6 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.