Income Tax (Farm Management Deposits) Amendment Regulations 2003 (No. 1) (Cth)
Income Tax (Farm Management Deposits) Amendment Regulations 2003 (No. 1) 1
Statutory Rules 2003 No. 205 2
I, GUY STEPHEN MONTAGUE GREEN, Administrator of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the
Income Tax Assessment Act 1936 .Dated 30 July 2003
G. S. M. GREEN
Administrator
By His Excellency’s Command
HELEN COONAN
Minister for Revenue and Assistant Treasurer
These Regulations are the
Income Tax (Farm Management Deposits) Amendment Regulations 2003 (No. 1) .
These Regulations commence on gazettal.
3 Amendment of Income Tax (Farm Management Deposits) Regulations 1998 Schedule 1 amends the
Income Tax (Farm Management Deposits) Regulations 1998 .
(regulation 3)
after An application form must include the following statements:
insert Either of the following statements:
Authorised deposit-taking institution The institution issuing this application form is an authorised deposit-taking institution for the purposes of the
Banking Act 1959 .
State or Territory guarantee A State or Territory guarantee the repayment of any deposit taken by the institution issuing this application form in the course of the business of banking or in the course of a business that consists of or includes taking money on deposit.
[2] Schedule 2, first paragraph under the heading Repayment of farm management deposits
substitute The tax benefits are not retained for deposit amounts withdrawn in the first 12 months after the deposit was made, unless the withdrawal is made:
(a) in exceptional circumstances; or
(b) because the owner:
· dies; or
· becomes bankrupt; or
· ceases to be a primary producer for 120 days or more; or
· has requested the deposit to be transferred to another financial institution.
1. These Regulations amend Statutory Rules 1998 No. 325, as amended by 2000 No. 230.
2. Notified in the
Commonwealth of Australia Gazette
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