Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) To avoid doubt, if amounts of interest payable by the * owner of a * farm management deposit, or by a partnership of which the owner is a partner, to the * FMD provider in respect of loans or other debts of the owner or partnership fall short of what they otherwise would be because the owner holds the farm management deposit, then:
(a) any income of the owner or partnership comprising the shortfall is neither assessable income nor * exempt income of the owner or partnership; and
(b) any amount that any person:
(i) is not liable to pay because of the shortfall; and
(ii) could have, apart from this section, deducted under this Act;
is not deductible.
(2) However, this section applies only to the extent that the loans or other debts relate to a * primary production business that the * owner or partnership carries on.
Table of sections
393 - 20 Farm management deposits
393 - 25 Owners of farm management deposits
393 - 27 Trustee may choose that a beneficiary is a chosen beneficiary of the trust
393 - 28 Application of Division to beneficiary no longer under legal disability
393 - 30 Effect of contravening requirements
393 - 35 Requirements of agreement for a farm management deposit
393 - 37 Agreements for a farm management deposit may allow for some offsets of a depositor's liabilities
393 - 40 Repayment of deposit within first 12 months
393 - 45 Partly repaid farm management deposits