Commonwealth Consolidated Acts Commonwealth Consolidated ActsA deposit (the new deposit ) arising from:
(a) an entitlement under Division 2AA (Financial claims scheme for account - holders with insolvent ADIs) of Part II of the Banking Act 1959 relating to a farm management deposit (the old deposit ); or
(b) a distribution from liquidation of an ADI that is attributable to a farm management deposit (also the old deposit );
is treated as a transfer of the old deposit and does not give rise to new assessable income or deductions.
Table of sections
Operative provisions
393 - 55 Farm management deposits arising from farm management deposits with ADIs subject to financial claims scheme
393 - 60 Repayment if owner of farm management deposit with insolvent ADI dies, is bankrupt or ceases to be a primary producer