Commonwealth Consolidated Acts Commonwealth Consolidated Acts
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.