Commonwealth Numbered Regulations

INCOME TAX (FARM MANAGEMENT DEPOSITS) AMENDMENT REGULATIONS 2003 (NO. 1) 2003 NO. 205 - SCHEDULE 1

(regulation 3)

[1] Schedule 2

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The tax benefits are not retained for deposit amounts withdrawn in the first 12 months after the deposit was made, unless the withdrawal is made: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.