Commonwealth Numbered Regulations

INCOME TAX (FARM MANAGEMENT DEPOSITS) REGULATIONS 1998 1998 No. 325 - REG 3

In these regulations: Act means the Income Tax Assessment Act 1936. quarter
means a quarter starting on 1 January, 1 April, 1 July or 1 October in any
year, including the quarter in which section 264AA of the Act commences.

The farm management deposit scheme Schedule 2G to the Act makes arrangements
for farm management deposits, which are deposits made with financial
institutions in the circumstances described in the Schedule. Subdivision 393-B
in the Schedule sets out the main circumstances. The farm management deposits
scheme is intended to allow certain primary producers to:

   (a)  make a deposit; and

   (b)  deduct the deposit from the depositor's assessable income in the year
        of income when the deposit is made; and

   (c)  include the deduction in the depositor's assessable income when the
        deposit is repaid in a later year of income.