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INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 6 - Trust income    View history reference

SECTION 97A  BENEFICIARIES WHO ARE OWNERS OF FARM MANAGEMENT DEPOSITS  

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97A(1)  

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Where a beneficiary who is under a legal disability:


(a) is presently entitled to a share of the income of a trust estate derived during a year of income of the beneficiary; and
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(b) is the owner of a farm management deposit made during the year of income;
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(c) (Repealed by of 79 of 2010)
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this Division applies in relation to the beneficiary in relation to the year of income as if the beneficiary were not under any legal disability.

97A(1A)  

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Where a beneficiary who is deemed by subsection 95A(2) to be presently entitled to any income of a trust estate derived during a year of income of the beneficiary:


(a) is not under a legal disability; and
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(b) is the owner of a farm management deposit made during the year of income;
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(c) (Repealed by No 79 of 2010)
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the beneficiary is, for the purposes of the application of this Division in relation to that beneficiary in relation to that year of income, a beneficiary to whom this subsection applies.

97A(2)  

(Repealed by No 79 of 2010)

Archived:

S 97A(2) definition of "eligible primary producer" and "owner of a current IED scheme deposit" repealed as inoperative by No 101 of 2006, s 3 and Sch 1 items 100 and 101, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive.

Note:

This section applies to certain beneficiaries as if they were individuals who are carrying on a primary production business: see subsections 393-25(3), (4), (5) and (6) of the Income Tax Assessment Act 1997.


 



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