Document ID: chunk:federal_register_of_legislation:C2004A04529:body:0:p7
Version: federal_register_of_legislation:C2004A04529
Segment Type: other
Provision Reference: 
Character Range: 15064–17999

deduction from the assessable income of the owner, then the authorised person must declare in writing that the deposit or the part is repayable.

"(2) The deposit or the part becomes repayable once the declaration is made.

"(3) For the purposes of this section, interest added to the balance of a deposit in accordance with subsection 4B(3) of this Act is taken to be a separate deposit.".

Repayment where owner not eligible primary producer

15. Section 19 of the Principal Act is amended by inserting in subsection (2) "15A," before "17".

Repayment where death or bankruptcy

16. Section 20 of the Principal Act is amended by inserting in subsection (2) "15A," before "17".

Deposits repayable only in certain amounts

  17. Section 21 of the Principal Act is amended:

   (a)     by inserting "15A," before "16";

     (b)    by omitting from paragraphs (a) and (b) "$5,000" and substituting "$1,000".

Review of decisions

  18. Section 22 of the Principal Act is amended:

    (a)     by inserting in subsections (1) and (2) "subsection 15A(1) (on the ground in subsection 15A(2) or (5)) or" after "under";

    (b)    by omitting from subsection (2) "or to a period of 2 months after the making of the request, whichever period first expires".

Certain requests pending after 12 months

  19. Section 24 of the Principal Act is amended:

    (a)     by inserting in subsection (1) "subsection 15A(1) (on the ground in subsection 15A(5)) or" after "under";

    (b)    by omitting from paragraph (2)(b) "request under section 17." and substituting:

     "request under:

         (i) in the case of a subsection 15A(1) request—that subsection in a case to which subsection 15A(8) applies; or

       (ii) in the case of a section 16 request—section 17.";

    (c) by omitting from subsection (4) "section 16" and substituting "subsection 15A(7) or section 16, as the case requires,".

Form of requests etc.

  20. Section 25 of the Principal Act is amended:

    (a)     by inserting in subsection (1) ", election" after "statement" (wherever occurring);

    (b)    by inserting in subsections (2) and (3) "or election" after "request" (wherever occurring).

Lodging of deposits etc.

21. Section 26 of the Principal Act is amended by inserting ", election" after "statement".

PART 3—AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Principal Act

22. In this Part, "Principal Act" means the Income Tax Assessment Act 19362.

Interpretation

  23. Section 159GA of the Principal Act is amended:

    (a)     by inserting ", subject to subsection (5)," after "means" in the definition of "current IED scheme deposit" in subsection (1);

    (b)    by inserting ", subject to subsection (5)," after "has" in the definition of "first IED scheme deposit" in subsection (1);

  (c)     by inserting in subsection (1) the following definition:

     " 'taxable non-primary-production income', in relation to a taxpayer in relation