Document ID: chunk:federal_register_of_legislation:C2025C00014:section:97a
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 97A
Character Range: 643818–644983

97A  Beneficiaries who are owners of farm management deposits
 (1) 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
 (b) is the owner of a farm management deposit made during the year of income;
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.
 (1A) 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
 (b) is the owner of a farm management deposit made during the year of income;
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.
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.