Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:4_14:p1
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 4 cl 14 (pt 1/6)
Character Range: 188473–191099

14                                                       The *FMD provider must not deduct from the deposit (whether at the time it is made, while it is with the FMD provider or at the time of its repayment) any administration fee or other amount required by the FMD provider to be paid in respect of the deposit or otherwise.

393‑40  Repayment of deposit within first 12 months

Partial repayment within first 12 months

 (1) Any part of a deposit repaid within 12 months after the end of the day the deposit is made is not, and is taken never to have been, part of a farm management deposit.

Note 1: A repayment covered by subsection (3) or (5) is disregarded in applying this subsection. The normal rules in sections 393‑5 (about deductions for making a farm management deposit) and 393‑10 (about assessability of the repayment of a farm management deposit) apply instead.

Note 2: This subsection does not apply if a deposit is reinvested, the term of a deposit is extended, or a deposit is transferred at the depositor's request: see section 393‑15.

Deposit not to be reduced to less than $1,000 within first 12 months

 (2) A deposit is not, and is taken never to have been, a farm management deposit if the amount of the deposit is reduced to less than $1,000 because of one or more repayments within 12 months after the end of the day the deposit is made.

Note 1: A repayment covered by subsection (3) or (5) is disregarded in applying this subsection.

Note 2: This subsection does not apply if a deposit is reinvested, the term of a deposit is extended, or a deposit is transferred at the depositor's request: see section 393‑15.

Repayment in exceptional circumstances

 (3) Subsections (1) and (2) do not apply to a repayment of the whole or a part of a *farm management deposit if all of the following circumstances are satisfied:
 (a) the repayment is made in the income year following the income year in which the deposit is made with the *FMD provider;
 (b) at the time of the repayment, the *owner of the deposit is eligible for the issue of an exceptional circumstances certificate (within the meaning of subsection 8A(2) of the Farm Household Support Act 1992) that relates to a *primary production business of that owner;
 (c) by the end of 3 months after the end of the income year in which the repayment is made, such an exceptional circumstances certificate is issued in respect of that owner;
 (d) a declaration of exceptional circumstances (as referred to in paragraph 8(c) of the Rural Adjustment Act 1992) was not in force in relation to that primary production business when the deposit was