Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p6
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 6/17)
Character Range: 577392–580080

a beneficiary is a chosen beneficiary of the trust
393‑30 Unclaimed moneys

393‑1  Application of Division 393 of the Income Tax Assessment Act 1997
  Division 393 of the Income Tax Assessment Act 1997 (about farm management deposits) applies to assessments for:
 (a) the 2010‑11 income year; and
 (b) later income years.

393‑5  Unrecouped FMD deduction
  A reference in Division 393 of the Income Tax Assessment Act 1997 to a deduction under section 393‑5 of that Act for making a farm management deposit is taken to include a reference to a deduction under section 393‑10 in Schedule 2G to the Income Tax Assessment Act 1936, as in force just before the commencement of this section, if the deposit was made before the 2010‑11 income year.

393‑10  Unrecouped FMD deduction for deposits made as a result of section 25B of the Loan (Income Equalization Deposits) Act 1976
  Despite subsection 393‑10(2) of the Income Tax Assessment Act 1997, if:
 (a) no part of a farm management deposit has been repaid before a particular time; and
 (b) the deposit was made with an FMD provider as a result of a request to which section 25B of the Loan (Income Equalization Deposits) Act 1976, as in force on 21 February 2005, applied;
the unrecouped FMD deduction in respect of the deposit at that time is equal to the amount of the unrecouped deduction (within the meaning of the former subsection 159GA(3) of the Income Tax Assessment Act 1936) in respect of the deposit immediately before it ceased to be a deposit under the Loan (Income Equalization Deposits) Act 1976.
Note: This means that the unrecouped deduction relating to the deposit under the Loan (Income Equalization Deposits) Act 1976 continues to apply (by becoming an unrecouped FMD deduction) when the deposit is transferred to an FMD provider as a farm management deposit. The Loan (Income Equalization Deposits) Act 1976 was repealed on 22 February 2005.

393‑27  Trustee may choose that a beneficiary is a chosen beneficiary of the trust
  If a beneficiary of a trust was covered by paragraph (c) of the definition of primary producer in section 393‑25 in Schedule 2G to the Income Tax Assessment Act 1936 in the 2009‑10 income year, treat subsection 393‑25(3) of the Income Tax Assessment Act 1997 as having applied to the beneficiary for the purpose of determining the maximum number of choices that the trustee may make under subsection 393‑27(2) of that Act for the 2010‑11 income year.

393‑30  Unclaimed moneys
 (1) Subsection (2) applies if:
 (a) a farm management deposit of an owner was unclaimed moneys for the purposes of section 69 of the Banking Act 1959; and
 (b) the unclaimed moneys were paid to the Commonwealth