Document ID: chunk:federal_register_of_legislation:C2004A04529:body:0:p6
Version: federal_register_of_legislation:C2004A04529
Segment Type: other
Provision Reference: 
Character Range: 12695–15300

passed since the date on which the deposit was made, make the request without specifying any ground. If so, the deposit, to the extent that it consists of the part of the farm management bond specified, is repayable on the day on which the request is made.

"(9) If the deposit or part of the deposit becomes repayable in a case where subsection (5) or (8) applies:

     (a) the deposit or part is taken for the purposes of this Act never to have been a farm management bond; and

    (b) any interest that, because of paragraph (a), should not have been paid to a person is, for the purposes of section 27B, an amount that exceeds the amount properly payable; and

     (c) any amount that, because of paragraph (a), should not have been paid into the Income Equalization Deposits Trust Account

     and added to the balance of a deposit is taken for the purposes of this Act not to have been so paid and added.".

Repayment within 12 months where financial difficulties

  10. Section 16 of the Principal Act is amended:

  (a) by inserting after subsection (2) the following subsection:

     "(3) To be effective, a request must be accompanied by evidence, of a kind required by the authorised person, of the ground on which it is made.";

  (b) by adding at the end the following subsection:

     "(5) This section does not apply to a deposit to the extent that it consists of a farm management bond.".

Repayment after 12 months

11. Section 17 of the Principal Act is amended by adding at the end the following subsection:

"(4) This section does not apply to a deposit to the extent that it consists of a farm management bond.".

Request under section 15A, 16 or 17 to include statement of assessable amount etc.

12. Section 18 of the Principal Act is amended by inserting "15A," before "16".

Repayment where no assessable amount

13. Section 18A of the Principal Act is amended by adding at the end the following subsection:

"(5) This section does not apply to a deposit to the extent that it consists of a farm management bond.".

14. After section 18A of the Principal Act the following section is inserted:

Repayment where deposits exceed taxable primary production income

"18B.(1) If the authorised person is satisfied that the amount of a deposit or a part of a deposit is not, because of subsection 159GC(3) of the Assessment Act, allowable as a 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