Document ID: chunk:federal_register_of_legislation:C2004A04529:body:0:p8
Version: federal_register_of_legislation:C2004A04529
Segment Type: other
Provision Reference: 
Character Range: 17722–20480

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 to a year of income, means the amount (if any) by which:

         (a) the taxable income of the taxpayer of the year of income, worked out disregarding any application of Part IIIA (including, in a case where the taxpayer's assessable income includes a share of the net income of a trust estate, in working out that net income);

     exceeds:

         (b) the taxable primary production income of the taxpayer of the year of income;";

  (d) by adding at the end the following subsections:

     "(5) Subject to paragraph (6)(a), subsections 4B(3) and (4) of the Deposits Act (which provide that interest on a deposit is in certain circumstances to be added to the balance of the deposit and to be taken always to have been part of the deposit) have effect for the purposes of this Division.

     "(6) If interest is added to the balance of a deposit in accordance with those provisions of the Deposits Act:

         (a)     section 159GC applies as if the interest added were a separate current IED scheme deposit of the owner; and

         (b)     the remainder of this Division applies to the deposit (as increased by the interest in accordance with subsection (5)) as if any deduction under subsection 159GC(1) in respect of the interest were instead in respect of the deposit.".

Deductions in respect of income equalisation deposits

  24. Section 159GC of the Principal Act is amended:

  (a) by inserting in paragraph (2)(a) "15A or" before "16";

    (b) by omitting from subsection (3) all the words after "is not to exceed" and substituting "the taxable primary production income of the taxpayer of the year of income.".

Unrecouped deduction included in assessable income on deposit becoming repayable

  25. Section 159GD of the Principal Act is amended:

  (a)     by inserting in subparagraph (1)(a)(i) "15A or" before "16";

    (b)    by inserting in subparagraph (1)(a)(ii) "subsection 15A(1) (where subsection 15A(8) applies) or" before "section".

Application

26. The amendment made by paragraph 24(b) does not apply to any year of income ending before the amendment was made.

NOTES

  1. No. 206, 1976, as amended. For previous amendments, see No. 148, 1979; No. 173, 1984; and Nos. 56 and 107, 1989.

  2. No. 27, 1936, as amended. For previous amendments, see No. 88, 1936; No. 5, 1937; No. 46, 1938; No. 30, 1939; Nos. 17 and 65, 1940; Nos. 58 and 69, 1941; Nos. 22 and 50, 1942; No. 10, 1943; Nos. 3 and 28, 1944; Nos. 4 and 37, 1945; No. 6,