Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 10/11)
Character Range: 5496649–5499103

of the trust for an income year is the higher of:
 (a) the number of individuals to which subsection 393‑25(3) applied in the income year immediately before the current income year; and
 (b) 12.
 (3) A choice made under subsection (1) must be:
 (a) in writing; and
 (b) signed by the trustee and the person chosen.
 (4) The trustee can make the choice no later than the time it lodges the trust's *income tax return for the income year to which the choice relates. However, the Commissioner can allow the trustee to make a choice at a later time.
 (5) A choice cannot be revoked or varied.

393‑28  Application of Division to beneficiary no longer under legal disability
  If:
 (a) a *farm management deposit was made by a trustee on behalf of a beneficiary of a trust; and
 (b) the beneficiary was under a legal disability when the deposit was made; and
 (c) the beneficiary is no longer under a legal disability;
then this Division, and Division 4A of Part VA of the Income Tax Assessment Act 1936, apply as if the beneficiary had made the deposit.
Note: Division 4A of Part VA of the Income Tax Assessment Act 1936 is about quotation of tax file numbers in connection with farm management deposits.

393‑30  Effect of contravening requirements
 (1) A deposit is not a farm management deposit if, when the deposit was accepted, a requirement contained in the relevant agreement as set out in items 1 to 6 of the table in section 393‑35 was contravened.
 (2) A deposit is not, and is taken never to have been, a farm management deposit if a requirement contained in the relevant agreement as set out in items 7 and 9 of the table in section 393‑35 is contravened at any time in relation to the deposit.
 (3) So much of a deposit as causes a requirement contained in the relevant agreement as set out in item 10 of the table in section 393‑35 to be contravened is not a farm management deposit.
Note: There is an administrative penalty if a requirement contained in the relevant agreement as set out in item 8 of the table in section 393‑35 is contravened: see section 288‑120 in Schedule 1 to the Taxation Administration Act 1953.

393‑35  Requirements of agreement for a farm management deposit
  An agreement mentioned in paragraph 393‑20(1)(b) must contain requirements to the effect of those set out in the following table:

Requirements of agreement for a farm management deposit
Item                                                     Requirement