Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 8/11)
Character Range: 5491994–5494596

are not inconsistent with those set out in that table.

Depositor to provide information in application form
 (2) For the purposes of paragraph (1)(a), the depositor must apply to the *FMD provider to make the deposit by completing and signing a form that:
 (a) permits the depositor to state the *owner's *tax file number in the form; and
 (b) requires the depositor to provide any other information required by regulations for the purposes of this paragraph; and
 (c) contains any statements, required by regulations for the purposes of this paragraph, that are to be read by the depositor when completing the form.
Note 1: A depositor who makes a false or misleading statement in such a form commits an offence against section 8K or 8N of the Taxation Administration Act 1953.
Note 2: If the owner does not quote his or her tax file number or ABN to the FMD provider, the Pay as you go (PAYG) withholding required under section 12‑140 in Schedule 1 to the Taxation Administration Act 1953 from a repayment of the deposit is at the highest marginal tax rate.
Note 3: Division 4A of Part VA of the Income Tax Assessment Act 1936 sets out rules for quoting tax file numbers in connection with farm management deposits.

Meaning of FMD provider
 (3) In this Act:
FMD provider means an entity that:
 (a) is an *ADI; or
 (b) carries on in Australia the *business of banking, so long as the Commonwealth, a State or a Territory guarantees the repayment of any deposit taken in the course of that business; or
 (c) carries on in Australia a business that consists of or includes taking money on deposit, so long as the Commonwealth, a State or a Territory guarantees the repayment of any deposit taken in the course of that business.

393‑25  Owners of farm management deposits

Meaning of owner
 (1) The owner of a *farm management deposit is:
 (a) if paragraph (b) does not apply—the individual who made or is making the deposit; or
 (b) in the case of a deposit made or being made by the trustee of a trust on behalf of a beneficiary who is an individual—the beneficiary.

Primary production business carried on by a partnership
 (2) This Division applies to you as if you were an individual who is carrying on a *primary production business that is actually carried on by a partnership, if you are an individual who is a partner in the partnership.

Primary production business carried on by a trust
 (3) This Division (other than subsection 393‑17(2) and paragraph 393‑37(b)), and section 97A of the Income Tax Assessment Act 1936 (about beneficiaries who are owners of farm management deposits), apply