Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:4_14:p4
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 4 cl 14 (pt 4/6)
Character Range: 195735–198439

393‑5 (about deductions for making a farm management deposit) does not apply in relation to the making of the new deposit (see paragraphs 393‑15(1)(c) and (2)(a));

(b) subsection 393‑10(1) (about assessability of the repayment of a farm management deposit) can only apply to the extent of any difference between the amount transferred and the amount of the old deposit (see paragraphs 393‑15(1)(c) and (2)(b));

(c) subsections 393‑40(1), (2) and (4) (about repayment of a farm management deposit within the first 12 months) can only apply to the extent of any difference between the amount transferred and the amount of the old deposit (see paragraphs 393‑15(1)(c) and (2)(c) and (d));

(d) the day the old deposit was made, for the purposes of subsections 393‑40(1) and (2) (about repayment of a farm management deposit within the first 12 months) and (3) and (4) (about repayment in exceptional circumstances), is maintained for the new deposit (see subsection 393‑40(6)).

Note 2: Also, the unrecouped FMD deduction in respect of the new deposit is the same as the unrecouped FMD deduction in respect of the old deposit (see subsection 393‑15(3)), unless subsection (6) or (7) of this section applies because the new deposit is less than the old deposit.

 (3) In determining whether either of the following is a *farm management deposit, disregard a requirement contained in an agreement as set out in item 4 of the table in section 393‑35 (requiring the deposit to be $1,000 or more):
 (a) the new deposit;
 (b) a deposit made later directly by the transfer of the new deposit in accordance with a requirement of the relevant agreement for the new deposit as mentioned in item 13 of that table.

 (4) In determining whether a deposit made after the entitlement arises is a *farm management deposit, disregard the old deposit when determining whether a requirement contained in an agreement as set out in item 5 of the table in section 393‑35 (prohibiting farm management deposits with other FMD providers) has been complied with.

Note: Subsection (4) means that a deposit made with a financial institution other than the old ADI after the entitlement arises can be a farm management deposit (despite subsection 393‑30(1)) even though the owner of the deposit still has the old deposit with the old ADI.

 (5) A requirement contained in an agreement as set out in item 5 of the table in section 393‑35 does not apply to the new deposit to prevent it from being a *farm management deposit.

Note: Subsections (4) and (5) mean that, despite subsection 393‑30(1) (which prevents a deposit, or part of a deposit, from being a farm management deposit if certain requirements are not met), the fact that