The exposure draft regulation updates the regulations for farm management deposits. The exposure draft regulation also includes consequential amendments to information requirements following amendments to the farm management deposit legislation made by the Tax and Superannuation Laws Amendment (2016 Measures No 1) Act 2016. The amendments to the farm management deposit legislation gave effect to policies in the Agricultural Competitiveness White Paper released on 4 July 2015.
The exposure draft regulations:
- make consequential changes concerning information that must be provided in respect of farm management deposits; and
- move the farm management deposit regulations into the Income Tax Assessment Regulations 1997 and the Taxation Administration Regulations 1976 allowing for the repeal of the Income Tax (Farm Management Deposits) Regulations 1998 (which are due to sunset in 2019).