Section 97A — Income Tax Assessment Act 1936: Beneficiaries who are owners of farm management deposits

(1) Where a beneficiary who is under a legal disability: (a) is presently entitled to a share of the income of a trust estate derived during a year of income of the beneficiary; and (b) is the owner of a farm management deposit made during the year of income; this Division applies in relation to the beneficiary in relation to the year of income as if the beneficiary were not under any legal disability. (1A) Where a beneficiary who is deemed by subsection 95A(2) to be presently entitled to any income of a trust estate derived during a year of income of the beneficiary: (a) is not under a legal disability; and (b) is the owner of a farm management deposit made during the year of income; the beneficiary is, for the purposes of the application of this Division in relation to that beneficiary in relation to that year of income, a beneficiary to whom this subsection applies. Note: This section applies to certain beneficiaries as if they were individuals who are carrying on a primary production business: see subsections 393-25(3), (4), (5) and (6) of the Income Tax Assessment Act 1997.