3Interpretation

3 Interpretation

In this Act, unless the contrary intention appears:

assessable amount, in relation to the repayment of the whole or part of a deposit under this Act, means the amount (if any) included in the assessable income of a year of income of the owner under section 159GD of the Assessment Act as a result of the whole or the part of the deposit becoming repayable.

assessment has the same meaning as in the Assessment Act.

Assessment Act means the Income Tax Assessment Act 1936.

authorized person means the Secretary to the Department.

bond means a Treasury Bond, or Stock, within the meaning of the Commonwealth Inscribed Stock Act 1911.

Commissioner means the Commissioner of Taxation.

deposit means an Income Equalization Deposit accepted under this Act after 30 June 1989.

depositor, in relation to a deposit, means:

(a) in the case of a deposit made by a person in the capacity of a trustee of a trust estate on behalf of a beneficiary who, when the deposit was made, was under a legal disability:
(i) if the beneficiary is still under a legal disability—the trustee; or
(ii) if the beneficiary is no longer under a legal disability—the beneficiary; or
(b) in any other case—the person who made the deposit.

eligible primary producer means:

(a) a natural person who carries on in Australia a business of primary production otherwise than as trustee of a trust estate;
(b) a partner (not being a company) in a partnership that carries on in Australia a business of primary production; or
(c) a beneficiary (not being a company) who is presently entitled to a share of the income of a trust estate the trustee of which carries on in Australia a business of primary production.

farm management bond has the meaning given by section 15.

farm management bond percentage means 100% or such other percentage as may be prescribed for the purposes of this definition.

investment component means:

(a) in relation to the whole of a deposit, or a part, that is a farm management bond—the farm management bond percentage of the whole or the part; or
(b) in relation to the whole of a deposit, or a part, that is not a farm management bond—the ordinary IED percentage of the whole or the part.