1996-97-98

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Taxation Laws Amendment (Farm Management Deposits) Bill 1998

No.      , 1998

(Treasury)

A Bill for an Act to make provision in relation to farm management deposits, and for related purposes

Contents
1	Short title	
2	Commencement	
3	Schedule(s)	
Schedule 1—Income Tax Assessment Act 1936	
Part 1—Basic amendments	
Part 2—Deductions from repayments of farm management deposits	
Part 3—Related amendments	
Schedule 2—Loan (Income Equalization Deposits) Act 1976	
Schedule 3—Income Tax Assessment Act 1997	
Schedule 4—Income Equalization Deposits (Interest Adjustment) Act 1984	
Schedule 5—Other Acts	
Farm Household Support Act 1992	
Taxation Administration Act 1953	
Taxation (Interest on Overpayments and Early Payments) Act 1983	

A Bill for an Act to make provision in relation to farm management deposits, and for related purposes
The Parliament of Australia enacts:
1  Short title
		This Act may be cited as the Taxation Laws Amendment (Farm Management Deposits) Act 1998.
2  Commencement
	(1)	Subject to subsection (2), this Act commences on a day to be fixed by Proclamation.
	(2)	If this Act does not commence under subsection (1) within the period of 6 months beginning on the day on which it receives the Royal Assent, it commences on the first day after the end of that period.
3  Schedule(s)
		Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Income Tax Assessment Act 1936
Part 1—Basic amendments
1  Before Schedule 3
Insert:
Schedule 2G—Farm management deposits
  
Division 393—Farm management deposits
Table of Subdivisions
	Guide to Division 393
393‑A	Tax consequences of farm management deposits
393‑B	Farm management deposit and related definitions
393‑C	How to work out your taxable primary production income and your taxable non-primary production income
Guide to Division 393
393‑1  What this Division is about
This Division allows you to deduct farm management deposits in the year of income you make them and assesses you on the amount deducted when the deposits are repaid to you in later years of income.
Subdivision 393‑A—Tax consequences of farm management deposits
Guide to Subdivision
393‑5  What this Subdivision is about
This Subdivision allows you to deduct a farm management deposit if certain tests relating to your income etc. are met. The Subdivision assesses you when a deposit is repaid, but only to the extent that the repayment involves an amount previously deducted.
393‑7  Definitions of terms
		This Subdivision uses a number of terms relating to farm management deposits that are defined in Subdivisions 393‑B and 393‑C.
Table of sections
Operative provisions
393‑10	Deduction for making farm management deposit
393‑15	Assessability on repayment of deposit
[This is the end of the Guide]
Operative provisions
393‑10  Deduction for making farm management deposit
	(1)	If:
	(a)	you are the owner of a farm management deposit made in the year of income; and
	(b)	your taxable non-primary production income for the year of income is not more than $50,000; and
	(c)	you did not:
	(i)	become bankrupt during the year of income; or
	(ii)	cease to be a primary producer during the year of income for at least 120 days (whether or not falling entirely within the year of income);
you can deduct the amount of the deposit from your assessable income for the year of income. However, there is no entitlement to the deduction if you die during the year of income.
Note 1:	Because of subsections 393‑50(1) and (2), this section will not apply if the making of the deposit arises because of the extension of the term of the deposit or because the deposit is being immediately reinvested as a farm management deposit with the same institution.
Note 2:	Because of subsection 393‑50(5), this section will not apply if the making of the deposit arises by way of transfer of the deposit in accordance with a requirement of the agreement concerned as mentioned in subsection 393‑40(5).
Note 3:	Because of paragraph 25B(3)(c) of the Loan (Income Equalization Deposits) Act 1976, this section will not apply if the making of the deposit arises by way of transfer of an IED scheme deposit to a farm management deposit.
Sum of deductions not to exceed taxable primary production income
	(2)	The sum of the deductions that you would otherwise be entitled to under this section for farm management deposits made in the year of income must not exceed your taxable primary production income for the year of income.
Amounts to be deducted in order of deposits
	(3)	If subsection (2) prevents you deducting in full amounts in respect of 2 or more deposits, you can deduct the amounts in the order in which the deposits were made until the limit imposed by that subsection is reached.
393‑15  Assessability on repayment of deposit
Amount assessable if deposit fully repaid
	(1)	If you are the owner of a farm management deposit that is repaid in full in the year of income, your assessable income for the year of income includes the unrecouped FMD deduction (see subsection (3)) in respect of the deposit immediately before the repayment.
Note 1:	Because of subsections 393‑50(1) and (2), this section will not apply if the repayment arises because of the extension of the term of the deposit or because the deposit is immediately reinvested as a farm management deposit with the same institution.
Note 2:	Because of subsection 393‑50(5), this section will not apply if the repayment arises by way of transfer of the deposit in accordance with a requirement of the agreement concerned as mentioned in subsection 393‑40(5).
Amount assessable if deposit partly repaid
	(2)	If:
	(a)	you are the owner of a farm management deposit of which part only is repaid in the year of income; and
	(b)	the unrecouped FMD deduction (see subsection (3)) in respect of the deposit immediately before the repayment exceeds the amount (if any) of the deposit that remains immediately after the repayment;
the amount of the excess is included in your assessable income for the year of income.
Note:	This provision ensures that, in a case where not all of a deposit was deductible, withdrawal of the non-deductible part can take place without the amount withdrawn being assessable. Once that part has been withdrawn, the remainder will be assessable when it is withdrawn, in order to recoup the deduction.
Unrecouped FMD deduction
	(3)	The unrecouped FMD deduction in respect of a farm management deposit at a particular time is:
	(a)	if no part of the deposit has been repaid before that time—either:
	(i)	if subparagraph (ii) does not apply—the amount of the deduction under section 393‑10 for making the deposit; or
	(ii)	if the deposit was made with a financial institution as a result of a request to which section 25B of the Loan (Income Equalization Deposits) Act 1976 applied—the amount worked out in accordance with paragraph (3)(d) of that section; or
	(b)	if one or more parts of the deposit have been repaid before that time—the unrecouped FMD deduction in respect of the deposit immediately before the most recent such repayment, reduced by any amount included in the owner’s assessable income under this section as a result of that repayment.
Example:	Assume a deposit of $3,000 is made, all of which is deductible. The deposit’s unrecouped FMD deduction immediately before a later repayment of $1,000 will be the amount of the deduction (i.e. $3,000—see subparagraph (3)(a)(i)). The deposit’s unrecouped FMD deduction immediately before a second repayment of an amount will be $2,000 (i.e. according to paragraph (3)(b), the unrecouped FMD deduction immediately before the first repayment ($3,000) reduced by the $1,000 included in assessable income as a result of the first repayment).
Deemed repayment because of death, bankruptcy etc.
	(4)	If you are the owner of a farm management deposit that becomes repayable during the year of income in accordance with a requirement of the agreement concerned to the effect mentioned in subsection 393‑40(3) (which covers death, bankruptcy and ceasing to be a primary producer), the deposit is taken for the purposes of this section to have been repaid at the time it became repayable, instead of when it is actually repaid.
Note 1:	This will mean that it is assessable under this section in the year of income when the death etc. occurs, rather than in any later year in which it might be repaid.
Note 2:	Under Division 6A of Part VI, a deduction will nevertheless be required to be made from the actual repayment.
Subdivision 393‑B—Farm management deposit and related terms
Guide to Subdivision 393‑B
393‑20  What this Subdivision is about
This Subdivision explains what a farm management deposit is, and defines a number of related terms.
Table of sections
Operative provisions
393‑25	Various definitions
393‑30	Requirements for a farm management deposit
393‑35	Requirements whose contravention causes a loss of farm management deposit status
393‑40	Other requirements of agreement
393‑45	Contraventions that deprive a deposit of its status as a farm management deposit
393‑50	Making and repaying etc. deposits
[This is the end of the Guide.]
Operative provisions
393‑25  Various definitions
		In this Division:
deduction exemption certificate has the meaning given by subsection 221ZXE(1).
depositor of a farm management deposit means:
	(a)	if paragraph (b) does not apply—the person who made the deposit; or
	(b)	if the deposit was made by a person in the capacity of 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 not—the beneficiary.
farm management deposit has the meaning given by sections 393‑30, 393‑35, 393‑40 and 393‑45 and subsection 393‑50(4).
financial institution means a person in respect of whom the following are satisfied:
	(a)	the person carries on in Australia:
	(i)	the business of banking; or
	(ii)	a business that consists of or includes taking money on deposit; and
	(b)	either:
	(i)	the activities of the person, so far as they consist of carrying on the business of banking or taking money on deposit in Australia, are subject to prudential supervision or regulation under a law of the Commonwealth, a State or a Territory; or
	(ii)	the Commonwealth, a State or a Territory guarantees the repayment of any deposit taken in the course of the business of banking or as mentioned in subparagraph (a)(ii).
make a farm management deposit has a meaning affected by section 393‑50.
owner of a farm management deposit means:
	(a)	if paragraph (b) does not apply—the person 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 estate on behalf of a beneficiary—the beneficiary.
primary producer means:
	(a)	an individual who carries on in Australia a primary production business otherwise than as trustee of a trust estate; or
	(b)	a partner (not being a company) in a partnership that carries on in Australia a primary production business; or
	(c)	a beneficiary (not being a company) who is presently entitled to a share of the income of a trust estate where the trustee carries on in Australia a primary production business.
primary production business has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
repay a farm management deposit has a meaning affected by section 393‑50.
tax file number has the meaning given by section 202A.
393‑30  Requirements for a farm management deposit
	(1)	Subject to section 393‑45, a deposit of money is a farm management deposit if the requirements of this section are satisfied.
Deposit to be made under agreement between depositor and financial institution
	(2)	The deposit must be made with a financial institution under an agreement between the financial institution and the depositor that:
	(a)	describes the deposit as a farm management deposit; and
	(b)	at all times while the deposit is with the financial institution, contains requirements to the effect set out in sections 393‑35 and 393‑40. (The agreement may also contain additional requirements that are not inconsistent with those set out in those sections.)
Depositor to provide information in application form
	(3)	The depositor must have applied to the financial institution to make the deposit by completing and signing a form that:
	(a)	permitted the depositor to state the owner’s tax file number in the form; and
Note:	If the owner chooses not to state his or her tax file number and does not later quote it to the financial institution, the deduction required under Division 6A of Part VI from any repayment of the deposit will be at the highest marginal tax rate.
	(b)	required the depositor to provide any other information required by regulations for the purposes of this paragraph; and
	(c)	contained any statements, required by regulations for the purposes of this paragraph, that were to be read by the depositor when completing the form.
Note:	A depositor who makes a false or misleading statement in such a form will commit an offence against section 8K, 8N or 8P of the Taxation Administration Act 1953.
393‑35  Requirements whose contravention causes a loss of farm management deposit status
	(1)	This section sets out requirements, that must be contained in the agreement mentioned in subsection 393‑30(2), whose contravention will, under section 393‑45, result in the deposit, or some of the deposit, being taken not to be, and (if appropriate) never to have been, a farm management deposit.
Owner to be primary producer
	(2)	The owner must be a primary producer when the deposit is made.
Deposit to be made by or on behalf of only one person
	(3)	The deposit must not be made by 2 or more persons jointly or be made on behalf of 2 or more persons.
Deposit by trustee may only be made for a beneficiary under a legal disability etc.
	(4)	The deposit must not be made:
	(a)	by the trustee of a trust estate on behalf of a beneficiary, unless the beneficiary is presently entitled to a share of the income of the trust estate and is under a legal disability; or
	(b)	otherwise by a person in his or her capacity as a trustee.
Deposit to be $1,000 or more
	(5)	The deposit must be $1,000 or more.
Deposit limit of $300,000
	(6)	The deposit must not be more than $300,000, and the sum of the balances from time to time of the deposit and all other farm management deposits of the owner with the financial institution must not be more than $300,000.
Owner to have deposit with only one financial institution
	(7)	The owner must not, at any time while the deposit is with the financial institution, have any farm management deposits with any other financial institution.
Rights in respect of deposit not transferable
	(8)	Rights of the depositor in respect of the deposit must not be transferable to another person.
Charges etc. not to be created over deposit
	(9)	A charge or other encumbrance must not be created over the deposit as security for an amount payable by the depositor or any other person to the financial institution or to any other person.
Mortgage offset accounts
	(10)	Amounts that would otherwise accrue as interest or other earnings on the deposit must not reduce liabilities of the depositor to pay interest to the financial institution in respect of loans or other debts of the depositor.
Restriction on investment of interest
	(11)	Interest or other earnings on the deposit must not be invested as a farm management deposit with the financial institution without having first been paid to the depositor.
Withdrawal of deposit in first 12 months
	(12)	No part of the deposit must be able to be repaid within 12 months after the end of the applicable depositing day (see subsection (13)), except:
	(a)	if the deposit becomes required to be repaid in accordance with subsection 393‑40(3) (which covers death, bankruptcy and loss of primary producer status); or
Note:	If the deposit is repaid within the 12 months other than because of death, bankruptcy or loss of primary producer status, under section 393‑45 the deposit will not be a farm management deposit, therefore there will be no income tax deduction. If the deposit is repaid within 12 months because of death, bankruptcy or loss of primary producer status, the deposit will still be a farm management deposit but there will only be an income tax deduction if the death etc. occurs after the year of income in which the deposit is made (see paragraph 393‑10(1)(c)).
	(b)	by a transfer to another financial institution in accordance with a requirement of the agreement concerned as mentioned in subsection 393‑40(5).
Applicable depositing day
	(13)	The applicable depositing day is:
	(a)	if none of the other paragraphs in this subsection applies—the day on which the deposit is made with the financial institution; or
	(b)	if the deposit is made with the financial institution as a result of a request to which section 25B of the Loan (Income Equalization Deposits) Act 1976 applied—the day on which the deposit under that Act, that was the subject of the request, was made; or
	(c)	if the deposit is made with the financial institution as a result of one or more transfers from other financial institutions in accordance with requirements of agreements as mentioned in subsection 40(5), and paragraph (d) does not apply—the day on which the deposit was made with the first of the financial institutions; or
	(d)	if the deposit is made with the financial institution as a result of a combination of a request as mentioned in paragraph (b) and one or more transfers as mentioned in paragraph (c)—the day applicable under paragraph (b).
393‑40  Other requirements of agreement
	(1)	This section sets out other requirements that must be contained in the agreement mentioned in subsection 393‑30(2).
Withdrawal of deposit after 12 months
	(2)	The whole or any part of the deposit must be able to be withdrawn at any time after the 12 months mentioned in subsection 393‑35(12).
Deposit must be repaid where death, bankruptcy or loss of primary producer status
	(3)	The deposit must be repaid if:
	(a)	the owner dies or becomes bankrupt; or
	(b)	the owner ceases to be a primary producer for at least 120 days.
Repayment to be $1,000 or more
	(4)	Except where the entire amount of the deposit is repaid, the amount of any repayment of the deposit must be $1,000 or more.
Transfer of deposit between financial institutions
	(5)	The financial institution must, if requested in writing by the depositor to do so and if given any information or other assistance from the depositor necessary for the purpose, transfer the deposit by electronic means to another financial institution that agrees to accept the deposit as a farm management deposit.
Administration fees etc. not to be deducted from deposit
	(6)	The financial institution must not deduct from the deposit (whether at the time it is made, while it is with the institution or at the time of its repayment) any administration fee or other amount required by the financial institution to be paid in respect of the deposit or otherwise.
393‑45  Contraventions that deprive a deposit of its status as a farm management deposit
	(1)	If, when it was accepted, the requirement set out in subsection 393‑35(2), (3), (4), (5), (7) or (8) was contravened, the deposit is not a farm management deposit.
	(2)	If, by accepting the deposit, the requirement set out in subsection 393‑35(6) was contravened, so much of the deposit as caused that requirement to be contravened is not a farm management deposit.
	(3)	If the requirement set out in subsection 393‑35(9), (10), (11) or (12) is contravened at any time in relation to the deposit, it is not, and is taken never to have been, a farm management deposit.
393‑50  Making and repaying etc. deposits
Reinvesting a deposit
	(1)	If a farm management deposit is immediately reinvested as a farm management deposit with the same financial institution, the reinvestment does not involve the repayment of the farm management deposit or the making of a farm management deposit.
Extending the term of a deposit
	(2)	If the term of a farm management deposit is extended, the extension does not involve the repayment of the farm management deposit or the making of a farm management deposit (even if other terms such as those relating to interest payable are also varied).
Repay includes deal with as requested etc.
	(3)	Subject to subsections (1) and (2), the expression repay a farm management deposit includes transfer or reinvest the deposit or otherwise deal with the deposit on behalf of or at the request of the depositor.
Effect of partial repayment
	(4)	The expression farm management deposit means, if part of the deposit has been repaid, the balance of the deposit after the repayment.
Transferring a deposit to another financial institution
	(5)	If a financial institution (the transferor) transfers a farm management deposit to another financial institution (the transferee) in accordance with a requirement of the agreement concerned as mentioned in subsection 393‑40(5):
	(a)	for the purposes of sections 221ZXB, 221ZXD and 393‑15, the transfer does not constitute a repayment of the deposit by the transferor; and
Note:	This means that the transfer will not be subject to a deduction under Division 6A of Part VI and the owner will not be assessed for income tax purposes on the amount transferred.
	(b)	for the purposes of section 393‑10, the transfer does not constitute the making of a deposit with the transferee; and
Note:	This means that the transfer will not give rise to an income tax deduction.
	(c)	for the purposes of working out the unrecouped FMD deduction in applying section 393‑15 (including for the purposes of section 221ZXB) in relation to any repayment of the whole or part of the deposit by the transferee, or by any other transferee resulting from any other application of this section, the transfer does not cause the deposit to be a different deposit.
Note:	This ensures that the unrecouped FMD deduction (which determines how much income tax is assessed, and how much of a deduction under Division 6A of Part VI is required) in the event of a repayment will equal the deduction for the original deposit, less any amount assessed beforehand while the deposit was held by the original or any later financial institution.
Subdivision 393‑C—How to work out your taxable primary production income and your taxable non-primary production income
Guide to Subdivision 393‑C
393‑55  What this Subdivision is about
This Subdivision explains how to work out your taxable primary production income and your taxable non-primary production income for a year of income.
Table of sections
Operative provisions
393‑60	Working out your taxable primary production income
393‑65	Working out your taxable non-primary production income
[This is the end of the Guide.]
Operative provisions
393‑60  Working out your taxable primary production income
	(1)	Work out your taxable primary production income for the year of income in this way:
Method statement
Step 1.	Compare your assessable primary production income for the year of income with your primary production deductions for the year of income.
Step 2.	If your assessable primary production income is larger than your primary production deductions, your taxable primary production income is the difference between them.
Step 3.	If your primary production deductions are larger than (or equal to) your assessable primary production income, your taxable primary production income is nil.
Assessable primary production income
	(2)	Your assessable primary production income for the year of income is the amount of your basic assessable income (see subsection (4)) for the year of income that was derived (see subsection (3)) from or resulted from your carrying on a primary production business.
Derive
	(3)	The expression derive has a meaning affected by subsection 6‑5(4) of the Income Tax Assessment Act 1997.
Basic assessable income
	(4)	Your basic assessable income for an income year is your assessable income for the income year, less:
	(a)	any amount included in your assessable income under subsection 27B(1A) or (3) (Assessable income to include certain superannuation and kindred payments); and
	(b)	any net capital gain included in your assessable income under Part IIIA (Capital gains and capital losses).
Primary production deductions
	(5)	Your primary production deductions for the year of income are:
	(a)	any deductions allowed or allowable to you for the year of income that relate exclusively to your assessable primary production income of a year of income; and
	(b)	so much of any other deductions (other than apportionable deductions) allowed or allowable to you for the year of income as, in the opinion of the Commissioner, may appropriately be related to your assessable primary production income of a year of income.
393‑65  Working out your taxable non‑primary production income
	(1)	Work out your taxable non‑primary production income for the year of income in this way:
Method statement
Step 1.	Compare your assessable non‑primary production income for the year of income with your non‑primary production deductions for the year of income.
Step 2.	If your assessable non‑primary production income is larger than your non‑primary production deductions, your taxable non‑primary production income is the difference between them.
Step 3.	If your non‑primary production deductions are larger than (or equal to) your assessable non‑primary production income, your taxable non‑primary production income is nil.
Assessable non‑primary production income
	(2)	Your assessable non‑primary production income for the year of income is the difference between:
	(a)	your basic assessable income (see subsection 393‑60(4)) for the year of income; and
	(b)	your assessable primary production income (see subsection 393‑60(2)) for the year of income.
Non‑primary production deductions
	(3)	Your non‑primary production deductions for the year of income are the difference between:
	(a)	the sum of your allowable deductions for the year of income; and
	(b)	your primary production deductions (see subsection 393‑60(5)) for the year of income.

Part 2—Deductions from repayments of farm management deposits
2  After Division 6 of Part VI
Insert:
Division 6A—Deductions from certain repayments of farm management deposits
Note:	In addition to the obligations imposed on financial institutions in relation to farm management deposits under this Division, they are required to report information about such deposits to the Department of Primary Industries and Energy under section 264AA.
221ZXA  Interpretation
General
	(1)	Expressions used in this Division that are also used in Schedule 2G have the same meanings as in that Schedule.
Assessable FMD amount
	(2)	The expression assessable FMD amount in relation to the repayment of some or all of a farm management deposit means:
	(a)	if paragraph (b) does not apply—the amount included in the owner’s assessable income under section 393‑15 of Schedule 2G as a result of the repayment; or
	(b)	if the repayment results from the deposit becoming repayable under a requirement in the agreement concerned as mentioned in subsection 393‑40(3) of Schedule 2G (which covers death, bankruptcy and ceasing to be a primary producer)—the amount that would be included in the owner’s assessable income under section 393‑15 of that Schedule as a result of the repayment if subsection (4) of that section were disregarded.
Note:	Subsection 393‑15(4) causes any previous income tax deduction for the deposit to be recouped when the deposit becomes repayable on the death etc. of the owner, rather than when the deposit is actually repaid. By ignoring the subsection, a deduction under this Division will effectively be required from the actual repayment, because its assessable FMD amount is worked out as if the actual repayment (rather than the deposit becoming repayable) caused the previous income tax deduction to be recouped.
Quote a tax file number
	(3)	The expression quote a tax file number to a financial institution in connection with a farm management deposit has the meaning given by section 202DL.
221ZXB  Deduction of amount from repaid deposits
When section applies
	(1)	This section applies if a financial institution repays some or all of a farm management deposit, unless before the repayment is made the depositor gives the financial institution:
	(a)	a copy of a deduction exemption certificate (see section 221ZXE) in relation to the repayment; or
	(b)	a statement that there will be no assessable FMD amount in relation to the repayment.
Note 1:	Because of subsections 393‑50(1) and (2) of Schedule 2G, this section will not apply if the repayment arises because of the extension of the term of the deposit or because the deposit is immediately reinvested as a farm management deposit with the same institution.
Note 2:	Because of subsection 393‑50(5) of Schedule 2G, this section will not apply if the repayment arises by way of transfer of the deposit in accordance with a term of the agreement concerned as mentioned in subsection 393‑40(5) of that Schedule.
Deduction where assessable FMD amount statement
	(2)	If this section applies and, before the repayment is made, the depositor gives the financial institution a statement in writing:
	(a)	that there will be an assessable FMD amount in respect of the repayment that is less than the amount of the deposit; and
	(b)	that specifies what that assessable FMD amount will be;
the financial institution must, subject to subsection (4), deduct 20% of the stated assessable FMD amount from the repayment.
Example 1:  If the owner was not allowed a deduction for the full amount of the deposit because he or she did not have sufficient primary production income to support a full deduction (see subsection 393‑10(2)), the depositor would be able to specify an assessable FMD amount which was less than the amount of the repayment and hence reduce the amount to be deducted under this subsection.
Example 2:  If no deduction was allowed because the owner ceased to be a primary producer in the year of income in which the deposit was made (see subparagraph 393‑10(1)(c)(ii)), the depositor would be able to specify that there was no assessable FMD amount and hence no deduction under this subsection would be required.
Note:	Giving an incorrect assessable FMD amount statement without reasonable grounds etc. will constitute making a false or misleading statement for the purpose of offences against sections 8K, 8N and 8P of the Taxation Administration Act 1953: see subsection 8J(18) of that Act.
Deduction where no assessable FMD amount statement
	(3)	If this section applies and, before the repayment is made, the depositor does not give the financial institution such a statement, the financial institution must, subject to subsection (4), deduct 20% of the repayment.
Deduction percentage when tax file number not quoted
	(4)	If:
	(a)	apart from this subsection, a financial institution would be required to deduct, under subsection (2), 20% of a stated assessable FMD amount from a repayment or, under subsection (3), 20% of a repayment; and
	(b)	by the time the deduction is required to be made, the depositor has not quoted the owner’s tax file number to the financial institution in connection with the deposit;
then, instead of being required to deduct 20% of the amount or repayment, the financial institution is required to deduct 48.5% or any other percentage specified in regulations made for the purposes of this subsection.
Offence if failure to deduct
	(5)	If a financial institution, other than the Commonwealth, a State or a Territory, contravenes subsection (2) or (3), it is guilty of an offence punishable on conviction by a fine not exceeding 10 penalty units.
Effect of deduction on liability to depositor
	(6)	If a financial institution makes a deduction under this section, the financial institution is discharged from any liability to pay or account for the amount deducted to any person other than the Commissioner.
221ZXC  Giving deduction to Commissioner
	(1)	A financial institution must send any amount deducted under section 221ZXB to the Commissioner before the end of 21 days after the end of the month in which it is deducted.
Offence if failure to give deduction to Commissioner
	(2)	If a financial institution, other than the Commonwealth, a State or a Territory, contravenes subsection (1), it is guilty of an offence punishable on conviction by a fine not exceeding 50 penalty units.
221ZXD  Reporting to Commissioner on repayments
	(1)	A financial institution must, before the end of 4 months after the end of a financial year in which it repays some or all of a farm management deposit, or within such further time as the Commissioner allows, give the Commissioner a report setting out:
	(a)	if the owner’s tax file number was quoted in connection with the deposit—the tax file number; and
	(b)	if the owner’s tax file number was not quoted in connection with the deposit—a statement to that effect; and
	(c)	in any case:
	(i)	the depositor’s name and address (if known to the financial institution); and
	(ii)	the amount of the repayment; and
	(iii)	the amount of any deduction under section 221ZXB from the repayment; and
	(iv)	any other information required by the Commissioner in relation to the repayment.
Form etc. of report
	(2)	The report must be in a form authorised by the Commissioner and be signed on behalf of the financial institution.
Offence if failure to report
	(3)	If a financial institution, other than the Commonwealth, a State or a Territory, contravenes this section, it is guilty of an offence punishable on conviction by a fine not exceeding 10 penalty units.
221ZXE  Deduction exemption certificates
Depositor may request deduction exemption certificate
	(1)	The depositor of a farm management deposit that is to be repaid in whole or part may request the Secretary to the Department of Primary Industries and Energy to issue a certificate (a deduction exemption certificate) stating that no amount is to be deducted under section 221ZXB in relation to the repayment.
Ground for certificate
	(2)	The request may only be made on the ground that the owner is experiencing serious financial difficulties.
Note:	A depositor who makes a statement that is false or misleading in a material particular in such a request will commit an offence against section 8K, 8N or 8P of the Taxation Administration Act 1953.
Formal requirements
	(3)	The request must be in writing and be accompanied by evidence, of a kind required by the Secretary, of the ground on which it is made.
Decision etc. within 1 month
	(4)	The Secretary must, within 1 month after the request is made:
	(a)	decide whether or not to issue the certificate, according to whether he or she considers the ground on which the request was made is established or not; and
	(b)	either issue the certificate or advise the depositor in writing of his or her decision not to issue the certificate.
Secretary to have regard to guidelines
	(5)	In making the decision whether or not to issue the certificate, the Secretary must have regard to the guidelines formulated by the Minister for Primary Industries and Energy under subsection 221ZXF(1).
AAT review
	(6)	The depositor may apply to the Administrative Appeals Tribunal for review of a decision of the Secretary not to issue the certificate.
Refund of deduction under section 221ZXB
	(7)	If:
	(a)	the Administrative Appeals Tribunal decides, on the application, that the Secretary should have issued the certificate; and
	(b)	the financial institution makes the repayment concerned before the certificate issued as a result of the decision of the Tribunal is given to the financial institution; and
	(c)	in accordance with subsection 221ZXB(2) or (3), the financial institution deducts a percentage of the stated assessable FMD amount or of the repayment; and
	(d)	the depositor gives the Commissioner a copy of the certificate issued as a result of the decision of the Tribunal before the Commissioner has made, or amended, an assessment in relation to the owner of the deposit, for the year of income in which the repayment is made;
the following provisions apply:
	(e)	the Commissioner must refund to the depositor the amount deducted under subsection 221ZXB(2) or (3);
	(f)	for the purposes of section 221ZXK, the amount refunded is taken never to have been deducted under subsection 221ZXB(2) or (3).
Refund payable out of CRF
	(8)	The refund is payable out of the Consolidated Revenue Fund, which is appropriated accordingly.
Delegation of deduction exemption certificate powers
	(9)	The Secretary may, by writing signed by the Secretary, delegate to an officer of the Department of Primary Industries and Energy his or her powers under this section in respect of certificates.
221ZXF  Guidelines relating to decisions about financial difficulty
Minister to formulate guidelines
	(1)	The Minister for Primary Industries and Energy must, as soon as practicable after the commencement of this section, formulate written guidelines setting out matters to be taken into account by the Secretary in making decisions under paragraph 221ZXE(4)(a).
Disallowable instruments
	(2)	The guidelines are disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901.
221ZXG  Penalty tax payable if assessable FMD amounts understated
		If:
	(a)	in a statement given to a financial institution, a depositor states incorrectly that there will be no assessable FMD amount, or understates what the assessable FMD amount will be, in relation to a repayment of some or all of a farm management deposit; and
	(b)	as a result:
	(i)	the financial institution is not required to make any deduction under section 221ZXB; or
	(ii)	the financial institution is required under that section to deduct less than would have been required if there had been a statement of the correct assessable FMD amount;
the depositor is liable to pay the Commissioner a penalty of 20% per annum of:
	(c)	if subparagraph (b)(i) applies—the amount that would have been required to be deducted if there had been a statement of the correct assessable FMD amount; or
	(d)	if subparagraph (b)(ii) applies—the difference between the amount required to be deducted and the amount that would have been required if there had been a statement of the correct assessable FMD amount;
from the time of repayment until the time of making the owner’s assessment for the year of income in which the repayment is made.
221ZXH  Remission of penalty
Request to remit penalty
	(1)	If a depositor is liable to pay a penalty under section 221ZXG, the depositor may, in writing, request the Commissioner to remit the whole or a part of the penalty.
Commissioner may remit penalty
	(2)	The Commissioner may, for reasons that he or she thinks sufficient, remit the whole or a part of the penalty.
Commissioner to advise decision
	(3)	The Commissioner must advise the depositor in writing of his or her decision on the request.
Depositor may object against decision
	(4)	If the depositor is dissatisfied with the decision, he or she may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953.
221ZXI  Additional penalty for failing to give amount to Commissioner
	(1)	If an amount payable to the Commissioner by a financial institution under subsection 221ZXC(1) (the principal amount) remains unpaid after the end of the 21 days mentioned in that paragraph:
	(a)	the principal amount continues to be payable to the Commissioner; and
	(b)	an additional amount is, in addition to any other penalty to which that person may be liable, payable by the financial institution to the Commissioner, by way of penalty, at the rate of 16% per annum on so much of the principal amount as remains unpaid, worked out from the end of the 21 days.
Request to remit additional amount
	(2)	If an additional amount is payable by a financial institution under paragraph (1)(b), the institution may, in writing, request the Commissioner to remit the whole or a part of the additional amount.
Remission of additional amount
	(3)	If:
	(a)	the Commissioner is satisfied that:
	(i)	the circumstances that contributed to the delay in payment of the principal amount were not due to, or caused directly or indirectly by, an act or omission of the financial institution; and
	(ii)	the financial institution has taken reasonable action to mitigate, or mitigate the effects of, those circumstances; or
	(b)	the Commissioner is satisfied that:
	(i)	the circumstances that contributed to the delay in payment of the principal amount were due to, or caused directly or indirectly by, an act or omission of the financial institution; and
	(ii)	the financial institution has taken reasonable action to mitigate, or mitigate the effects of, those circumstances; and
	(iii)	having regard to the nature of those circumstances, it would be fair and reasonable to remit the additional amount or part of the additional amount; or
	(c)	the Commissioner is satisfied that there are special circumstances by reason of which it would be fair and reasonable to remit the additional amount or part of the additional amount;
the Commissioner may remit the additional amount or part of the additional amount.
Commissioner to advise decision
	(4)	The Commissioner must advise the financial institution in writing of his or her decision on the request.
Financial institution may object against decision
	(5)	If the financial institution is dissatisfied with the Commissioner’s decision, it may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953.
Effect of court judgment on principal amount
	(6)	If judgment is given by, or entered in, a court for the payment of:
	(a)	the whole or a part of a principal amount; or
	(b)	an amount that includes the whole or a part of a principal amount;
then:
	(c)	the principal amount is not taken, for the purposes of paragraph (1)(b), to have ceased to be due and payable by reason only of the giving or entering of the judgment; and
	(d)	if the judgment debt carries interest, the amount that would, but for this paragraph, be payable by virtue of paragraph (1)(b) in relation to the principal amount or the part of the principal amount, is reduced by:
	(i)	in a case to which paragraph (a) applies—the amount of the interest; or
	(ii)	in a case to which paragraph (b) applies—the amount worked out using the formula:

221ZXJ  Recovery of amounts by Commissioner
	(1)	An amount payable to the Commissioner by a depositor under section 221ZXG or by a financial institution under section 221ZXI is a debt due to the Commonwealth that is payable to the Commissioner, and:
	(a)	the amount may be sued for and recovered in a court of competent jurisdiction by the Commissioner or a Deputy Commissioner suing in his or her official name; and
	(b)	a court before which proceedings are taken against the depositor or financial institution for an offence against section 221ZXG or 221ZXI may order the depositor or institution to pay the amount to the Commissioner.
	(2)	Section 8ZL of the Taxation Administration Act 1953 applies in proceedings for the recovery of an amount payable to the Commissioner under section 221ZXG or 221ZXI of this Act in the same way as section 8ZL applies in relation to a prosecution for a prescribed taxation offence within the meaning of Part III of that Act.
221ZXK  Credit for amounts deducted under section 221ZXB
	(1)	If:
	(a)	a financial institution has deducted an amount under section 221ZXB in respect of the repayment of the whole or a part of a farm management deposit in the year of income; and
	(b)	an amount is or would be included in the owner’s assessable income:
	(i)	if subparagraph (ii) does not apply—for the year of income, because of the repayment; or
	(ii)	if the repayment results from the deposit becoming repayable under a requirement in the agreement concerned as mentioned in subsection 393‑40(3) of Schedule 2G (which covers death, bankruptcy and ceasing to be a primary producer)—for the year of income or an earlier year of income, because of the deposit becoming repayable; and
	(c)	an assessment has been made or amended in respect of the owner’s income for the year of income or the earlier year of income;
the Commissioner must credit the amount so deducted in payment successively of:
	(d)	any tax payable by the owner in respect of the year of income or the earlier year of income, whether or not that tax is due for payment; and
	(e)	any other liability of the owner to the Commonwealth arising under or by virtue of this Act or any other Act of which the Commissioner has the general administration.
	(2)	If any of the amount remains after that crediting, the Commissioner must refund it to the owner.
221ZXL  Secrecy
		A person who is or has been an officer of the Department of Primary Industries and Energy must not, directly or indirectly, except for the purposes of section 221ZXE, make a record of, or divulge or communicate to any person, any information with respect to the affairs of another person acquired by the person in the exercise of his or her powers, or the performance of his or her duties or functions, under section 221ZXE.
Penalty:	Imprisonment for 6 months.

Part 3—Related amendments
3  Subsection 6(1) (definition of income from personal exertion or income derived from personal exertion)
Omit “159GD,”, insert “159GD or section 393-15 of Schedule 2G,”.
4  Subsection 95(1) (definition of net income)
After “Division 16C”, insert “or Schedule 2G”.
5  Paragraph 97A(1)(b)
After “scheme deposit”, insert “or the owner of a farm management deposit”.
Note:	The heading to section 97A is altered by adding at the end “or farm management deposits”.
6  Paragraph 97A(1)(c)
After “eligible primary producer”, insert “or a primary producer, as the case requires,”.
7  Paragraph 97A(1A)(b)
After “scheme deposit”, insert “or the owner of a farm management deposit”.
8  Paragraph 97A(1A)(c)
After “eligible primary producer”, insert “or a primary producer, as the case requires,”.
9  Subsection 97A(2)
Repeal the subsection, substitute:
	(2)	In this section:
eligible primary producer and owner of a current IED scheme deposit have the same meanings as in Division 16C.
primary producer and owner of a farm management deposit have the same meanings as in Schedule 2G.
10  At the end of section 101A
Add:
	(4)	This section does not apply in relation to any amount received by the trustee of the estate of a deceased person if the amount is a farm management deposit (within the meaning of Schedule 2G), of which the deceased person was the owner, that has become repayable.
11  After subsection 159GC(2)
Insert:
	(2A)	Subsection (1) does not apply in relation to the making of a deposit that is later deposited with a financial institution (within the meaning of Schedule 2G) in accordance with a request under section 25B of the Deposits Act if, in the year of income in which it is made, the taxpayer dies or becomes bankrupt, or ceases to be an eligible primary producer without again becoming one within 120 days after the day of so ceasing.
12  Subsection 163B(10) (definition of income tax crediting amount)
Omit “or 221ZT”, substitute “, 221ZT or 221ZXK”.
13  Subsection 170(10)
Omit “or 2B”, substitute “, 2B or 2G”.
14  At the end of subsection 177B(2)
Add “or the operation of Schedule 2G”.
15  After Division 4 of Part VA
Insert:
Division 4A—Quotation of tax file numbers in connection with farm management deposits
202DK  Interpretation
		Expressions used in this Division that are also used in Schedule 2G have the same meanings as in that Schedule.
202DL  Quotation of tax file number
		A depositor of a farm management deposit quotes the owner’s tax file number to the financial institution in connection with the deposit by:
	(a)	stating the number in the form mentioned in subsection 393‑30(3) of Schedule 2G in relation to the deposit; or
	(b)	informing the financial institution of the number in any other manner approved by the Commissioner in connection with the deposit.
202DM  Effect of incorrect quotation of tax file number
Commissioner may notify financial institution of correct tax file number
	(1)	If the Commissioner is satisfied:
	(a)	that the tax file number quoted to a financial institution in connection with a farm management deposit:
	(i)	has been cancelled or withdrawn since it was quoted; or
	(ii)	is otherwise wrong; and
	(b)	that the owner has a tax file number;
the Commissioner may give the financial institution notice in writing of the owner’s correct tax file number.
Owner taken to have notified financial institution
	(2)	If a notice is given under subsection (1), then, for the purposes of section 221ZXB, the owner’s correct tax file number is taken as having always been quoted in connection with the deposit.
Commissioner may notify financial institution if owner does not have a tax file number etc.
	(3)	If:
	(a)	the Commissioner is satisfied that the tax file number quoted to a financial institution in connection with a farm management deposit:
	(i)	has been cancelled since it was quoted; or
	(ii)	is for any other reason not the owner’s tax file number; and
	(b)	the Commissioner is not satisfied that the owner has a tax file number;
the Commissioner may give the financial institution notice in writing accordingly.
Commissioner to give owner copy of notice
	(4)	If a notice is given under subsection (3), the Commissioner must give the depositor a copy of the notice, together with a written statement of the reasons for the decision to give the notice.
Notice takes effect when given to owner
	(5)	The notice takes effect on the day specified in the notice, being a day not earlier than the day on which the copy of the notice is given to the depositor.
Tax file number deemed not quoted
	(6)	On and from the day on which the notice takes effect, the depositor is taken not to have quoted the owner’s tax file number in connection with the deposit.
16  After paragraph 202F(1)(d)
Insert:
	(da)	a decision to give a notice under subsection 202DM(3);
17  Paragraph 221YA(5)(a)
Omit “Part III,”, substitute “Part III or the provisions of Schedule 2G,”.
18  Paragraph 221YA(5)(a)
After “that Division”, insert “or Schedule”.
19  At the end of paragraph 221YA(5)(c)
Add “or Schedule 2G”.
20  Paragraph 221YA(5)(e)
After “Part III”, insert “or the application of Schedule 2G”.
21  Paragraph 221YAB(1)(a) (subparagraph (ii) of the definition of Credited amounts)
After “159GDA”, insert “or 221ZXK”.
22  Subparagraph 221YCAA(3)(a)(i)
After “Part III”, insert “, and Schedule 2G,”.
23  Sub-subparagraph 221YCAA(3)(a)(iii)(A)
After “Part III”, insert “, and Schedule 2G,”.
24  Subparagraph 221YCAA(3)(b)(i)
After “Part III”, insert “, and Schedule 2G,”.
25  After section 264
Insert:
264AA  Reporting to Department of Primary Industries and Energy
Financial institution to provide quarterly information
	(1)	A financial institution that, at the end of any month in a quarter beginning on 1 January, 1 April, 1 July or 1 October in any year (including a quarter in which this section commences), holds any farm management deposit must, within 60 days after the end of the quarter, give the information in subsection (2) in writing to the Secretary to the Department of Primary Industries and Energy.
Penalty:	10 penalty units.
Information required
	(2)	The information is:
	(a)	the number of farm management deposits held at the end of each month in the quarter; and
	(b)	the number of depositors in respect of such deposits at the end of each month in the quarter; and
	(c)	the sum of the balances of such deposits at the end of each month in the quarter; and
	(d)	subject to subsection (3), any other information, in relation to farm management deposits held by the institution at any time in the quarter, that is required by the regulations for the purposes of this section.
Regulations not to require identity of depositor
	(3)	The regulations must not, for the purposes of this section, require information that discloses the identity of a depositor or from which the identity could reasonably be inferred.
	(4)	The expressions depositor, farm management deposit and financial institution have the same meanings as in Schedule 2G.
26  Paragraph 268‑35(5)(i) of Schedule 2F
Repeal the paragraph (including the note after the paragraph), substitute:
	(i)	deductions for Income Equalization Deposits;
See Division 16C of Part III of the Income Tax Assessment Act 1936.
	(j)	deductions for Farm Management Deposits.
See Schedule 2G to the Income Tax Assessment Act 1936.

Schedule 2—Loan (Income Equalization Deposits) Act 1976
  
1  After subsection 4(1)
Insert:
	(1A)	The Minister must not so accept a deposit more than 3 months after the end of the day on which the Taxation Laws Amendment (Farm Management Deposits) Act 1998 commences.
2  Subsection 4A(1)
Omit “section 4B”, substitute “sections 4B and 25D”.
3  At the end of section 4B
Add:
	(7)	This section does not apply to interest that becomes payable more than 3 months after the end of the day on which the Taxation Laws Amendment (Farm Management Deposits) Act 1998 commences.
4  After section 23
Insert:
23A  Request under section 15A, 17 or 18A
		If, while a request under section 15A, 17 or 18A in relation to a deposit or part of a deposit is pending, a request is duly made under section 25B in respect of the deposit concerned, the request under section 15A, 17 or 18A lapses.
5  After Part III
Insert:
Part IIIA—Closing the deposit scheme
25A  Interpretation
		In this Part:
farm management deposit has the meaning given by Schedule 2G to the Assessment Act.
financial institution has the meaning given by Schedule 2G to the Assessment Act.
25B  Transfer of deposits to financial institutions
	(1)	Subject to subsection (2), if:
	(a)	before the end of 30 November 1999, a depositor makes a request in writing to the authorised person to re-deposit on behalf of the depositor, as separate farm management deposits with a specified financial institution, every deposit of the depositor; and
	(b)	the request is accompanied by any information, and the form, that the authorised person requires for the purpose of making the deposits on behalf of the depositor with the financial institution; and
	(c)	the financial institution accepts the deposits as farm management deposits;
the authorised person must make the deposits in accordance with the request, and the amount required for the authorised person to do so must be paid out of moneys standing to the credit of the Income Equalization Deposits Reserve.
	(2)	Subsection (1) does not apply to a deposit to the extent that it is repayable because of a declaration under section 18B, 19 or 20.
	(3)	If the authorised person makes the deposits:
	(a)	each deposit or part ceases to be such under this Act; and
	(b)	for the purposes of section 20B, and section 159GD of the Assessment Act, giving effect to the request does not involve a repayment of the deposit by the authorised person; and
Note:	This means that the transfer will not be subject to a deduction under section 20B and the owner will not be assessed for income tax purposes because of the transfer.
	(c)	for the purposes of section 393‑10 of Schedule 2G to the Assessment Act, giving effect to the request does not involve the making of a deposit with the financial institution; and
Note:	This means that the transfer will not give rise to an income tax deduction.
	(d)	for the purposes of any application of section 221ZXB of the Assessment Act, or section 393‑15 of Schedule 2G to the Assessment Act, in relation to the deposit (including the deposit as affected by paragraph 393‑50(5)(c) of the Assessment Act) after it is made with the financial institution, the unrecouped FMD deduction in respect of the deposit at any time before the first or only repayment of any of the deposit is equal to the amount of the unrecouped deduction (within the meaning of subsection 159GA(3) of the Assessment Act) in respect of the deposit immediately before it ceased to be a deposit under this Act.
Note:	This means that the unrecouped deduction relating to the deposit under this Act continues to apply (by becoming an unrecouped FMD deduction) when the deposit is transferred to a financial institution as a farm management deposit.
25C  Repayment of deposits at end of 31 December 1999
		If the whole or a part of a deposit:
	(a)	has not been repaid, or become repayable, under this Act before the end of 31 December 1999; or
	(b)	has not been requested to be re-deposited with a financial institution in accordance with section 25B before the end of 30 November 1999;
the authorised person must declare that the whole or the part of the deposit is repayable to the depositor, and upon the making of the declaration, the amount concerned becomes repayable.
25D  No interest in respect of deposits held after 31 March 2000
		Interest is not payable in respect of a deposit, or a part of a deposit, for any period after the end of 31 March 2000.

Schedule 3—Income Tax Assessment Act 1997
  
1  Section 10-5 (after table item headed “environment”)
Insert:
farm management deposits		
	repayments of ....................................................	393‑1 of Schedule 2G	
2  Section 12-5 (after table item headed “family”)
Insert:
farm management deposits		
	see primary production		
3  Section 12-5 (table item headed “primary production”)
After:
drought investment allowance, generally ..................................	625 to 684	
insert:
farm management deposits .........................................................	393-1 to 393‑65 of Schedule 2G	
4  Paragraph 26-55(2)(c)
After “Part III of”, insert “, or Schedule 2G (Farm management deposits) to,”.
5  Paragraph 165-55(5)(i)
Repeal the paragraph (including the note after the paragraph), substitute:
	(i)	deductions for Income Equalization Deposits;
See Division 16C of Part III of the Income Tax Assessment Act 1936.
	(j)	deductions for Farm Management Deposits.
See Schedule 2G to the Income Tax Assessment Act 1936.
6  Section 750‑15 (after table item 5)
Insert:
6.	Repayments of farm management deposits	Division 6A	

Schedule 4—Income Equalization Deposits (Interest Adjustment) Act 1984
  
1  The whole of the Act
Repeal the Act.

Schedule 5—Other Acts
  
Farm Household Support Act 1992
1  Subsection 3(2) (after paragraph (a) of the definition of exempt livestock proceeds)
Insert:
	or (aa)	a farm management deposit (within the meaning of Schedule 2G to the Income Tax Assessment Act 1936); or
Taxation Administration Act 1953
2  At the end of section 8J
Add:
	(18)	If:
	(a)	a depositor gives a financial institution a statement that:
	(i)	there will be no assessable FMD amount in respect of the repayment of a farm management deposit; or
	(ii)	there will be an assessable FMD amount in respect of the repayment of a farm management deposit that is less than the amount of the deposit, where the statement specifies what the assessable FMD amount will be; and
	(b)	the statement turns out to be incorrect; and
	(c)	the person believed, or had reasonable grounds for believing, that the statement would turn out to be incorrect;
for the purposes of this Division, the statement is taken to be false or misleading in a material particular.
	(19)	Expressions used in subsection (18) that are also used in Division 6A of Part VI of the Income Tax Assessment Act 1936 have the same respective meanings as in that Division.
Taxation (Interest on Overpayments and Early Payments) Act 1983
3  Subsection 3(1) (paragraph (a) of the definition of income tax crediting amount)
Omit “or 221ZT”, substitute “, 221ZT or 221ZXK”.