Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 253 - Financial claims scheme for account-holders with insolvent ADIs  

Subdivision 253-A - Tax treatment of entitlements under financial claims scheme  

Operative provisions

SECTION 253-5   Payment of entitlement under financial claims scheme treated as payment from ADI  

253-5(1)    
This Act applies to you as if an amount paid to you, or applied for your benefit, to meet your entitlement under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 connected with an account with an *ADI had been paid to you by the ADI under the terms and conditions of the agreement for keeping the account.

Note:

This section has effect subject to more detailed provisions about:

(a) entitlements relating to retirement savings accounts (see section 306-25 ); and

(b) entitlements relating to farm management deposits (see Subdivision 393-C ).

253-5(2)    
To avoid doubt, subsection (1) does not affect the operation of Part 2-5 in Schedule 1 to the Taxation Administration Act 1953 .

Note:

Division 21 in Schedule 1 to the Taxation Administration Act 1953 contains special provisions about how Part 2-5 in that Schedule operates in relation to the meeting of entitlements under Division 2AA of Part II of the Banking Act 1959 .