LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)

***** Repealed 22 February 2005 *****

PART III - REPAYMENT OF DEPOSITS

SECTION 18A   REPAYMENT WHERE NO ASSESSABLE AMOUNT  

18A(1)  [Request for repayment]  

Where:

(a)  a deposit has been made; and

(b)  either:

(i) an assessment has been made in respect of income of the year of income of the owner in which the deposit was made; or

(ii) the Commissioner has given notice that no tax is payable by the owner in respect of income of that year of income;

the person who is the depositor in respect of the deposit may make a request to the authorized person for the repayment of the deposit or of so much of the deposit as is specified in the request.

18A(2)  [Assessment notice]  

The request is of no effect unless it is accompanied by a copy of the notice of assessment or of the notice that no tax is payable.

18A(3)  [Date deposit becomes repayable]  

Where the request is made, the deposit or the part of the deposit specified in the request becomes repayable on the day on which the request is made.

18A(4)  [Penalty where assessable amount included]  

Where the amount specified in the request is such that there is an assessable amount in relation to the repayment, the depositor is liable to pay to the Commissioner, by way of penalty, an amount at the rate of 20% per annum, on the prescribed percentage, referred to in subsection 20B(1), of the assessable amount, from the time of the repayment until the time of making of the assessment of the owner for the year of income in which the assessable amount is included in the owner's assessable income.

18A(5)  [Section not applicable to farm management bond]  

This section does not apply to a deposit to the extent that it consists of a farm management bond.