LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)

***** Repealed 22 February 2005 *****

PART I - PRELIMINARY

SECTION 3   INTERPRETATION  

3    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;

``ordinary IED percentage'' means 61% or such other percentage as may be prescribed for the purposes of this definition;

``owner'' , in relation to a deposit, means:

(a)  in the case of a deposit made or being made by the trustee of a trust estate on behalf of a beneficiary - the beneficiary; or

(b)  in any other case - the person who made or is making the deposit;

``partnership'' has the same meaning as in the Assessment Act;

``primary production'' has the same meaning as in the Assessment Act;

``quarter'' means a period of 3 months commencing on 1 January, 1 April, 1 July or 1 October;

``request'' means a request under section 15A, 16, 17 or 18A;

``short-term bond rate'' , in relation to a quarter (in this definition called the ``quarter concerned''), means:

(a)  where:

(i) the Reserve Bank has published, in respect of one or more days in the last 2 weeks of the preceding quarter, a secondary market weighted average yield for non-rebate bonds; and

(ii) the maturity date of the bonds is:

(A) the third anniversary of the 15th day of the quarter concerned; or

(B) if there are no bonds with that maturity date - the closer or closest date to that date within 2 years after it;

the yield referred to in subparagraph (i) in respect of the day referred to in that subparagraph, or the average of the yields referred to in subparagraph (i) in respect of the days referred to in that subparagraph, as the case requires; or

(b)  in any other case - the rate of interest notified by the Minister in the Gazette as the rate of interest in relation to the quarter for the purposes of this definition;

``tax'' has the same meaning as in the Assessment Act;

``taxable non-primary-production income'' has the meaning given by section 159GA of the Assessment Act;

``year of income'' has the same meaning as in the Assessment Act.