Tax Laws Amendment (2011 Measures No. 9) Act 2012 (12 of 2012)

Schedule 3   GST financial supply provisions

Part 2   Treatment of borrowings

A New Tax System (Goods and Services Tax) Act 1999

5   Section 195-1

Insert:

deposit account : an account is a deposit account if:

(a) the account is made available by an Australian ADI (within the meaning of the Corporations Act 2001) in the course of carrying on a banking business (within the meaning of the Banking Act 1959); and

(b) amounts credited to the account represent money taken by the ADI on deposit (other than as part-payment for identified goods or services); and

(c) amounts credited to the account do not relate to a debenture (as defined in section 9 of the Corporations Act 2001) of the ADI.