Income Tax Assessment (1997 Act) Regulations 2021

SCHEDULES

SCHEDULE 1C  

Note: See section 393-20.02 .

FARM MANAGEMENT DEPOSITS - STATEMENTS TO BE READ BY DEPOSITORS

PART 1 - STATEMENTS  

1   Statements for the purposes of paragraph 393-20.02(a)  

1(1)    
This clause sets out statements for the purposes of paragraph 393-20.02(a) .

Authorised deposit-taking institution

1(2)    
The first statement is as follows:

The FMD provider issuing this application form is an authorised deposit-taking institution for the purposes of the Banking Act 1959 .

1(3)    
A form used to apply to an FMD provider to make a farm management deposit may only contain the first statement if the FMD provider is an ADI.

Financial Claims Scheme

1(4)    
The second statement is as follows:

The account holder may be entitled to payment under the Financial Claims Scheme. Payments under the Financial Claims Scheme are subject to a limit for each depositor in respect of total deposits held by that depositor at a locally incorporated authorised deposit-taking institution. For further information contact the Australian Prudential Regulation Authority or visit https://www.apra.gov.au.