***** Repealed 22 February 2005 *****
History
The Loan (Income Equalization Deposits) Act 1976 repealed by No 8 of 2005, s 2 and Sch 3 item 1, effective 22 February 2005.
PART I - PRELIMINARY
SECTION 1
SHORT TITLE
1
This Act may be cited as the
Loan (Income Equalization Deposits)
Act 1976.
SECTION 2
COMMENCEMENT
2
This Act shall come into operation on the day on which it receives the Royal Assent.
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;
History
Definition of ``farm management bond'' inserted by No 238
of 1992.
``farm management bond percentage''
means 100%
or such other percentage as
may be prescribed for the purposes of this definition;
History
Definition of ``farm management bond percentage'' amended
by No 31 of 1995 and inserted by No 238 of 1992.
``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;
History
Definition of ``investment component'' substituted by No
238 of 1992.
``ordinary IED percentage''
means 61% or such
other percentage as may be
prescribed for the purposes of this definition;
History
Definition of ``ordinary IED percentage'' inserted by No 238
of 1992.
``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;
History
Definition of ``request'' amended by No 238 of 1992.
``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;
History
Definition of ``taxable non-primary-production income''
inserted by No 238 of 1992.
``year of income''
has the same meaning as in
the Assessment Act.
History
S 3 substituted by No 56 of 1989.
SECTION 3A
APPLICATION OF THE
CRIMINAL CODE
3A
Chapter 2 of the
Criminal Code applies to all offences against this Act.
Note:
Chapter 2 of the
Criminal Code sets out the general principles of criminal responsibility.
History
S 3A inserted by No 115 of 2001, s 3 and Sch 1 item 234, effective 16 October 2001.
PART II - MAKING OF DEPOSITS
SECTION 4
BORROWINGS BY ACCEPTING DEPOSITS
4(1)
[Minister to accept deposits]
TheMinister is to borrow money by accepting
deposits in accordance with this Act.
History
S 4(1) substituted by No 56 of 1989.
4(1A)
[No deposits after 2 April 1999]
The Minister must not so accept a
deposit more than 3 months after the end of the day on which the
Taxation Laws Amendment (Farm Management
Deposits) Act 1998 commences.
History
S 4(1A) inserted by No 85 of 1998, s 3 and Sch 2 item 1, effective 2 January 1999.
4(2)
[Equalization deposits]
Deposits so accepted shall be known as Income Equalization
Deposits.
4(2A)
[Deposit by eligible primary producer]
Subject to this section, the Minister is to accept a
deposit if and only if the
owner of the
deposit is an
eligible primary producer.
History
S 4(2A) inserted by No 56 of 1989.
4(3)
[Deposits by 2 or more persons]
The Minister is not entitled to accept a
deposit of moneys made by 2 or more persons jointly or made on behalf of 2 or more persons.
History
S 4(3) amended by No 56 of 1989.
4(4)
(Omitted by No 173 of 1984)
4(5)
[Acceptable amounts of deposit]
The Minister is not to accept a
deposit unless its amount is $1,000 or a greater amount that is a multiple of $1,000.
History
S 4(5) amended by No 238 of 1992 and substituted by No 56 of 1989.
4(5A)
[When deposit not accepted]
The Minister is not to accept a
deposit if, before the
deposit is accepted, the total of the balances of all
deposits in relation to the
owner is $300,000 or more.
History
S 4(5A) inserted by No 238 of 1992.
4(5B)
[Amount that may be accepted]
If, by accepting a
deposit, the total of the balances of all
deposits in relation to the
owner would exceed $300,000, the Minister is only to accept so much of the
deposit as causes the total to equal $300,000.
History
S 4(5B) inserted by No 238 of 1992.
4(6)
[Terms and conditions of deposit]
Subject to this Act,
deposits shall be accepted on such terms and conditions as the Minister determines.
History
S 4(6) amended by No 56 of 1989.
4(7)
[Cheque in excess]
If a
depositor wishes to make a
deposit by giving the Minister a cheque for an amount in excess of the amount that may be accepted:
(a)
the Minister must accept the cheque; and
(b)
when the cheque is cleared, the authorised person must pay the excess to the
depositor; and
(c)
for the purposes of section 8, but not for the purpose of any other provision of this Act or of the
Assessment Act:
(i) when the cheque is cleared, the excess is taken to be a deposit; and
(ii) the payment of the excess to the depositor is taken to be the repayment of a deposit that has become repayable.
History
S 4(7) inserted by No 238 of 1992.
SECTION 4A
INTEREST PAYABLE IN RESPECT OF DEPOSITS
4A(1)
[Payable under section]
Subject to sections 4B and 25D, interest is payable in accordance with this section in respect of
deposits.
History
S 4A(1) amended by No 85 of 1998, s 3 and Sch 2 item 2, by substituting ``sections 4B and 25D'' for ``section 4B'', effective 2 January 1999.
S 4A(1) amended by No 238 of 1992.
4A(2)
[When interest payable]
The interest is only payable on:
(a)
if the
deposit is partly a
farm management bond - the sum of the
investment component, from time to time, of the part that is a
farm management bond and the
investment component, from time to time, of the remainder; and
(b)
in any other case - the
investment component, from time to time, of the
deposit.
History
S 4A(2) substituted by No 238 of 1992.
4A(3)
[Rate]
The interest is payable at the
short-term bond rate.
History
S 4A substituted for s 4A-4D by No 56 of 1989.
S 4A inserted by No 173 of 1984.
SECTION 4B
REINVESTMENT OF INTEREST IN RESPECT OF DEPOSITS
4B(1)
[Application of section]
If, in the application in respect of a
deposit, the
depositor elects that he or she wishes interest on the
deposit to be reinvested, this section applies to any interest that becomes payable on the
deposit.
4B(2)
[Effect of election to reinvest]
If the
depositor in respect of a
deposit for which the application was lodged before the commencement of this section elects, at any time, that he or she wishes interest on a specified
deposit or specified
deposits to be reinvested, this section also applies to any interest that becomes payable on any such
deposit after the election is made.
4B(3)
[To whom interest paid]
If this section applies to any interest, the interest is not to be paid to the person otherwise entitled to it, but is instead to be paid into the Income Equalization
Deposits Reserve, where it is to be added to the balance of the
deposit to which it relates.
History
S 4B(3) amended by No 152 of 1997.
4B(4)
[Reinvested interest deemed part of deposit]
Subject to paragraph 15A(9)(c) and subsection 18B(3), interest added to the balance is taken for all purposes of this Act (other than the liability to pay interest in respect of any period before it was added to the balance) to be, and always to have been, part of the
deposit to which it relates. (For example, this will mean that a
request under section 17 can be made in respect of the whole
deposit even if the interest was added less than 12 months before.)
4B(5)
[Effect on farm management bond]
To the extent that the interest relates to the
investment component of a
farm management bond, the adding of the interest to the balance of the
deposit also increases the
farm management bond by the same amount. However, this only happens to the extent that it does not cause the total of the balances of all
farm management bonds of the
owner to be more than $150,000.
History
S 4B(5) amended by No 31 of 1995.
4B(6)
[When subsec (3) not applicable]
Subsection (3) does not apply to the interest to the extent that, if it were added to the
deposit, the total of the balances of all
deposits in relation to the
owner would be more than $300,000.
4B(7)
[Interest payable after 2 April 1999]
This section does not apply to interest that becomes payable more than 3 months after the end of the day on which the
Taxation Laws Amendment
(Farm Management Deposits) Act 1998 commences.
History
S 4B(7) inserted by No 85 of 1998, s 3 and Sch 2 item 3, effective 2 January 1999.
History
S 4B inserted by No 238 of 1992. Former s 4B repealed by No 56 of 1989 and inserted by No 173 of 1984.
SECTION 4C
ESTIMATES OF RELEVANT INCOME AMOUNTS
(Repealed by No 56 of 1989)
History
Former s 4C inserted by No 173 of 1984.
SECTION 4D
DETERMINATION OF RELEVANT INCOME AMOUNTS
(Repealed by No 56 of 1989)
History
Former s 4D inserted by No 173 of 1984.
SECTION 5
RECORDS RELATING TO DEPOSITS
5(1)
[Authorized person to keep records]
The
authorized person shall cause to be kept such records in relation to the making or repayment of
deposits as he thinks necessary for the purposes of this Act.
History
S 5(1) amended by No 173 of 1984.
5(2)
[Certification relating to deposits]
The
authorized person may, by a certificate in writing signed by him, certify as to any matter relating to the making or repayment of a
deposit and any such certificate is, in any proceeding,
prima facie evidence of the matter certified.
5(3)
[Document purporting to be a certificate]
A document purporting to be a certificate under subsection (2) shall, unless the contrary is established, be deemed to be such a certificate and to have been duly made.
SECTION 6
EXPENSES AND INTEREST TO BE PAID OUT OF CONSOLIDATED REVENUE FUND
6
The expenses of borrowing under this Act, and interest payable in respect of
deposits, shall be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.
SECTION 7
ESTABLISHMENT OF RESERVE
7(1)
[Reserve is established]
This subsection establishes a reserve called the Income Equalization
Deposits Reserve.
7(2)
[Component of Fund]
The Reserve is a component of the Reserved Money Fund.
History
S 7 substituted by No 152 of 1997.
SECTION 8
LOAN MONEYS TO BE PAID INTO RESERVE ETC.
8(1)
[Payments]
Moneys borrowed under this Act and standing to the credit of the Loan Fund shall be paid to the credit of the Income Equalization
Deposits Reserve, and the Loan Fund is appropriated accordingly.
8(2)
[Repayment]
A
deposit or part of a
deposit that becomes repayable must be repaid out of the moneys standing to the credit of the Income Equalization
Deposits Reserve.
History
S 8(2) amended by No 238 of 1992.
History
S 8 amended by No 152 of 1997.
SECTION 9
NATIONAL DEBT SINKING FUND ACT NOT TO APPLY
(Repealed by No 107 of 1994)
SECTION 10
MANNER OF MAKING DEPOSITS
10
The Minister is not to accept a
deposit unless:
(a)
the
deposit is accompanied by an application on a form made available by the
authorized person and containing such information as is required by that form; and
(b)
any fee prescribed by regulations for the purposes of this paragraph has been paid to the
authorized person.
CCH Note:
For the purposes of s 10(b), the prescribed fee is $20 - see reg 3 of the Loan (Income Equalization Deposits)
Regulations.
History
S 10 substituted by No 56 of 1989.
SECTION 11
DEPOSITS ON BEHALF OF BENEFICIARIES OF TRUST ESTATES
11(1)
[Deposit by trustee]
A trustee of a trust estate may make a
deposit in accordance with this Act on behalf of a beneficiary who is presently entitled to a share of the income of the trust estate but is under a legal disability at the time of the making of the
deposit.
History
S 11(1) amended by No 173 of 1984.
11(2)
[Restriction]
Except as provided by subsection (1), a trustee of a trust estate is not entitled to make a
deposit on behalf of a beneficiary or otherwise in his capacity as a trustee.
11(3)
(Omitted by No 173 of 1984)
SECTION 12
CONVERSION OF DROUGHT BONDS
12
(Repealed by No 173 of 1984)
SECTION 12A
CONVERSION OF STOCK AND PRE SEPTEMBER 1983 DEPOSITS
(Repealed by No 56 of 1989)
History
Former s 12A inserted by No 173 of 1984.
SECTION 13
DEPOSITS NOT TRANSFERABLE
13
Rights existing in respect of a
deposit are not transferable from one person to another person.
SECTION 14
STAMP DUTY NOT PAYABLE IN RESPECT OF DEPOSITS
14(1)
[Stamp duty, etc not payable]
Stamp duty or any similar
tax is not payable under a law of the Commonwealth or of a State or Territory in respect of:
(a)
any document relating to the making or repayment of a
deposit or to the transmission of rights existing in respect of a
deposit;
(b)
cheques or drafts drawn by a
bank on behalf of the Commonwealth in connexion with the repayment of a
deposit; or
(c)
any document relating to the payment of interest in respect of a
deposit including cheques or drafts drawn by a
bank on behalf of the Commonwealth for the payment of such interest.
14(2)
[Definition of ``bank'']
In this section:
bank
includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the
Banking Act 1959.
History
S 14(2) inserted by Act No 48 of 1998.
SECTION 15
FARM MANAGEMENT BONDS
15(1)
[Right to elect on or after 1 October 1992]
Subject to this section, when making a
deposit on or after 1 October 1992, the
depositor may elect in the application form that the
deposit, or a specified part of the
deposit, is to be a
farm management bond.
15(2)
[Right to elect for pre 1 October 1992 deposits]
Subject to this section, the
depositor in respect of a
deposit made before 1 October 1992 may, at any time, elect that the
deposit, or a specified part of the
deposit, is, after the election is made, to be a
farm management bond.
15(3)
[Deposit in multiples of $1,000]
If the
depositor specifies a part of a
deposit, the part must be $1,000 or a multiple of $1,000.
15(4)
[Conditions for election]
An election under this section does not have effect:
(a)
unless the
taxable non-primary-production income of the
owner of the
deposit for the
year of income in which the election is made is less than $50,000; and
(b)
to the extent that it results in the total of the balances of all
farm management bonds of the
owner being more than $150,000; and
(c)
to the extent that the amount of the
deposit or the part is not allowable under section 159GC of the
Assessment Act as a deduction from the assessable income of the
owner.
History
S 15(4) amended by No 31 of 1995.
15(5)
[Duty when deposit not effective]
If the authorised person is satisfied that an election was not effective because paragraph (4)(a) or (b) was not satisfied, the authorised person must:
(a)
advise the depositor in writing of the fact; and
(b)
in the advice, ask whether the depositor wishes to request repayment of the deposit or the part of the deposit concerned under any provision of this Act that may be applicable.
15(6)
[Deemed source of part repayments]
If a deposit that consists partly of a farm management bond is repaid in part, the repayment is taken to be made first from the part that is not a farm management bond.
History
S 15 inserted by No 238 of 1992. Former s 15, which fell under Pt III, repealed by No 56 of 1989.
SECTION 15A
REQUESTS FOR REPAYMENT OF FARM MANAGEMENT BONDS
15A(1)
[Declaration as repayable]
The depositor in respect of a deposit that is wholly or partly a farm management bond may, in accordance with this section, request the authorised person to declare so much of the farm management bond as is specified in the request to be repayable.
15A(2)
[Grounds for request]
The depositor may, at any time, make the request on the ground that:
(a)
if the depositor is a trustee who made the deposit on behalf of a beneficiary - the beneficiary; or
(b)
in any other case - the depositor;
is experiencing serious financial difficulties because of a significant fall in commodity prices, or because of drought, disease, fire, flood or similar natural events, affecting the business of primary production concerned.
15A(3)
[Evidence to support request]
If a request under subsection (2) is made on the ground of serious financial difficulties caused by a substantial fall in commodity prices affecting a business of primary production:
(a)
the authorised person must not accept the request unless it is accompanied by evidence of the prices received by the business for sales of commodities comprising the major part of the beneficiary's or depositor's income for:
(i) the year (
``the application year''
) ending at the time the request is made; and
(ii) each of the 3 years before the application year;
together with any other evidence of the ground required by the authorised person; and
(b)
unless the authorised person considers that there are special circumstances relating to the beneficiary or depositor or the commodities concerned, in order for the authorised person to be satisfied of the ground, the average of the prices received for the sales for the application year must be at least 25% below the average for the total period of 3 years before that year.
15A(4)
[Limited effect of subsec (3)]
Subsection (3) is not intended to affect the evidence, information or(except as mentioned in paragraph (3)(b)), considerations to be taken into account by the authorised person in deciding whether the ground is made out.
15A(5)
[Grounds for request within 12-month period]
The depositor may, within 12 months after the date on which the deposit was made, make the request on the ground that:
(a)
if the depositor is a trustee who made the deposit on behalf of a beneficiary - the beneficiary; or
(b)
in any other case - the depositor;
is experiencing serious financial difficulties that did not result from:
(c)
the matters set out in subsection (2); or
(d)
circumstances that were in existence when the deposit was made.
15A(6)
[Evidence to support request]
To be effective in a subsection (5) case, the request must be accompanied by evidence, of a kind required by the authorised person, of the ground on which it is made.
15A(7)
[Duty of authorised person]
If the depositor makes the request under subsection (2) or (5) and the authorised person is satisfied that the ground in the request is made out, he or she must, in writing, declare that the deposit, to the extent that it consists of the part of the farm management bond specified, is repayable. Once the declaration is made, the deposit, to that extent, becomes repayable.
15A(8)
[Requests after 12-month period]
The depositor may, at any time after 12 months have passed since the date on which the deposit was made, make the request without specifying any ground. If so, the deposit, to the extent that it consists of the part of the farm management bond specified, is repayable on the day on which the request is made.
15A(9)
[Effect of approval of subsec (5) and (8) requests]
If the deposit or part of the deposit becomes repayable in a case where subsection (5) or (8) applies:
(a)
the deposit or part is taken for the purposes of this Act never to have been a farm management bond; and
(b)
any interest that, because of paragraph (a), should not have been paid to a person is, for the purposes of section 27B, an amount that exceeds the amount properly payable; and
(c)
any amount that, because of paragraph (a), should not have been paid into the Income Equalization Deposits Reserve and added to the balance of a deposit is taken for the purposes of this Act not to have been so paid and added.
History
S 15A(9) amended by No 152 of 1997.
S 15A inserted by No 238 of 1992.
PART III - REPAYMENT OF DEPOSITS
SECTION 16
REPAYMENT WITHIN 12 MONTHS WHERE FINANCIAL DIFFICULTIES
16(1)
[Request for repayment]
A person who is the depositor in respect of a particular deposit may, before the expiration of the period of 12 months after the date on which the deposit was made, on the ground referred to in subsection (2), request the authorized person to declare the deposit, or so much of the deposit as is specified in the request, to be repayable.
16(1A)
(Omitted by No 56 of 1989)
History
Former s 16(1A) inserted by No 173 of 1984.
16(2)
[Grounds]
The ground on which a request under subsection (1) may be made in respect of a deposit is that:
(a)
in the case of a request made by a depositor being a trustee of a trust estate who made the deposit on behalf of a beneficiary - the beneficiary is experiencing serious financial difficulties; or
(b)
in any other case - the depositor is experiencing serious financial difficulties;
and those difficulties resulted from circumstances that were not in existence at the time when the deposit was made.
History
S 16(2) amended by No 56 of 1989.
16(3)
[Evidence to support request]
To be effective, a request must be accompanied by evidence, of a kind required by the authorised person, of the ground on which it is made.
History
S 16(3) inserted by No 238 of 1992. Former s 16(3) omitted by No 56 of 1989.
16(4)
[Declaration that deposit repayable]
Where a request is made to the authorized person in accordance with this section in respect of a deposit or a part of a deposit and the authorized person is satisfied that the ground on which the request was made is established, he shall, by writing under his hand, declare that the deposit or the part of a deposit is repayable, and, upon the making of the declaration, the deposit or the part of the deposit, as the case may be, becomes repayable.
16(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.
History
S 16(5) inserted by No 238 of 1992.
SECTION 17
REPAYMENT AFTER 12 MONTHS
17(1)
[Request for repayment]
A person who is the depositor in respect of a particular deposit may, at any time after the expiration of a period of 12 months after the date on which the deposit was made, make a request to the authorized person for the repayment of the whole of the deposit, or of so much of the deposit as is specified in the request.
17(1A)
(Omitted by No 56 of 1989)
History
Former s 17(1A) inserted by No 173 of 1984.
17(2)
(Omitted by No 56 of 1989)
17(3)
[Date deposit becomes repayable]
Where a request is made to the authorized person in accordance with this section in respect of a deposit or part of a deposit, the deposit, or the part of a deposit, as the case may be, becomes repayable on the date on which the request is made.
17(4)
[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.
History
S 17(4) inserted by No 238 of 1992.
SECTION 18
REQUEST UNDER SECTION 15A, 16 OR 17 TO INCLUDE STATEMENT OF ASSESSABLE AMOUNT ETC.
18
Where a person makes a request in relation to the repayment of a deposit or a part of a deposit under section 16 or 17, the person:
(a)
must include in the request a statement of the assessable amount in relation to the repayment or of the fact that there is no assessable amount; and
(b)
may also include in the request a statement, together with any information required by the request form, that the person wishes to have the prescribed percentage of the assessable amount that is otherwise to be deducted under subsection 20B(1) reduced to a percentage (which may be nil percent) specified in the statement.
History
S 18 amended by No 31 of 1995 and No 238 of 1992. S 18, 18A and 19 substituted for s 18, 19 and 19A by No 56 of 1989.
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.
History
S 18A(5) inserted by No 238 of 1992. S 18, 18A and 19 substituted for s 18, 19 and 19A by No 56 of 1989.
SECTION 18B
REPAYMENT WHERE DEPOSITS EXCEED TAXABLE PRIMARY PRODUCTION INCOME
18B(1)
[Declaration as repayable]
If the authorised person is satisfied that the amount of a deposit or a part of a deposit is not, because of subsection 159GC(3) of the Assessment Act, allowable as a deduction from the assessable income of the owner, then the authorised person must declare in writing that the deposit or the part is repayable.
18B(2)
[Effect of declaration]
The deposit or the part becomes repayable once the declaration is made.
18B(3)
[Reinvested interest deemed separate deposit]
For the purposes of this section, interest added to the balance of a deposit in accordance with subsection 4B(3) of this Act is taken to be a separate deposit.
History
S 18B inserted by No 238 of 1992.
SECTION 19
REPAYMENT WHERE OWNER NOT ELIGIBLE PRIMARY PRODUCER
19(1)
[Declaration by authorized person]
Where the authorized person is satisfied that the owner of a deposit:
(a)
was not an eligible primary producer when the deposit was accepted; or
(b)
was an eligible primary producer then but ceased to be one and did not again become one within 120 days after the day of so ceasing;
the authorized person must declare in writing that the deposit is repayable and, where the authorized person does so, the deposit becomes repayable.
19(2)
[When no declaration must be made]
The authorized person must not make the declaration while a request under section 16 is pending, if a request has been duly made under section 15A, 17 or 18A or if a declaration has been made under section 20, in respect of the deposit.
History
S 19(2) amended by No 238 of 1992.
19(3)
[Application]
If:
(a)
the whole or a part of the deposit is a farm management bond; and
(b)
the declaration was made in a case where paragraph (1)(b) applied;
then subsections (4) to (6) apply.
History
S 19(3) inserted by No 31 of 1995.
19(4)
[Not farm management bond]
If subsection (3) applies, the deposit or part is taken for the purposes of this Act never to have been a farm management bond.
History
S 19(4) inserted by No 31 of 1995.
19(5)
[Interest not properly paid]
Also, the interest that, because of subsection (4), should not have been paid to a person is, for the purposes of section 27B, an amount that exceeds the amount properly payable.
History
S 19(5) inserted by No 31 of 1995.
19(6)
[Income Equalization Deposits Trust Account]
Any amount that, because of subsection (4), should not have been paid into the Income Equalisation Deposits Trust Account and added to the balance of a deposit is taken for the purposes of this Act not to have been so paid and added.
History
S 19(6) inserted by No 31 of 1995. S 18, 18A and 19 substituted for s 18, 19 and 19A by No 56 of 1989.
SECTION 19A
SPECIAL PROVISIONS RELATING TO REPAYMENT OF PRIMARY PRODUCER DEPOSITS
(Repealed by No 56 of 1989)
History
Former s 19A inserted by No 173 of 1984.
SECTION 20
REPAYMENT WHERE DEATH OR BANKRUPTCY
20(1)
[Declaration by authorized person]
Where the authorized person is satisfied that:
(a)
a person who has made a deposit otherwise than in the capacity of a trustee; or
(b)
a beneficiary on whose behalf a deposit has been made by a trustee;
has died or has become bankrupt, the authorized person shall, subject to subsection (2), by writing under his hand, declare that the deposit is repayable and, upon the making of the declaration, the deposit becomes repayable.
History
S 20(1) amended by No 56 of 1989.
20(2)
[When no declaration must be made]
The authorized person must not make the declaration while a request under section 16 is pending, if a request has been duly made under section 15A, 17 or 18A or if a declaration has been made under section 19, in respect of the deposit.
History
S 20(2) amended by No 238 of 1992. S 20(2) substituted for s 20(2) and (3) by No 56 of 1989.
20(3)
(Omitted by No 56 of 1989)
History
Former s 20(3) amended by No 173 of 1984.
SECTION 20A
ADVICE OF RIGHT TO GIVE ASSESSABLE AMOUNT STATEMENT ETC. IN SECTION 19 OR 20 CASES
20A(1)
[Authorized person to advise]
Where the authorized person declares, in a case to which paragraph 19(1)(b) or section 20 applies, that a deposit is repayable, the authorized person must, in writing, advise the person to whom the deposit concerned is repayable that the person, within 14 days after receiving the advice:
(a)
may give the authorized person a statement of the assessable amount in relation to the repayment or of the fact that there is no assessable amount; and
(b)
may include with the statement, a further statement, together with any information required by the further statement form, that the person wishes to have the prescribed percentage of the assessable amount that is otherwise to be deducted under subsection 20B(1) reduced to a percentage (which may be nil percent) specified in the further statement.
20A(2)
[Repayment after advice]
The authorized person must not repay the deposit until:
(a)
the statement referred to in paragraph (1)(a) has been given; or
(b)
the 14 days have passed;
whichever is the earlier.
20A(3)
[Farm management bond deposits excluded]
This subsection does not apply to a deposit to the extent that it consists of a farm management bond.
History
S 20A amended by No 31 of 1995 and inserted by No 56 of 1989.
SECTION 20B
AUTHORIZED PERSON TO MAKE DEDUCTION IN RESPECT OF ASSESSABLE AMOUNTS
20B(1)
[Deductions]
Where:
(a)
the authorized person is given a statement under section 18 or 20A of the assessable amount in relation to the repayment of the whole or part of a deposit; or
(b)
the authorized person is not given any statement under paragraph 20A(1)(a) in relation to the repayment of a deposit within the 14 days referred to in subsection 20A(1);
the authorized person must, subject to this section, deduct from the amount of the deposit or the part of the deposit:
(c)
where paragraph (a) applies - the percentage, prescribed in regulations for the purposes of this paragraph, of the assessable amount; or
(d)
where paragraph (b) applies - that percentage of the deposit.
CCH Note:
For the purposes of s 20B(1)(c) the prescribed percentage is 20% - see reg 4 of the Loan (Income
Equalization Deposits) Regulations.
20B(2)
[Payment of amount deducted]
The authorized person must pay the amount deducted to the Commissioner.
20B(3)
[Authorized person discharged from liability]
Where the authorized person makes a deduction from a deposit or part of a deposit that is repayable to a person, the authorized person is discharged from any liability to pay or account for the amount deducted to any person other than the Commissioner.
20B(4)
[Farm management bond deposits excluded]
This section does not apply to a deposit to the extent that it consists of a farm management bond.
History
S 20B amended by No 31 of 1995 and inserted by No 56 of 1989.
SECTION 20C
REDUCTION IN PRESCRIBED PERCENTAGE OF DEDUCTION UNDER SECTION 20B
20C(1)
[Deduction of specified percentage]
Where the authorized person is given a statement under section 18 or 20A that a person wishes to reduce the prescribed percentage of an assessable amount otherwise to be deducted under section 20B to a specified percentage, the authorized person may deduct, from the deposit or part of the deposit concerned, the specified percentage, instead of the prescribed percentage, of the assessable amount.
20C(2)
[Matter to be considered]
In deciding whether to do so the authorized person is to have regard to the amount of tax that is likely to be payable in respect of the assessable amount in the assessment concerned.
20C(3)
[Application for review]
Where the authorized person does not, because of a decision under subsection (1), deduct the specified percentage instead of the prescribed percentage, the other person may apply to the Administrative Appeals Tribunal for a review of the decision.
20C(4)
[Where Tribunal decides deduction of specified percentage]
If:
(a)
the Administrative Appeals Tribunal decides, on the application, that the authorized person should have deducted the specified percentage instead of the prescribed percentage; and
(b)
the other person notifies the Commissioner in writing of the decision of the Tribunal before the Commissioner has made or amended, as the case requires, an assessment in relation to the owner of the deposit, or part of the deposit, concerned, in relation to the year of income in which the assessable amount is or would be included;
the following provisions apply:
(c)
the Commissioner must refund to the other person the difference between the specified percentage and the prescribed percentage of the assessable amount;
(d)
for the purposes of section 159GDA of the Assessment Act, the amount so refunded shall be taken never to have been deducted from the deposit or part of the deposit.
20C(5)
[Refund]
The refund is payable out of the Consolidated Revenue Fund, which is appropriated accordingly.
History
S 20C inserted by No 56 of 1989.
SECTION 20D
PENALTY TAX PAYABLE IF ASSESSABLE AMOUNTS UNDERSTATED
20D
Where:
(a)
in a statement under section 18 or 20A, a person understates the assessable amount, or states incorrectly that there is no assessable amount, in relation to a repayment; and
(b)
as a result, the deduction that the authorized person is required to make under section 20B from the repayment is less by an amount (in this section called the
``lost withholding amount''
) than the deduction that would have been required if there had been a statement of the correct assessable amount;
the person is liable to pay to the Commissioner, by way of penalty, an amount at the rate of 20% per annum, on the lost withholding amount, from the time of the repayment until:
(c)
where the assessable amount is included in the assessable income of the owner of the deposit concerned for the year of income in which the repayment is made - the time of making of the owner's assessment for that year of income; or
(d)
where the assessable amount is included in the assessable income of the owner of the deposit concerned for an earlier year of income - the time of making, or amending, as the case requires, the owner's assessment for that year of income.
History
S 20D inserted by No 56 of 1989.
SECTION 20E
RECOVERY OF AMOUNTS BY COMMISSIONER
20E(1)
[Amounts payable under sec 18A(4) or 20D]
An amount payable to the Commissioner under subsection 18A(4) or section 20D is a debt due to the Commonwealth and payable to the Commissioner and may be sued for and recovered in a court of competent jurisdiction by the Commissioner or a Deputy Commissioner of Taxation suing in his or her official name.
20E(2)
[Application of Taxation Administration Act]
Section 8ZL of the
Taxation
Administration Act 1953 applies in proceedings for the recovery of an amount payable to the Commissioner under subsection 18A(4) or section 20D of this Act in like manner as section 8ZL applies in relation to a prosecution for a prescribed taxation offence within the meaning of Part III of that Act.
History
S 20E inserted by No 56 of 1989.
SECTION 20F
REMISSION OF PENALTIES
20F(1)
[Commissioner's discretion]
The Commissioner may, for reasons that he or she thinks sufficient, remit the whole or part of any amount payable by way of penalty under subsection 18A(4) or section 20D.
20F(2)
[Notice]
Where the Commissioner makes a decision to remit part only of an amount payable or not to remit any part of such an amount, the Commissioner shall give notice in writing of the decision to the person by whom the amount is, or but for the remission would be, payable.
20F(3)
[Application of Assessment Act]
Division 2 of Part V of the Assessment Act applies with appropriate changes in relation to the decision.
History
S 20F inserted by No 56 of 1989.
SECTION 21
DEPOSITS REPAYABLE ONLY IN CERTAIN AMOUNTS
21
A person must not specify in a request under section 15A, 16 or 17 an amount other than:
(a)
if, apart from this section, the maximum amount that the person would be entitled to specify does not exceed $1,000 - that maximum amount; or
(b)
in any other case - an amount of $1,000 or a greater amount that is a multiple of $1,000.
History
S 21 amended by No 238 of 1992 and substituted by No 56 of 1989.
SECTION 22
REVIEW OF DECISIONS
22(1)
[Notice that no declaration made]
Where a request is made to the authorized person for a declaration under subsection 15A(1) (on the ground in subsection 15A(2) or (5)) or section 16 in respect of a deposit and the authorized person does not, within a period of 1 month after the making of the request, make a declaration in accordance with the request, he shall give notice in writing to the person who made the request stating that he has not made the declaration and giving reasons why he has not made it.
History
S 22(1) amended by No 238 of 1992.
22(2)
[Notice to furnish further information]
The authorized person may, within a period of 1 month after the making of a request for a declaration under subsection 15A(1) (on the ground in subsection 15A(2) or (5)) or section 16 in respect of a deposit, give notice in writing to the person who made the request requiring him to furnish to the authorized person further information in connexion with the request and, where the authorized person gives such a notice, the reference in subsection (1) to the period of 1 month after the making of the request shall, in relation to that request, be read as a reference to a period of 1 month after the information is furnished in accordance with the notice.
History
S 22(2) amended by No 238 of 1992.
22(3)
[Application for review]
An application may be made to the Administrative Appeals Tribunal for review of a decision notified under subsection (1).
History
S 22(3) substituted by No 173 of 1984.
22(4)-(8)
(Omitted by No 173 of 1984)
SECTION 23
REQUEST UNDER SECTION 16 TO LAPSE IN CERTAIN CIRCUMSTANCES
23
If, while a request under section 16 in relation to a deposit or part of a deposit is pending, a request is duly made under section 18A in respect of that deposit or that part of a deposit, the request under section 16 lapses.
History
S 23 amended by No 56 of 1989.
SECTION 23A
REQUEST UNDER SECTION 15A, 17 OR 18A
23A
If, while a request under section 15A, 17 or 18A in relation to a deposit or part of a deposit is pending, a request is duly made under section 25B in respect of the deposit concerned, the request under section 15A, 17 or 18A lapses.
History
S 23A inserted by No 85 of 1998, s 3 and Sch 2 item 4, effective 2 January 1999.
SECTION 24
CERTAIN REQUESTS PENDING AFTER 12 MONTHS
24(1)
[Application of section]
This section applies in relation to a request made under subsection 15A(1) (on the ground in subsection 15A(5)) or section 16 in relation to a deposit or a part of a deposit except where, before the expiration of the period of 12 months after the deposit was made, the owner:
(a)
ceased to be an eligible primary producer, except where he or she again became one within 120 days after the day of so ceasing (whether or not before the end of the period of 12 months); or
(b)
died or became bankrupt.
History
S 24(1) amended by No 238 of 1992 and No 56 of 1989.
24(2)
[Where request lapses]
Where a request in relation to a deposit or a part of a deposit, being a request in relation to which this section applies, is pending at the expiration of 12 months after the day on which the deposit was made:
(a)
the request lapses; and
(b)
the deposit or the part of a deposit becomes repayable at the expiration of that period and, except as otherwise provided by the succeeding provisions of this section, shall be deemed to have become so repayable in pursuance of a request under:
(i) in the case of a subsection 15A(1) request - that subsection in a case to which subsection 15A(8) applies; or
(ii) in the case of a section 16 request - section 17.
History
S 24(2)(b) amended by No 238 of 1992.
24(3)
[Application for declaration]
The person who made the request may, within 1 month after the deposit or the part of a deposit so becomes repayable, apply to the authorized person for a declaration that the ground on which the request was made was established.
24(4)
[Where declaration made]
If the authorized person makes a declaration in accordance with the application, the deposit or the part of a deposit shall be deemed to have become repayable as a result of a declaration made under subsection 15A(7) or section 16, as the case requires, in pursuance of the request.
History
S 24(4) amended by No 238 of 1992.
24(5)
[Notice that no declaration made]
If the authorized person does not, within 1 month after the making of the application, make a declaration in accordance with the application, he shall give notice in writing to the person who made the application stating that he has not made the declaration and giving reasons why he has not made it.
24(6)
[Application for review]
An application may be made to the Administrative Appeals Tribunal for review of a decision notified under subsection (5).
History
S 24(6) amended by No 56 of 1989 and substituted by No 173 of 1984.
24(7)
(Omitted by No 56 of 1989)
24(8)-(11)
(Omitted by No 173 of 1984)
SECTION 25
FORM OF REQUESTS ETC.
25(1)
[Request etc, in writing]
A request, statement, election or application (other than an application to the Administrative Appeals Tribunal) under this Part shall be in writing in accordance with a form approved by the authorized person and shall be signed by the person making the request, statement, election or application.
History
S 25(1) amended by No 238 of 1992 and No 56 of 1989.
25(2)
[Request or election by trustee]
Where a request or election is made by the trustee of a trust estate in respect of a deposit made on behalf of a beneficiary who, at the time the deposit was made, was under a legal disability, the request or election shall be accompanied by such declarations or other documents as the authorized person requires for the purpose of satisfying himself that, at the time when the request or election is made, the beneficiary is still under a legal disability.
History
S 25(2) amended by No 238 of 1992.
25(3)
[Request or election by beneficiary]
Where a request or election is made by a beneficiary in respect of a deposit that was made by a trustee of a trust estate on behalf of the beneficiary at a time when the beneficiary was under a legal disability, the request or election shall be accompanied by such declarations or other documents as the authorized person requires for the purpose of satisfying himself that, at the time when the request or election is made, the beneficiary is not under a legal disability.
History
S 25(3) amended by No 238 of 1992.
PART IIIA - CLOSING THE DEPOSIT SCHEME
History
Part IIIA inserted by No 85 of 1998, s 3 and Sch 2 item 5,
effective 2 January 1999.
SECTION 25A
INTERPRETATION
25A
In this Part:
farm management deposit
has the meaning given by Schedule 2G to the Assessment Act.
financial institution
has the meaning given by Schedule 2G to the Assessment Act.
History
S 25A inserted by No 85 of 1998, s 3 and Sch 2 item 5,
effective 2 January 1999.
SECTION 25B
TRANSFER OF DEPOSITS TO FINANCIAL INSTITUTIONS
25B(1)
[Obligation to make deposits]
Subject to subsection (2), if:
(a)
before the end of 30 November 1999, a depositor makes a request in writing to the authorised person to re-deposit on behalf of the depositor, as separate farm management deposits with a specified financial institution, every deposit of the depositor; and
(b)
the request is accompanied by any information, and the form, that the authorised person requires for the purpose of making the deposits on behalf of the depositor with the financial institution; and
(c)
the financial institution accepts the deposits as farm management deposits;
the authorised person must make the deposits in accordance with the request, and the amount required for the authorised person to do so must be paid out of moneys standing to the credit of the Income Equalization Deposits Reserve.
25B(2)
[Effect of certain declarations]
Subsection (1) does not apply to a deposit to the extent that it is repayable because of a declaration under section 18B, 19 or 20.
25B(3)
[Effects of making deposits]
If the authorised person makes the deposits:
(a)
each deposit or part ceases to be such under this Act; and
(b)
for the purposes of section 20B, and section 159GD of the Assessment Act, giving effect to the request does not involve a repayment of the deposit by the authorised person; and
Note:
This means that the transfer will not be subject to a deduction under section 20B and the owner will not be assessed for income tax purposes because of the transfer.
(c)
for the purposes of section 393-10 of Schedule 2G to the Assessment Act, giving effect to the request does not involve the making of a deposit with the financial institution; and
Note:
This means that the transfer will not give rise to an income tax deduction.
(d)
for the purposes of any application of section 221ZXB of the Assessment Act, or section 393-15 of Schedule 2G to the Assessment Act, in relation to the deposit (including the deposit as affected by paragraph 393-50(5)(c) of the Assessment Act) after it is made with the financial institution, the unrecouped FMD deduction in respect of the deposit at any time before the first or only repayment of any of the deposit is equal to the amount of the unrecouped deduction (within the meaning of subsection 159GA(3) of the Assessment Act) in respect of the deposit immediately before it ceased to be a deposit under this Act.
Note:
This means that the unrecouped deduction relating to the deposit under this Act continues to apply (by becoming an unrecouped FMD deduction) when the deposit is transferred to a financial institution as a farm management deposit.
History
S 25B inserted by No 85 of 1998, s 3 and Sch 2 item 5, effective 2 January 1999.
SECTION 25C
REPAYMENT OF DEPOSITS AT END OF 31 DECEMBER 1999
25C
If the whole or a part of a deposit:
(a)
has not been repaid, or become repayable, under this Act before the end of 31 December 1999; or
(b)
has not been requested to be re-deposited with a financial institution in accordance with section 25B before the end of 30 November 1999;
the authorised person must declare that the whole or the part of the deposit is repayable to the depositor, and upon the making of the declaration, the amount concerned becomes repayable.
History
S 25C inserted by No 85 of 1998, s 3 and Sch 2 item 5, effective 2 January 1999.
SECTION 25D
NO INTEREST IN RESPECT OF DEPOSITS HELD AFTER 31 MARCH 2000
25D
Interest is not payable in respect of a deposit, or a part of a deposit, for any period after the end of 31 March 2000.
History
S 25D inserted by No 85 of 1998, s 3 and Sch 2 item 5, effective 2 January 1999.
PART IV - MISCELLANEOUS
SECTION 26
LODGING OF DEPOSITS ETC.
26
A deposit, request, statement, election or application under this Act may be lodged with the authorized person or any person to whom the authorized person has delegated anyof his powers under this Act in pursuance of section 27 and shall be deemed to be made at the time when it is so lodged.
History
S 26 amended by No 238 of 1992 and No 56 of 1989.
SECTION 27
DELEGATION BY AUTHORIZED PERSON
27(1)
[Written delegation]
The authorized person may, either generally or as otherwise provided by the instrument of delegation, by writing signed by him, delegate to a person any of his powers under this Act, other than this power of delegation.
History
S 27(1) amended by No 173 of 1984.
27(2)
[Power deemed exercised by authorized person]
A power so delegated, when exercised by the delegate, shall, for the purposes of this Act, be deemed to have been exercised by the authorized person.
27(3)
[Authorized person may exercise power]
A delegation under this section does not prevent the exercise of a power by the authorized person.
SECTION 27A
OFFENCES
27A(1)
(Omitted by No 56 of 1989)
27A(2)
(Omitted by No 56 of 1989)
27A(3)
[Offence]
A person shall not:
(a)
under section 18 or 20A give information, or in an application or request under this Act make a statement (other than under section 18), that, to his knowledge, is false or misleading in a material particular; or
(b)
give information to another person if:
(i) the information is, to his knowledge, false or misleading in a material particular; and
(ii) the person believes, or has reasonable grounds for believing, that the information will be included, or serve as a basis for information that will be included, in an application, notice or request under this Act.
Penalty: $2,000 or imprisonment for 12 months, or both.
History
S 27A(3) amended by No 56 of 1989.
27A(4)
[Where estimate deemed false]
For the purposes of subsection (3), an estimate of an amount shall be taken to be false to the knowledge of the person making the estimate if, at the time when the estimate is made, the person does not believe, or has no reasonablegrounds for believing, that the estimate is a fair estimate.
History
S 27A inserted by No 173 of 1984.
SECTION 27B
RECOVERY OF OVERPAYMENTS
27B
Where an amount paid to a person as interest in respect of a deposit or deposits in respect of a particular period exceeds the amount properly payable to the person as interest in respect of the deposit or deposits in respect of that period, the excess is a debt due to the Commonwealth by the person and may be recovered by the Commonwealth in a court of competent jurisdiction.
History
S 27B inserted by No 173 of 1984.
SECTION 27C
SECRECY
27C(1)
[Offence]
A person who is or has been an officer shall not, directly or indirectly, except for the purposes of this Act, make a record of, or divulge or communicate to any person, any information with respect to the affairs of another person acquired by him in the exercise of his powers, or the performance of his duties or functions, under this Act.
Penalty: $1,000 or imprisonment for 6 months, or both.
27C(2)
[Disclosure of information]
Notwithstanding anything contained in subsection (1), an officer may:
(a)
if the Minister certifies that it is necessary in the public interest that any information acquired by the officer in the exercise of his powers, or the performance of his duties or functions, under this Act should be divulged, divulge that information to such person as the Minister directs;
(b)
divulge any such information to any authority or person prescribed by the regulations; or
(c)
divulge any such information to a person who, in the opinion of the authorized person, is expressly or impliedly authorized by the person to whom the information relates to obtain it.
27C(3)
[Secrecy obligation of recipient of subsec (2) information]
An authority to which, or person to whom, information is divulged under subsection (2), and any person under the control of that authority or person is, in respect of that information, subject to obligations and liabilities under subsection (1) as if the authority or person were a person exercising powers, or performing duties or functions, under this Act and had acquired the information in exercise of those powers or the performance of those duties or functions.
27C(4)
[``officer'']
In this section,
officer
means a person exercising powers, or performing duties or functions, under or in relation to this Act.
History
S 27C inserted by No 173 of 1984.
SECTION 28
REGULATIONS
28(1)
[Governor-General may make regulations]
The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act, and, in particular:
(a)
requiring a depositor, the personal representative of a depositor, the trustee in bankruptcy of a depositor who has become bankrupt to furnish to the authorized person such information as is required by the regulations within such time as is prescribed; and
(b)
prescribing penalties, not exceeding a fine of $200, for offences against the regulations.
History
S 28(1) amended by No 56 of 1989.
28(2)
[Reference to depositor]
The references in subsection (1) to a depositor shall, in relation to a deposit made by a trustee of a trust estate on behalf of a beneficiary, be construed as references to the beneficiary.