Taxation Laws Amendment Act (No. 8) 2003 (107 of 2003)

Schedule 6   Farm management deposits

Income Tax Assessment Act 1936

2   Section 393-25 of Schedule 2G (definition of financial institution )

Repeal the definition, substitute:

financial institution means an entity that:

(a) is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959; or

(b) carries on in Australia the business of banking, so long as a State or a Territory guarantees the repayment of any deposit taken in the course of that business; or

(c) carries on in Australia a business that consists of or includes taking money on deposit, so long as a State or a Territory guarantees the repayment of any deposit taken in the course of that business.

Note: An entity can also be a financial institution for the purposes of this Subdivision in the limited circumstances described in section 393-52.