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Income Equalisation Deposits Laws
Amendment Act 1992

No. 238 of 1992

TABLE OF PROVISIONS

PART 1—PRELIMINARY

Section
  1.      Short title
  2.      Commencement
         PART 2—AMENDMENT OF THE LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976

  3.      Principal Act
  4.      Interpretation
  5.      Borrowings by accepting deposits
  6.      Interest payable in respect of deposits
  7.      Insertion of new section:
           4B. Reinvestment of interest in respect of deposits
  8.      Loan moneys to be paid into Trust Account etc.
  9.      Insertion of new sections:
           15. Farm management bonds
           15A. Requests for repayment of farm management bonds
 10.      Repayment within 12 months where financial difficulties
 11.      Repayment after 12 months
 12.      Request under section 15A, 16 or 17 to include statement of assessable amount
          etc.
 13.      Repayment where no assessable amount
 14.      Insertion of new section:
           18B. Repayment where deposits exceed taxable primary production income
 15.      Repayment where owner not eligible primary producer
 16.      Repayment where death or bankruptcy

TABLE OF PROVISIONS—continued

Section
 17.      Deposits repayable only in certain amounts
 18.      Review of decisions
 19.      Certain requests pending after 12 months
 20.      Form of requests etc.
 21.      Lodging of deposits etc.
         PART 3—AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

 22.      Principal Act
 23.      Interpretation
 24.      Deductions in respect of income equalisation deposits
 25.      Unrecouped deduction included in assessable income on deposit becoming repayable
 26.      Application

Income Equalisation Deposits Laws
Amendment Act 1992

No. 238 of 1992

An Act to amend the Loan (Income Equalization Deposits) Act 1976 and the Income Tax Assessment Act 1936, and for related purposes

[Assented to 24 December 1992]

  The Parliament of Australia enacts:

PART 1—PRELIMINARY

Short title

1. This Act may be cited as the Income Equalisation Deposits Laws Amendment Act 1992.

Commencement

  2. This Act is taken to have commenced on 19 August 1992.

PART 2—AMENDMENT OF THE LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976

Principal Act

3. In this Part, "Principal Act" means the Loan (Income Equalization Deposits) Act 19761.

Interpretation

  4. Section 3 of the Principal Act is amended:

  (a)     by inserting " 15A," before " 16" in the definition of "request";

    (b)    by omitting the definition of "investment component" and substituting the following 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;";

  (c) by inserting the following definitions:

     " 'farm management bond' has the meaning given by section 15;

     'farm management bond percentage' means 80% or such other percentage as may be prescribed for the purposes