Document ID: chunk:federal_register_of_legislation:C2010C00610:clause:6_4:p2
Version: federal_register_of_legislation:C2010C00610
Segment Type: clause
Provision Reference: sch 6 cl 4 (pt 2/2)
Character Range: 28814–30593

entity to transfer the eligible deposit to a financial institution, and that transfer is made within a reasonable period after the request—at the time the transfer is made; or
 (ii) if subparagraph (i) does not apply and the eligible deposit was repaid in full before that deadline—at the time the eligible deposit was repaid; or
 (iii) in any other case—immediately before that deadline.

Deposit taken to be repaid in certain circumstances

 (5) If:
 (a) the depositor fails, before the deadline mentioned in subsection (6), to make a written request to the non‑complying entity to transfer the eligible deposit to a financial institution; or
 (b) if such a request is made—the non‑complying entity fails to transfer the eligible deposit to that financial institution within a reasonable period after the request;
the eligible deposit is taken for the purposes of section 393‑15 to have been repaid immediately before that deadline (to the extent that it was not actually repaid before that deadline).

Note: This will mean that it is assessable under section 393‑15 (as that section applies because of subsection (4)) in the year of income when the eligible deposit is taken to be repaid, rather than in any later year in which it might be actually repaid.

Deadline

 (6) The deadline is:
 (a) if the term of the eligible deposit:
 (i) is longer than 12 months; and
 (ii) ends after 1 July 2004;
  the earlier of:
 (iii) the day on which the term of the eligible deposit ends; or
 (iv) 1 July 2007; or
 (b) in any other case—1 July 2004.

Deposit with non‑complying entity and other deposit with a financial institution

 (7) Ignore subsection (4) in deciding, for the purposes of subsection 393‑45(1), whether the requirement in subsection 393‑35(7) has been contravened.