Document ID: chunk:federal_register_of_legislation:C2004A04148:body:0:p18
Version: federal_register_of_legislation:C2004A04148
Segment Type: other
Provision Reference: 
Character Range: 55488–58151

After "made" insert "or acquired".

Subsection 46k (1):

  After "made" (last occurring) insert ", or acquired, by the person".

Paragraph 46k (2) (b):

  After "made" insert ", or acquired, by the person".

Section 46l:

  After "makes" insert "or acquires".

Paragraph 46l (a):

  After "made" insert "or acquired, by the person".

Subsection 46p (1):

  After "made" (second occurring) insert "or acquired".

Subsection 46q (2):

  (a)      After "making" insert "or acquiring".

  (b)      After "make" insert "or acquire".

After Division 8 of Part III:

  Insert:

SCHEDULE 2—continued

             "Division 8A—Interest attributed to money not invested or invested at a low rate of interest

Application of this Division and Division 8

"46v. If this Division applies to a person's available money or deposit money, Division 8 does not apply to the return on that money.

Basic concept—income money and interest received

"46w. (1) For the purposes of this Division, a person has income money at a particular time if the sum of:

  (a)     the person's available money; and

  (b)     the person's deposit money;

at that time is greater than $2,000.

"(2) This is how to work out which money forms part of the person's income money:

         Method statement

Step 1.  Start with the amount of $2,000 that is referred to in subsection (1).
Step 2.  Set off against this amount any available money of the person.
Step 3.  Set off against the remainder any deposit money of the person that does not attract interest.
Step 4.  Set off against the remainder any deposit money of the person that does attract interest: this money is to be set off in ascending order of interest rate.
Step 5.  Any available money or deposit money that can be set off under Steps 2 to 4 is not income money of the person.
Step 6.  Any available money or deposit money that can not be set off under Steps 2 to 4 is income money of the person at that time.

  "(3) For the purposes of subsection (2):

    (a)     if available money or deposit money is to be set off against an amount, only so much of the money as does not exceed the amount can be set off against the amount; and

    (b)    if the person does not have money of a particular kind, the amount to be set off is nil and the amount left after the setting off is called the 'remainder'.

  "(4) For the purposes of this Division, if:

  (a) interest is paid on deposit money; and

SCHEDULE 2—continued

    (b) the interest is received or accounted for less frequently than the anniversary of the making of the deposit;

interest on the deposit money is taken to be received by the depositer on each anniversary of