Document ID: chunk:federal_register_of_legislation:C2011C00056:clause:1_123yf:p2
Version: federal_register_of_legislation:C2011C00056
Segment Type: clause
Provision Reference: sch 1 cl 123YF (pt 2/2)
Character Range: 92791–94133

(2), the Secretary gives the designated nominee or a third person a stored value card, the first person's income management account is debited by an amount equal to the monetary value stored on the card.

 (7) If, under subsection (2), the Secretary increases the monetary value stored on a stored value card held by the designated nominee or a third person, the first person's income management account is debited by an amount equal to the increase in the monetary value.

Criteria

 (8) The Secretary must not, under subsection (2):
 (a) give the designated nominee or a third person a stored value card; or
 (b) increase the monetary value stored on a stored value card;
if the Secretary is satisfied that the relevant goods or services are excluded goods or excluded services.

Tax consequences

 (9) If, under subsection (2), the Secretary gives the designated nominee or a third person a stored value card, the giving of the card does not have consequences under the income tax law for the designated nominee, the first person or the third person.

 (10) If, under subsection (2), the Secretary increases the monetary value stored on a stored value card held by the designated nominee or a third person, the increase does not have consequences under the income tax law for the designated nominee, the first person or the third person.