Document ID: chunk:federal_register_of_legislation:C2004A04529:body:0:p2
Version: federal_register_of_legislation:C2004A04529
Segment Type: other
Provision Reference: 
Character Range: 2950–5761

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 of this definition;

     'ordinary IED percentage' means 61% or such other percentage as may be prescribed for the purposes of this definition;

     'taxable non-primary-production income' has the meaning given by section 159GA of the Assessment Act;".

Borrowings by accepting deposits

  5. Section 4 of the Principal Act is amended:

    (a)     by omitting from subsection (5) "$5,000" and substituting "$1,000";

  (b)    by inserting after subsection (5) the following subsections:

     "(5A) The Minister is not to accept a deposit if, before the deposit is accepted, the total of the balances of all deposits in relation to the owner is $300,000 or more.

     "(5B) If, by accepting a deposit, the total of the balances of all deposits in relation to the owner would exceed $300,000, the Minister is only to accept so much of the deposit as causes the total to equal $300,000.";

  (c) by adding at the end the following subsection:

     "(7) If a depositor wishes to make a deposit by giving the Minister a cheque for an amount in excess of the amount that may be accepted:

      (a)     the Minister must accept the cheque; and

        (b)     when the cheque is cleared, the authorised person must pay the excess to the depositor; and

        (c)     for the purposes of section 8, but not for the purpose of any other provision of this Act or of the Assessment Act:

             (i) when the cheque is cleared, the excess is taken to be a deposit; and

             (ii) the payment of the excess to the depositor is taken to be the repayment of a deposit that has become repayable.".

Interest payable in respect of deposits

  6. Section 4A of the Principal Act is amended:

    (a)     by omitting from subsection (1) "Interest" and substituting "Subject to section 4B, interest";

    (b)    by omitting subsection (2) and substituting the following subsection:

      "(2) The interest is only payable on:

         (a)     if the deposit is partly a farm management bond—the sum of the investment component, from time to time, of the part that is a farm management bond and the investment component, from time to time, of the remainder; and

         (b)     in any other case—the investment component, from time to time, of the deposit.".

7. After section 4A of the Principal Act the following section is inserted:

Reinvestment of interest in respect of deposits

"4B.(1) If, in the application in respect of a deposit, the depositor elects that he or she wishes interest on the deposit to be reinvested, this section applies