Loan (Income Equalization Deposits) Amendment Regulations 1998 (No. 1) (Cth)

Loan (Income Equalization Deposits) Amendment Regulations 1998 (No. 1)

Statutory Rules 1998No. 326

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations under theLoan (Income Equalization Deposits) Act 1976.

Dated 9 December 1998.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

C. R. Kemp

Assistant Treasurer

for the

Minister for Agriculture, Fisheries and Forestry

Loan (Income Equalization Deposits) Amendment Regulations 1998 (No. 1)1

Statutory Rules 1998No. 3262

made under the

Loan (Income Equalization Deposits) Act 1976

   

Contents

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1Name of regulations

 These regulations are the Loan (Income Equalization Deposits) Amendment Regulations 1998 (No. 1).

2Commencement

 These regulations commence on the day the Taxation Laws Amendment (Farm Management Deposits) Act 1998 commences.

3Amendment of Loan (Income Equalization Deposits) Regulations

Schedule 1 amends the Loan (Income Equalization Deposits) Regulations.

Schedule 1Amendments of Loan (Income Equalization Deposits) Regulations

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[1]Regulation 1

substitute

1Name of regulations

  These regulations are the Loan (Income Equalization Deposits) Regulations 1980.

[2]After regulation 4

insert

5Transfer of deposits — information for authorised person

 For paragraph 25B (1) (b) of the Act, the information that the authorised person may require to accompany the deposit includes the following:

• (a)

  the depositor’s name;

• (b)

  the branch of the financial institution;

• (c)

  the BSB number for the financial institution;

• (d)

  the account number for the depositor’s account at the financial institution.

Note   Under paragraph 25B (1) (a) of the Act, a depositor may make a request in writing to the authorised person to re-deposit on behalf of the depositor, as separate farm management deposits with a specified financial institution, every deposit of the depositor.

Under paragraph 25B (1) (b) of the Act, the request must be accompanied by any information, and the form, that the authorised person requires for the purpose of making the deposits on behalf of the depositor with the financial institution.

The authorised person must make the deposits in accordance with the request if the request meets all the requirements in section 25B.

Notes

1. These regulations amend Statutory Rules 1980 No. 228, as amended by 1981 No. 302; 1983 Nos. 140 and 348; 1984 Nos. 51, 129 and 218; 1989 No. 135; 1993 No. 99.

2. Made by the Governor-General on 9 December 1998, and notified in the Commonwealth of Australia Gazette