Loan (Income Equalization Deposits) Regulations 1980 (Cth)

Loan (Income Equalization Deposits) Regulations 1980

Statutory Rules 1980 No. 228 as amended

made under the

Loan (Income Equalization Deposits) Act 1976

This compilation was prepared on 3 June 2003

taking into account amendments up to SR 1998 No. 326

Prepared by the Office of Legislative Drafting,

Attorney-General’s Department, Canberra

Contents

      1Name of regulations [see Note 1]

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

1AInterpretation

 In these Regulations, unless the contrary intention appears:

the Act means the Loan (Income Equalization Deposits) Act 1976.

1BPrescribed percentage – definition of investment component

For the purposes of the definition of investment component in section 3 of the Act, the following percentage is prescribed, namely, 61%.

2Rates of interest payable in respect of deposits

For the purposes of subsection 4 (4) of the Loan (Income Equalization Deposits) Act 1976, interest is payable:

• (a)

  at the rate of 5.5 per centum per annum in respect of deposits accepted before 1 September 1983; and

• (b)

  at the rate of 7.5 per centum per annum in respect of deposits accepted on or after 1 September 1983.

3Fee for application to make a deposit

 For the purposes of paragraph 10 (b) of the Act, the following fee is prescribed, namely, $20.

4Prescribed percentage-paragraph 20B (1) (c) of the Act

 For the purposes of paragraph 20B (1) (c) of the Act, the following percentage is prescribed, namely, 20%.

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 to the Loan (Income Equalization Deposits) Regulations 1980

Note 1

The Loan (Income Equalization Deposits) Regulations 1980 (in force under the Loan (Income Equalization Deposits) Act 1976) as shown in this compilation comprise Statutory Rules 1980 No. 228 amended as indicated in the Tables below.

Table of Statutory Rules

Year and number	Date of notification in Gazette	Date of commencement	Application, saving or transitional provisions
1980 No. 228	7 Aug 1980	7 Aug 1980
1981 No. 302	23 Oct 1981	23 Oct 1981	–
1983 No. 140	19 Aug 1983	1 Sept 1983	–
1983 No. 348	30 Dec 1983	1 Jan 1984	–
1984 No. 51	30 Mar 1983	1 Apr 1984	–
1984 No. 129	29 June 1984	29 June 1984	–
1984 No. 218	31 Aug 1984	1 Sept 1984	–
1989 No. 135	30 June 1989	30 June 1989	–
1993 No. 99	3 June 1993	19 Aug 1992	–
1998 No. 326	9 Dec 1998	2 Jan 1999 (see r. 2)	–

Table of Amendments

ad. = added or inserted  am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
R. 1.........................................	rs. 1998 No. 326
R. 1A.......................................	ad. 1989 No. 135
R. 1B.......................................	ad. 1989 No. 135
R. 2.........................................	am. 1981 No. 302
rs. 1983 No. 140
am. 1983 No. 348; 1984 No. 51
rs. 1984 Nos. 129 and 218
R. 3.........................................	ad. 1989 No. 135
R. 4.........................................	ad. 1989 No. 135
am. 1993 No. 99
R. 5.........................................	ad. 1998 No. 326