Loan (Income Equalization Deposits) Amendment Regulations 1998 (No. 1) 1998 No. 326
EXPLANATORY STATEMENT
STATUTORY RULES 1998 NO. 326
Issued by the Authority of the Minister for Agriculture, Fisheries and Forestry
Loan (Income Equalization Deposits) Act 1976
Loan (Income Equalization Deposits) Amendment Regulations 1998
Section 28 of the Loan (Income Equalization Deposits) Act 1976 provides that the GovernorGeneral may make Regulations for the purposes of the Act.
The purpose of this amendment to the Loan (Income Equalization Deposits) Amendment Regulations is to sat out the information that may be required by the authorised person (the Secretary of the Department of Agriculture, Fisheries and Forestry (DAFF), or that person's delegate), in order to transfer funds held on behalf of depositors by DAFF under the income Equalization Deposits/Farm Management Bonds Scheme, to financial institutions under the Farm Management Deposits Scheme.
The information that the authorised person may require, as set out by the regulations, includes the following:
(a) the depositor's name and tax file number,
(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.
The Farm Management Deposit Scheme is replacing the Income Equalization Deposit/Farm Management Bond Schemes. The amendments made in Taxation Laws Amendment (Farm Management Deposits) Act 1998 to the Loan (Income Equalization Deposits) Act 1976 wind up the income Equalization Deposit/Farm Management Bond Schemes and enable current income equalization deposits and farm management bonds to be transferred as farm management deposits to financial institutions. The regulations set out the information that must be supplied by the depositor so that the transfer can be effected.
The Taxation Laws Amendment (Farm Management Deposits) Act 1998 will commence on a date to be fixed by proclamation, or the day after six months from the date of Royal Assent (2 January 1999), whichever is sooner. The proposed Regulations will commence at the same time.
The regulations commence on the day the Taxation Laws Amendment (Farm Management Deposits) Act 1998 commences which will be on a date fixed by proclamation, or the day after six months from the date of Royal Assent (2 January 1999), whichever is the sooner.