Loan (Income Equalization Deposits) Regulations 1980

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

 1 Name of regulations [see Note 1] 

 1A Interpretation 

 1B Prescribed percentage — definition of investment component             

 2 Rates of interest payable in respect of deposits 

 3 Fee for application to make a deposit 

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

 5 Transfer of deposits — information for authorised person 

Notes  

1 Name of regulations [see Note 1]

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

1A Interpretation

  In these Regulations, unless the contrary intention appears:

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

1B Prescribed 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%.

2 Rates 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.

3 Fee for application to make a deposit

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

4 Prescribed 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%.

5 Transfer 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

Table of Amendments