Commonwealth Numbered Acts

Income Equalization Deposits (Interest Adjustment) Act No. 175 of 1984 - SECT 4

4. (1) In this section-

"actual adjustment period interest", in relation to a deposit, means the
amount of interest that, apart from this Act, was paid or is payable in
respect of the deposit in respect of the interest adjustment period;

"interest adjustment period" means the period that commenced on 29 June 1984
and ended immediately before the commencement of this Act;

"Loan Act" means the Loan (Income Equalization Deposits) Act 1976;

"Loan Amendment Act" means the Loan (Income Equalization Deposits) Amendment 
Act 1984 ;

"notional adjustment period interest", in relation to a deposit, means the
amount of interest that would have been payable under the Loan Act in respect
of the deposit in respect of the interest adjustment period if the Loan
Amendment Act (except insofar as it provided for the insertion of section 19A
in the Loan Act) had come into operation on 29 June 1984.
(2) For the purposes of the application of the definition of "notional
adjustment period interest" in sub-section (1), it shall be assumed that, if
the Loan Amendment Act (except insofar as it provided for the insertion of
section 19A in the Loan Act) had come into operation on 29 June 1984-

   (a)  where, during the interest adjustment period, an estimate of the
        relevant income amounts in relation to a person in relation to a year
        of income was notified to the Commissioner in relation to a deposit
        made during that period-those amounts would have been relevant income
        amounts in relation to the person in relation to the year of income
        estimated or notified in accordance with section 4C of the Loan Act;
        and

   (b)  where an application made during the interest adjustment period in
        respect of the making of a deposit-

        (i)    was made during the first 2 months of a year of income;

        (ii)   was made in accordance with terms and conditions determined by
               the Treasurer under sub-section 4 (6) of the Loan Act that were
               applicable to the deposit; and

        (iii)  included an election to the effect that the eligibility of the
               deposit for interest at the highest rate applicable to deposits
               under the Loan Act should be assessed on the basis of relevant
               income amounts in relation to the immediately preceding year of
               income,
the application would have been an application that included an election under
sub-section 4B (2) of the Loan Act.

(3) Where-

   (a)  a deposit was made at any time during the period that commenced on
1 September 1983 and ended immediately before the commencement of this Act;
and

   (b)  the notional adjustment period interest in respect of the deposit
        exceeds the actual adjustment period interest in respect of the
        deposit, there is payable as interest under the Loan Act in respect of
        the deposit, in addition to any other amount that, apart from this
        Act, was paid or is payable under the Loan Act in respect of the
        deposit, an amount equal to the excess referred to in paragraph (b).

(4) In the application of sub-section 12A (3) of the Loan Act, the highest
interest rate, and the second highest interest rate, from time to time
applicable to deposits during the interest adjustment period shall be
determined as if the Loan Amendment Act had come into operation on 29 June
1984.