Commonwealth Numbered Acts

LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 No. 206, 1976 - SECT 18

18. (1) Where a deposit has been made by a person otherwise than in the
capacity of a trustee, or has been made by a trustee on behalf of a person,
during the period that is the relevant period in relation to a year of income
of the person and-

   (a)  an assessment in respect of income of the person of that
        year of income has been made under the Income Tax Assessment Act 1936;
        or

   (b)  the Commissioner of Taxation has notified the person that no tax is
        payable by the person in respect of income of that year of income, the
        person who is the depositor in respect of the deposit may, subject to
        this section, make a request to the authorized person for the
        repayment of the deposit or of so much of the deposit as is specified
        in the request.

(2) A person is not entitled to make a request under sub-section (1) in
respect of a deposit if an unrecouped income tax deduction exists in respect
of the deposit and-

   (a)  the request relates to the whole of the deposit; or

   (b)  the request relates to a part of the deposit and that part exceeds the
        amount (if any) remaining after deducting the amount of the unrecouped
        income tax deduction from-

        (i)    the amount of the deposit; or

        (ii)   if any part of the deposit has previously become repayable-the
               amount of the deposit reduced by so much of that amount as has
               previously become repayable.

(3) Where a request is duly made to the authorized person under this section
in respect of a deposit or a part of a deposit, the deposit, or the part of
the deposit, as the case may be, becomes repayable on the date on which the
request is made.
(4) In this section, ''relevant period'', in relation to a year of income, has
the same meaning as in Division 16C of Part III of the Income Tax
Assessment Act 1936.