SOCIAL SECURITY LEGISLATION AMENDMENT ACT (No. 3) 1992 No. 230, 1992 - SECT 125 Insertion of new section

SOCIAL SECURITY LEGISLATION AMENDMENT ACT (No. 3) 1992 No. 230, 1992 - SECT 125

125. After section 1099D of the Principal Act the following section is
inserted: Other deposit money

"1099DA.(1) If a person has:

   (a)  deposit money that is not income money; or

   (b)  deposit money that:

        (i)    is income money of a person; and

        (ii)   attracts interest at a rate that is equal to or greater than
               the assumed rate; the person's ordinary income on a yearly
               basis is taken to be increased by:
amount of deposit money x current annual rate of interest where:
'amount of deposit money' is the amount of the deposit money;
'current annual rate of interest' is the annual rate of interest payable on
the money.

"(2) If:

   (a)  a person is taken, because of subsection (1), to have received income
        from deposit money; and

   (b)  the person actually receives a return from that money; the return
        actually received is taken, for the purposes of this Act, not to be
        ordinary income of the person.

"(3) If the rate of return on deposit money is not a fixed rate or a
quantifiable rate, for the purposes of subsection (1), the current annual rate
of return on that income money is a reasonable approximation of the rate of
return.".