Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (DROUGHT RELIEF MEASURES) ACT 1995 No. 31 of 1995 - SCHEDULE 2

                              SCHEDULE 2               Section 3
AMENDMENTS OF THE LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 RELATING
TO FARM MANAGEMENT BONDS 1. Section 3 (definition of farm management bond
percentage): Omit "80%", substitute "100%". 2. Subsection 4B(5): Omit
"$80,000", substitute "$150,000". 3. Paragraph 15(4)(b): Omit "$80,000",
substitute "$150,000". 4. Section 18: Omit "15A,". 5. Section 19: Add at the
end:

"(3) If:

   (a)  the whole or a part of the deposit is a farm management bond; and

   (b)  the declaration was made in a case where paragraph (1)(b) applied;
        then subsections (4) to (6) apply.

"(4) If subsection (3) applies, the deposit or part is taken for the purposes
of this Act never to have been a farm management bond.

"(5) Also, the interest that, because of subsection (4), should not have been
paid to a person is, for the purposes of section 27B, an amount that exceeds
the amount properly payable.

"(6) Any amount that, because of subsection (4), should not have been paid
into the Income Equalisation Deposits Trust Account and added to the balance
of a deposit is taken for the purposes of this Act not to have been so paid
and added.". 6. Section 20A: Add at the end:

"(3) This section does not apply to a deposit to the extent that it consists
of a farm management bond.". 7. Section 20B: Add at the end:

"(4) This section does not apply to a deposit to the extent that it consists
of a farm management bond.". 8. Application

(1) The amendment made by item 1 applies to interest payable in respect of any
period after the day on which this Schedule commences.

(2) The amendment made by item 2 applies to the adding of interest after the
day on which this Schedule commences.

(3) The amendment made by item 3 applies to the making of an election after
the day on which this Schedule commences.

(4) The amendment made by item 4 applies to a repayment request made after the
day on which this Schedule commences.

(5) The amendment made by item 5 applies to a deposit or a part of a deposit,
where the deposit is made after the day on which this Schedule commences.

(6) The amendment made by item 6 applies to a deposit where the declaration in
relation to the repayment of the deposit is made after the day on which this
Schedule commences.

(7) The amendment made by item 7 applies to a deposit or a part of a deposit
where the request or declaration in relation to the repayment of the deposit
or part is made after the day on which this Schedule commences.