Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 253.5

Payment of entitlement under financial claims scheme treated as payment from ADI

  (1)   This Act applies to you as if an amount paid to you, or applied for your benefit, to meet your entitlement under Division   2AA (Financial claims scheme for account - holders with insolvent ADIs) of Part   II of the Banking Act 1959 connected with an account with an * ADI had been paid to you by the ADI under the terms and conditions of the agreement for keeping the account.

Note:   This section has effect subject to more detailed provisions about:

(a)   entitlements relating to retirement savings accounts (see section   306 - 25); and

(b)   entitlements relating to farm management deposits (see Subdivision   393 - C).

  (2)   To avoid doubt, subsection   (1) does not affect the operation of Part   2 - 5 in Schedule   1 to the Taxation Administration Act 1953 .

Note:   Division   21 in Schedule   1 to the Taxation Administration Act 1953 contains special provisions about how Part   2 - 5 in that Schedule operates in relation to the meeting of entitlements under Division   2AA of Part   II of the Banking Act 1959 .


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback