S 264AA repealed by
No 79 of 2010
, s 3 and Sch 4 item 35, applicable to assessments for: (a) the 2010-11 income year; and (b) later income years. S 264AA formerly read:
SECTION 264AA REPORTING TO AGRICULTURE SECRETARY
Financial institution to provide quarterly information
A financial institution that, at the end of any month in a quarter beginning on 1 January, 1 April, 1 July or 1 October in any year (including a quarter in which this section commences), holds any farm management deposit must, within 60 days after the end of the quarter, give the information in subsection (2) in writing to the Agriculture Secretary.
Penalty: 10 penalty units.
S 264AA(1) amended by No 88 of 2009, s 3 and Sch 5 item 112, by substituting
Secretary to the Department of Primary Industries and Energy
, effective 18 September 2009.
An offence under subsection (1) is an offence of strict liability.
, see section
S 264AA(1A) inserted by No 146 of 2001.
The information is:
the number of farm management deposits held at the end of each month in the quarter; and
the number of depositors in respect of such deposits at the end of each month in the quarter; and
the sum of the balances of such deposits at the end of each month in the quarter; and
subject to subsection (3), any other information, in relation to farm management deposits held by the institution at any time in the quarter, that is required by the regulations for the purposes of this section.
Regulations not to require identity of depositor
The regulations must not, for the purposes of this section, require information that discloses the identity of a depositor or from which the identity could reasonably be inferred.
farm management deposit
have the same meanings as in Schedule
S 264AA inserted by No 85 of 1998.