INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 253 - Financial claims scheme for account-holders with insolvent ADIs  

Subdivision 253-A - Tax treatment of entitlements under financial claims scheme  

Operative provisions

SECTION 253-5   Payment of entitlement under financial claims scheme treated as payment from ADI  

253-5(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 ).
  • 253-5(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 .


    View surrounding sectionsView surrounding sectionsBack to top


    This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.