LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)

***** Repealed 22 February 2005 *****

PART III - REPAYMENT OF DEPOSITS

SECTION 20B   AUTHORIZED PERSON TO MAKE DEDUCTION IN RESPECT OF ASSESSABLE AMOUNTS  

20B(1)  [Deductions]  

Where:

(a)  the authorized person is given a statement under section 18 or 20A of the assessable amount in relation to the repayment of the whole or part of a deposit; or

(b)  the authorized person is not given any statement under paragraph 20A(1)(a) in relation to the repayment of a deposit within the 14 days referred to in subsection 20A(1);

the authorized person must, subject to this section, deduct from the amount of the deposit or the part of the deposit:

(c)  where paragraph (a) applies - the percentage, prescribed in regulations for the purposes of this paragraph, of the assessable amount; or

(d)  where paragraph (b) applies - that percentage of the deposit.

20B(2)  [Payment of amount deducted]  

The authorized person must pay the amount deducted to the Commissioner.

20B(3)  [Authorized person discharged from liability]  

Where the authorized person makes a deduction from a deposit or part of a deposit that is repayable to a person, the authorized person is discharged from any liability to pay or account for the amount deducted to any person other than the Commissioner.

20B(4)  [Farm management bond deposits excluded]  

This section does not apply to a deposit to the extent that it consists of a farm management bond.