Federal Register of Legislation - Australian Government

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SR 1983 No. 348 Regulations as made
These Regulations amend the Loan (Income Equalization Deposits) Regulations.
Administered by: Agriculture, Fisheries and Forestry
General Comments: This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003
Registered 01 Jan 2005
Tabling HistoryDate
Tabled HR28-Feb-1984
Tabled Senate28-Feb-1984
Gazetted 30 Dec 1983
Date of repeal 22 Feb 2005
Repealed by Repeal of the enabling legislation by Financial Framework Legislation Amendment Act 2005

EXPLANATORY STATEMENT

1983 No. 348

LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976

LOAN (INCOME EQUALIZATION DEPOSITS) REGULATIONS (AMENDMENT)

Sub-section 4(4) of the Loan (Income Equalization Deposits Act 1976 provides that interest on Income Equalization Deposits will be made at the rate of 5 per centum per annum or at such other rate as is prescribed by regulation made under the Act. Statutory authority for the Governor-General to make regulations under the Loan (Income Equalization Deposits) Act 1976 is conferred by Section 28(1) of the Act.

The subject amendments provide that interest on Income Equalization Deposits be payable at:

(1)        13.394 per centum per annum from 1 January 1984 on deposits made on or after 1 September 1983, when the depositor has met the eligibility criteria as determined by the Treasurer; and

(2)        8.394 per centum per annum from 1 January 1984 on deposits made on or after 1 September 1983 when the depositor has not met the eligibility criteria.

As currently prescribed by Regulation 2, deposits made prior to 1 September 1983 will continue to be paid interest at the rate of seven and one half per centum per annum.