Commonwealth Numbered Acts

LOAN (INCOME EQUALIZATION DEPOSITS) AMENDMENT ACT 1984 No. 173, 1984 - SECT 19

19. (1) Until 1 January 1985, the Principal Act, as amended by this Act and as
affected by sub-sections (2) and (3) of this section, applies as if-
(a) section 3 were amended by omitting "issued by the Commissioner to the
authorized person" from the definition of " income certificate" in sub-section
(1) and substituting "served on a person by the authorized person";

   (b)  section 4C were amended by omitting from paragraph (1) (b) "a notice
        given by the authorized person under sub-section 4D (3) of a
        determination of the Commissioner" and substituting "an income
        certificate";

   (c)  section 4D were omitted and the following section were substituted:

Determination of relevant income amounts

"4D. (1) The authorized person may determine the relevant income amounts in
relation to the owner of a deposit in relation to a year of income.



"(2) Where the authorized person makes a determination under sub-section (1),
he shall serve notice in writing of the determination on the person to whom
the determination relates.



"(3) Subject to sub-section (4), where the person to whom a determination
relates is dissatisfied with the determination, the person may, within 60 days
after service of notice of the determination under sub-section (2), post to or
lodge with the authorized person an objection in writing against the
determination stating fully and in detail the grounds on which he relies.



"(4) Where the determination is an amended determination, the person has no
further right of objection than he would have had if the amendment had not
been made, except to the extent that the amendment resulted in a reduction of
either of the relevant income amounts in relation to the person in relation to
a year of income.



"(5) The authorized person shall consider the objection, and may either
disallow it, or allow it either wholly or in part, and shall-

   (a)  serve on the person by post or otherwise written notice of his
        decision; and

   (b)  if his decision requires an amendment of the determination to which
        the decision relates-amend the determination.



"(6) In addition to his power to amend a determination in accordance with
sub-section (5), the authorized person may amend-

   (a)  a determination that has not previously been amended; or

   (b)  a determination that was last amended in accordance with sub-section
        (5),
once within 2 years after the date on which notice of the determination or
amended determination, as the case may be, is served on the person to whom the
determination or amended determination, as the case may be, relates.



"(7) The authorized person shall not amend a determination except as provided
by sub-sections (5) and (6).



"(8) The production of a notice of a determination under this section, or of a
document under the hand of the authorized person purporting to be a copy of
such a notice, shall be conclusive evidence of the due making of the
determination and that the amounts and all the particulars of the
determination are correct.



"(9) A document purporting to be a notice or document referred to in
sub-section (8) shall, unless the contrary is established, be deemed to be
such a notice or document and to have been duly given.



"(10) In this section, unless the contrary intention appears, 'determination'
includes an amended determination.";

   (d)  section 12A were amended by omitting sub-section (4);

   (e)  section 19A were amended-

        (i)    by omitting from paragraph (3) (c) "sub-section 4D (3) of a
               determination of the Commissioner" and substituting
               "sub-section 4D (2) of a determination of the authorized
               person"; and
     (ii)  by omitting from paragraph (3) (d) "Commissioner's" and

substituting "authorized person's"; and

   (f)  references to the authorized person in the Principal Act as amended by
        this Act and as affected by the preceding paragraphs of this
        sub-section were read as references to the Commissioner of Taxation.

(2) For the purposes of the application of sub-section 3 (3) of the Principal
Act as amended by this Act, where, before the commencement of this Act, an
estimate of the relevant income amounts in relation to a person in relation to
a year of income was notified by the person to the Commissioner in relation to
a deposit made on or after 1 September 1983 and before the date of
commencement of this Act, those amounts shall be taken to be relevant income
amounts in relation to the person in relation to the year of income estimated
in accordance with section 4C.

(3) For the purposes of the application of sub-sections 4B (2) and (3) of the
Principal Act as amended by this Act, where an application made before the
commencement of this Act in respect of the making of a deposit-

   (a)  was made during the first 2 months of a year of income;

   (b)  was made in accordance with terms and conditions determined by the
        Treasurer under sub-section 4 (6) that were applicable to the deposit;
        and

   (c)  included an election to the effect that the eligibility of the deposit
        for interest at the highest rate applicable to deposits under the
        Principal Act should be assessed on the basis of relevant amounts in
        relation to the immediately preceding year of income, the application
        shall be taken to be an application that included an election under
        sub-section 4B (2).