Commonwealth Numbered Regulations Commonwealth Numbered Regulations
[1] Subregulation 2 (1), after definition of holder of the stored value
insert
"limit" means the amount worked out under subregulation 5 (1).
[2] Subregulation 2 (1), after definition of retirement savings account
insert
total category 1 deposits means the amount worked out under subregulation 5 (2).
total category 2 deposits means the amount worked out under subregulation 5 (3).
[3] After subregulation 2 (2)
insert
(3) Use the table to work out whether an amount held by an account-holder with a declared ADI is a category 1 deposit or a category 2 deposit .
|
Item |
This amount ... |
is ... |
|
Before 1 February 2012 |
||
|
1 |
any amount in any account
|
a category 1 deposit |
|
On and after 1 February 2012 |
||
|
2 |
an amount in a term deposit that: (a) came into existence before 11 September 2011; and (b) has not matured or rolled over |
a category 1 deposit |
|
3 |
an amount in a term deposit that: (a) came into existence before 11 September 2011; and (b) has matured or rolled over on or after 11 September 2011 |
a category 2 deposit |
|
4 |
an amount in a term deposit that came into existence on or after 11 September 2011 |
a category 2 deposit |
|
5 |
an amount in any other account |
a category 2 deposit |
[4] Regulation 5
substitute
5 Financial claims scheme -- limit on payments
(1) For subsection 16AG (1) of the Act, before 1 January 2013, the limit in relation to a protected account, or protected accounts, that an account-holder has with a particular declared ADI at a particular time, is worked out as follows:
Step 1 Add together the total category 1 deposits and total category 2 deposits.
Step 2 If the result worked out under Step 1 is not greater than $1 000 000, the result is the limit.
Step 3 If the result worked out in Step 1 is greater than $1 000 000, work out the limit by subtracting the difference between the result worked out in Step 1 and $1 000 000.
Note The limit is a single amount that applies to all of the protected accounts that the account-holder has with the declared ADI.
(2) Work out the total category 1 deposits by adding together the amounts held by the account-holder in category 1 deposits.
(3) Work out the total category 2 deposits as follows:
Step 1 Add together the amounts held by the account-holder in category 2 deposits.
Step 2 If the amount worked out in Step 1 is not greater than $250 000, this is the total category 2 deposits.
Step 3 If the amount worked out in Step 1 is greater than $250 000, work out the total category 2 deposits by subtracting the difference between the result worked out in Step 1 and $250 000.
(4) On or after 1 January 2013, the limit in relation to a protected account, or protected accounts, that an account-holder has with a particular declared ADI at a particular time is $250 000.