Commonwealth Numbered Regulations - Explanatory Statements

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LOAN (INCOME EQUALIZATION DEPOSITS) REGULATIONS (AMENDMENT) 1993 NO. 99

EXPLANATORY STATEMENT

STATUTORY RULES 1993 No. 99

Issued by Authority of the Minister for Primary Industries and Energy

Loan (Income Equalization Deposits) Act 1976

Loan (income Equalization Deposits) Regulations (Amendment)

Section 28 of the above Act empowers the Governor-General to make regulations for the purposes of the Act, prescribing all matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

Paragraph 20B (1) (c) of the Act allows for a percentage to be prescribed in respect of assessable deposits.

The prescribed percentage is being reduced from 29 per cent to 20 per cent, with effect from 19 August 1992. This date is consistent with the commencement of other changes to the Income Equalization Deposits Scheme enacted in the Income Equalization Deposits Laws Amendment Act 1992.


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