Permitted credits to federal account for significant third party, associated entity or third party
292FAD Permitted credits to federal account for significant third party, associated entity or third party
For the purposes of subparagraph 292FA(4)(b)(ii), the following amounts may be credited to a federal account kept for the purposes of this Part in relation to a person or entity covered by column 2 of item 5, 6 or 8 of the table in subsection 292FA(1):
interest earned on money standing to the credit of the account;
a loan;
a bequest;
an amount of a kind prescribed by the regulations for the purposes of this paragraph.
The effect of paragraph (b) is that a commercial loan or a non‑commercial loan can be credited to a federal account.
There are penalties for crediting an amount to a federal account if the amount is not required or permitted to be credited: see subsections 292FA(4) and (8).
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- High Court Rules 2004 · under s 375
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