123WA
In forceIncome management accounts
Volume 1s 1-123ZO
Part 3BIncome management regime
Division 4Income management accounts
Subdivision AIncome management accounts
123WA Income management accounts
Income management accounts to be kept
(1)
Separate notional accounts are to be kept within the Income Management Record in the names of particular persons.
Person’s income management account
(2)
An account kept in the name of a person is to be known as the person’s income management account.
Note:
Section 123TC provides that income management account means a notional account kept in accordance with this section.
Amounts not held on trust
(3)
An amount standing to the credit of a person’s income management account is not held on trust.
This Act’s bill:Explanatory memorandumSecond reading speech
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