Commonwealth Consolidated Regulations

COMMONWEALTH INSCRIBED STOCK REGULATIONS - REG 66B

Australian Savings Bonds — Series 1, 2 and 3, and any securities that are issued on terms and conditions that include a term or condition that the security is acceptable in payment of estate duty under the Estate Duty Act 1914 at a value to be determined in the manner set out in the term or condition, are prescribed securities that may be accepted under section 52C of the Act in payment of estate duty payable under the Estate Duty Act 1914 :

(a)

in the case of Australian Savings Bonds — Series 1, 2 and 3:

(i)

where securities are presented in payment of estate duty before the first interest payment date — at face value; or

(ii)

where securities are presented in payment of estate duty on or after the first interest payment date — at a value being the total of the face value and the accrued interest; and

(b)

in the case of the other securities referred to in this regulation — at a value determined in the manner referred to in this regulation.