Commentary on Sections Overview Overview Section 983: Meaning of “deposit”
3009.This section defines the meaning of “deposit” for the purposes of this Chapter. It is based on section 481(3) of ICTA.
3010.Section 481(3) of ICTA applies to deposit-takers and is also rewritten in Chapter 2 of this Part (deduction by deposit-takers and building societies). By including the definition of “deposit” in this Chapter the application of the definition has been extended to building society deposits. This will ensure that the definitions of “qualifying certificate of deposit” (section 985) and “qualifying uncertificated eligible debt security unit” (section 986) are the same for deposit-takers and building societies.