16AAcceptable savings to include moneys deposited with credit unions

16A Acceptable savings to include moneys deposited with credit unions

The acceptable savings of a person as at any time include moneys saved in Australia by the person and maintained at that time by the person, or by the person jointly with his or her spouse, on deposit with: (a) in the case of a person in relation to whom the prescribed date is a date earlier than 1 April 1976—a credit union that was an approved credit union for the purposes of this Act at that time or on the date that is the prescribed date in relation to the person; or (b) in any other case—any credit union.