Financial Institutions Duty (Amendment) Regulations 1999

i Financial Institutions Duty (Amendment) Regulations 1999 S.R. No. 89/1999 TABLE OF PROVISIONS Regulation Page 1. Objective 1 2. Authorising provisions 2 3. Principal Regulations 2 4. Receipts to which the Act does not apply 2 5. Further Definition 3 6. Payments into certain special accounts 4 7. Non-bank financial institutions 4 8. Exempt Bank Accounts 4 ═══════════════ NOTES 5 -- 1 of 6 -- 1 STATUTORY RULES 1999 S.R. No. 89/1999 Financial Institutions Duty Act 1982 Financial Institutions Duty (Amendment) Regulations 1999 The Governor in Council makes the following Regulations: Dated: 29 June 1999 Responsible Minister: ALAN R. STOCKDALE Treasurer STACEY ROBERTSON Acting Clerk of the Executive Council 1. Objective The objective of these Regulations is to amend the Financial Institutions Duty Regulations 1992— (a) to amend regulation 8 which prescribes classes of receipts and to revoke a particular class of receipts for the purposes of section 18(3)(o) of the Financial Institutions Duty Act 1982; (b) to amend regulations 10 and 11 to reflect the change of name of a certain prescribed non- bank financial institution; (c) to revoke certain persons prescribed as non- bank financial institutions for the purposes of section 25(12)(i) of the Act; -- 2 of 6 -- S.R. No. 89/1999 Financial Institutions Duty (Amendment) Regulations 1999 2 (d) to amend regulation 26 which designates accounts for the purposes of section 32(2)(g)(ii) of the Act. 2. Authorising provisions These Regulations are made under sections 18(3)(o), 25(12)(i), 32(2)(g)(ii) and 86 of the Financial Institutions Duty Act 1982. 3. Principal Regulations In these Regulations, the Financial Institutions Duty Regulations 19921 are called the Principal Regulations. 4. Receipts to which the Act does not apply In regulation 8(1) of the Principal Regulations— (a) for paragraph (c) substitute— "(c) a receipt of money by a bank that is a registered financial institution for the credit of a Vostro account;"; (b) paragraph (e) is revoked; (c) in paragraph (h)(ii) for "(whether at the same or different branches of the bank)" substitute "(whether at the same or a different financial institution)"; (d) in paragraph (i)(ii) for "(whether at the same or different branches of the bank)" substitute "(whether at the same or a different financial institution)"; (e) after paragraph (v) insert— "(w) a receipt of money by a registered financial institution for the credit of a foreign exchange dealing account kept for a person (other than a registered financial institution) being an account— r. 2 -- 3 of 6 -- S.R. No. 89/1999 Financial Institutions Duty (Amendment) Regulations 1999 3 (i) that is credited with proceeds realised from a foreign exchange transaction or a transfer from an account of the person kept in Victoria by a registered financial institution the credits to which attract financial institutions duty at the rate specified in section 18(2) of the Act; and (ii) into which money is paid only in accordance with sub-paragraph (i); and (iii) from which money is debited to settle obligations of the account holder arising from a foreign exchange transaction or to transfer an amount to an account of the person kept in Victoria by a registered financial institution the credits to which attract financial institutions duty at the rate specified in section 18(2) of the Act; and (iv) from which money is paid only in accordance with sub-paragraph (iii); and (v) in respect of which an instrument signed by the Commissioner designating the account to be a foreign exchange dealing account is in force.". 5. Further Definition In regulation 8(2) of the Principal Regulations after the definition of "SCH-regulated transfer" insert— r. 5 -- 4 of 6 -- S.R. No. 89/1999 Financial Institutions Duty (Amendment) Regulations 1999 4 ' "Vostro account" means an account denominated in Australian dollars kept by a bank that is a registered financial institution in the name of another person who— (a) is a non resident corporation determined by the Commissioner to be the equivalent of a financial institution; and (b) does not conduct business in Australia.'. 6. Payments into certain special accounts In Regulation 10(12) of the Principal Regulations for "Melbourne Fresh Centre Credit Service Pty. Ltd." (where twice occurring) substitute "Melbourne Markets Credit Service Pty Ltd". 7. Non-bank financial institutions In Regulation 11 of the Principal Regulations— (a) paragraphs (a) and (b) are revoked; (b) for paragraph (r) substitute— "(r) Melbourne Markets Credit Service Pty Ltd;". 8. Exempt Bank Accounts In Regulation 26 of the Principal Regulations— (a) omit "8(1)(e),"; (b) for "8(1)(p) and 8(1)(u)" substitute "8(1)(p), 8(1)(u) and 8(1)(w)". ═══════════════ r. 6 -- 5 of 6 -- S.R. No. 89/1999 Financial Institutions Duty (Amendment) Regulations 1999 5 NOTES 1 Reg. 3: S.R. No. 342/1992. Reprint No. 2 as at 27 August 1998. Further amended by S.R. No. 124/1998. Notes -- 6 of 6 --