Debits Tax Regulations 1998

i Debits Tax Regulations 1998 S.R. No. 84/1998 TABLE OF PROVISIONS Regulation Page 1. Objective 1 2. Authorising provisions 1 3. Definition 1 4. Prescribed classes of exempt debits 1 ═══════════════ -- 1 of 3 -- 1 STATUTORY RULES 1998 S.R. No. 84/1998 Debits Tax Act 1990 Debits Tax Regulations 1998 The Governor in Council makes the following Regulations: Dated: 30 June 1998 Responsible Minister: ALAN R. STOCKDALE Treasurer SHARNE BRYAN Clerk of the Executive Council 1. Objective The objective of these Regulations is to prescribe certain kinds of debits to be exempt from debits tax. 2. Authorising provisions These Regulations are made under paragraph (e) of the definition of "exempt debit" in section 3(1) and under section 61 of the Debits Tax Act 1990. 3. Definition In these Regulations— "the Act" means the Debits Tax Act 1990. 4. Prescribed classes of exempt debits A debit to an account kept at a branch of a financial institution that is made solely because of— -- 2 of 3 -- S.R. No. 84/1998 Debits Tax Regulations 1998 2 (a) the closure of an account kept at another branch of that financial institution as a result of the closure, amalgamation or re-structure of that other branch; or (b) the closure of an account kept at a branch of another financial institution as a result of the closure, amalgamation or re-structure of that branch— is a debit of a kind or class prescribed for the purposes of paragraph (e) of the definition of "exempt debit" in section 3(1) of the Act. ═══════════════ r. 4 -- 3 of 3 --