Financial Institutions Duty (Further Amendment No. 2) Regulations 1998

i Financial Institutions Duty (Further Amendment No. 2) Regulations 1998 S.R. No. 124/1998 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. Exempt bank accounts 3 7. Persons to whom the Act does not apply 3 ═══════════════ NOTES 4 -- 1 of 5 -- 1 STATUTORY RULES 1998 S.R. No. 124/1998 Financial Institutions Duty Act 1982 Financial Institutions Duty (Further Amendment No. 2) Regulations 1998 The Governor in Council makes the following Regulations: Dated: 6 October 1998 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 provide exemption from financial institutions duty for receipts of money credited to a certain type of account; (b) to prescribe a certain in house finance company as a person to which the Financial Institutions Duty Act 1982 does not apply; (c) to provide exemption from financial institutions duty for receipts of money received solely as a result of a merger of, or transfer of engagements between, co-operative housing societies. -- 2 of 5 -- S.R. No. 124/1998 Financial Institutions Duty (Further Amendment No. 2) Regulations 1998 2 2. Authorising provisions These Regulations are made under paragraph (t) of the definition of "financial institution" in section 3(1) and 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 After regulation 8(1)(t) of the Principal Regulations insert— "(u) a receipt of money by a registered financial institution that holds an exchange settlement account with the Reserve Bank of Australia for the credit of a person's account kept by it where— (i) the person is not a registered financial institution; and (ii) the account is used solely for recording Real Time Gross Settlement system transactions; and (iii) the balance of the account is transferred to another account of that person kept by the same financial institution on a daily basis; and (iv) there is in force an instrument signed by the Commissioner designating the account to be an account used solely for recording Real Time Gross Settlement system transactions; (v) a receipt of money by a registered financial institution resulting solely from the transfer r. 2 -- 3 of 5 -- S.R. No. 124/1998 Financial Institutions Duty (Further Amendment No. 2) Regulations 1998 3 of an account, if the transfer is a result of a merger or transfer of engagements by a co- operative housing society under Division 2 of Part II of the Co-operative Housing Societies Act 1958.". 5. Further definition In regulation 8(2) of the Principal Regulations, after the definition of "general authority" insert— ' "Real Time Gross Settlement system" means the electronic system operated by the Reserve Bank of Australia used to effect transactions received by electronic feeder systems operated by the Reserve Bank of Australia, Austraclear Limited A.C.N. 002 060 773 or Australian Payments Clearing Association Limited A.C.N. 055 136 519;'. 6. Exempt bank accounts In Regulation 26 of the Principal Regulations for "and 8(1)(i)" substitute ", 8(1)(i), 8(1)(p) and 8(1)(u)". 7. Persons to whom the Act does not apply In item 1 of Schedule 1 to the Principal Regulations, after "Sussan Administration Pty. Ltd. A.C.N. 072 572 028" insert "Tattersall's Holdings Pty. Ltd. A.C.N. 081 925 706". ═══════════════ r. 5 -- 4 of 5 -- S.R. No. 124/1998 Financial Institutions Duty (Further Amendment No. 2) Regulations 1998 4 NOTES 1 Reg. 3: S.R. No. 342/1992. Reprinted incorporating amendments as at 27 August 1998. Notes -- 5 of 5 --