Financial Institutions Duty (Exempt Receipts) Regulations 1996

i Financial Institutions Duty (Exempt Receipts) Regulations 1996 S.R. No. 28/1996 TABLE OF PROVISIONS Regulation Page 1. Objective 1 2. Authorising provisions 2 3. Amendment of regulation 8 2 ═══════════════ NOTES 4 -- 1 of 5 -- 1 STATUTORY RULES 1996 S.R. No. 28/1996 Financial Institutions Duty Act 1982 Financial Institutions Duty (Exempt Receipts) Regulations 1996 The Governor in Council makes the following Regulations: Dated: 10 April 1996 Responsible Minister: ALAN R. STOCKDALE Treasurer NICOLE WHITE Acting Clerk of the Executive Council 1. Objective The objective of these Regulations is to amend the Financial Institutions Duty Regulations 1992 to exempt the following receipts from financial institutions duty— (a) receipts deposited in a bank in Victoria to the credit of an account kept by a financial institution in another State or Territory that imposes financial institutions duty; (b) certain receipts debited by a registered financial institution from an account in Victoria and transferred or transmitted to the credit of an account kept outside Victoria; (c) certain receipts credited to a clearing account of an SCH participant (other than a registered financial institution). -- 2 of 5 -- S.R. No. 28/1996 Financial Institutions Duty (Exempt Receipts) Regulations 1996 2 2. Authorising provisions These Regulations are made under sections 18(3)(o) and 86 of the Financial Institutions Duty Act 1982. 3. Amendment of regulation 8 In regulation 8 of the 1 Financial Institutions Duty Regulations 1992— (a) for sub-regulation (1)(k) substitute— "(k) A receipt of money by a bank that is a registered financial institution being a deposit credited to an account kept by that or another financial institution, where the account is kept in another State or Territory in which a corresponding law is in force; (ka) A receipt of money by a registered financial institution where the financial institution, in accordance with the authority or order of a person (not being an authority or order in a bill of exchange) has debited the account of that person with an amount of money and— (i) transferred that amount to the credit of an account of that or another person kept outside Victoria by the financial institution; or (ii) transmitted that amount to another financial institution for the credit of an account kept outside Victoria by the other financial institution;"; r. 2 -- 3 of 5 -- S.R. No. 28/1996 Financial Institutions Duty (Exempt Receipts) Regulations 1996 3 (b) after sub-regulation (1)(o) insert— "(p) A receipt of money by a bank that is a registered financial institution for the credit of a clearing or settlement account kept by an SCH participant (other than a registered financial institution), being an account— (i) that is used solely for the purpose of depositing receipts from SCH- regulated transfers or depositing funds or transferring funds from another account for the purpose of meeting the settlement obligations of that participant; and (ii) from which all funds are transferred on a daily basis to another account."; (c) in sub-regulation (2), after the definition of "general authority" insert— ' "SCH participant" has the same meaning as in section 9 of the Corporations Law; "SCH-regulated transfer" has the same meaning as in section 9 of the Corporations Law.'. ═══════════════ r. 3 -- 4 of 5 -- S.R. No. 28/1996 Financial Institutions Duty (Exempt Receipts) Regulations 1996 4 NOTES 1 S.R. No. 342/1992. Reprinted to S.R. No. 128/1994 and subsequently amended by S.R. Nos 112/1995 and 4/1996. -- 5 of 5 --