Banking (State Bank of South Australia and Other Matters) Act 1994 (Cth)
PART 1—PRELIMINARY
Section
1. Short title
2. Commencement
CHAPTER 2—PROVISIONS TO FACILITATE THE RESTRUCTURING OF THE STATE BANK OF SOUTH AUSTRALIA
PART 2.1—AMENDMENT OF THE BANKING ACT 1959
3. Object of Part
4. Principal Act
5. Interpretation
6. Application of Act
PART 2.2—AMENDMENT OF THE CORPORATIONS LAW
7. Corporations Law
TABLE OF PROVISIONS—
Section
8. Object of Division
9. Insertion of new section:
268A. Assignment of charges under the
State Bank (Corporatisation) Act 1994 of South Australia
10. Object of Division
11. Insertion of new section:
574A. Deregistration of companies dissolved under the
State Bank (Corporatisation) Act 1994 of South Australia
PART 2.3—MODIFICATIONS OF THE PRIVACY ACT 1988 RELATING TO THE RESTRUCTURING OF THE STATE BANK OF SOUTH AUSTRALIA
12. Object of Part
13. Interpretation
14. Definitions
15. State banking
16. Transfers to Bank of South Australia Limited
17. Re-transfers to the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia
18. Disclosure of information about transferred eligible customers
19. Disclosure of information where account is re-transferred to the State Bank of South Australia or to a designated subsidiary of the State Bank of South Australia
20. Disclosure of information where Bank of South Australia Limited manages the account of an eligible customer of the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia
21. Disclosure of information where a designated subsidiary of the State Bank of South Australia is about to be dissolved
22. Authorities relating to the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia deemed to relate to Bank of South Australia Limited
TABLE OF PROVISIONS—
Section
23. Notifications given by the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia deemed to have been given by Bank of South Australia Limited
24. Authorities relating to Bank of South Australia Limited deemed to relate to the State Bank of South Australia or the designated subsidiary concerned
25. Notifications given by Bank of South Australia Limited deemed to have been given by the State Bank of South Australia or the designated subsidiary concerned
26. Credit reporting agencies that have been given information about overdue payments
27. Credit reporting agencies that have previously been informed about current credit provider status
28. Credit provider ceasing to be current credit provider
29. Credit reporting agencies that have been given information about overdue payments
30. Credit reporting agencies that have previously been informed about current credit provider status
31. Credit provider ceasing to be current credit provider
32. Publication of information about the operation of this Part
33. This Part to be disregarded in determining the meaning that a provision of the
Privacy Act 1988 has apart from this Part
PART 2.4—MODIFICATIONS OF THE INCOME TAX LAW RELATING TO THE RESTRUCTURING OF THE STATE BANK OF SOUTH AUSTRALIA
34. Object of Part
35. Interpretation
36. Definitions
37. Amendments to allow Bank of South Australia Limited to benefit from the post-26 February 1992 depreciation regime
38. Development allowance and general investment allowance—acquisition or construction of property
39. Development allowance and general investment allowance—uncompleted contracts for the acquisition of property
TABLE OF PROVISIONS—
Section
40. When Subdivision applies
41. Eligible tax file number information
42. Eligible tax file number information may be disclosed to Bank of South Australia Limited
43. Notices telling investors about proposed transfer of eligible tax file number information and inviting objections
44. Consequences of disclosure of eligible tax file number information to Bank of South Australia Limited
45. Modification of subsection 202EC(4) of the
Income Tax Assessment Act 1936
46. When Subdivision applies
47. Eligible tax file number information may be disclosed to the State Bank of South Australia
48. Eligible tax file number information may be disclosed to a designated subsidiary of the State Bank of South Australia
49. Notices telling investors about proposed transfer of eligible tax file number information and inviting objections
50. Consequences of disclosure of eligible tax file number information to the State Bank of South Australia or to a designated subsidiary of the State Bank of South Australia
51. Modification of subsection 202EC(4) of the
Income Tax Assessment Act 1936
52. Division deemed to be a taxation law for the purposes of section 8WB of the
Taxation Administration Act 1953 53. Disclosure of tax file number information under this Division taken not to be in breach of guidelines under the
Privacy Act 1988
54. Reduction of deductions allowable to Bank of South Australia Limited, and associates of Bank of South Australia Limited, in respect of certain superannuation contributions and eligible termination payments
PART 2.5—MODIFICATION OF THE FRINGE BENEFITS TAX ASSESSMENT ACT 1986 RELATING TO THE RESTRUCTURING OF THE STATE BANK OF SOUTH AUSTRALIA
55. Object of Part
56. Car benefits
CHAPTER 3—OTHER MATTERS
PART 3.1—AMENDMENT OF THE BANKING ACT 1959
57. Principal Act
58. Objects of Division
59. Authority to carry on banking business
60. Restructuring of banks
TABLE OF PROVISIONS—
Section
61. Object of Division
62. Repeal of section 70
PART 3.2—AMENDMENT OF THE FINANCIAL TRANSACTION REPORTS ACT 1988
63. Object of Part
64. Principal Act
65. Insertion of new sections:
23A. Active bank accounts transferred to another bank—obligations of banks in relation to records of information
23B. Closed bank accounts transferred to another bank—obligations of banks in relation to records of information
PART 3.3—AMENDMENT OF THE PROCEEDS OF CRIME ACT 1987
66. Object of Part
67. Principal Act
68. Insertion of new sections:
78A. Active bank accounts transferred to another bank—obligations of banks in relation to documents
78B. Closed bank accounts transferred to another bank—obligations of banks in relation to documents
PART 3.4—AMENDMENT OF THE RESERVE BANK ACT 1959
69. Object of Part
70. Principal Act
71. Termination of appointment
72. Insertion of new section:
18A. Leave of absence
73. Application
74. Transitional—pre-commencement grant of leave of absence
[
The Parliament of Australia enacts:
Short title
1. This Act may be cited as theBanking (State Bank of South Australia and Other Matters) Act 1994.
Commencement
2 .( 1 ) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(2) Part 2.1 (other than subsections 5(2) and 6(2)) commences on a day to be fixed by Proclamation. The day must not be earlier than the day on which theState Bank (Corporatisation) Act 1994 of South Australia commences.
4. In this Part,“Principal Act” means theBanking Act 1959 1 .
6 .( 1 ) Section 6 of the Principal Act is amended:
(a) by omitting from subsection (1) “subsection (1A)” and substituting “subsections (1A) and (1B)”;
(b) by inserting after subsection (1A) the following subsection:“(1B) Part II (other than Division 1), Part V and sections 61, 62, 64, 65, 68 and 69 apply to Bank of South Australia Limited.
Note: The matter of State banking in so far as it applies to Bank of South Australia Limited has been referred to the Parliament of the Commonwealth by the Parliament of South Australia.”.
(2) Section 6 of the Principal Act is amended:
(a) by omitting from subsection (1B) “Part II (other than Division 1), Part” and substituting “Parts II and”;
(b) by inserting in subsection (1B) “63,” after “62,”.
“268A.(1) This section applies if:
(a) after one or more registrable charges on property of a company have been created, a person other than the original chargee becomes the holder of the charges; and
(b) the person is the State Bank of South Australia or Bank of South Australia Limited; and
(c) the person becomes the holder of the charges as a result of the operation of:
(i) section 7 or 23 of the
State Bank (Corporatisation) Act 1994 of South Australia; or(ii) a corresponding provision of a law of another State or of a Territory.
“(2) The person may lodge a notice stating that it has become the holder of the charges.
“(3) The notice must be in a form approved by the Commission.
“(4) The notice must be lodged within:
(a) 6 months after the commencement of the
State Bank (Corporatisation) Act 1994 of South Australia (the‘ initial period’ ); or(b) such longer period as the Commission allows.
“(5) The Commission may only allow a longer period under paragraph (4)(b) if:
(a) the person applies in writing to the Commission within the initial period; and
(b) the Commission is satisfied that, having regard to the nature of the charges involved, it would not be practicable for the person to lodge a notice in relation to those charges within the initial period.
“(6) A person who lodges a notice under subsection (2) in respect of one or more charges on property of a company is taken, for the purposes of this Law and the Corporations (Fees) Regulations:
(a) to have lodged a separate notice in accordance with subsection 268(1) in respect of each of those charges; and
(b) to have given a copy of each of those notices to the company in accordance with that subsection.
“(7) If:
(a) a charge is constituted by a debenture or debentures; and
(b) there is a trustee for debenture holders;
a reference in this section to the chargee in relation to a charge is a reference to that trustee.”.
“574A.(1) This section applies if the Minister of the Crown of South Australia responsible for the administration of the
“(2) The Commission must, by notice published in the
(a) the liability (if any) of every officer and members of the company continues and may be enforced as if the company had not been dissolved; and
(b) nothing in this subsection affects the power of the Court to wind up a company the registration of which has been cancelled.
“(3) This Law (other than subsection 574(1)) has effect as if a notice under subsection (2) of this section were a notice of cancellation published under subsection 574(1).
“(4) Subsection 576(1) of this Law only applies to property of the company to the extent (if any) to which that property is not vested in the State Bank of South Australia under subsection 23(2) of the
14. In this Part:
(a) an individual who is, or has sought to become:
(i) a customer of the person within the ordinary meaning of that expression; or
(ii) a depositor with the person; or
(iii) a borrower from the person; or
(b) a guarantor or prospective guarantor of an individual who is, or has sought to become, a borrower from the person;
(a) section 16 of the
State Bank (Corporatisation) Act 1994 of South Australia; or(b) a corresponding provision of a law of another State or of a Territory;
(a) section 7 of the
State Bank (Corporatisation) Act 1994 of South Australia; or(b) a corresponding provision of a law of another State or of a Territory.
(a) a loan or prospective loan is transferred on a particular day (the
“transfer day” ) under a transfer provision to Bank of South Australia Limited from:(i) the State Bank of South Australia; or
(ii) a designated subsidiary of the State Bank of South Australia; and
(b) immediately before the transfer, the loan or prospective loan was credit provided by the State Bank of South Australia or the designated subsidiary, as the case may be.
17 .( 1 ) This section applies if:(a) a loan or prospective loan is transferred on a particular day (the
“re-transfer day”) under a re-transfer provision from Bank of South Australia Limited to:(i) the State Bank of South Australia; or
(ii) a designated subsidiary of the State Bank of South Australia; and
(b) immediately before the transfer, the loan or prospective loan was credit provided by Bank of South Australia Limited.
(a) the disclosure is by:
(i) the State Bank of South Australia; or
(ii) a designated subsidiary of the State Bank of South Australia; or
(iii) an agent of a body covered by subparagraph (i) or (ii); and
(b) the report or information is disclosed to:
(i) Bank of South Australia Limited; or
(ii) an agent of Bank of South Australia Limited; and
(c) the report or information relates to the affairs of an individual who:
(i) was an eligible customer of the State Bank of South Australia or the designated subsidiary, as the case may be; and
(ii) became an eligible customer of Bank of South Australia Limited as a result of the operation of a transfer provision; and
(d) the report or information is disclosed for the purposes of facilitating the operation of a transfer provision in relation to the individual.
(2) The disclosure does not breach:(a) the
Privacy Act 1988 ; or(b) the Code of Conduct.
(a) the disclosure is by:
(i) Bank of South Australia Limited; or
(ii) an agent of Bank of South Australia Limited; and
(b) the report or information is disclosed to:
(i) the State Bank of South Australia; or
(ii) a designated subsidiary of the State Bank of South Australia; or
(iii) an agent of a body covered by subparagraph (i) or (ii); and
(c) the report relates to the affairs of an eligible customer of the State Bank of South Australia or of the designated subsidiary, as the case requires, whose account was transferred to that Bank or subsidiary from Bank of South Australia Limited as a result of the operation of a re-transfer provision; and
(d) the report or information is disclosed for the purposes of facilitating the operation of the re-transfer provision in relation to the eligible customer.
(2) The disclosure does not breach:(a) the
Privacy Act 1988 ; or(b) the Code of Conduct.
(a) the disclosure is by:
(i) the State Bank of South Australia; or
(ii) a designated subsidiary of the State Bank of South Australia; or
(iii) an agent of a body covered by subparagraph (i) or (ii); and
(b) the report or information is disclosed to Bank of South Australia Limited; and
(c) the report or information relates to the affairs of an eligible customer of the State Bank of South Australia or of the designated subsidiary, as the case may be; and
(d) an account of the eligible customer is being managed by Bank of South Australia Limited as agent for the State Bank of South Australia or the designated subsidiary, as the case may be; and
(e) the report or information is disclosed for the purposes of facilitating the management of the account.
(2) The disclosure does not breach:(a) the
Privacy Act 1988 ; or(b) the Code of Conduct.
21 .( 1 ) This section applies if:(a) a designated subsidiary of the State Bank of South Australia is proposed to be dissolved under subsection 23(1) of the
State Bank (Corporatisation) Act 1994 of South Australia; and(b) as a result of the dissolution, an account with the designated subsidiary will be vested in the State Bank of South Australia under subsection 23(2) of that Act.
(a) the authority was given to:
(i) the State Bank of South Australia; or
(ii) a designated subsidiary of the State Bank of South Australia; and
(b) the authority authorised the State Bank of South Australia or the designated subsidiary, as the case may be, to disclose, use or receive:
(i) a credit report; or
(ii) any other information that has or has had any bearing on an individual’s credit worthiness, credit standing, credit history or credit capacity; and
(c) the authority relates to the affairs of an individual who:
(i) was an eligible customer of the State Bank of South Australia or the designated subsidiary, as the case may be; and
(ii) became an eligible customer of Bank of South Australia Limited on a particular day (the
“transfer day” ) as a result of the operation of a transfer provision.
(a) the notification was given by:
(i) the State Bank of South Australia; or
(ii) a designated subsidiary of the State Bank of South Australia; and
(b) the notification was given to an individual who:
(i) was an eligible customer of the State Bank of South Australia or the designated subsidiary, as the case may be; and
(ii) became an eligible customer of Bank of South Australia Limited on a particular day (the
“transfer day” ) as a result of the operation of a transfer provision.
(a) the authority was given to Bank of South Australia Limited; and
(b) the authority authorised Bank of South Australia Limited to disclose, use or receive:
(i) a credit report; or
(ii) any other information that has or has had any bearing on an individual’s credit worthiness, credit standing, credit history or credit capacity; and
(c) the authority relates to the affairs of an individual who:
(i) was an eligible customer of Bank of South Australia Limited; and
(ii) became an eligible customer of the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia on a particular day (the
“re-transfer day” ) as a result of the operation of a re-transfer provision.
(a) the notification was given by Bank of South Australia Limited; and
(b) the notification was given to an individual who:
(i) was an eligible customer of Bank of South Australia Limited; and
(ii) became an eligible customer of the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia on a particular day (the
“re-transfer day” ) as a result of the operation of a re-transfer provision.
26 .( 1 ) This section applies if:(a) the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia was a credit provider in relation to credit provided to an individual; and
(b) as a result of the operation of a transfer provision, the individual’s account was transferred to Bank of South Australia Limited on a particular day (the
“transfer day” ); and(c) a credit reporting agency had been given information that the individual was overdue in making a payment in respect of the credit provided by the State Bank of South Australia or the designated subsidiary, as the case may be.
27 .( 1 ) This section applies if:(a) the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia was a credit provider in relation to credit provided to an individual; and
(b) as a result of the operation of a transfer provision, the individual’s account was transferred to Bank of South Australia Limited on a particular day (the
“transfer day” ); and(c) a credit reporting agency had previously been informed that the State Bank of South Australia or the designated subsidiary, as the case may be, was a current credit provider in relation to the individual.
29 .( 1 ) This section applies if:(a) Bank of South Australia Limited was a credit provider in relation to credit provided to an individual; and
(b) as a result of the operation of a re-transfer provision, the individual’s account was transferred to the State Bank of South Australia or to a designated subsidiary of the State Bank of South Australia on a particular day (the
“re-transfer day” ); and(c) a credit reporting agency had been given information that the individual is overdue in making a payment in respect of the credit provided by Bank of South Australia Limited.
30 .( 1 ) This section applies if:(a) Bank of South Australia Limited was a credit provider in relation to credit provided to an individual; and
(b) as a result of the operation of a re-transfer provision, the individual’s account was transferred to the State Bank of South Australia or to a designated subsidiary of the State Bank of South Australia on a particular day (the
“re-transfer day” ); and(c) a credit reporting agency had previously been informed that Bank of South Australia Limited was a current credit provider in relation to the individual.
(a) the kinds of reports and information that will be, or that have been, disclosed under section 18; and
(b) the kinds of authorities and notifications that will be, or have been, affected by the operation of sections 22 and 23.
(a) in any case—its eligible customers; and
(b) if the statement is prepared by the State Bank of South Australia—the eligible customers of Bank of South Australia Limited.
36. In this Part:
(a) section 16 of the
State Bank (Corporatisation) Act 1994 of South Australia; or(b) a corresponding provision of a law of another State or of a Territory;
(a) section 7 of the
State Bank (Corporatisation) Act 1994 of South Australia; or(b) a corresponding provision of a law of another State or of a Territory.
(a) the State Bank of South Australia; or
(b) a designated subsidiary of the State Bank of South Australia.
38 .( 1 ) This section applies to a unit of property if:(a) the property was acquired, constructed or commenced to be constructed, by:
(i) the State Bank of South Australia; or
(ii) a designated subsidiary of the State Bank of South Australia; and
(b) the property was transferred to Bank of South Australia Limited as a result of the operation of a transfer provision.
(a) the property had been acquired, constructed, or commenced to be constructed, as the case may be, by Bank of South Australia Limited instead of by the State Bank of South Australia or the designated subsidiary, as the case may be; and
(b) expenditure of a capital nature incurred by the State Bank of South Australia or the designated subsidiary, as the case may be, in respect of the acquisition or construction of the property had been incurred instead by Bank of South Australia Limited; and
(c) if the property was acquired by the State Bank of South Australia or the designated subsidiary, as the case may be, under a contract entered into at a particular time—the property had been acquired by Bank of South Australia Limited under a contract entered into at that time; and
(d) if the property was constructed, or commenced to be constructed, by the State Bank of South Australia or the designated subsidiary, as the case may be—Bank of South Australia Limited had commenced to construct the property at the same time as the State Bank of South Australia or the designated subsidiary, as the case may be, had commenced to construct it.
39 .( 1 ) This section applies to a unit of property if:(a) the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia entered into a contract for the acquisition of the property; and
(b) before the property was acquired by the State Bank of South Australia or the designated subsidiary, as the case may be, Bank of South Australia Limited acquired the rights under the contract as a result of the operation of a transfer provision; and
(c) Bank of South Australia Limited acquired the property as a result of the performance of the contract.
40. This Subdivision applies if:(a) an account or deposit with:
(i) the State Bank of South Australia; or
(ii) a designated subsidiary of the State Bank of South Australia;
is transferred, or is proposed to be transferred, to Bank of South Australia Limited under a transfer provision; and
(b) the account or deposit is an investment to which Part VA of the
Income Tax Assessment Act 1936 applies; and(c) immediately before the transfer or proposed transfer, the investor’s tax file number is or will be taken, for the purposes of Part VA of the
Income Tax Assessment Act 1936 , to have been quoted to the State Bank of South Australia or the designated subsidiary, as the case requires, in connection with the investment.
(a) if the investor actually quoted the investor’s tax file number to the State Bank of South Australia or the designated subsidiary, as the case requires:
(i) the investor’s tax file number; and
(ii) information connecting that number with the investor; or
(b) if the investor is taken to have quoted the investor’s tax file number to the State Bank of South Australia or the designated subsidiary, as the case requires, because of section 202DDA of the
Income Tax Assessment Act 1936 :(i) the investment body remitter number of the interposed entity concerned; and
(ii) information connecting that number with the interposed entity concerned; or
(c) if the investor is taken to have quoted the investor’s tax file number to the State Bank of South Australia or the designated subsidiary, as the case requires, because of section 202DDB of the
Income Tax Assessment Act 1936 :(i) the tax file number of the primary investor concerned; and
(ii) information connecting that number with the primary investor concerned; or
(d) if the investor is taken to have quoted the investor’s tax file number to the State Bank of South Australia or the designated subsidiary, as the case requires, because of section 202EB of the
Income Tax Assessment Act 1936 —information given by the investor as mentioned in subsection 202EB(1) of that Act; or(e) if the investor is taken to have quoted the investor’s tax file number to the State Bank of South Australia or the designated subsidiary, as the case requires, because of section 202EC of the
Income Tax Assessment Act 1936 —information given by the investor as mentioned in subsection 202EC(1) of that Act.
(a) at least 15 days before the disclosure, the State Bank of South Australia or the designated subsidiary, as the case may be, publishes notices under section 43 about the proposed disclosure; and
(b) the investor does not object to the disclosure in accordance with either of the notices.
(a) a newspaper circulating generally throughout Australia; and
(b) a newspaper circulating generally throughout South Australia;
a notice, in a form approved by the Commissioner, that:
(c) states that the State Bank of South Australia or the designated subsidiary, as the case may be, proposes to disclose specified kinds of eligible tax file number information to Bank of South Australia Limited; and
(d) states that an investor concerned may give the State Bank of South Australia or the designated subsidiary, as the case requires, a written objection within 14 days after the publication of the notice; and
(e) states that if an investor lodges such an objection, the information will not be disclosed to Bank of South Australia Limited; and
(f) contains such additional information as is required by the form.
(a) to have quoted his or her tax file number to Bank of South Australia Limited under Division 4 of that Part in connection with the investment; and
(b) to have so quoted his or her tax file number at whichever is the later of the following times:
(i) the time when the disclosure of the eligible tax file number information occurred;
(ii) the time when the transfer of the investment occurred.
(a) eligible tax file number information in relation to an investment is disclosed to Bank of South Australia Limited under this Subdivision; and
(b) the eligible tax file number information is covered by paragraph 41(a);
the investor is taken to have actually quoted his or her tax file number under Division 4 of Part VA of that Act.
46. This Subdivision applies if:(a) an account or deposit with Bank of South Australia Limited is transferred, or is proposed to be transferred, to the State Bank of South Australia, or to a designated subsidiary of the State Bank of South Australia, under a re-transfer provision; and
(b) the account or deposit is an investment to which Part VA of the
Income Tax Assessment Act 1936 applies; and(c) immediately before the transfer or proposed transfer, the investor’s tax file number is or will be taken, because of section 44, to have been quoted to Bank of South Australia Limited in connection with the investment for the purposes of Part VA of the
Income Tax Assessment Act 1936 ; and(d) eligible tax file number information in relation to the investment was disclosed to Bank of South Australia Limited under Subdivision A.
(a) at least 22 days before the disclosure, Bank of South Australia Limited sends the investor a notice under section 49 about the proposed disclosure; and
(b) the investor does not object to the disclosure in accordance with the notice.
(a) at least 22 days before the disclosure, Bank of South Australia Limited sends the investor a notice under section 49 about the proposed disclosure; and
(b) the investor does not object to the disclosure in accordance with the notice.
(a) states that Bank of South Australia Limited proposes to disclose specified kinds of eligible tax file number information to the State Bank of South Australia or to a designated subsidiary of the State Bank of South Australia; and
(b) states that the investor may give Bank of South Australia Limited a written objection within 21 days after:
(i) if the notice is sent by post—the day on which the notice is posted; or
(ii) if the notice is sent by being delivered to the investor personally—the day of delivery; or
(iii) if the notice is sent by being left at a particular place or address—the day on which the notice is left at that place or address; and
(c) states that if the investor lodges such an objection, the information will not be disclosed to the State Bank of South Australia, or to the designated subsidiary, as the case requires; and
(d) contains such additional information as is required by the form.
Note: Section 28A of the
(a) to have quoted his or her tax file number to the State Bank of South Australia or to the designated subsidiary, as the case requires, under Division 4 of that Part in connection with the investment; and
(b) to have so quoted his or her tax file number at whichever is the later of the following times:
(i) the time when the disclosure of the eligible tax file number information occurred;
(ii) the time when the transfer of the investment occurred.
(a) eligible tax file number information in relation to an investment is disclosed to the State Bank of South Australia, or to a designated subsidiary of the State Bank of South Australia, under this Subdivision; and
(b) the eligible tax number information was covered by paragraph 41(a);
the investor is taken to have actually quoted his or her tax file number under Division 4 of Part VA of that Act.
(a) apart from this section, the deduction is allowable to Bank of South Australia Limited, or an associate of Bank of South Australia Limited, under section 82AAC of the
Income Tax Assessment Act 1936 in respect of a contribution to a fund made before the Proclaimed day for the purposes of making provision for superannuation benefits for, or for dependants of, an ex-employee of:(i) the State Bank of South Australia; or
(ii) a tax-exempt designated subsidiary of the State Bank of South Australia; or
(b) apart from this section, the deduction is allowable to Bank of South Australia Limited, or an associate of Bank of South Australia Limited, under the
Income Tax Assessment Act 1936 in respect of so much of a designated ETP made before the Proclaimed day in consequence of the termination of the employment of an ex-employee of:(i) the State Bank of South Australia; or
(ii) a tax-exempt designated subsidiary of the State Bank of South Australia;
as is not an approved early retirement scheme payment or a bona fide redundancy payment.
× | 100 | |
where:
(a) before the date of lodgment of the taxpayer’s return of income of the year of income; or
(b) within such further time as the Commissioner allows.
(4) In this section:
(a) in relation to the State Bank of South Australia—means a person who is, or has at any time been, the subject of an order under section 19 of the
State Bank (Corporatisation) Act 1994 of South Australia and who was employed by that Bank immediately before the order was made; and(b) in relation to a tax-exempt designated subsidiary of the State Bank of South Australia—means a person who is, or has at any time been, the subject of an order under section 19 of the
State Bank (Corporatisation) Act 1994 of South Australia and who was employed by the designated subsidiary immediately before the order was made;
(a) the State Bank of South Australia; or
(b) a designated subsidiary of the State Bank of South Australia.
(2) In this section:
57. In this Part,“Principal Act” means theBanking Act 1959 1 .
58. The objects of this Division are:(a) to empower the Governor-General to revoke a banking authority granted to a restructured foreign bank if the Governor-General is satisfied that it would be contrary to the national interest for the bank to continue carrying on banking business in Australia; and
(b) to require a foreign bank to give the Treasurer reasonable notice of a proposal to restructure the bank.
“(8C) The Governor-General may, on the recommendation of the Treasurer, revoke the authority granted to a foreign bank if:
(a) the bank:
(i) enters into, or proposes to enter into, an arrangement or agreement for:
(A) any sale or disposal of its business by amalgamation or otherwise; or
(B) the carrying on of business in partnership with another bank; or
(ii) effects, or proposes to effect, a reconstruction of the bank; and
(b) the Governor-General is satisfied that it would be contrary to the national interest for the bank to continue carrying on banking business in Australia.”.
60. Section 63 of the Principal Act is amended:
(a) by inserting in subsection (1) “(other than a foreign bank)” after “bank” (first occurring);
(b) by adding at the end the following subsection:“(4) A foreign bank must give the Treasurer reasonable notice, in writing, of any proposal that involves the bank:
(a) entering into an arrangement or agreement for:
(i) any sale or disposal of its business by amalgamation or otherwise; or
(ii) the carrying on of business in partnership with another bank; or
(b) effecting a reconstruction of the bank.”.
62. Section 70 of the Principal Act is repealed.
“23A.(1) This section applies to a record of information if:
(a) the record is in the possession of a bank (the
‘transferor bank’ ) in fulfilment of an obligation imposed on the transferor bank by subsection 23(1) or (7); and(b) the record relates wholly or partly to an account (the
‘transferred account’ ) that has been, or is proposed to be, transferred to another bank (the‘transferee bank’ ) under:(i) a law of the Commonwealth or of a State or Territory; or
(ii) an arrangement between the transferor bank and the transferee bank.
“(2) The transferor bank must comply with whichever of the following rules is applicable:
(a) if the record relates wholly to the transferred account—the transferor bank must give the record to the transferee bank within the 120-day period beginning 30 days before the transfer;
(b) if the record relates partly to the transferred account and partly to an account that is not so transferred or proposed to be so transferred—the transferor bank must:
(i) make a copy of so much of the record as relates to the transferred account; and
(ii) give the copy to the transferee bank;
within the 120-day period beginning 30 days before the transfer.
“(3) A person who intentionally or recklessly contravenes subsection (2) is guilty of an offence punishable on conviction by a fine not exceeding 10 penalty units.
“(4) If the transferor bank complies with subsection (2) of this section in relation to the record, the transferor bank does not contravene section 23 in relation to so much of the record as relates to the transferred account.
“(5) If the transferee bank is given a document under subsection (2) of this section, section 23 applies to the transferee bank in relation to the document as if the document were a record made or obtained by the transferee bank in the course of obtaining account information or signatory information about the transferred account.
“(6) If the transferee bank is given a document under subsection (2) of this section, section 20A applies to the transferee bank in relation to the document as follows:
(a) if the document (or its original) was covered by paragraph 20A(1)(a)—as if the document were an identification reference for the signatory to the transferred account;
(b) if the document (or its original) was covered by subparagraph 20A(1)(b)(i)—as if:
(i) the transferee bank had carried out the prescribed verification procedure (within the meaning of that subparagraph) to identify the signatory to the transferred account; and
(ii) the document were a record of that procedure;
(c) if the document (or its original) was covered by subparagraph 20A(1)(b)(ii)—as if:
(i) the transferee bank had carried out a verification procedure to identify the signatory to the transferred account; and
(ii) the procedure had been approved by the Director for the transferee bank; and
(iii) the document were a record of that procedure.
“(7) In this section:
“23B.(1) This section applies to a record of information if:
(a) the record is in the possession of a bank (the
‘transferor bank’ ) in fulfilment of an obligation imposed on the transferor bank by subsection 23(1) or (7); and(b) the record relates wholly or partly to a closed account; and
(c) the transferor bank complies with an obligation imposed on it under subsection 23A(2) in relation to another bank (the
‘transferee bank’ ) during the 120-day period mentioned in that subsection; and(d) the transferor bank and the transferee bank agree in writing that so much of the record as relates to the closed account should be transferred by the transferor bank to the transferee bank during that 120-day period.
“(2) The transferor bank may:
(a) if the record relates wholly to the closed account—give the record to the transferee bank within that 120-day period; or
(b) if the record relates partly to the closed account and partly to some other account (whether active or otherwise):
(i) make a copy of so much of the record as relates to the closed account; and
(ii) give the copy to the transferee bank;
within that 120-day period.
“(3) If the transferor bank gives a document to the transferee bank under subsection (2) of this section, the transferor bank does not contravene section 23 in relation to so much of the document as relates to the closed account.
“(4) If the transferee bank is given a document under subsection (2) of this section, section 23 applies to the transferee bank in relation to the document as if the document were a record made or obtained by the transferee bank in the course of obtaining account information or signatory information about the closed account.
“(5) If the transferee bank is given a document under subsection (2) of this section, section 20A applies to the transferee bank in relation to the document as follows:
(a) if the document (or its original) was covered by paragraph 20A(1)(a)—as if the document were an identification reference for the signatory to the closed account;
(b) if the document (or its original) was covered by subparagraph 20A(1)(b)(r)—as if:
(i) the transferee bank had carried out the prescribed verification procedure (within the meaning of that subparagraph) to identify the signatory to the closed account; and
(ii) the document were a record of that procedure;
(c) if the document (or its original) was covered by subparagraph 20A(1)(b)(ii)—as if:
(i) the transferee bank had carried out a verification procedure to identify the signatory to the closed account; and
(ii) the procedure had been approved by the Director for the transferee bank; and
(iii) the document were a record of that procedure.
“(6) In this section:
“78A.(1) This section applies to a document if:
(a) the document is in the possession of a bank (the
‘transferor bank’ ) in fulfilment of an obligation imposed on the transferor bank by subsection 77(1), (2) or (3) or 78(1); and(b) the document relates to an account (the
‘transferred account’ ) that has been, or is proposed to be, transferred to another bank (the‘transferee bank’ ) under:(i) a law of the Commonwealth or of a State or Territory; or
(ii) an arrangement between the transferor bank and the transferee bank.
“(2) The transferor bank must give the document to the transferee bank within the 120-day period beginning 30 days before the transfer.
“(3) A person who intentionally or recklessly contravenes subsection (2) is guilty of an offence punishable on conviction by a fine not exceeding 10 penalty units.
“(4) If the transferor bank complies with subsection (2) of this section in relation to the document, the transferor bank does not contravene section 77 or 78 in relation to the document.
“(5) If the transferee bank is given a document under subsection (2) of this section, this division applies to the transferee bank in relation to the document as follows:
(a) if the document was covered by subsection 77(1) or 78(1)—as if the document were an essential customer generated financial transaction document in relation to the transferee bank;
(b) if the document was covered by subsection 77(2)—as if the document were a customer generated financial transaction document in relation to the transferee bank and were not an essential customer generated financial transaction document;
(c) if the document was covered by subsection 77(3)—as if the document were a financial transaction document in relation to the transferee bank and were a document:
(i) that is not a customer generated financial transaction document; and
(ii) whose retention is necessary to preserve a record of the financial transaction concerned;
(d) in any case—as if the minimum retention period applicable to the document were the period of 7 years after the day on which the transferred account is closed.
“(6) In this section:
“78B.(1) This section applies to a document if:
(a) the document is in the possession of a bank (the
‘transferor bank’ ) in fulfilment of an obligation imposed on the transferor bank by subsection 77(1), (2) or (3) or 78(1); and(b) the document relates to a closed account; and
(c) the transferor bank complies with an obligation imposed on it under subsection 78A(2) in relation to another bank (the
‘transferee bank’ ) during the 120-day period mentioned in that subsection; and(d) the transferor bank and the transferee bank agree in writing that the document should be transferred by the transferor bank to the transferee bank during that 120-day period.
“(2) The transferor bank may give the document to the transferee bank within that 120-day period.
“(3) If the transferor bank gives a document to the transferee bank under subsection (2) of this section, the transferor bank does hot contravene section 77 or 78 in relation to the document.
“(4) If the transferee bank is given a document under subsection (2) of this section, this division applies to the transferee bank in relation to the document as follows:
(a) if the document was covered by subsection 77(1) or 78(1)—as if the document were an essential customer generated financial transaction document in relation to the transferee bank;
(b) if the document was covered by subsection 77(2)—as if the document were a customer generated financial transaction document in relation to the transferee bank and were not an essential customer generated financial transaction document;
(c) if the document was covered by subsection 77(3)—as if the document were a financial transaction document in relation to the transferee bank and were a document:
(i) that is not a customer generated financial transaction document; and
(ii) whose retention is necessary to preserve a record of the financial transaction concerned;
(d) in any case—as if the minimum retention period applicable to the document were the period of 7 years after the day on which the closed account was closed.
“(5) In this section:
70. In this Part,“Principal Act” means theReserve Bank Act 1959 4 .
71. Section 18 of the Principal Act is amended:(a) by omitting from paragraph (1)(d) “Treasurer” and substituting “Board in accordance with section 18A”;
(b) by inserting in paragraph (1)(e) “subsection 18A(3) or” after “under”.
72. After section 18 of the Principal Act the following section is inserted:
“18A.(1) This section applies to a member appointed under paragraph 14(1)(d).
“(2) The Board may grant to a member leave of absence from a meeting of the Board.
“(3) A member must not take part in a decision of the Board granting, or refusing to grant, leave to the member.”.
1. No. 6, 1959, as amended. For previous amendments, see No. 127, 1965; No. 93, 1966; No. 84, 1967; Nos. 116, 193 and 216 (as amended by No. 20, 1974), 1973; No. 132, 1974; No. 156 (as amended by No. 78, 1978), 1977; No. 19, 1979; No. 80, 1982; No. 76, 1984; No. 166, 1986; No. 105, 1987; No. 129, 1989; No. 118, 1990; No. 210, 1991; and No. 193, 1992.
2. No. 64, 1988, as amended. For previous amendments, see Nos. 4 and 110, 1990; Nos. 28, 122, 123 and 188, 1991; and No. 164, 1992.
3. No. 87, 1987, as amended. For previous amendments, see No. 120, 1987; No. 120, 1988; Nos. 28, 120 and 123, 1991; and Nos. 164 and 166, 1992.
4. No. 4, 1959, as amended. For previous amendments, see No. 96, 1965; No. 93, 1966; Nos. 118 and 216, 1973; No. 36, 1978; No. 155, 1979; No. 70, 1980; No. 122 (as amended by No. 193, 1985), 1981; Nos. 63 and 76, 1984; No. 65, 1985; No. 166, 1986; No. 23, 1988; No. 129, 1989; No. 118, 1990; and No. 193, 1992.
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Senate on 24 March 1994
House of Representatives on 8 June 1994
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