Debits Tax Act 1982 (Cth)

Debits Tax Act 1982

Act No. 141 of 1982 as amended

[Note: This Act was repealed by Act No. 101 of 2006 on 14 September 2006

For transitional and application provisions see Act No. 101, 2006, Schedule 6 (items 5–11)]

This compilation was prepared on 18 October 2000

taking into account amendments up to Act No. 136 of 1990

The text of any of those amendments not in force

on that date is appended in the Notes section

The operation of amendments that have been incorporated may be

affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,

Attorney‑General’s Department, Canberra

      

Contents

An Act to impose a tax in respect of certain debits made to accounts kept with financial institutions

1Short title [see Note 1]

 This Act may be cited as the Debits Tax Act 1982.

2Commencement [see Note 1]

 This Act shall come into operation on the day on which it receives the Royal Assent.

3Incorporation

 The Debits Tax Administration Act 1982 is incorporated and shall be read as one with this Act.

3AAccounts kept outside Australia

 A reference in this Act to a debit made to an account kept outside Australia includes a reference to a debit made to an account (in this section called a non‑bank account) kept outside Australia with a building society, credit union or similar body (including an account kept by way of withdrawable share capital in, or money deposited with, the body) where:

• (a)

  another account is kept with a bank in the name of the body; and

• (b)

  the non‑bank account has characteristics such that a cheque may be drawn on the bank by the body and, at a time when it is incomplete, be delivered by the body to a customer under an agreement under which:

  • (i)

    the customer is authorised to fill up the cheque; and

  • (ii)

    the body is authorised, for the purpose of making a payment to the bank to enable the bank to honour the cheque, to debit the non‑bank account.

4Imposition of tax

 Subject to section 4A, tax is imposed in respect of:

• (a)

  each taxable debit of not less than $1 made to a taxable account;

• (b)

  each eligible debit of not less than $1 made to an exempt account; and

• (c)

  each eligible debit of not less than $1 made to an account kept outside Australia where:

  • (i)

    at the time when the debit is made, the person in whose name, or either or any of the persons in whose names, the account is kept is a resident of Australia; and

  • (ii)

    it would be concluded that that account was used in connection with the transaction that resulted in the debit for the purpose, or for purposes that included the purpose, of enabling:

    • (A)

      the person in whose name, or either or any of the persons in whose names, the account is kept; or

    • (B)

      any other person;

   to avoid liability for payment of the tax that would have been imposed if the debit that resulted from that transaction had been made to an account kept in Australia.

4ATermination of tax

 Tax is not imposed in respect of a debit made on or after 1 January 1991.

5Amount of tax

 The amount of tax in respect of a taxable debit or eligible debit is the amount set out in column 2 of the Schedule opposite to the reference in column 1 of the Schedule to the range of amounts within which the amount of that debit is included.

Schedule

Section 5

Column 1	Column 2
Range of amounts of taxable debits or eligible debits	Amount of tax
Not less than $1 but less than $100............................................................		15 cents
Not less than $100 but less than $500..................................................		35 cents
Not less than $500 but less than $5,000...............................................		75 cents
Not less than $5,000 but less than $10,000...............................................			$1.50
$10,000 or more..............................................................................................			$2.00

Notes to the Debits Tax Act 1982

Note 1

The Debits Tax Act 1982 as shown in this compilation comprises Act No. 141, 1982 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Bank Account Debits Tax Act 1982	141, 1982	31 Dec 1982	31 Dec 1982
Bank Account Debits Tax Legislation Amendment Act 1983	110, 1983	8 Dec 1983	31 Dec 1982	—
Bank Account Debits Tax Amendment Act 1984	103, 1984	10 Oct 1984	1 Nov 1984 (see s. 2)	S. 5
Bank Account Debits Tax Amendment Act 1985	171, 1985	16 Dec 1985	13 Jan 1986	S. 4
Bank Account Debits Tax Amendment Act 1986	113, 1986	4 Nov 1986	1 Dec 1986	S. 4
Bank Account Debits Tax Amendment Act 1987	63, 1987	5 June 1987	Ss. 1 and 2: Royal Assent Ss. 3–6 and 9(1):1 July 1987 (see s. 2(2) and Gazette 1987, No. S131) Remainder: 1 Sept 1987 (see Gazette 1987, No. S191)	S. 9
Debits Tax Termination Act 1990	136, 1990	28 Dec 1990	1 Jan 1991	—

Table of Amendments

ad. = added or inserted  am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Title........................................	am. No. 63, 1987
S. 1.........................................	am. No. 63, 1987
S. 3.........................................	am. No. 63, 1987
S. 3A......................................	ad. No. 63, 1987
S. 4.........................................	am. No. 110, 1983
rs. No. 103, 1984; No. 171, 1985; No. 63, 1987
am. No. 136, 1990
S. 4A......................................	ad. No. 136, 1990
S. 5.........................................	rs. No. 171, 1985; No. 63, 1987
S. 6.........................................	ad. No. 171, 1985
rep. No. 63, 1987
Schedule................................	rs. No. 103, 1984; No. 171, 1985
am. No. 113, 1986
rs. No. 63, 1987