Financial Institutions Duty Amendment Act 1984 (WA)

WESTERN AUSTRALIA.

FINANCIAL INSTITUTIONS

DUTY.

No. 19 of 1984.

AN ACT to amend the Financial Institutions Duty

Act 1983.

[Assented to 23 May 1984.]

BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

1. (1) This Act may be cited as the Financial Elcirgrtlitn.

Institutions Duty Amendment Act 1984.

(2) In this Act, the Financial Institutions Duty (,TUU.a6s5

amend ed

Act 1983 is referred to as the principal Act.

by Act No. 86

of 1983.

(3) The principal Act as amended by this Act

may be cited as the Financial Institutions Duty

Act 1983-1984.

No. 19.] Financial Institutions Duty. [1984.

Commence-

ment. 2. This Act shall come into operation on 1 June

1984.

Section 3

amended. 3. Section 3 of the principal Act is amended—

(a) in subsection (1)-

(i)  by deleting the definition of "business undertaking";

(ii)   by inserting after the definition of "certified short term dealer" the following definitions-

" "charitable institution" means

(a)	a public benevolent or a religious institu- tion;
(b)	a public hospital or a hospital that is carried on by an asso- ciation or other body of persons otherwise than for purposes of profit or gain to the individual members of that association or other body;
(c)	a primary or second- ary school or second- ary college that is carried on by an association or other body of persons otherwise than for the purposes of profit or gain to the indi- vidual members of that association or other body;

1984.] Financial Institutions Duty. [No. 19.

(d)	a trust the moneys of which may not be applied otherwise than for charitable purposes; or
(e)	an institution, not being a tertiary educ- ational institution and not being a charitable institution within the meaning of paragraph (a), (b), or (c), estab- lished for charitable purposes;

"charitable institution's ac- count" means an account kept by a registered fin- ancial institution for a charitable institution the name of which account is included in a certificate issued and in force under section 19A; ";

(iii)

in the definition of "exempt

account", by

(A)

deleting "or" at the end of

paragraph (f);

(B)

inserting at the end of para-

graph (g) the following-

" or "; and

(C) by inserting after paragraph

(g) the following paragraph-

" (h) a charitable institu- tion's account; "; and

No. 19.] Financial Institutions Duty. [1984.

(iv) by deleting the definition of "Local Government account" and substitut- ing the following definition

C' "Local Government account"

means an account kept and designated as a Local Gov- ernment account by a bank, building society or credit union in respect of which a notice given under section 18 is in force; "; and

(b) in subsection (7), by deleting "bank, building society or credit union" in each place where it occurs and substituting in each place the following-

" registered financial institution

Section 10

amended. 4. Section 10 of the principal Act is amended in

subsection (4)—

(a)	in paragraph (a), by deleting "bank, build- ing society or credit union that is a"; and
(b)	in paragraph (c), by deleting "otherwise than in the course of a business under- taking".

Section 18

repealed and 5. Section 18 of the principal Act is repealed and

substituted. the following section is substituted-

Local

C' 18. (1) The Council of a municipality may

Government

account.

give notice in writing to a bank, building society or credit union that is a registered financial institution that an account kept in the name of that municipality by the bank, building society or credit union is a Local Government account for the purposes of this Act.

1984.] Financial Institutions Duty. [No. 19.

(2) Where a notice under this section is given to a bank, building society or credit union that is a registered financial institu- tion, that bank, building society or credit union shall designate the account to which the notice relates as a Local Government account for the purposes of this Act and the account shall be deemed to have become a Local Government account on 1. June 1984 or on the date on which the account was opened, whichever is the later. ".

6. After section 19 of the principal Act, the =id1.9A

following section is inserted-

l t

19A. (1) A charitable institution may mwtatizs

apply in the approved form and manner to account.

the Commissioner for approval of an account

kept for the charitable institution under an

account name listed in the form of applica-

tion by a registered financial institution as a

charitable institution's account for the

purposes of this Act.

(2) Where an application is made under subsection (1), the Commissioner may issue to the applicant a certificate of approval of the account to which the application relates as a charitable institution's account for the purposes of this Act and approval of an account under an account name listed in the form of application shall constitute approval of all accounts kept for the charitable institu- tion by one or more registered financial institutions under that account name.

(3) Where a certificate under this section is produced to a registered financial institu- tion, that institution shall designate any account to which the certificate relates as a charitable institution's account for the purposes of this Act.

(4) An amount shall not be paid to the

credit of a charitable institution's account

kept by a registered financial institution

No. 19.1 Financial Institutions Duty. [1984.

unless the amount is received by the charit- able institution solely for the purposes of the charitable institution.

(5) Where the Commissioner is satisfied

that

(a)	an amount has been paid to the credit of a charitable institution's account in contravention of subsec- tion (4); or
(b)	the charitable institution for which the account is kept is no longer a charitable institution for the purposes of this Act,

the Commissioner

(c)	may cancel the certificate by notice given to each registered financial institution that to his knowledge keeps a charitable institution's account for that charitable institution;
(d)	may determine a period, not exceed- ing 12 months, during which the charitable institution is ineligible to make application under this section; and
(e)	shall send a copy of the notice given under paragraph (c) and any determination made under para- graph (d) to the charitable institution. ".

Section 20

repcaled and 7. Section 20 of the principal Act is repealed and

substituted. the following section is substituted-

Cancellation 4C

of designa-	20. Where a registered financial institu-
tion of

exempt	tion receives a notice given by the Commis-
account.	sioner under section 13 (13), 14 (7), 15 (5),

1984.] Financial Institutions Duty. [No. 19.

16 (5), 17 (7) or 19A (5) cancelling an account as a special account, a short term dealing account, a trust fund account, a credit provider's account, a sweeping account or a charitable institution's account for the purposes of this Act, as the case may be, the registered financial institution shall forthwith cancel the designation of the account as such an account. ".

Section 21

8. Section 21 of the principal Act is amended in amended.

subsection (3) by deleting paragraphs (f), (g) and

(h)

and substituting the following paragraphs-

" (f) a credit provider's account; and

(g) a sweeping account. ".

Section 76

9. Section 76 of the principal Act is repealed and repealed and

the following section is substituted-	substituted.
Refunds to

76. (1) Subject to this section, a charit- able institution may apply in the approved form and manner to the Commissioner for a refund to the institution equivalent to the amount paid by the charitable institution to a financial institution by way of payment of or towards any amount of duty paid or pay- able by the financial institution in respect of dutiable receipts received by that financial institution for the credit of the charitable institution.	charities.
(2) The Commissioner shall grant a refund in respect of an application made by a charit- able institution in accordance with this section.
(3) This section shall expire on 31 December 1984. ".