Financial Institutions Duty Amendment Act 1990 (WA)

WESTERN AUSTRALIA

FINANCIAL INSTITUTIONS DUTY

AMENDMENT ACT

No. 37 of 1990

AN ACT to amend the Financial Institutions Duty Act 1983.

[Assented to 2 November 19901

The Parliament of Western Australia enacts as follows:

Short title

1. This Act may be cited as the Financial Institutions Duty

Amendment Act 1990.

Commencement

2. This Act shall come into operation on the day on which it

receives the Royal Assent.

No. 37] Financial Institutions Duty Amendment Act [1990

Principal Act

3. In this Act the Financial Institutions Duty Act 1983* is

referred to as the principal Act.

[Met No. 65 of 1983 as amended by Acts Nos. 86 of 1983, 19, 110 and 111 of 1984, 22 and 81 of 1985, 31 of 1987 and 9 and 18 of 1989.]

Amendments as to maximum amount

of duty payable on a single transaction

4.    (1) Each provision of the principal Act referred to in the Table

to this subsection is amended by deleting "$500" and substituting the

following

$1 200 ".

TABLE

Section 10 (3)

Section 12 (3).

(2) Section 21 of the principal Act is amended in subsection (2)—

(a)	by deleting "amounts were" and substituting the following- " amount was ";
(b)	by inserting after "Commissioner" the following—

$1 200 or "; and

(c) by deleting "sum" and substituting the following-

" amount, whichever is the less ".

1990] Financial Institutions Duty Amendment Act [No. 37

Amendments as to rate of duty

5.    Each provision of the principal Act referred to in the Table to

this section is amended by deleting "0.035" and substituting the

following-

" 0.06 ".

TABLE

Section 10 (3)

Section 12 (3)

Section 21 (2)

Section 40 (2) (a) Section 40 (2) (b).

Consequential amendments

6.    Each provision of the principal Act referred to in the Table to

this section is amended by deleting "$1 428 571" and substituting the

following

" $2 000 000 ".

TABLE

Section 23 (b)

Section 30 (b)

Section 40 (2) (a) Section 40 (2) (b).