Financial Institutions Duty Amendment Act 1997 (TAS)

Financial Institutions Duty Amendment Act 1997

An Act to amend the Financial Institutions Duty Act 1986

[Royal Assent 14 January 1998]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1Short titleThis Act may be cited as the Financial Institutions Duty Amendment Act 1997 . 2CommencementThis Act commences on a day to be proclaimed. 3Principal ActIn this Act, the Financial Institutions Duty Act 1986 is referred to as the Principal Act. 4Long title amendedThe long title of the Principal Act is amended by omitting "and collection". 5Section 3 amended (Interpretation) (1)  Section 3(1) of the Principal Act is amended as follows: (a) by omitting the definition of "agent"; (b) by omitting the definition of "books"; (c) by omitting the definition of "the Commissioner" and substituting the following definition: Commissioner means the Commissioner of State Revenue as defined in the Taxation Administration Act 1997 ; (d) by omitting the definition of "inspector"; (e) by omitting the definition of "premises"; (f) by omitting the definition of "trustee" and substituting the following definition: trustee includes – (a) a person who is a trustee under an implied or constructive trust; and (b) in relation to a deceased person, an executor of the will, or an administrator of the estate, of the deceased person; and (c) a receiver or manager of the property of a company, or a liquidator of a company for the purpose of its winding up; and (d) a receiver, guardian, committee or manager of the property of a person who is under a legal or other disability; and (e) a person having possession, control or management of a business or the property of a person who is under a legal or other disability; and (f) any person acting in a fiduciary capacity; (2)  Section 3 of the Principal Act is further amended by omitting subsection (6). 6Section 3A insertedAfter section 3 of the Principal Act, the following section is inserted: 3ATaxation Administration Act 1997 This Act is to be read together with the Taxation Administration Act 1997 which provides for the administration and enforcement of this Act. 7Part II repealed Part II of the Principal Act is repealed. 8Section 24 repealed Section 24 of the Principal Act is repealed. 9Section 30A insertedAfter section 30 of the Principal Act , the following section is inserted in Part V: 30AJoint liability A person who is or was a member of a group within the meaning of Part III during any period is jointly and severally liable with any other person who is or was a member of the group during that period to pay duty payable by the members of that group for that period. 10Section 36A insertedAfter section 36 of the Principal Act , the following section is inserted in Part VI: 36AMisuse of exempt account A person must not pay, or cause or permit to be paid, to the credit of an exempt account in that person’s name any amount in contravention of this Act.Penalty:  Fine not exceeding 100 penalty units. 11Part VII: Heading amendedThe heading to Part VII of the Principal Act is amended by omitting "COLLECTION AND". 12Section 38 repealed Section 38 of the Principal Act is repealed. 13Sections 40 to 44 repealedSections 40 to 44 inclusive of the Principal Act are repealed. 14Sections 47 to 51 repealedSections 47 to 51 inclusive of the Principal Act are repealed. 15Parts VIII and IX repealed Parts VIII and IX of the Principal Act are repealed. 16Section 64 repealed Section 64 of the Principal Act is repealed. 17Sections 66 to 75 repealedSections 66 to 75 inclusive of the Principal Act are repealed. 18Section 78 amended (Regulations) Section 78(2) of the Principal Act is amended by omitting paragraph (c) .

[Second reading presentation speech made in:

House of Assembly on 4 DECEMBER 1997

Legislative Council on 9 DECEMBER 1997]