Financial Institutions Duty Amendment Act 1999 (TAS)

Financial Institutions Duty Amendment Act 1999

An Act to amend the Financial Institutions Duty Act 1986

[Royal Assent 15 December 1999]

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 1999 . 2CommencementThis Act commences on 1 January 2000. 3Principal ActIn this Act, the Financial Institutions Duty Act 1986 is referred to as the Principal Act. 4Section 3 amended (Interpretation) Section 3(1) of the Principal Act is amended by inserting after the definition of return period the following definition: roll-over means the renewal with, or the retention by, a financial institution of all or part of a term deposit at call or for a further specified period at the end of the period for which the term deposit was made; 5Section 6 amended (Receipts to which this Act applies) Section 6 of the Principal Act is amended by inserting after subsection (9) the following subsection: (10)  If a term deposit is a short-term dealing and an amount is rolled over into a deposit or investment that is not a short-term dealing, the roll-over is taken to be a receipt of money of that amount. 6Section 8 amended (Short-term dealings) Section 8 of the Principal Act is amended as follows: (a) by omitting paragraph (a) from subsection (3) and substituting the following paragraph: (a) if the person is a registered financial institution not entitled to make an application under section 32(1) , the amount calculated in accordance with the following formula: where – A is the sum of the daily closing balances of $50 000 or more of the liability of the financial institution to each person in respect of amounts received inside or outside Tasmania from that person in the course of short-term dealings, excluding any amount included in a return under section 22 ; B is the number of days in the month; and (b) by omitting subsection (4) .

[Second reading presentation speech made in:

House of Assembly on 24 NOVEMBER 1999

Legislative Council on 30 NOVEMBER 1999]