Financial Institutions Duty (Amendment) Regulations 1997 (Vic)

Financial Institutions Duty (Amendment)

Regulations 1997

S.R. No. 63/1997

TABLE OF PROVISIONS

Regulation Page

1.	Objective	1
2.	Authorising provisions	2
3.	Commencement	2
4.	Principal Regulations	2
5.	Revocation of spent regulations	2
6.	New regulation 7A substituted	2

7A.	Person or class of persons to which the Act does not
apply 2

7.	Receipts to which the Act does not apply	2
8.	Revocations consequent on Taxation Administration Act	3
9.	New Schedule 1 substituted	3
SCHEDULE 1	3

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NOTES 5

i

STATUTORY RULES 1997

S.R. No. 63/1997

Financial Institutions Duty Act 1982

Financial Institutions Duty (Amendment)

Regulations 1997

The Governor in Council makes the following Regulations:
Dated: 1 July 1997

Responsible Minister:

ALAN R. STOCKDALE

Treasurer

SHARNE BRYAN

Clerk of the Executive Council

1. Objective

The objective of these Regulations is to amend the Financial Institutions Duty Regulations 1992 to—

(a)	provide for exemptions from financial institutions duty for certain in house finance companies;
(b)	exempt certain receipts deposited in a registered financial institution in Victoria to the credit of an account kept outside Victoria from financial institutions duty;
(c)

revoke spent regulations and regulations Taxation Administration Act 1997.

Financial Institutions Duty (Amendment) Regulations 1997

r. 2 S.R. No. 63/1997

2. Authorising provisions

These Regulations are made under sections 3(1),
18(3)(o) and 86 of the Financial Institutions

Duty Act 1992.

3. Commencement

These Regulations come into operation on 1 July

1997.

4. Principal Regulations

In these Regulations the Financial Institutions
Duty Regulations 19921 are called the Principal

Regulations.

5. Revocation of spent regulations

Regulations 5 and 7 of the Principal Regulations are revoked.

6. New regulation 7A substituted

For regulation 7A of the Principal Regulations
substitute—

"7A. Person or class of persons to which the Act

does not apply

For the purposes of paragraph (t) of the definition of "financial institution" in section 3(1) of the Act, each person and class of persons specified in Schedule 1 is a person to whom, or class of persons to which, the Act does not apply.".

7. Receipts to which the Act does not apply

In regulation 8(1) of the Principal Regulations—

(a)	in paragraph (ka)(i) omit "or" where secondly occurring;
(b)	in paragraph (ka) sub-paragraph (ii) is revoked;

Financial Institutions Duty (Amendment) Regulations 1997

S.R. No. 63/1997 r. 8

(c) after paragraph (ka) insert—

"(kb) A receipt of an amount of money by a

registered financial institution where—

(i) to an account kept outside

the amount of money is credited institution; and

(ii)

the amount of money is institution; and

(iii) the transmitting financial
institution, in accordance with the
authority or order of a person (not
being an authority or order in a
bill of exchange), has debited the
account of that person and
transmitted the amount of
money;".

8. Revocations consequent on Taxation Administration Act

In the Principal Regulations, regulations 16, 18,
20, 22, 24, 25 and 27 and Forms 7, 7A, 9, 10, 12,

14, 15, 17 and 18 in Schedule 2 are revoked.

9. New Schedule 1 substituted

For Schedule 1 to the Principal Regulations substitute—

"SCHEDULE 1

Regulation 7A

PERSONS AND CLASSES OF PERSONS TO WHICH THE
ACT DOES NOT APPLY

1.  Persons to whom the Act does not apply

Financial Institutions Duty (Amendment) Regulations 1997

r. 9 S.R. No. 63/1997

Becton Finance Pty. Ltd. A.C.N. 006 075 322
Comalco Finance (Australia) Limited (inc. in Cayman Islands)
Comalco Finance Limited A.C.N. 006 484 457
Comalco Finance (New Zealand) Limited (inc. in Cayman Islands)
Comalco (Tasman) Limited (inc. in Cayman Islands)
CRA (Commercial Paper) Limited A.C.N. 008 586 230
CRA Finance International Pty. Ltd A.C.N. 009 960 347
CRA Finance Limited A.C.N. 008 559 046
CRA Finance (USA) Limited A.C.N. 062 129 551
EFG Australia Limited A.C.N. 006 357 035
EFG Finance Leasing Limited A.C.N. 007 520 630
EFG Finance Limited A.C.N. 007 533 888
EFG Investments Limited A.C.N. 006 169 955
EFG Treasury Pty. Ltd. A.C.N. 050 431 699
ELFIC Limited A.C.N. 007 606 206
FBG Treasury (Aust.) Limited A.C.N. 006 865 738
Gandel Bridge Finance Pty. Ltd. A.C.N. 055 367 890
Hudson Conway Finance Pty. Ltd. A.C.N. 006 973 619
Lensworth Group Limited A.C.N. 004 061 465
Lensworth Services Pty. Ltd. A.C.N. 075 057 813
North Finance Limited A.C.N. 008 581 217

PMP Finance Pty. Ltd. A.C.N. 053 814 976

2. Classes of persons to which the Act does not apply

Dealers who are brokers who lodge or are required to lodge quarterly returns with the Australian Stock Exchange Limited in a corresponding State or Territory.".

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Financial Institutions Duty (Amendment) Regulations 1997

S.R. No. 63/1997 Notes

NOTES

1 S.R. No. 342/1992. Reprinted to S.R. No. 128/1994 and subsequently

amended by S.R. Nos 112/1995, 4/1996, 28/1996, 61/1996, 84/1996 and
105/1996.