Financial Institutions Duty (Amendment) Regulations 1999 (Vic)

Financial Institutions Duty (Amendment)

Regulations 1999

S.R. No. 89/1999

TABLE OF PROVISIONS

Regulation Page

1.	Objective	1
2.	Authorising provisions	2
3.	Principal Regulations	2
4.	Receipts to which the Act does not apply	2
5.	Further Definition	3
6.	Payments into certain special accounts	4
7.	Non-bank financial institutions	4
8.	Exempt Bank Accounts	4

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NOTES 5

i

STATUTORY RULES 1999

S.R. No. 89/1999

Financial Institutions Duty Act 1982

Financial Institutions Duty (Amendment)

Regulations 1999

The Governor in Council makes the following Regulations:
Dated: 29 June 1999

Responsible Minister:

ALAN R. STOCKDALE

Treasurer

STACEY ROBERTSON

Acting Clerk of the Executive Council

1. Objective

The objective of these Regulations is to amend the

Financial Institutions Duty Regulations 1992—

(a)	to amend regulation 8 which prescribes classes of receipts and to revoke a particular class of receipts for the purposes of section 18(3)(o) of the Financial Institutions Duty Act 1982;
(b)	to amend regulations 10 and 11 to reflect the change of name of a certain prescribed non- bank financial institution;
(c)	to revoke certain persons prescribed as non- bank financial institutions for the purposes of section 25(12)(i) of the Act;

Financial Institutions Duty (Amendment) Regulations 1999

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(d) to amend regulation 26 which designates accounts for the purposes of section 32(2)(g)(ii) of the Act.

2. Authorising provisions

These Regulations are made under sections
18(3)(o), 25(12)(i), 32(2)(g)(ii) and 86 of the

Financial Institutions Duty Act 1982.

3. Principal Regulations

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

Regulations.

4. Receipts to which the Act does not apply

In regulation 8(1) of the Principal Regulations—

(a) for paragraph (c) substitute— "(c) a receipt of money by a bank that is a

registered financial institution for the

credit of a Vostro account;";

(b) paragraph (e) is revoked;

(c)

in paragraph (h)(ii) for "(whether at the same substitute "(whether at the same or a different financial institution)";

(d)	in paragraph (i)(ii) for "(whether at the same or different branches of the bank)" substitute "(whether at the same or a different financial institution)";
(e)	after paragraph (v) insert— "(w) a receipt of money by a registered

financial institution for the credit of a
foreign exchange dealing account kept
for a person (other than a registered
financial institution) being an
account—

Financial Institutions Duty (Amendment) Regulations 1999

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S.	R. No. 89/1999
(i) realised from a foreign exchange transaction or a transfer from an account of the person kept in Victoria by a registered financial institution the credits to which attract financial institutions duty

that is credited with proceeds 18(2) of the Act; and

(ii)

into which money is paid only in (i); and

(iii)  from which money is debited to settle obligations of the account holder arising from a foreign

exchange transaction or to transfer
an amount to an account of the
person kept in Victoria by a
registered financial institution the
credits to which attract financial
institutions duty at the rate
specified in section 18(2) of the
Act; and

(iv)

from which money is paid only in (iii); and

(v) signed by the Commissioner
designating the account to be a

in respect of which an instrument is in force.".

5. Further Definition

In regulation 8(2) of the Principal Regulations after the definition of "SCH-regulated transfer" insert—

Financial Institutions Duty (Amendment) Regulations 1999

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' "Vostro account" means an account

denominated in Australian dollars kept by a bank that is a registered financial institution in the name of another person who—

(a)

is a non resident corporation the equivalent of a financial institution; and

(b) does not conduct business in Australia.'.

6. Payments into certain special accounts

In Regulation 10(12) of the Principal Regulations for "Melbourne Fresh Centre Credit Service Pty. Ltd." (where twice occurring) substitute

"Melbourne Markets Credit Service Pty Ltd".

7. Non-bank financial institutions

In Regulation 11 of the Principal Regulations—

(a) paragraphs (a) and (b) are revoked;

(b) for paragraph (r) substitute— "(r) Melbourne Markets Credit Service Pty

Ltd;".

8. Exempt Bank Accounts

In Regulation 26 of the Principal Regulations—

(a) omit "8(1)(e),";

(b) for "8(1)(p) and 8(1)(u)" substitute "8(1)(p), 8(1)(u) and 8(1)(w)".

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Financial Institutions Duty (Amendment) Regulations 1999

S.R. No. 89/1999 Notes

NOTES

1 Reg. 3: S.R. No. 342/1992. Reprint No. 2 as at 27 August 1998. Further

amended by S.R. No. 124/1998.