Financial Institutions Duty (Exempt Receipts) Regulations 1996 (Vic)

Financial Institutions Duty (Exempt Receipts)

Regulations 1996

S.R. No. 28/1996

TABLE OF PROVISIONS

Regulation Page

1.	Objective	1
2.	Authorising provisions	2
3.	Amendment of regulation 8	2

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NOTES 4

i

STATUTORY RULES 1996

S.R. No. 28/1996

Financial Institutions Duty Act 1982

Financial Institutions Duty (Exempt Receipts)

Regulations 1996

The Governor in Council makes the following Regulations:
Dated: 10 April 1996

Responsible Minister:

ALAN R. STOCKDALE

Treasurer

NICOLE WHITE

Acting Clerk of the Executive Council

1. Objective

The objective of these Regulations is to amend the Financial Institutions Duty Regulations 1992 to exempt the following receipts from financial institutions duty—

(a) receipts deposited in a bank in Victoria to the credit of an account kept by a financial institution in another State or Territory that imposes financial institutions duty;

(b)	certain receipts debited by a registered financial institution from an account in Victoria and transferred or transmitted to the credit of an account kept outside Victoria;
(c)

certain receipts credited to a clearing account registered financial institution).

Financial Institutions Duty (Exempt Receipts) Regulations 1996

r. 2 S.R. No. 28/1996

2. Authorising provisions

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

Duty Act 1982.

3. Amendment of regulation 8

In regulation 8 of the 1Financial Institutions Duty

Regulations 1992—

(a) for sub-regulation (1)(k) substitute— "(k) A receipt of money by a bank that is a

registered financial institution being a deposit credited to an account kept by that or another financial institution,

where the account is kept in another corresponding law is in force;

(ka) A receipt of money by a registered

financial institution where the 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 with an amount of money
and—

(i)  transferred that amount to the credit of an account of that or another person kept outside

Victoria by the financial institution; or
(ii)	financial institution for the credit of an account kept outside

transmitted that amount to another institution;";

Financial Institutions Duty (Exempt Receipts) Regulations 1996

S.R. No. 28/1996 r. 3

(b) after sub-regulation (1)(o) insert— "(p) A receipt of money by a bank that is a

registered financial institution for the
credit of a clearing or settlement
account kept by an SCH participant
(other than a registered financial
institution), being an account—

(i)  that is used solely for the purpose of depositing receipts from SCH- regulated transfers or depositing funds or transferring funds from another account for the purpose of

meeting the settlement obligations
of that participant; and

(ii)

from which all funds are another account.";

(c)

in sub-regulation (2), after the definition of ' "SCH participant" has the same meaning

as in section 9 of the Corporations

Law;

"SCH-regulated transfer" has the same

meaning as in section 9 of the

Corporations Law.'.

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Financial Institutions Duty (Exempt Receipts) Regulations 1996

S.R. No. 28/1996

NOTES

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

amended by S.R. Nos 112/1995 and 4/1996.