Financial Institutions Duty (Further Amendment No. 2) Regulations 1998 (Vic)

Financial Institutions Duty (Further Amendment

No. 2) Regulations 1998

S.R. No. 124/1998

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.	Exempt bank accounts	3
7.	Persons to whom the Act does not apply	3

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NOTES 4

i

STATUTORY RULES 1998

S.R. No. 124/1998

Financial Institutions Duty Act 1982

Financial Institutions Duty (Further Amendment

No. 2) Regulations 1998

The Governor in Council makes the following Regulations:
Dated: 6 October 1998

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 provide exemption from financial credited to a certain type of account;

(b)	to prescribe a certain in house finance company as a person to which the Financial Institutions Duty Act 1982 does not apply;
(c)	to provide exemption from financial institutions duty for receipts of money received solely as a result of a merger of, or transfer of engagements between, co-operative housing societies.

Financial Institutions Duty (Further Amendment No. 2)
Regulations 1998

r. 2 S.R. No. 124/1998

2. Authorising provisions

These Regulations are made under paragraph (t)
of the definition of "financial institution" in
section 3(1) and 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

After regulation 8(1)(t) of the Principal
Regulations insert—
"(u) a receipt of money by a registered financial

institution that holds an exchange settlement account with the Reserve Bank of Australia for the credit of a person's account kept by it where—

(i)  the person is not a registered financial institution; and

(ii)  the account is used solely for recording Real Time Gross Settlement system transactions; and

(iii)  the balance of the account is transferred to another account of that person kept by the same financial institution on a daily basis; and

(iv) there is in force an instrument signed by the Commissioner designating the account to be an account used solely for

recording Real Time Gross Settlement
system transactions;

(v)  a receipt of money by a registered financial institution resulting solely from the transfer

Financial Institutions Duty (Further Amendment No. 2)

Regulations 1998

S.R. No. 124/1998 r. 5

of an account, if the transfer is a result of a merger or transfer of engagements by a co- operative housing society under Division 2 of Part II of the Co-operative Housing

Societies Act 1958.".

5. Further definition

In regulation 8(2) of the Principal Regulations,
after the definition of "general authority" insert—

' "Real Time Gross Settlement system" means

the electronic system operated by the
Reserve Bank of Australia used to effect
transactions received by electronic feeder
systems operated by the Reserve Bank of
Australia, Austraclear Limited A.C.N. 002
060 773 or Australian Payments Clearing

Association Limited A.C.N. 055 136 519;'.

6. Exempt bank accounts

In Regulation 26 of the Principal Regulations for
"and 8(1)(i)" substitute ", 8(1)(i), 8(1)(p) and

8(1)(u)".

7. Persons to whom the Act does not apply

In item 1 of Schedule 1 to the Principal
Regulations, after "Sussan Administration Pty.
Ltd. A.C.N. 072 572 028" insert "Tattersall's

Holdings Pty. Ltd. A.C.N. 081 925 706".

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Financial Institutions Duty (Further Amendment No. 2)
Regulations 1998

Notes S.R. No. 124/1998

NOTES

1 Reg. 3: S.R. No. 342/1992. Reprinted incorporating amendments as at

27 August 1998.