Financial Institutions Duty (Further Amendment) Regulations 1998 (Vic)

Financial Institutions Duty (Further Amendment)

Regulations 1998

S.R. No. 90/1998

TABLE OF PROVISIONS

Regulation Page

1.	Objective	1
2.	Authorising provisions	1
3.	Receipts to which the Act does not apply	1

i

STATUTORY RULES 1998

S.R. No. 90/1998

Financial Institutions Duty Act 1982

Financial Institutions Duty (Further Amendment)

Regulations 1998

The Governor in Council makes the following Regulations:
Dated: 7 July 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 19921 to provide exemption from financial institutions duty for certain classes of transactions.

2. Authorising provisions

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

Duty Act 1982.

3. Receipts to which the Act does not apply

After regulation 8(1)(q) of the Financial
Institutions Duty Regulations 1992 insert—

"(r) A receipt of money by a registered financial

institution for the credit of an account kept

Financial Institutions Duty (Further Amendment) Regulations
1998

r. 3 S.R. No. 90/1998

by it in the name of a person or persons
jointly, if—

(i)  the money is received solely as a result of the closure, amalgamation or re- structure of another branch of that financial institution or a branch of another financial institution in Victoria or in a State or Territory in which a corresponding law is in force; and

(ii)  the money was last held in an account in the name of that person or those persons jointly;

(s)	A receipt of money by a registered financial institution for the credit of an account kept by it in the name of a person or persons jointly, if the money is received solely to effect the closure of the account as part of the closure, amalgamation or restructure of the branch at which the account is kept;
(t)	A receipt of money, being cash or a cheque, in Victoria by a bank that is a registered financial institution if the money is received solely for the credit of an account in the name of a person kept in Victoria by another bank that is a registered financial institution (not including an amount that is a fee or charge).".

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Financial Institutions Duty (Further Amendment) Regulations
1998

S.R. No. 90/1998 Notes

NOTES

1 Reg. 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, 105/1996, 63/1997 and 7/1998.