Financial Institutions Duty Amendment Act 1997
An Act to amend the Financial Institutions Duty Act 1986
Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:
This Act may be cited as the Financial Institutions Duty Amendment Act 1997 .
This Act commences on a day to be proclaimed.
In this Act, the Financial Institutions Duty Act 1986 is referred to as the Principal Act.
The long title of the Principal Act is amended by omitting "and collection".
5. Section 3 amended (Interpretation)
(1) Section 3(1) of the Principal Act is amended as follows:(a) by omitting the definition of "agent";(b) by omitting the definition of "books";(c) by omitting the definition of "the Commissioner" and substituting the following definition:Commissioner means the Commissioner of State Revenue as defined in the Taxation Administration Act 1997 ;(d) by omitting the definition of "inspector";(e) by omitting the definition of "premises";(f) by omitting the definition of "trustee" and substituting the following definition:trustee includes –(a) a person who is a trustee under an implied or constructive trust; and(b) in relation to a deceased person, an executor of the will, or an administrator of the estate, of the deceased person; and(c) a receiver or manager of the property of a company, or a liquidator of a company for the purpose of its winding up; and(d) a receiver, guardian, committee or manager of the property of a person who is under a legal or other disability; and(e) a person having possession, control or management of a business or the property of a person who is under a legal or other disability; and(f) any person acting in a fiduciary capacity;(2) Section 3 of the Principal Act is further amended by omitting subsection (6).
After section 3 of the Principal Act, the following section is inserted:3A. Taxation Administration Act 1997
This Act is to be read together with the Taxation Administration Act 1997 which provides for the administration and enforcement of this Act.
7. Part II repealed
Part II of the Principal Act is repealed.
8. Section 24 repealed
Section 24 of the Principal Act is repealed.
9. Section 30A inserted
After section 30 of the Principal Act , the following section is inserted in Part V:A person who is or was a member of a group within the meaning of Part III during any period is jointly and severally liable with any other person who is or was a member of the group during that period to pay duty payable by the members of that group for that period.
10. Section 36A inserted
After section 36 of the Principal Act , the following section is inserted in Part VI:A person must not pay, or cause or permit to be paid, to the credit of an exempt account in that person's name any amount in contravention of this Act.Penalty: Fine not exceeding 100 penalty units.
The heading to Part VII of the Principal Act is amended by omitting "COLLECTION AND".
12. Section 38 repealed
Section 38 of the Principal Act is repealed.
13. Sections 40 to 44 repealed
Sections 40 to 44 inclusive of the Principal Act are repealed.
14. Sections 47 to 51 repealed
Sections 47 to 51 inclusive of the Principal Act are repealed.
15. Parts VIII and IX repealed
Parts VIII and IX of the Principal Act are repealed.
16. Section 64 repealed
Section 64 of the Principal Act is repealed.
17. Sections 66 to 75 repealed
Sections 66 to 75 inclusive of the Principal Act are repealed.
18. Section 78 amended (Regulations)
Section 78(2) of the Principal Act is amended by omitting paragraph (c) .
[Second reading presentation speech made in:
House of Assembly on 4 DECEMBER 1997
Legislative Council on 9 DECEMBER 1997]