Financial Institutions Duty Amendment Act 1999

Financial Institutions Duty Amendment Act 1999

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:

1.   Short title

This Act may be cited as the Financial Institutions Duty Amendment Act 1999 .

2.   Commencement

This Act commences on 1 January 2000.

3.   Principal Act

In this Act, the Financial Institutions Duty Act 1986 is referred to as the Principal Act.

4.    Section 3 amended (Interpretation)

Section 3(1) of the Principal Act is amended by inserting after the definition of return period the following definition:

roll-over means the renewal with, or the retention by, a financial institution of all or part of a term deposit at call or for a further specified period at the end of the period for which the term deposit was made;

5.    Section 6 amended (Receipts to which this Act applies)

Section 6 of the Principal Act is amended by inserting after subsection (9) the following subsection:

(10)  If a term deposit is a short-term dealing and an amount is rolled over into a deposit or investment that is not a short-term dealing, the roll-over is taken to be a receipt of money of that amount.

6.    Section 8 amended (Short-term dealings)

Section 8 of the Principal Act is amended as follows:

(a) by omitting paragraph (a) from subsection (3) and substituting the following paragraph:

(a) if the person is a registered financial institution not entitled to make an application under section 32(1) , the amount calculated in accordance with the following formula:

where –

A is the sum of the daily closing balances of $50 000 or more of the liability of the financial institution to each person in respect of amounts received inside or outside Tasmania from that person in the course of short-term dealings, excluding any amount included in a return under section 22 ;

B is the number of days in the month; and

(b) by omitting subsection (4) .

[Second reading presentation speech made in:

House of Assembly on 24 NOVEMBER 1999

Legislative Council on 30 NOVEMBER 1999]