Duties Amendment Regulations 2002

Duties Amendment Regulations 2002

I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Duties Act 2001 .

5 July 2002

G. S. M. Green

Governor

By His Excellency's Command,

David Crean

Treasurer

1.   Short title

These regulations may be cited as the Duties Amendment Regulations 2002 .

2.   Commencement

These regulations take effect on the day on which their making is notified in the Gazette.

3.   Principal Regulations

In these regulations, the Duties Regulations 2001 are referred to as the Principal Regulations.

4.    Regulation 6 inserted

After regulation 5 of the Principal Regulations , the following regulation is inserted:

6.   Prescribed property

(1)  For the purposes of paragraph (c) of the definition of "mortgage-backed security", and paragraph (b) of the definition of "pool of mortgages", in section 3 of the Act,

prescribed property means –

(a) cash; and

(b) bonds, or debentures, stock or Treasury Bills, of a government authority; and

(c) debentures, or stock, of a statutory authority constituted under the law of a government authority; and

(d) notes, or other securities, of a government authority; and

(e) deposits with authorised deposit-taking institutions; and

(f) certificates of deposits, or other securities, issued by an authorised deposit-taking institution; and

(g) bills of exchange, or promissory notes or other negotiable instruments, accepted, drawn or endorsed by an authorised deposit-taking institution; and

(h) a guaranteed investment contract, expressed in Australian currency, of a type approved by the Commissioner; and

(i) mortgage-backed securities; and

(j) mortgage-backed certificates, within the meaning of Part IB of the Trustee Act 1958 of Victoria.

(2)  For the purposes of the definition of prescribed property in subregulation (1)  –

government authority means the Government of the Commonwealth, the Government of Tasmania, the Government of another State or the Administration of a Territory;

statutory authority means an incorporated or unincorporated body which is established, constituted or continued by or under an Act or under the royal prerogative, being a body which, or of which the governing authority, wholly or partly comprises a person or persons appointed by the Governor, a Minister of the Crown or another statutory authority.

Displayed and numbered in accordance with the Rules Publication Act 1953.

Notified in the Gazette on 17 July 2002

These regulations are administered in the Department of Treasury and Finance.

EXPLANATORY NOTE

(This note is not part of the regulation)

These regulations amend the Duties Regulations 2001 by defining what is prescribed property for the purposes of section 3 of the Duties Act 2001.