Australian Capital Territory Numbered Acts Australian Capital Territory Numbered ActsAfter section 23 of the Principal Act the following Part is inserted:
“ PART VI—LARGE RECEIPTS
“24. Liability for duty—large aggregate receipts
“(1) Subject to section 25, a person is liable to pay financial institutions duty in respect of a receipt to which this Act applies if, during the month in which the receipt was received, the total amount of such receipts received by the person is not less than $100,000, or such other amount as the Minister determines by instrument.
“(2) A determination under subsection (1) is a disallowable instrument for the purposes of section 10 of the Subordinate Laws Act 1989 .
“25. Exemptions from s. 24 duty
“(1) Financial institutions duty is not payable under section 24 in respect of any of the following receipts:
(a) a receipt of money by a registered financial institution, where duty is payable in respect of that receipt under section 10;
(b) a receipt of money by an agent of an interstate financial institution, where duty is payable in respect of that receipt under section 13A;
(c) a receipt of money by a short-term dealer that is taken into account in calculating the average daily liability of the dealer, where duty is payable in respect of that liability under section 13H or 15;
(d) a receipt of money by a certified short-term dealer in respect of a short-term investment;
(e) where this Act applies to a receipt of money by virtue of paragraph 5 (1) (c)—such a receipt of money outside the Territory by a financial institution, if the institution could not reasonably be expected to know that this Act applies to the receipt by virtue of that paragraph;
(f) a receipt of money by a person that, within 14 days after its receipt by the person, is lodged or deposited by the person—
(i) to the credit of an account held with a registered financial institution, being an account established at an office or branch of the institution situated in the Territory, if duty is payable under this Act in respect of the receipt of the money by the institution; or
(ii) to the credit of an account that is exempt under section 19 ;
(g) a receipt of money by a person to the extent that it is for the sale of goods by that person, other than a receipt—
(i) under a credit contract; or
(ii) for the purposes of a hire of goods within the meaning of section 64K of the Stamp Duties and Taxes Act 1987 ;
(h) a receipt of money by a person who is approved under section 26, where—
(i) the money has been used, or is intended to be used, in the ordinary course of the person's business without first being lodged or deposited with a financial institution;
(ii) the receipt is in cash or a form approved by the Commissioner under section 26; and
(iii) the failure to lodge or deposit the money with a financial institution is not solely or substantially for the purpose of avoiding (in part or in whole) payment of financial institutions duty;
(i) any other receipt of a type prescribed by the regulations.
“(2) In paragraph (1) (h), a reference to an approval under section 26 does not include a reference to such an approval while it is suspended under subsection 27 (2).
“26. Approvals—exemption from duty under s. 25 (1) (h)
“(1) A person may apply to the Commissioner for a certificate of approval in relation to the exemption from section 24 of receipts of the type referred to in paragraph 25 (1) (h).
“(2) An application shall—
(a) be in writing, signed by the applicant; and
(b) specify—
(i) the name and address of the applicant;
(ii) the actual or proposed place or places of business of the applicant in the Territory;
(iii) the actual or proposed nature of the applicant's business;
(iv) how any receipt in relation to which the approval is required is used or to be used by the applicant if it is not (or is not to be) lodged or deposited with a financial institution; and
(v) any form of receipt other than cash or cheques in relation to which the approval is required.
“(3) The Commissioner shall grant a certificate of approval to the applicant by written notice to the applicant if the Commissioner is satisfied that—
(a) the applicant does not hold an approval that is suspended under section 27;
(b) the applicant is not disqualified from holding an approval under section 27;
(c) the applicant receives, or is to receive, receipts of money to which this Act applies;
(d) the money so received, or to be received, is used or is to be used in the ordinary course of the applicant's business without first being lodged or deposited with a financial institution; and
(e) the failure or intended failure to lodge or deposit any such money with a financial institution is not, or is not to be, solely or substantially for the purpose of avoiding (in part or in whole) payment of financial institutions duty.
“(4) A certificate of approval may specify an approved form of receipt other than cash or cheques to which the approval relates for the purposes of subparagraph 25 (1) (h) (ii).
“(5) Within 14 days after any change to the information specified in an application for approval, an approved person shall give the Commissioner written notice specifying the change.
Penalty for contravention of subsection (5):
(a) if the offender is a natural person—5 penalty units;
(b) if the offender is a body corporate—25 penalty units.
“27. Approvals—suspension and disqualification
“(1) This section applies where the Commissioner is satisfied on reasonable grounds that—
(a) in relation to a receipt or receipts by a person who is approved under section 26 in any particular month—
(i) duty is payable under section 24 in relation to that receipt or those receipts;
(ii) the approved person has not included that receipt or those receipts in a return lodged under section 28; and
(iii) the failure to include that receipt or those receipts in such a return was solely or substantially for the purpose of avoiding (in part or in whole) the payment of financial institutions duty; or
(b) a person who is approved under section 26 has contravened subsection 26 (5).
“(2) Where this section applies, the Commissioner may, by notice in writing to the approved person—
(a) if paragraph (1) (a) applies—
(i) suspend the person's approval for a period specified in the notice; or
(ii) cancel the approval with effect from the date of the notice, and disqualify the person from holding an approval for a period specified in the notice; or
(b) if paragraph (1) (b) applies—suspend the person's approval for a period specified in the notice.
“28. Returns— s. 24 duty
“(1) A person shall, within 21 days after the end of each month, furnish a return in relation to any receipts by that person during the month in relation to which duty is payable under section 24.
“(2) A return shall—
(a) be in writing, in a form approved by the Commissioner; and
(b) specify—
(i) the total of receipts by the person in relation to which duty is payable under section 24, other than receipts referred to in subparagraph (ii); and
(ii) the number of such receipts of, or exceeding, $2,000,000, or such other amount as the Minister determines under section 38.”.