Australian Capital Territory Numbered Acts

FINANCIAL INSTITUTIONS DUTY (AMENDMENT) ACT 1998 (NO. 34 OF 1998) - SECT 8

    Section 6 of the Principal Act is amended—

    (a)     by omitting paragraph (2) (b) and substituting the following paragraph:

    “(b)     a receipt of money in the course of short-term dealings by a registered financial institution that is a certified short-term dealer, where the receipt is taken into account in the calculation of duty payable under section 13H by the institution;”;

    (b)     by omitting paragraph (2) (m) and substituting the following paragraph:

    “(m)     a receipt of money by a registered financial institution to the extent that it is for the sale of goods by the financial institution, 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 ;”; and

    (c)     by adding at the end of subsection (2) the following paragraph:

    “(s)     a receipt of money by a registered financial institution, being a receipt prescribed by the regulations as a non-dutiable receipt.”.

9.     Short-term dealing

    Section 7 of the Principal Act is amended by omitting subsections (1) and (2) and substituting the following subsection:

“(1)     In this Act—

‘short-term dealing' means—

        (a)     the making or receiving of a deposit (other than a deposit to the credit of an account with a bank that is repayable on demand or to the credit of a current account, in either case, kept by the bank for another person) if the amount of the deposit is no less than $50,000 and is deposited—

              (i)     at call;

              (ii)     for a term not exceeding 185 days; or

              (iii)     for a term not exceeding 185 days and thereafter at call;

        (b)     the making or receiving of a loan or advance if the amount of the loan or advance is not less than $50,000 and is loaned or advanced—

              (i)     at call;

              (ii)     for a term not exceeding 185 days; or

              (iii)     for a term not exceeding 185 days and thereafter at call;

        (c)     a dealing in securities, mortgage-backed securities, bills of exchange, promissory notes, certificates of deposit, or interest-bearing deposits, if the amount involved in the dealing is not less than $50,000 or the dealing (not being a dealing in a security) is in a bill of exchange, promissory note, certificate of deposit or interest-bearing deposit having a nominal value on the day on which the dealing is entered into, or a face value, of not less than $50,000, and the amount involved in the dealing is invested—

              (i)     at call;

              (ii)     for a term not exceeding 185 days; or

              (iii)     for a term not exceeding 185 days and thereafter at call; or

              (iv)     in the case of a dealing in a security, bill of exchange, promissory note, certificate of deposit or interest-bearing deposit—for a term exceeding 185 days, where the dealing is completed no later than 185 days after the date of the investment;

        (d)     a dealing in securities for the purpose of a securities lending arrangement, if the dealing is completed within 185 days;

        (e)     a foreign exchange dealing for the purposes of a foreign exchange hedging agreement if the amount involved in the dealing is not less than $50,000, and the dealing is completed not later than 185 days after the date on which the agreement was entered into; or

        (f)     a futures contract within the meaning of section 72 of the Corporations Law if the amount involved in the contract is not less than $50,000, and the contract is completed within 185 days.”.