Australian Capital Territory

financial institutions duty regulations 1990
This consolidation has been prepared by the ACT Parliamentary Counsel’s Office
Updated as at 12 October 2000
TABLE OF PROVISIONS
Regulation
	1.	Name of regulations
	2.	Interpretation
	2A.	Non-dutiable receipts
	3.	Prescribed accounts

1 	Name of regulations
	These regulations are the Financial Institutions Duty Regulations 1990.
2 	Interpretation
	In these Regulations, unless the contrary intention appears—
“the Act” means the Financial Institutions Duty Act 1987.
2A 	Non-dutiable receipts
(1) 	For paragraph 6 (2) (s) of the Act, the following receipts are prescribed as non-dutiable receipts:
	(a)	a receipt of money by a registered financial institution that holds an exchange settlement account with the Reserve Bank of Australia for the credit of a person’s account kept by it if—
	(i)	the person is not a registered financial institution; and
	(ii)	the account is used solely for recording Real Time Gross Settlement system transactions; and
	(iii)	the balance of the account is transferred to another account of the person kept by the same financial institution on a daily basis; and
	(iv)	there is in force an instrument signed by the commissioner identifying the account to be an account used solely for recording Real Time Gross Settlement system transactions;
	(b)	a receipt of money resulting from the direct credit of a prescribed payment to an account kept by a financial institution.
(2) 	In subregulation (1)—
direct credit happens if the entity making the payment pays it directly to the financial institution and the financial institution credits the payment to an account nominated by the person for whom the payment is intended.
family assistance law—see the A New Tax System (Family Assistance) (Administration) Act 1999 (Cwlth), subsection 3 (1).
prescribed payment means—
	(a)	a payment under a family assistance law; or
	(b)	a payment under the A New Tax System (Bonuses for Older Australians) Act 1999 (Cwlth).
“Real Time Gross Settlement system” means the electronic system operated by the Reserve Bank of Australia used to effect transactions received by electronic feeder systems operated by the Reserve Bank of Australia, Austraclear Limited A.C.N.  002060773 or Australian Payments Clearing Association Limited A.C.N. 055 136 519.
3 	Prescribed accounts
(1)		For the purpose of paragraph 19 (1) (e) of the Act, the following accounts are prescribed:
	(a)	a clearing or settlement account kept by a bank which is a registered financial institution on behalf of—
	(i)	2 or more building societies or credit unions; or
	(ii)	a person who operates the account on behalf of 2 or more building societies or credit unions;
	(b)	an account kept by a registered financial institution on behalf of a non-business government body, other than an account—
	(i)	kept, whether wholly or partially, in relation to transactions entered into by or on behalf of the body in carrying on an activity in the nature of a business (whether or not for profit); or
	(ii)	to which paragraph 19 (1) (ca) of the Act applies;
	(c)	an account kept by a registered financial institution on behalf of Thomas Cook Australia Pty. Ltd. in the course of banking business carried on in accordance with Banking (Exemption) Order No. 60 under section 11 of the Banking Act 1959 of the Commonwealth published in the Commonwealth Gazette of 4 October 1977;
	(d)	an account kept by a registered financial institution on behalf of Thomas Cook Limited in the course of banking business carried on in accordance with Banking (Exemption) Order No. 36 under section 11 of the Banking Act 1959 of the Commonwealth published in the Commonwealth Gazette of 23 May 1968;
	(e)	an account kept by a registered financial institution on behalf of The Trustees of the Canberra Public Cemeteries;
	(f)	an account kept by a registered financial institution on behalf of the Canberra Tourism and Events Corporation;
	(g)	an account kept by a registered financial institution on behalf of the Commissioner for Housing.
(2)		In subregulation (1)—
“building society” has the same meaning as in the Financial Institutions (ACT) Code; 
“credit union” has the same meaning as in the Financial Institutions (ACT) Code;
“Financial Institutions (ACT) Code” means the provisions applying because of section 8 of the Financial Institutions (Application of Laws) Act 1992;
“non-business government body” means an authority or department of the Territory, the Commonwealth, a State or another Territory whose sole or principal function is not the carrying on of an activity in the nature of a business (whether or not for profit).

NOTES
1.	The Financial Institutions Duty Regulations 1990 (in force under the Financial Institutions Duty Act 1987) as shown in this reprint comprise Regulations 1990 No. 17 amended as indicated in the Tables below.
	The Financial Institutions Duty Regulations 1990 were amended by the Financial Institutions (Consequential Amendments) Act 1992 and the Acts Revision (Taxation of Territory Authorities) Act 1998.  The amendments are incorporated in this reprint.
2.	The Legislation (Republication) Act 1996 (No. 51, 1996) authorises the Parliamentary Counsel in preparing a law for republication, to make certain editorial and other formal amendments in accordance with current legislative drafting practice.  Those amendments make no change in the law.  Amendments made pursuant to that Act do not appear in the Table of Amendments but details may be obtained on request from the Parliamentary Counsel’s Office. 
Table of Subordinate Laws
Regulation
No.	Date of making	Date of 
notification 
in Gazette	Date of 
commencement	Application, saving or transitional provisions	

1990 No. 17	7 Dec 1990	14 Dec 1990	14 Dec 1990		
1991 No. 5	28 Feb 1991	1 Mar 1991	1 Mar 1991	—	
1991 No. 22	24 Sept 1991	2 Oct 1991	2 Oct 1991	—	
No. 20, 1992	14 Oct 1992	22 Oct 1992	22 Oct 1992	—	
No. 29, 1992	23 Nov 1992	30 Nov 1992	30 Nov 1992	—	
(Reprinted as at 30 November 1992)	
No. 33, 1998	4 Nov 1998
	11 Nov 1998	1 Dec 1998 (see r. 1 andGazette 1998, No. S207, p. 2)	—	
2000 No 39	28 Sept 2000	12 Oct 2000	1 July 2000
	—	
Table of Amendments
ad. = added or inserted      am. = amended     rep. = repealed      rs. = repealed and substituted

Provision	How affected

reg 1	sub 2000 No 39 reg 3
R. 2A	ad. No. 33, 1998
	am 2000 No 39 reg 4
R. 3	rs. 1991 No. 5
	am. 1991 No. 22; Act No. 30, 1992; Nos. 20 and 29, 1992; Act No. 35, 1998