Australian Capital Territory
Financial Institutions Duty Regulations 1990     No 17
made under the
Financial Institutions Duty Act 1987
Republication No 3
Republication date: 16 April 2002
Last amendment made by Act 2001 No 44
Amendments incorporated to 12 September 2001

Unauthorised version prepared by ACT Parliamentary Counsel's Office

About this republication
The republished law
This is a republication of the Financial Institutions Duty Regulations 1990, made under the Financial Institutions Duty Act 1987 as in force on 16 April 2002.  It includes any amendment, repeal or expiry affecting the republished law to 12 September 2001 and any amendments made under the Legislation Act 2001, part 11.3 (Editorial changes).  
The legislation history and amendment history of the republished law are set out in endnotes 3 and 4. 
Kinds of republications
The Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the ACT legislation register at www.legislation.act.gov.au):
•	authorised republications to which the Legislation Act 2001 applies
•	unauthorised republications.
The status of this republication appears on the bottom of each page.
Editorial changes
The Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial amendments and other changes of a formal nature when preparing a law for republication.  Editorial changes do not change the effect of the law, but have effect as if they had been made by an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117).  The changes are made if the Parliamentary Counsel considers they are desirable to bring the law into line, or more closely into line, with current legislative drafting practice.  
When preparing the authorised version of this republication amendments were made under part 11.3 (see endnote 1).
Uncommenced provisions and amendments
If a provision of the republished law has not commenced or is affected by an uncommenced amendment, the symbol  U  appears immediately before the provision heading.  The text of the uncommenced provision or amendment appears only in the last endnote.
Modifications
If a provision of the republished law is affected by a current modification, the symbol  M  appears immediately before the provision heading.  The text of the modifying provision appears in the endnotes.  For the legal status of modifications, see Legislation Act 2001, section 95.
Penalties
The value of a penalty unit for an offence against this republished law at the republication date is—
	(a)	if the person charged is an individual—$100; or
	(b)	if the person charged is a corporation—$500.

Amendments incorporated to
12 September 2001

Australian Capital Territory
Financial Institutions Duty Regulations 1990
made under the
Financial Institutions Duty Act 1987
Contents
	Page
	1	Name of regulations	2
	3	Prescribed accounts	3
Endnotes
	1	About the endnotes	5
	2	Abbreviation key	5
	3	Legislation history	6
	4	Amendment history	7
	5	Earlier republications	8

Amendments incorporated to
12 September 2001

Australian Capital Territory
Financial Institutions Duty Regulations 1990     

made under the
Financial Institutions Duty Act 1987

    

  

1	Name of regulations
These regulations are the Financial Institutions Duty Regulations 1990.
2A	Non-dutiable receipts
	(1)	For the Act, section 6 (2) (s), 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 a written notice 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), section 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, Austraclear Limited A.C.N.  002060773 or Australian Payments Clearing Association Limited A.C.N. 055 136 519.
3	Prescribed accounts
	(1)	For the Act, section 19 (1) (e), the following accounts are prescribed:
	(a)	a clearing or settlement account kept by a bank that 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 the Act, section 19 (1) (ca) 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 the Banking Act 1959 (Cwlth), section 11 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 the Banking Act 1959 (Cwlth), section 11 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—see the Financial Institutions (ACT) Code.
credit union—see the Financial Institutions (ACT) Code.
Financial Institutions (ACT) Code means the provisions applying because of the Financial Institutions (Application of Laws) Act 1992, section 8.
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).

Endnotes
1	About the endnotes
Amending and modifying laws are annotated in the legislation history and the amendment history.  Current modifications are not included in the republished law but are set out in the endnotes.
Not all editorial amendments made under the Legislation Act 2001, part 11.3 are annotated in the amendment history.  Full details of any amendments can be obtained from the Parliamentary Counsel’s Office.
Uncommenced amending laws and expiries are listed in the legislation history and the amendment history.  These details are underlined.  Uncommenced provisions and amendments are not included in the republished law but are set out in the last endnote.
If all the provisions of the law have been renumbered, a table of renumbered provisions gives details of previous and current numbering.  
The endnotes also include a table of earlier republications.
If the republished law includes penalties, current information about penalty unit values appears on the republication inside front cover.
2	Abbreviation key

am = amended	ord = ordinance	
amdt = amendment	orig = original	
ch = chapter	p = page	
cl = clause	par = paragraph	
def = definition	pres = present	
dict = dictionary	prev = previous	
disallowed = disallowed by the Legislative 	(prev...) = previously	
Assembly	prov = provision	
div = division	pt = part	
exp = expires/expired	r = rule/subrule	
Gaz = Gazette	reg = regulation/subregulation	
hdg = heading	renum = renumbered	
ins = inserted/added	reloc = relocated	
LA = Legislation Act 2001	R[X] = Republication No	
LR = legislation register	s = section/subsection	
LRA = Legislation (Republication) Act 1996	sch = schedule	
mod = modified / modification	sdiv = subdivision	
No = number	sub = substituted	
num = numbered	SL  = Subordinate Law	
o = order	underlining = whole or part not commenced	
om = omitted/repealed	or to be expired	
3	Legislation history
The Financial Institutions Duty Regulations 1990 were originally the Financial Institutions Duty Regulations.  They were renamed by the Financial Institutions Duty Regulations Amendment (see reg 3).
Before 12 September 2001, regulations commenced on their notification day unless otherwise stated (see Subordinate Laws Act 1989 s 6).
Financial Institutions Duty Regulations 1990 No 17
notified 14 December 1990
commenced 14 December 1990
as amended by
Financial Institutions Duty Regulations (Amendment) 1991 No 5
notified 1 March 1991
commenced 1 March 1991 (reg 1)
Financial Institutions Duty Regulations (Amendment) 1991 No 22
notified 2 October 1991
commenced 2 October 1991
Financial Institutions (Consequential Amendments) Act 1992 No 30 sch 2
notified 1 July 1992 (Gaz 1992 No S92)
s 1, s 2 commenced 1 July 1992 (s 2 (1))
sch 2 commenced 1 July 1992 (s 2 (2) and see Gaz 1992 No S92)
Financial Institutions Duty Regulations (Amendment) 1992 No 20
notified 22 October 1992
commenced 22 October 1992
Financial Institutions Duty Regulations (Amendment) 1992 No 29
notified 30 November 1992
commenced 30 November 1992
Acts Revision (Taxation of Territory Authorities) Act 1998 No 35 sch pt 2
notified 14 October 1998 (Gaz 1998 No 41)
sch pt 2 commenced 14 October 1998 (s 2)
Financial Institutions Duty Regulations (Amendment) 1998 No 33
notified 11 November 1998
commenced 1 December 1998 (reg 1 and Gaz 1998 No S207)
Financial Institutions Duty Regulations Amendment 2000 No 39
notified 12 October 2000 (Gaz 2000 No 41)
reg 1 commenced 12 October 2000 (IA s 10B)
remainder taken to have commenced 1 July 2000 (reg 1)
Legislation (Consequential Amendments) Act 2001 No 44 pt 145
notified 26 July 2001 (Gaz 2001 No 30)
s 1, s 2 commenced 26 July 2001 (IA s 10B)
pt 145 commenced 12 September 2001 (s 2 and Gaz 2001 No S65)
4	Amendment history
Name of regulations
reg 1	sub 2000 No 39 reg 3
Interpretation
reg 2	om Act 2001 No 44 amdt 1.1630
Non-dutiable receipts
reg 2A	ins 1998 No 33 reg 2
	am 2000 No 39 reg 4
Prescribed accounts
reg 3	sub 1991 No 5 reg 2
	am 1991 No 22 reg 2; Act 1992 No 30 sch 2; 1992 No 20; 1992 No 29; Act 1998 No 35 sch pt 2

5	Earlier republications
Some earlier republications were not numbered. The number in column 1 refers to the publication order.  
Since 12 September 2001 every authorised republication has been published in electronic pdf format on the ACT legislation register.  A selection of authorised republications have also been published in printed format. These republications are marked with an asterisk (*) in column 1.  Except for the footer, electronic and printed versions of an authorised republication are identical. 

Republication No	Amendments to	Republication date	
1	SL 1991 No 5	30 June 1991	
2	SL 1992 No 29	30 November 1992	

Unauthorised version prepared by ACT Parliamentary Counsel's Office

©  Australian Capital Territory 2002