Australian Capital Territory Numbered Regulations

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FINANCIAL INSTITUTIONS DUTY REGULATIONS (AMENDMENT) (NO. 33 OF 1998) - REG 1

Commencement These Regulations commence on the day on which section 8 of the Financial Institutions Duty (Amendment) Act 1998 commences. 2. Insertion After regulation 2 of the Financial Institutions Duty Regulations the following regulation is inserted:

“2A.     Non-dutiable receipts

“(1)     For the purposes of paragraph 6 (2) (s) of the Act the following receipt is prescribed as a non-dutiable receipt, namely, 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 where—

        (a)     the person is not a registered financial institution;

        (b)     the account is used solely for recording Real Time Gross Settlement system transactions;

        (c)     the balance of the account is transferred to another account of that person kept by the same financial institution on a daily basis; and

        (d)     there is in force an instrument signed by the Commissioner designating the account to be an account used solely for recording Real Time Gross Settlement system transactions.

“(2)     In subregulation (1)—

‘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.”.

   


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