Australian Capital Territory Repealed Acts Australian Capital Territory Repealed ActsThis legislation has been repealed.
(1) Subject to this section, a receipt to which this Act applies is a dutiable receipt.
(2) The following are non-dutiable receipts:
(a) a receipt of money for the credit of an exempt account;
(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;
(c) a receipt of money by a registered financial institution, being the repayment of moneys that have been invested in the course of short-term dealings by, or on behalf of, the financial institution;
(d) a receipt of money by a registered financial institution for the credit of an account held by another registered financial institution;
(e) a receipt of money by a registered financial institution, being—
(i) a pension, benefit or allowance payable under—
(A) the Social Security Act 1991 (Cwlth); or
(B) the Veterans' Entitlements Act 1986 (Cwlth); and
(ii) paid by way of credit to an account kept by a person with the financial institution, being a payment caused to be made to the financial institution by the Secretary to the Department of Family and Community Services or the Repatriation Commission;
(f) a receipt of money by a registered financial institution for transferring or remitting out of the Territory at the request of a person, being a receipt in the form of—
(i) a cheque drawn on the financial institution by that person; or
(ii) a debit to an account kept by the financial institution on behalf of that person;
(g) a receipt of money by a registered financial institution, being the proceeds of the closing of an account with the financial institution, where the money is credited to another account with the financial institution having the same terms and conditions as the closed account;
(i) by a management company from a person who is the trustee or representative for the purposes of a deed relating to the management company in accordance with the Corporations Law, part 7.12, division 5 or a corresponding law in force in the Territory, a State or another Territory; or
(ii) by such a trustee or representative from such a management company;
(i) a receipt of money by a trustee corporation from the estate of a deceased person committed to the management of the trustee company or the public trustee;
(j) a receipt of money by a registered financial institution, being the crediting to an account of the financial institution of an amount of interest on a loan made by that financial institution to a person who is not a financial institution;
(k) a receipt of money by a registered financial institution solely by reason of the making of an entry in an account kept by the financial institution in error, to correct an error or by reason of the dishonour of a cheque;
(l) a receipt of money by a registered financial institution, being a credit to an account that is subsequently offset by a debit of the same amount made solely by reason of the dishonour of a cheque;
(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 the Stamp Duties and Taxes Act 1987 , section 64K;
(n) a receipt of money by a registered financial institution from, or on behalf of, a person for whose benefit the financial institution has drawn, accepted or endorsed a bill of exchange, being a bill of exchange whose term is not more than 185 days and whose value is not less than $50,000, being a receipt to satisfy the amount of the financial institution's engagement on the bill of exchange;
(o) a receipt of money by a registered financial institution from a charitable organisation that holds a certificate under section 19 for the purpose of investing that money;
(p) a receipt of money by a registered financial institution where—
(i) the receipt results from the reinvestment with the financial institution of a term deposit; and
(ii) the term deposit is for an amount which includes the principal sum of the previous deposit and is in the same name as the previous deposit; and
(iii) duty has been paid by the financial institution on the principal sum of the previous deposit;
to the extent that the amount received equals the principal sum of the previous deposit;
(q) a receipt of money by a registered financial institution where—
(i) the receipt results from the drawing of a commercial bill to replace an expired bill; and
(ii) the commercial bill is for the same amount and in the same name as the expired bill; and
(iii) duty has been paid by the financial institution on the receipt by the financial institution of the amount for which the bill was first drawn;
(r) a receipt of money by a registered financial institution for the credit of an account, where the receipt results from—
(i) the takeover by that financial institution of another financial institution; or
(ii) the transfer by another financial institution of its engagements to that financial institution; or
(iii) the amalgamation by that financial institution with another financial institution; or
(iv) a change by that financial institution of its identity as a financial institution;
(ra) a receipt of money in the form of a direct credit to an account held with a financial institution of any of the following payments under the First Home Owner Grant Act 2000 , or under a law of a State corresponding to that Act (a corresponding State law ):
(i) a payment of a grant by the commissioner (or the corresponding officer or authority under a corresponding State law) as directed by the applicant for the grant;
(ii) a payment of a grant by the commissioner to a party to an administration agreement under section 36 of that Act (or the corresponding provision of a corresponding State law);
(iii) a payment by a party to such an agreement as directed by the applicant for the grant;
(s) a receipt of money by a registered financial institution, being a receipt prescribed by the regulations as a non-dutiable receipt.
(3) Notwithstanding subsection (2) (a), a receipt to the credit of an exempt account shall, unless the receipt has been credited to an account in the books of the person in whose name the exempt account is kept, be regarded as a dutiable receipt by that person.
(4) Where money is received in the Territory by a registered financial institution (otherwise than by the crediting of an account) for the credit of an account kept by the financial institution and the crediting of that account will constitute a dutiable receipt for the purposes of this Act, the initial receipt is non-dutiable.
(5) Where money is received in the Territory by a registered financial institution (otherwise than by the crediting of an account) for the credit of an account kept by another registered financial institution and the crediting of that account will constitute a dutiable receipt for the purposes of this Act, the receipt by the firstmentioned institution is non-dutiable.
(6) An entry made in an account of a registered financial institution, including an account kept by the financial institution on behalf of another person, that is made by the financial institution—
(a) solely in accordance with its internal accounting practices; or
(b) by reason of a change in its accounting practices;
does not constitute a dutiable receipt.
(7) Where a credit of an amount equal to a bad debt is made to an account held by a registered financial institution for the purpose of cancelling the bad debt and closing the account, the crediting of the account does not constitute a dutiable receipt.