Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) An application for a permit authorising the making available of an asset to a person or entity that would otherwise contravene regulation 14 must be for:
(a) a basic expense dealing; or
(b) a legally required dealing; or
(c) a contractual dealing.
Note: See paragraph 18(1)(e).
(2) An application for a permit authorising a use of, or a dealing with, a controlled asset must be for:
(a) a basic expense dealing; or
(b) a legally required dealing; or
(c) a contractual dealing.
Note: See paragraph 18(1)(f).
(3) A dealing is a basic expense dealing if:
(a) it is constituted by:
(i) a payment to a designated person or entity; or
(ii) a payment to a person or entity acting on behalf of, or at the direction of, a designated person or entity; or
(iii) a payment to an entity owned or controlled by a designated person or entity; or
(iv) a use or dealing with a controlled asset; and
(b) the dealing is necessary for basic expenses, including any of the following:
(i) foodstuffs;
(ii) rent or mortgage;
(iii) medicines or medical treatment;
(iv) taxes;
(v) insurance premiums;
(vi) public utility charges;
(vii) reasonable professional fees;
(viii) reimbursement of expenses associated with the provision of legal services;
(ix) fees or service charges that are in accordance with a law in force in Australia for the routine holding or maintenance of frozen assets.
(4) A dealing is a legally required dealing if:
(a) it is constituted by:
(i) a payment to a designated person or entity; or
(ii) a payment to a person or entity acting on behalf of, or at the direction of, a designated person or entity; or
(iii) a payment to an entity owned or controlled by a designated person or entity; or
(iv) a use or dealing with a controlled asset; and
(b) the dealing is necessary to satisfy a judicial, administrative or arbitral lien or judgement that was made prior to the date on which the person or entity became a designated person or entity; and
(c) the dealing is not for the benefit of a designated person or entity.
(5) A dealing is a contractual dealing if:
(a) it is constituted by:
(i) a payment to a designated person or entity; or
(ii) a payment to a person or entity acting on behalf of, or at the direction of, a designated person or entity; or
(iii) a payment to an entity owned or controlled by a designated person or entity; or
(iv) a use or dealing with a controlled asset; and
(b) the dealing is a payment:
(i) to apply interest or other earnings due on accounts holding controlled assets; or
(ii) required under contracts, agreements or obligations made before the date on which those accounts became accounts holding controlled assets.
Note: If the account into which the payment is paid is frozen under Sanctions Regulations, this payment will also be frozen once received.