Australian Capital Territory Numbered Acts Australian Capital Territory Numbered ActsAfter section 13 of the Principal Act the following Part is inserted:
“ PART IIA—AGENTS OF INTERSTATE FINANCIAL INSTITUTIONS
“13A. Liability for duty—agents of interstate financial institutions
“(1) If a registered agent of an interstate financial institution receives a dutiable receipt on behalf of the institution, the agent and the institution are jointly and severally liable to pay financial institutions duty at the rate determined by the Minister in respect of that receipt.
“(2) If an unregistered agent of an interstate financial institution receives a dutiable receipt on behalf of the institution, the agent and the institution are jointly and severally liable to pay twice the amount of the financial institutions duty in respect of that receipt that they would be liable to pay under subsection (1) if the agent were registered.
“13AA. Registered financial institutions—deemed registration as agents
A financial institution that is registered under section 12 and that acts as an agent of an interstate financial institution is to be taken to be registered as an agent under section 13D for the purposes of this Part.
“13B. Requirement to apply for registration
“(1) If the Commissioner believes on reasonable grounds that an unregistered person is acting as an agent of an interstate financial institution, the Commissioner may give the person a notice inviting the person to show cause within 28 days after the date of the notice why the person should not be required, under subsection (3), to apply for registration as an agent.
“(2) A notice under subsection (1) shall contain—
(a) particulars of the facts and circumstances relied on by the Commissioner to justify the requirement that the person apply for registration; and
(b) a statement to the effect that the person may, within 28 days after the date of the notice, give the Commissioner particulars of the facts and circumstances relied on to show cause why the proposed requirement should not be made.
“(3) No earlier than 28 days after giving a person a notice under subsection (1), the Commissioner may, by notice in writing, require the person to apply for registration as an agent in accordance with section 13D within 14 days after the date of the second notice.
“(4) The Commissioner shall not give a person a notice under subsection (3) if, taking into account any representation by the person made pursuant to the invitation under subsection (1), the Commissioner is not satisfied on reasonable grounds that the person is an agent of an interstate financial institution.
“13C. Offence—unregistered agents
A person required to apply for registration as an agent by notice under subsection 13B (3) shall comply with that requirement within the 14-day period specified in the notice.
Penalty:
(a) if the offender is a natural person—50 penalty units;
(b) if the offender is a body corporate—250 penalty units.
“13D. Registration of agents
“(1) An agent may apply to the Commissioner for registration under this section.
“(2) An application shall—
(a) be in writing, signed by the agent; and
(b) include the following particulars:
(i) the name and address of the agent;
(ii) the place or places of business of the agent in the Territory;
(iii) the interstate financial institution or institutions for which the applicant is, or is to be, an agent;
(iv) a description, in general terms, of the relationship, or proposed relationship, between the applicant and each such institution.
“(3) On application, the Commissioner shall register the applicant as an agent if the Commissioner is satisfied on reasonable grounds that the applicant is, or is to be, an agent of any interstate financial institution.
“(4) Within 14 days after any change to the information specified in an application for registration, a registered agent shall not, without reasonable excuse, fail to give the Commissioner written notice specifying the change.
Penalty:
(a) if the offender is a natural person—5 penalty units;
(b) if the offender is a body corporate—25 penalty units.
“(5) If the Commissioner is satisfied on reasonable grounds that a registered agent has contravened subsection (4), he or she may, by written notice to the agent, suspend the agent's registration for a period specified in the notice of suspension.
“(6) If the Commissioner is satisfied on reasonable grounds that a person registered as an agent has ceased to be an agent of any interstate financial institution, the Commissioner may, by written notice to the person, cancel the registration with effect from a date specified in the notice, being a date on or after the date of the notice.
“(7) In this section—
‘agent' includes a person who intends to be an agent.
“13E. Returns by agents
“(1) Subject to this section, an agent of an interstate financial institution shall, within 21 days after the end of each month, furnish to the Commissioner a return relating to that month.
“(2) A return shall—
(a) be in writing, in a form approved by the Commissioner; and
(b) specify—
(i) the total of the dutiable receipts received by the agent in respect of which duty is payable under section 13A, other than receipts referred to in subparagraph (ii); and
(ii) the number of such dutiable receipts of, or exceeding, $2,000,000, or such other amount as the Minister determines under section 38.
“(3) If an interstate financial institution is approved under section 13F, or if the Commissioner issues a notice to such an institution under section 13G, the institution shall furnish the Commissioner with returns under this section in accordance with the approval or notice (as the case may be) on behalf of the agent concerned.
“(4) If an interstate financial institution is required by an approval under section 13F or a notice under section 13G to furnish a return in relation to a period or periods prior to the month in which the approval or notice is issued, the institution shall furnish that return to the Commissioner within 21 days after the date of the notice of approval, or the notice under section 13G (as the case may be).
“13F. Returns by interstate financial institutions—approvals on application by institutions
“(1) An interstate financial institution may apply in writing to the Commissioner for an approval for the institution to furnish returns on behalf of an agent of the institution under subsection 13E (3).
“(2) An application may specify a period or periods of a month, being the month in which the application is made or any previous month, in relation to which the interstate financial institution is to furnish a return on behalf of the agent.
“(3) On application for an approval, the Commissioner may, by written notice to the interstate financial institution—
(a) grant the approval; or
(b) refuse to grant the approval, if he or she considers on reasonable grounds that it is necessary or desirable to do so for the purposes of the administration of this Act.
“(4) An approval has effect in relation to—
(a) the return relating to the month in which the notice of approval is issued, or any later month specified in the notice, and in relation to all subsequent returns required under section 13E; and
(b) if the application
specifies a period or periods under
subsection (2)—a return in relation
to that period or those periods, in addition to the returns referred to in
paragraph (a).
“(5) The Commissioner may, by written notice to an approved institution, cancel an approval if he or she considers on reasonable grounds that it is necessary or desirable to do so for the purposes of the administration of this Act.
“(6) The cancellation of an approval has effect in relation to the return relating to the month in which the notice of cancellation is issued, or any later month specified in the notice, and in relation to all subsequent returns required under section 13E.
“(7) The Commissioner shall give a copy of any notice given to an interstate financial institution under this section to the agent concerned.
“13G. Returns by interstate financial institutions—Commissioner's notice
“(1) The Commissioner may issue a notice to an interstate financial institution requiring the institution to furnish a return or returns on behalf of an agent of the institution under subsection 13E (3).
“(2) A notice may specify a period or periods of a month, being a month or months prior to the month in which the notice is issued, in relation to which the interstate financial institution is to furnish a return on behalf of the agent.
“(3) The Commissioner may only issue a notice if he or she considers on reasonable grounds that it is necessary or desirable to do so for the purposes of the administration of this Act.
“(4) A notice has effect in relation to—
(a) the return relating to the month in which the notice is issued, or any later month specified in the notice, and in relation to all subsequent returns required under section 13E; and
(b) if the notice specifies a period or periods under
subsection (2)—a return in relation to that period or those periods, in
addition to the returns referred to in paragraph (a).
“(5) On written application by an interstate financial institution that is the subject of a notice under subsection (1), or on his or her own motion, the Commissioner may, by written notice to the institution, revoke the notice under subsection (1) if he or she considers on reasonable grounds that it is necessary or desirable to do so for the purposes of the administration of this Act.
“(6) The revocation of a notice has effect in relation to the return relating to the month in which the notice of revocation is issued, or any later month specified in the notice, and in relation to all subsequent returns required under section 13E.
“(7) The Commissioner shall give a copy of any notice given to an interstate financial institution under this section to the agent concerned.”.