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FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) ACT (NO. 1) 1999 - SCHEDULE 7

- Consequential amendment of Acts

Bankruptcy Act 1966

1 Subsection 125(3) (definition of building society)

Repeal the definition.

2 Subsection 125(3) (definition of co-operative society)

Repeal the definition, substitute:

"co-operative society" means:

(a)
a society registered or incorporated as a co-operative housing society under a law of a State or Territory; or
(b)
any other society whose principal business consists of borrowing moneys from its members and lending those moneys to its members and that is registered or incorporated under a law of a State or Territory relating to co-operative societies.

3 Subsection 125(3) (definition of credit union)

Repeal the definition.

4 Subsection 125(3) (definition of prescribed organization)

Omit ", a building society, a co-operative society or a credit union and", substitute ", a co-operative society or".

Cheques Act 1986

5 Subsection 3(1) (definition of FCA institution)

Repeal the definition, substitute:

"FCA institution" means a body that is:

(a)
a registered corporation under the Financial Corporations Act 1974 ; and
(b)
prescribed for the purposes of this definition.

6 Subsection 3(1) (definition of FIC institution)

Repeal the definition.

7 Subsection 3(1) (paragraph (c) of the definition of financial institution)

Repeal the paragraph.

8 Subsection 3(1) (paragraph (e) of the definition of financial institution)

Omit ", (c)".

9 Subsection 3(1) (definition of Financial Institutions Codes)

Repeal the definition.

10 Subsections 68(2A) and (3)

Omit "FIC institution", substitute "financial institution".

11 Paragraph 68(3AA)(a)

Omit "an FIC institution", substitute "a financial institution".

12 Part VII (heading)

Repeal the heading, substitute:

Part VII—Special provisions relating to FCA institutions and agency cheques
13 Paragraph 100(1)(a)

Omit "an FIC institution", substitute "a financial institution".

14 Subsection 114(2)

After "drawn on", insert "or by".

Child Care Payments Act 1997

15 Subsections 62(1) and (2), 67(1), 114(1) and 119(1)

Omit ", credit union account or building society account".

Note: The headings to sections 62, 67, 114 and 119 are altered by omitting "etc.".

Child Support (Registration and Collection) Act 1988

16 Subsection 72A(11)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

17 Subsection 72A(13) (definition of building society)

Repeal the definition.

18 Subsection 72A(13)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

Commonwealth Inscribed Stock Act 1911

19 Subsection 22A(1)

Omit "Friendly Society or" (wherever occurring).

20 Before subsection 22A(1)

Insert:

(1A)
Despite anything in this Act, stock may, subject to this section, be inscribed in the name of any Friendly Society or any branch of a Friendly Society.

21 At the end of section 22A

Add:

(5)
In this section:

"Friendly Society" means:

(a)
a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b)
a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
(c)
a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society ; or
(d)
a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a law of a State or Territory.

Debits Tax Administration Act 1982

22 Subsection 3(1) (definition of bank)

Repeal the definition.

23 Subsection 3(1) (definition of financial institution)

Repeal the definition, substitute:

"financial institution" means a person carrying on banking business that includes the keeping of accounts that may be drawn on by cheque.

24 Subsection 3(1) (definition of non-bank financial institution)

Repeal the definition.

25 Subsection 3(9)

Omit "a non-bank financial institution", substitute "a financial institution".

26 Subsection 57(1)

Repeal the subsection.

27 Subsections 57(1A) and (1B)

Omit "non-bank".

Defence Force Retirement and Death Benefits Act 1973

28 Paragraph 40(1)(b)

Omit ", credit union or building society (in this section called the financial institution )".

29 Paragraphs 40(1)(c), (d) and (e)

Omit "financial institution", substitute "bank".

Employment Services Act 1994

30 Subsection 174(9)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

Note: The heading to subsection 174(9) is altered by omitting " Building societies " and substituting " Co-operative housing societies ".

31 Subsection 174(10)

Repeal the subsection, substitute:

Definition

(10)
In this section:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

Farm Household Support Act 1992

32 Subsection 3(2) (paragraph (b) of the definition of exempt livestock proceeds)

Omit ", building society, credit union".

33 Subsection 32(2)

Omit ", credit union account or building society account".

34 Subsection 55A(4) (definition of financial institution)

Omit ", building society, credit union".

Financial Corporations Act 1974

35 Subsection 4(1)

Insert:

"ADI "(authorised deposit-taking institution) means a corporation that is an ADI for the purposes of the Banking Act 1959 .

36 Subsection 4(1) (definition of building society)

Repeal the definition.

37 Subsection 4(1)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

38 Subsection 4(1) (definition of credit union)

Repeal the definition.

39 Subsection 4(1) (definition of terminating building society)

Repeal the definition.

40 Subsection 4(3)

Omit "building society or credit union" (wherever occurring), substitute "co-operative housing society".

41 Paragraphs 8(2)(b) and (c)

Repeal the paragraphs, substitute:

(b)
the corporation is an ADI;

42 Paragraph 8(2)(d)

Omit "friendly or" (wherever occurring).

43 Subsection 15(3)

Omit "building society", substitute "co-operative housing society".

44 Subsection 15(3)

Omit "building societies", substitute "co-operative housing societies".

Financial Sector (Shareholdings) Act 1998

45 At the end of Part 7

Add:

48 Transitional—pre-transfer stakes held in bodies transferring to regulation by the Commonwealth

(1)
This section applies if, immediately before the transfer date:

(a)
a person held a stake in a particular transferring financial sector company of more than 15%; and
(b)
the holding of that stake did not, to any extent, involve a contravention of a provision of the replaced legislation.
(2)
The Treasurer is taken, on the transfer date, by written notice under section 14, to have approved the person holding the same percentage stake in the company. The approval is taken to specify the period of 18 months starting on the transfer date as the period during which it remains in force.

(3)
An approval taken by subsection (2) to have been granted by the Treasurer may be dealt with under this Act as if it had actually been granted under section 14. However, subsections 14(2) and (4) do not apply to the approval.

(4)
For the purposes of this section, Part 1 and Schedule 1 are taken to have been applicable to transferring financial sector companies immediately before the transfer date.

(5)
For the purposes of this section, a transferring financial sector company that is, on the transfer date:

(a)
an authorised deposit-taking institution; or
(b)
a company registered under the Life Insurance Act 1995 ;

is taken to have been a body of that kind immediately before the transfer date.

(6)
In this section:

"replaced legislation" has the same meaning as it has for the purposes of item 22 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 .

"transfer date" means the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 .

"transferring financial sector company" means a financial sector company that is a transferring body for the purposes of Part 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 .

49 Transitional—stakes held as a result of completion of transfers of engagements or mergers under certain State or Territory laws

(1)
This section applies if:

(a)
a transfer of engagements or a merger takes effect on a date (the date of effect ) after the transfer date in accordance with a State or Territory transitional law referred to in subitem 19(1) of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 ; and
(b)
the transfer or merger results in a person holding a stake in a particular financial sector company of more than 15%; and
(c)
the holding of that stake would not, to any extent, have involved a contravention of a provision of the replaced legislation if the transfer or merger had taken effect immediately before the transfer date.
(2)
The Treasurer is taken, on the date of effect, by written notice under section 14, to have approved the person holding the same percentage stake in the company. The approval is taken to specify the period of 18 months starting on the date of effect as the period during which it remains in force.

(3)
An approval taken by subsection (2) to have been granted by the Treasurer may be dealt with under this Act as if it had actually been granted under section 14. However, subsections 14(2) and (4) do not apply to the approval.

(4)
In this section:

"replaced legislation" has the same meaning as it has for the purposes of item 22 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 .

"transfer date" means the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 .

Financial Transaction Reports Act 1988

46 Subsection 3(1) (definition of building society)

Repeal the definition.

47 Subsection 3(1)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

48 Subsection 3(1) (definition of credit union)

Repeal the definition.

49 Subsection 3(1) (paragraphs (b) and (c) of the definition of financial institution)

Repeal the paragraphs, substitute:

(b)
a co-operative housing society.

Fringe Benefits Tax Assessment Act 1986

50 Subsection 99(9)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

51 Subsection 99(12) (definition of building society)

Repeal the definition.

52 Subsection 99(12)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

Health Insurance Act 1973

53 Subsection 3(1) (definition of friendly society)

Repeal the definition, substitute:

"friendly society" means:

(a)
a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b)
a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
(c)
a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society ; or
(d)
a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a law of a State or Territory.

54 Subsection 20(1B)

Omit ", or with a building society or credit union that is a registered corporation within the meaning of the Financial Corporations Act 1974 ".

55 Subsection 20A(3B)

Omit ", or with a building society or credit union that is a registered corporation within the meaning of the Financial Corporations Act 1974 ".

56 Section 46A (definition of building society account)

Repeal the definition.

57 Section 46A (definition of credit union account)

Repeal the definition.

58 Subsection 46D(2)

Omit ", credit union account or building society account".

Income Tax Assessment Act 1936

59 Subsection 6(1) (definition of friendly society)

Repeal the definition, substitute:

"friendly society" means:

(a)
the body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b)
a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
(c)
a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society ; or
(d)
a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a law of a State or Territory.

60 Subsection 23G(1)

Repeal the subsection, substitute:

(1)
In this section:

"credit union" means a company in relation to which the following conditions are satisfied:

(a)
the company is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959 ;
(b)
the company has a consent under section 66 of that Act that allows it to assume or use the expression credit union or credit society , or another expression (whether or not in English) that is of like import to either of those expressions.

61 Subsection 27A(1) (at the end of the definition of life assurance company)

Add (but not as part of paragraph (b)):

; but does not include a registered organization.

62 Subsection 27A(1) (paragraph (b) of the definition of registered organization)

Repeal the paragraph, substitute:

(b)
a friendly society; and

63 Section 102M (subparagraph (b)(i) of the definition of eligible investment business)

Omit ", building society".

64 Subsection 110(1) (definition of ordinary life assurance company)

Omit all the words after "which is life assurance", substitute:

and:

(a)
includes a company that is registered under the Life Insurance Act 1995 and is carrying on life assurance business; but
(b)
does not include (despite paragraph (a)), a company that is:
(i)
an SGIO; or
(ii)
a registered organization (within the meaning of Division 8A).
Note: So a friendly society that is registered under the Life Insurance Act 1995 that is a registered organization is not an ordinary life assurance company.

65 Section 116DAA (note)

Repeal the note, substitute:

Note 1: RSA providers that are registered organizations are covered by Subdivision B of Division 8A.

Note 2: RSA providers that are not life assurance companies or registered organizations are covered by Division 7A of Part IX.

Note: The heading to section 116DAB is replaced by the heading "Taxable income includes taxable contributions".

66 Before section 116E

Insert:

Subdivision A—General provisions
67 Subsection 116E(1) (definition of annuity)

Repeal the definition, substitute:

"annuity" means:

(a)
an annuity, within the meaning of the Superannuation Industry
(Supervision)
Act 1993 ; or
(b)
a pension, within the meaning of the Retirement Savings Accounts Act 1997 .

68 Subsection 116E(1) (definition of eligible insurance policy)

Omit "or an eligible policy", substitute ", an eligible policy or an RSA".

69 Subsection 116E(1) (definition of life assurance policy)

Repeal the definition, substitute:

"life assurance policy" includes:

(a)
an instrument securing the grant of an annuity, whether or not for a term dependent upon human life; and
(b)
an RSA where the provider is a registered organization.

70 Subsection 116E(1)

Insert:

"RSA assessable income", in relation to a registered organization in relation to a year of income, means so much of the total income of the organization of the year of income as is derived from RSA business of the organization.

71 Subsection 116E(1)

Insert:

"RSA asset", in relation to a registered organization, means an asset of the organization that relates to its RSA business.

72 Subsection 116E(1)

Insert:

"RSA business" means business of, or in relation to, the issuing of, or the undertaking of liability under, RSAs.

73 Subsection 116E(1)

Insert:

"RSA category A component" means the component of the RSA combined component worked out under subsection 116N(2).

74 Subsection 116E(1)

Insert:

"RSA category B component" means the component of the RSA combined component worked out under subsection 116N(3).

75 Subsection 116E(1)

Insert:

"RSA combined component" means the component of the taxable income determined under section 116HE for the RSA class.

76 Subsection 116E(1)

Insert:

"taxable contribution" has the same meaning as in Part IX.

77 After paragraph 116G(1)(b)

Insert:

(ba)
RSA (Retirement Savings Account);

78 Subsection 116GA(3)

Omit "or NCS", substitute ", NCS or RSA".

79 Before paragraph 116GB(5)(a)

Insert:

(aa)
RSA;

80 After subsection 116GD(1)

Insert:

(1A)
The RSA class of assessable income consists of:

(a)
any assessable income allocated to that class under section 116GA or 116GB; and
(b)
any amounts covered by paragraph 116M(2)(a) or (b); and
(c)
any other RSA assessable income.

81 Subsection 116H(2) (after paragraph (a) of the definition of assessable income)

Insert:

(aa)
includes RSA contributions to which section 116HAB applies that are received by the organization; and

82 Subsection 116HAB(1)

After "superannuation premiums", insert "or RSA contributions".

Note: The heading to section 116HAB is altered by adding at the end "or RSA contributions".

83 Subsection 116HAB(2)

After "superannuation policies" (wherever occurring), insert "or RSAs".

84 Subsection 116HAB(2)

After "superannuation premiums" (wherever occurring), insert "or RSA contributions".

85 Subsection 116HAB(3)

After "superannuation premiums", insert "and RSA contributions".

86 Subsection 116HAC(1) (after paragraph (a) of the definition of relevant life assurance premiums)

Insert:

(aa)
RSA contributions; or

87 Before paragraph 116HD(1)(a)

Insert:

(aa)
RSA;

88 At the end of Division 8A of Part III

Add:

Subdivision B—RSA providers
116K Overview

This Subdivision sets out how to calculate the taxable income of an RSA provider that is a registered organization (so far as its RSA business is concerned) and the components of that taxable income.

Note 1: RSA providers that are life assurance companies are covered by Subdivision AA of Division 8.

Note 2: RSA providers that are not life assurance companies or registered organizations are covered by Division 7A of Part IX.

116L Assessable income includes taxable contributions

The assessable income of an RSA provider that is a registered organization includes all taxable contributions made during the year of income to RSAs provided by the RSA provider.

116M Calculation of RSA category A amount

(1)
This section sets out how to calculate the RSA category A amount of an RSA provider's RSA combined component.

(2)
The RSA category A amount of an RSA provider is the sum of:

(a)
all taxable contributions made; and
(b)
other amounts (other than contributions) credited;

during the year of income, to RSAs provided by the RSA provider, reduced by any amounts paid from the RSA other than benefits paid to, or in respect of, the holder of the RSA.

(3)
In calculating the RSA category A amount, any amount of tax paid in respect of an RSA is taken not to have been an amount paid from the RSA.

(4)
In calculating the sum, the amounts set out in subsections (5) and (6) are taken not to have been credited.

(5)
Amounts credited to an RSA where an annuity was paid from the RSA in respect of so much of the year of income as the RSA existed.

(6)
Where an annuity was being paid from an RSA in respect of a part, but not the whole, of so much of the year of income as the RSA existed, amounts worked out using the following formula:

116N Components of RSA combined component

(1)
The RSA combined component of an RSA provider that is a registered organization is divided into the RSA category A component and the RSA category B component .

(2)
The RSA category A component is equal to the RSA category A amount worked out under section 116M.

(3)
The RSA category B component is the amount (if any) remaining after deducting the RSA category A component from the RSA combined component.

116O Taxable income and amount of components in certain cases

(1)
This section applies if:

(a)
an RSA provider has no taxable income; or
(b)
an RSA provider has no RSA combined component; or
(c)
the RSA combined component of an RSA provider is less than the RSA category A amount.
(2)
If, apart from this subsection, an RSA provider has no taxable income, or the taxable income is less than the RSA category A amount:

(a)
the RSA provider is taken to have both a taxable income and a tax loss in relation to the year of income; and
(b)
the taxable income is taken to equal the RSA category A amount; and
(c)
the tax loss is taken to be the amount that would have been the RSA provider's tax loss if the RSA category A amount were not income derived; and
(d)
the RSA combined component and the RSA category A component of that component are taken to be equal to the RSA category A amount; and
(e)
all other components of taxable income are taken to be nil.
(3)
If, apart from this subsection, the taxable income of an RSA provider is equal to or greater than the RSA category A amount:

(a)
the RSA combined component and the RSA category A component of that component are taken to be equal to the RSA category A amount; and
(b)
an amount equal to the difference between the RSA category A amount and the amount that would, apart from this subsection, have been the RSA combined component is to be applied in reducing the other components of taxable income in the following order:
(i)
EIB;
(ii)
CS/RA;
(iii)
NCS.

116P Deductions from assessable income of RSA providers

No deduction is allowable in respect of amounts credited to RSAs.

116Q Exempt income of RSA providers

Any amounts that, but for the operation of subsection 116M(4), would have been taken into account under paragraph 116M(2)(b) in calculating the RSA category A component of the RSA provider's RSA combined component for the year of income are exempt.

89 Paragraph 121AO(4)(b)

Omit ", building society".

90 Subsection 159GP(1) (paragraph (b) of the definition of security)

Omit ", building society".

91 Section 202A (definition of building society)

Repeal the definition.

92 Section 202A

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

93 Section 202A (definition of credit union)

Repeal the definition.

94 Section 202A (paragraphs (b) and (c) of the definition of financial institution)

Repeal the paragraphs, substitute:

or (b) a co-operative housing society.

95 Subsection 218(6)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

96 Subsection 218(6B) (definition of building society)

Repeal the definition.

97 Subsection 218(6B)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

98 Subparagraph 221AL(c)(ii)

After "NCS component", insert ", the RSA combined component (if any)".

99 Subparagraph 221AZE(2)(c)(ii)

After "NCS component", insert ", the RSA combined component (if any)".

100 Section 299A

After "a life assurance company", insert "or a registered organization".

101 Section 299A (note)

Repeal the note, substitute:

Note 1: RSA providers that are life assurance companies are covered by Subdivision AA of Division 8 of Part III.

Note 2: RSA providers that are registered organizations are covered by Subdivision B of Division 8A of Part III.

102 Section 299B

After "other than a life assurance company", insert "or a registered organization".

Note: The heading to section 299B is replaced by the heading "Taxable income includes taxable contributions".

103 Subsection 299D(1)

After "other than a life assurance company", insert "or a registered organization".

104 Subsection 303(1) (paragraph (b) of the definition of security)

Omit ", building society".

Income Tax Assessment Act 1997

105 Subsection 995-1(1) (definition of friendly society)

Repeal the definition, substitute:

"friendly society" means:

(a)
a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b)
a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
(c)
a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society ; or
(d)
a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a law of a State or Territory.

Insurance Act 1973

106 Subsection 3(1) (definition of building society)

Repeal the definition.

107 Subsection 3(1) (definition of credit union)

Repeal the definition.

108 Subsection 3(1) (definition of friendly society)

Repeal the definition, substitute:

"friendly society" means:

(a)
a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b)
a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
(c)
a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society ; or
(d)
a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a law of a State or Territory.

109 Subsection 5(4)

Repeal the subsection, substitute:

(4)
In paragraph (2)(ga):

"building society" means:

(a)
a body corporate in relation to which the following conditions are satisfied:
(i)
the body corporate is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959 ;
(ii)
the body corporate has a consent under section 66 of that Act that allows it to assume or use the expression building society , or another expression (whether or not in English) that is of like import to the expression building society ; or
(b)
a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

110 Subparagraph 30(1)(d)(ii)

Omit ", a building society, a credit union".

111 Subparagraphs 49B(1)(b)(v) and (vi)

Repeal the subparagraphs.

112 Subparagraphs 49B(2)(b)(v) and (vi)

Repeal the subparagraphs.

113 Subparagraph 49E(1)(e)(ii)

Omit ", a building society, a credit union".

Insurance (Agents and Brokers) Act 1984

114 At the end of section 7

Add:

; or (d) for interests in approved benefit funds (within the meaning of the Life Insurance Act 1995 ) of friendly societies (within the meaning of that Act).

115 Subsection 26(1A)

Repeal the subsection.

116 Subsection 26(11)

Omit ", building society or credit union".

Insurance Contracts Act 1984

117 Subsection 11(1) (definition of friendly society)

Repeal the definition, substitute:

"friendly society" means:

(a)
a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b)
a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
(c)
a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society ; or
(d)
a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a law of a State or Territory.

Life Insurance (Conduct and Disclosure) Act 1999

118 After section 10

Insert:

10A Exclusion of life companies that are friendly societies

This Act does not apply to a life company that is a friendly society (within the meaning of the Life Insurance Act 1995 ).

Military Superannuation and Benefits Act 1991

119 Subsection 48(1)

Insert:

"bank" includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959 .

120 Paragraph 48(2)(a)

Omit ", credit union or building society (in this section called the financial institution )".

Note: The heading to section 48 is altered by omitting "Financial institution" and substituting "Bank".

121 Subsection 48(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 120), substitute "bank".

National Health Act 1953

122 Subsection 4(1)

Insert:

"friendly society" means:

(a)
a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b)
a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
(c)
a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society ; or
(d)
a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a law of a State or Territory.

Petroleum Resource Rent Tax Assessment Act 1987

123 Subsection 91(9)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

124 Subsection 91(12) (definition of building society)

Repeal the definition.

125 Subsection 91(12)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

Privacy Act 1988

126 Subsection 6(1) (definition of building society)

Repeal the definition.

127 Subsection 6(1) (definition of credit union)

Repeal the definition.

128 Subparagraphs 11B(1)(b)(i) and (ii)

Repeal the subparagraphs.

Proceeds of Crime Act 1987

129 Subsection 4(1) (definition of building society)

Repeal the definition.

130 Subsection 4(1)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

131 Subsection 4(1) (definition of credit union)

Repeal the definition.

132 Subsection 4(1) (paragraphs (a), (b) and (c) of the definition of financial institution)

Repeal the paragraphs, substitute:

(a)
an ADI; or
(b)
a co-operative housing society; or

Retirement Savings Accounts Act 1997

133 Subsection 11(2)

Omit "building society, credit union,".

134 Section 16 (definition of AFIC Codes)

Repeal the definition.

135 Section 16 (definition of building society)

Repeal the definition.

136 Section 16 (definition of contribution)

Before "financial institution", insert "prescribed".

137 Section 16 (definition of credit union)

Repeal the definition.

138 Section 16 (definition of financial institution)

Repeal the definition.

139 Section 16

Insert:

"prescribed financial institution" means a body prescribed by the regulations for the purposes of this definition.

140 Subsection 23(1)

Omit "building society, credit union,".

141 Paragraph 33(2)(b)

Omit "building society, credit union,".

Sales Tax Assessment Act 1992

142 Subsection 74(9)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

143 Subsection 74(10) (definition of building society)

Repeal the definition.

144 Subsection 74(10)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

Social Security Act 1991

145 Section 3 (index)

Omit:

building society account


23(1)


146 Section 3 (index)

Omit:

credit union account


23(1)


147 Subsection 9(1) (definition of friendly society)

Repeal the definition, substitute:

"friendly society" means:

(a)
a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b)
a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
(c)
a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society ; or
(d)
a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a law of a State or Territory; or
(e)
a body that had, before 13 December 1987, been approved for the purpose of the definition of friendly society in subsection 115(1) of the 1947 Act.

148 Subsection 9(1) (paragraph (e) of the definition of income stream)

Omit "(within the meaning of the Income Tax Assessment Act)".

149 Subsection 19B(1) (paragraph (c) of the definition of liquid assets)

Omit ", building society, credit union".

150 Subsection 23(1) (definition of building society account)

Repeal the definition.

151 Subsection 23(1) (definition of credit union account)

Repeal the definition.

152 Subsection 23(1) (definition of financial institution)

Omit ", building society, credit union".

153 Section 29

Repeal the section, substitute:

29 Approval of friendly societies

The Secretary may determine that:

(a)
a friendly society; or
(b)
a person or body that, in the Secretary's opinion:
(i)
is similar in character to a friendly society; and
(ii)
provides benefits similar to the benefits provided by a friendly society;

is an approved friendly society for the purposes of this Act.

154 Subsection 62(2)

Omit ", credit union account or building society account".

155 Paragraph 87(2)(b)

Omit ", credit union or building society (in this subsection called the financial institution )".

156 Subsection 87(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 155), substitute "bank".

157 Paragraph 98(1)(h)

Omit "bank, credit union or building society account", substitute "bank account".

158 Subsection 124(2)

Omit ", credit union account or building society account".

159 Paragraph 146L(2)(b)

Omit ", credit union or building society (in this subsection called the financial institution )".

160 Subsection 146L(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 159), substitute "bank".

161 Subsection 166(2)

Omit ", credit union account or building society account".

162 Paragraph 192(2)(b)

Omit ", credit union or building society (in this subsection called the financial institution )".

163 Subsection 192(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 162), substitute "bank".

164 Subsection 216(2)

Omit ", credit union account or building society account".

165 Paragraph 242(2)(b)

Omit ", credit union or building society (in this subsection called the financial institution )".

166 Subsection 242(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 165), substitute "bank".

167 Subsection 335(2)

Omit ", credit union account or building society account".

168 Subsection 383(2)

Omit ", credit union account or building society account".

169 Subsection 408GF(2)

Omit ", credit union account or building society account".

170 Paragraph 500I(1)(j)

Omit "bank, credit union or building society account", substitute "bank account".

171 Subsection 504K(2)

Omit ", credit union account or building society account".

172 Paragraph 514F(2)(b)

Omit ", credit union or building society (the financial institution )".

173 Subsection 514F(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 172), substitute "bank".

174 Subsection 559F(2)

Omit ", credit union account or building society account".

175 Paragraph 567E(2)(b)

Omit ", credit union or building society (financial institution)".

Note: The heading to subsection 567E(2) is altered by omitting " Financial institution " and substituting " Bank ".

176 Subsection 567E(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 175), substitute "bank".

177 Subsection 584E(2)

Omit ", credit union account or building society account".

178 Paragraph 592E(2)(b)

Omit ", credit union or building society (financial institution)".

Note: The heading to subsection 592E(2) is altered by omitting " Financial Institution " and substituting " Bank ".

179 Subsection 592E(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 178), substitute "bank".

180 Subsection 650(2)

Omit ", credit union account or building society account".

181 Paragraph 660LF(2)(b)

Omit ", credit union or building society (in this subsection called the financial institution )".

182 Subsection 660LF(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 181), substitute "bank".

183 Subsection 660XGF(2)

Omit ", credit union account or building society account".

184 Paragraph 660XKF(2)(b)

Omit ", credit union or building society (the financial institution )".

185 Subsection 660XKF(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 184), substitute "bank".

186 Paragraph 660XKN(2)(b)

Omit ", credit union or building society (the financial institution )".

187 Subsection 660XKN(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 186), substitute "bank".

188 Subsection 660YGF(2)

Omit ", credit union account or building society account".

189 Paragraph 677(1)(m)

Omit "bank, credit union or building society account", substitute "bank account".

190 Subsection 720(2)

Omit ", credit union account or building society account".

191 Paragraph 728PF(2)(b)

Omit ", credit union or building society (in this subsection called the financial institution )".

192 Subsection 728PF(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 191), substitute "bank".

193 Subsection 753(2)

Omit ", credit union account or building society account".

194 Paragraph 768F(2)(b)

Omit ", credit union or building society (in this subsection called the financial institution )".

195 Subsection 768F(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 194), substitute "bank".

196 Paragraph 771HC(1)(i)

Omit ", credit union account or building society account".

197 Subsection 771KK(2)

Omit ", credit union account or building society account".

198 Paragraph 771NZ(2)(b)

Omit ", credit union or building society (the financial institution )".

199 Subsection 771NZ(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 198), substitute "bank".

200 Subsection 802(2)

Omit ", credit union account or building society account".

201 Paragraph 827(2)(b)

Omit ", credit union or building society (in this subsection called the financial institution )".

202 Subsection 827(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 201), substitute "bank".

203 Subsection 866(2)

Omit ", credit union account or building society account".

204 Subsection 900AZG(2)

Omit ", credit union account or building society account".

205 Paragraph 958(1)(d)

Omit ", credit union account or building society account".

206 Subsection 972(2)

Omit ", credit union account or building society account".

207 Subsection 978(2)

Omit ", credit union account or building society account".

208 Subsection 1015(2)

Omit ", credit union account or building society account".

209 Subsection 1049(2)

Omit ", credit union account or building society account".

210 Subsection 1061EJ(2)

Omit ", credit union account or building society account".

211 Subsection 1061PZL(2)

Omit ", credit union account or building society account".

212 Subsection 1061VB(2)

Omit ", credit union account or building society account".

States Grants (Housing) Act 1971

213 Subsection 3(1) (definition of building society)

Repeal the definition, substitute:

"building society" means:

(a)
a body corporate in relation to which the following conditions are satisfied:
(i)
the body corporate is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959 ;
(ii)
the body corporate has a consent under section 66 of that Act that allows it to assume or use the expression building society , or another expression (whether or not in English) that is of like import to the expression building society ; or
(b)
a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

Superannuation Act 1976

214 Paragraph 96A(b)

Omit ", credit union or building society (in this section called the financial institution )".

215 Paragraphs 96A(c), (d) and (e)

Omit "financial institution", substitute "bank".

Superannuation Act 1990

216 Paragraph 44(2)(a)

Omit ", credit union or building society (in this section called the financial institution )".

Note: The heading to section 44 is altered by omitting "Financial institution" and substituting "Bank".

217 Subsection 44(2)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 216), substitute "bank".

Superannuation Contributions Tax (Assessment and Collection) Act 1997

218 Subsection 40A(9)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

219 Subsection 40A(10) (definition of building society)

Repeal the definition.

220 Subsection 40A(10)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

221 Subsection 35(9)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

222 Subsection 35(10) (definition of building society)

Repeal the definition.

223 Subsection 35(10)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

Superannuation Guarantee (Administration) Act 1992

224 Subsection 56(9)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

225 Subsection 56(12) (definition of building society)

Repeal the definition.

226 Subsection 56(12)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

Taxation Administration Act 1953

227 Subsection 13L(1)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

228 Subsection 13L(1) (paragraphs (a) and (b) of the definition of financial institution)

Repeal the paragraphs, substitute:

(a)
a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959 ; and
(b)
a co-operative housing society; and

Termination Payments Tax (Assessment and Collection) Act 1997

229 Subsection 28A(9)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

230 Subsection 28A(10) (definition of building society)

Repeal the definition.

231 Subsection 28A(10)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.

Veterans' Entitlements Act 1986

232 Section 5 (index)

Omit:

building society


5Q(1)


233 Section 5 (index)

Omit:

credit union


5Q(1)


234 Subsection 5J(1) (definition of friendly society)

Repeal the definition, substitute:

"friendly society" means:

(a)
a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b)
a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
(c)
a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society ; or
(d)
a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a law of a State or Territory; or
(e)
a body that had, before 13 December 1987, been approved for the purpose of the definition of friendly society in subsection 115(1) of the Social Security Act 1947 .

235 Subsection 5J(1) (paragraph (e) of the definition of income stream)

Omit "(within the meaning of the Income Tax Assessment Act)".

236 Subsection 5Q(1) (definition of building society)

Repeal the definition.

237 Subsection 5Q(1) (definition of credit union)

Repeal the definition.

238 Subsection 5Q(1) (definition of financial institution)

Omit ", building society, credit union".

239 Section 58C (note)

Omit ", credit union or building society".

240 Subsection 58F(1)

Omit ", credit union or building society".

241 Paragraph 98A(5)(a)

Omit ", credit union or building society (in this subsection called the financial institution )".

242 Subsection 98A(5)

Omit "financial institution" (wherever occurring, other than the occurrence omitted by item 241), substitute "bank".

243 Subsection 122(4) (note)

Omit ", credit union or building society".

244 Subsection 122A(1)

Omit ", credit union or building society".

Wool Tax (Administration) Act 1964

245 Subsection 54(3A)

Omit "building society" (wherever occurring), substitute "co-operative housing society".

246 Subsection 54(4) (definition of building society)

Repeal the definition.

247 Subsection 54(4)

Insert:

"co-operative housing society" means a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.


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