Commonwealth Numbered Acts

FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) ACT (No. 1) 1999No. 44, 1999 - LONG TITLE

Contents

1 Short title 1

2 Definitions 2

3 Commencement 2

4 Schedule(s) 4

Schedule 1--Amendment of the Australian Prudential Regulation Authority Act 1998 5

Schedule 2--Amendment of the Banking Act 1959 9

Schedule 3--Amendment of the Corporations Law 40

Part 1--Transfer of financial institutions and friendly societies 40

Part 2--Consequential amendments 77

Part 3--Other minor amendments 85

Schedule 4--Amendment of the Life Insurance Act 1995 86

Schedule 5--Amendment of the Reserve Bank Act 1959 137

Schedule 6--Miscellaneous amendments 138

Australian Securities and Investments Commission Act 1989 138

Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998 138

Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998 139

Financial Laws Amendment Act 1997 139

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 139

Financial Sector Reform (Consequential Amendments) Act 1998 140

General Insurance Supervisory Levy Imposition Act 1998 141

High Court of Australia Act 1979 141

Life Insurance Supervisory Levy Imposition Act 1998 142

National Health Act 1953 142

Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 143

Superannuation Supervisory Levy Imposition Act 1998 143

Schedule 7--Consequential amendment of Acts 144

Bankruptcy Act 1966 144

Cheques Act 1986 144

Child Care Payments Act 1997 145

Child Support (Registration and Collection) Act 1988 146

Commonwealth Inscribed Stock Act 1911 146

Debits Tax Administration Act 1982 147

Defence Force Retirement and Death Benefits Act 1973 147

Employment Services Act 1994 148

Farm Household Support Act 1992 148

Financial Corporations Act 1974 148

Financial Sector (Shareholdings) Act 1998 149

Financial Transaction Reports Act 1988 152

Fringe Benefits Tax Assessment Act 1986 152

Health Insurance Act 1973 152

Income Tax Assessment Act 1936 153

Income Tax Assessment Act 1997 163

Insurance Act 1973 163

Insurance (Agents and Brokers) Act 1984 165

Insurance Contracts Act 1984 165

Life Insurance (Conduct and Disclosure) Act 1999 166

Military Superannuation and Benefits Act 1991 166

National Health Act 1953 166

Petroleum Resource Rent Tax Assessment Act 1987 167

Privacy Act 1988 167

Proceeds of Crime Act 1987 167

Retirement Savings Accounts Act 1997 168

Sales Tax Assessment Act 1992 169

Social Security Act 1991 169

States Grants (Housing) Act 1971 176

Superannuation Act 1976 177

Superannuation Act 1990 177

Superannuation Contributions Tax (Assessment and Collection) Act 1997 177

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 178

Superannuation Guarantee (Administration) Act 1992 178

Taxation Administration Act 1953 178

Termination Payments Tax (Assessment and Collection) Act 1997 179

Veterans' Entitlements Act 1986 179

Wool Tax (Administration) Act 1964 181

Schedule 8--Transitional, saving and application provisions 182

Part 1--Transitional provisions relating to transfer from State and Territory regulatory regimes 182

Division 1--Interpretation 182

Division 2--Transitional provisions relating to staff 185

Division 3--Transfer of assets and liabilities 186

Division 4--Transitional provisions relating to operation of the Banking Act 1959 187

Division 5--Transitional provisions relating to operation of the Life Insurance Act 1995 191

Division 6--Other transitional provisions 199

Part 2--Transitional provisions relating to other amendments 202

Part 3--Regulations 203

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

No. 44, 1999

An Act to amend laws, and to deal with transitional matters, in connection with the reform of the financial sector, and for other purposes

[ Assented to 17 June 1999 ]

The Parliament of Australia enacts: