TRANSACTION REPORTS REGULATIONS (AMENDMENT) 1991 NO. 7 

TRANSACTION REPORTS REGULATIONS (AMENDMENT) 1991 NO. 7 
- TABLE OF PROVISIONS

1.. Commencement   
2.. Amendment   
3.. Regulation 2 (Interpretation)   
4.. Regulation 7 (Verification:  recent arrivals in Australia)  
5.. New Regulation 11A   


TRANSACTION REPORTS REGULATIONS (AMENDMENT)  1991  No. 7
- REG 1. Commencement 

1.1These Regulations (other than subregulations 3.3 and 3.4
and regulation 4) commence on 1 February 1991.
1.2Subregulations 3.3 and 3.4 and regulation 4 commence on 2
February 1991.

TRANSACTION REPORTS REGULATIONS (AMENDMENT)  1991  No. 7
- REG 2. Amendment 

2.1The
Cash Transaction Reports Regulations are amended as set out in these
Regulations.

TRANSACTION REPORTS REGULATIONS (AMENDMENT)  1991  No. 7 - REG  3. Regulation 2 (Interpretation) 

3.1Subregulation 2 (1):
Insert the following definitions:
" `exempt superannuation fund' means a superannuation fund within the
meaning of subsection 3 (1) of the Occupational Superannuation
Standards Act 1987;
`local government body' means:
    (a)    a municipal or shire council; or
    (b)    a local governing body established by or under a law of a State, the
Australian Capital Territory or the Northern Territory the sole or principal
function of which is to provide a particular service, such as the supply of
electricity or water;".
3.2Add at the end:
    "(3)    If the rules of a superannuation fund contain a provision the purpose of
which is to avoid a breach of a rule of law relating to perpetuities, the
provision does not prevent the fund from being treated as an indefinitely
continuing fund for the purposes of the definition of "exempt superannuation
fund" in subregulation (1).".
3.3Subregulation 2 (1) (definition of "higher
education institution"):
Omit the definition, substitute:
" `higher education institution' means an institution listed in section
4 or paragraphs 34 (4) (b) to (j) (inclusive) of the Higher
Education Funding Act 1988;"
3.4Subregulation 2 (1) (definition of "public
utility"):
After "water", insert ", sewerage".

TRANSACTION REPORTS REGULATIONS (AMENDMENT)  1991  No. 7
- REG 4. Regulation 7 (Verification:  recent arrivals in
Australia)

4.1Subregulation 7 (1) (definition of "passport",
subparagraph (a) (i):
Omit "indentity", substitute "identity".

TRANSACTION REPORTS REGULATIONS (AMENDMENT)  1991  No. 7
- REG 5. New Regulation 11A 

5.1After regulation 11, insert:
Statement in relation to certain trust accounts:  subsection 20(6) of the
Act
    "11A (1)    A statement under section 20 of the Act in relation to an
account that is held in trust need not set out the name of each beneficiary
under the trust if the account:
    (a)    is an account held by, or operated in connection with, an     exempt
superannuation fund; or
    (b)    is a trust account held by:
            (i)    the Commonwealth, a State, the Australian Capital Territory, the
Northern Territory or the Territory of Norfolk Island; or
            (ii)    a public authority; or
            (iii)    a local government body.
    "(2)        A statement in relation to any other trust account must state, instead
of setting out the name of each beneficiary:
    (a)    the name and address of the trustee; and
    (b)    if the terms of the trust identify the beneficiaries by reference only to
membership of a class--details of the class.".
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1.    Notified in the Commonwealth of Australia Gazette on 31 January
1991.
2.    Statutory Rules 1990 No.36 as amended by 1990 Nos. 162, 340 and 341.