New South Wales Repealed Acts New South Wales Repealed ActsThis legislation has been repealed.
(1) For the purposes of this Division and of the matter appearing under the heading “Receipts Return” or “Short Term Dealers Return” in the Second Schedule to this Act, unless inconsistent with the context or subject-matter:
"bank" means a bank within the meaning of the Banking Act 1959 of the Parliament of the Commonwealth as amended and in force for the time being or a bank constituted by a law of a State or of the Commonwealth, but does not include the Reserve Bank of Australia.
"broker" means a member organisation of Australian Stock Exchange Limited.
"broker receipts" means:(a) receipts (after the deduction of any trading losses) in the nature of profits from trading, including dividends, or(b) receipts of brokerage (whether from trading in equities, options, futures, fixed interest or any other source), or(c) receipts of underwriting or sub-underwriting commissions (after deduction of sub-underwriting commissions paid), or(d) dividends received otherwise than from trading, or(e) receipts of interest and management fees, or(f) receipts of fees from a member of the group of which the broker is a member, or(g) receipts from the sale of capital assets not traded in the ordinary course of the business of the broker,calculated on a monthly basis in such a way that a net loss in any month is taken to be a nil net receipt for that month, and cannot be transferred to or be considered in the calculations for any subsequent month.
"building society" means a building society registered under the Financial Institutions (NSW) Code .
"cash management trust unit" means any right or interest (whether described as a unit or a sub-unit or otherwise) of a beneficiary in an undertaking, scheme, enterprise, contract or arrangement of the kind commonly known as a cash management trust.
"charitable organisation" means:(a) a religious or public benevolent institution, or a public hospital, or(b) a hospital that is carried on by a society or association otherwise than for the purpose of profit or gain to the individual members of the society or association, or(c) a school or college that is carried on by a body corporate, society or association otherwise than for the purpose of profit or gain to the individual members of the body corporate, society or association, and that provides education at or below, but not above, the secondary level of education, or(d) a non-profit organisation having as one of its objects a charitable, benevolent, philanthropic or patriotic purpose, or(e) an organisation that:(i) was, immediately before the repeal of the Charitable Collections Act 1934 , a charity within the meaning of that Act and registered or exempted from registration under that Act, and(ii) has not, since the repeal of that Act, altered its constitution in so far as its constitution relates to its charitable objects, or(f) a society or institution (other than a school or college or a statutory body):(i) that, in the opinion of the Chief Commissioner, is a charitable society or institution, and(ii) that is for the time being approved by the Chief Commissioner for the purposes of this paragraph, or(g) a statutory body that:(i) in the opinion of the Minister, is a charitable statutory body, and(ii) is for the time being approved by the Minister for the purposes of this paragraph,(h) a trust, the funds of which are applied solely for charitable purposes."co-operative society" means a society registered under the Co-operatives Act 1992 or under a law that corresponds to that Act, being a law of another State or of a Territory, but does not include a building society.
"corresponding Act" means any of the following:(a) the Financial Institutions Duty Act 1982 of Victoria,(b) the Financial Institutions Duty Act 1983 of South Australia,(c) the Financial Institutions Duty Act 1983 of Western Australia,(d) the Financial Institutions Duty Act 1986 of Tasmania,(e) the Financial Institutions Duty Act 1987 of the Australian Capital Territory,(f) the Financial Institutions Duty Act 1989 of the Northern Territory."corresponding State or Territory" means another State or a Territory of the Commonwealth that is declared by the Governor by an order for the time being in force under subsection (16) to be a corresponding State or Territory for the purposes of this Division.
"credit contract" has the same meaning as in the Credit Act 1984 , and includes a contract or agreement which, but for sections 18, 19 and 19A of that Act, would be a credit contract within the meaning of that Act.
"credit provider" has the same meaning as in the Credit Act 1984 , and includes a person who, but for sections 18, 19 and 19A of that Act, would be a credit provider within the meaning of that Act.
"credit union" means a society or other body of persons:(a) that is registered or incorporated as a credit union or credit society, under the law in force in a State or a Territory relating to credit unions or credit societies, or(b) the principal business of which consists of borrowing money from its members or intended members and lending money so borrowed to its members and which is registered or incorporated under the law in force in a State or a Territory,but does not include an association of credit unions, a union of associations of credit unions or an amalgamated association of credit unions or a building society.
"dealer" has the same meaning as in the Corporations Law , but does not include a broker.
"dealing", in relation to securities, has the same meaning as in the Securities Industry (New South Wales) Code .
"designated person" means:(a) a financial institution, or(aa) a broker, or(b) a retailer, or(c) a pastoral finance company, or(d) the Protective Commissioner."designated receipts" means:(a) receipts of a financial institution, or(aa) broker receipts of a New South Wales broker, being receipts received in or outside New South Wales, or(b) receipts of a retailer (including interest and charges) received in relation to the repayment of the whole or any part of the amount financed under a finance contract or a hiring arrangement, or(c) receipts of a pastoral finance company (including interest and charges) received in relation to the repayment of the whole or any part of the amount financed under a finance contract or a hiring arrangement, or(d) receipts of the Protective Commissioner."dutiable receipts" means:(a) the designated receipts of a designated person who is:(i) registered under this Division, or(ii) required to apply to the Chief Commissioner for registration under this Division,(b) the designated receipts to which the provisions of section 98K (1), other than paragraph (c) (i) of that subsection, apply, or(c) a receipt referred to in section 98LA (1) which is not lodged or deposited with a registered person or designated person or to the credit of an exempt account as referred to in that subsection."excluded person" means any of the following:(a) a corporation whose sole or principal business is the operation of a complying superannuation fund,(b) a corporation that is registered under the Life Insurance Act 1945 of the Commonwealth,(c) a corporation whose sole or principal business is insurance business within the meaning of the Insurance Act 1973 of the Commonwealth,(d) a corporation that is a registered medical benefits organisation or a registered hospital benefits organisation under the National Health Act 1953 of the Commonwealth,(e) a dealer (not being a person referred to in paragraph (a), (c), (d) or (e) of the definition of "financial institution") who does not carry on a business of dealing in securities except:(i) in the capacity of official receiver or trustee within the meaning of the Bankruptcy Act 1966 of the Commonwealth, or(ii) in the capacity of administrator, liquidator or provisional liquidator of a corporation, or of controller of property of a corporation, or as a person appointed by a court to carry on the business concerned,(f) a dealer (being a corporation that is not a person referred to in paragraph (a), (c), (d) or (e) of the definition of "financial institution") that carries on, or holds itself out as carrying on, a business of dealing in debentures of that corporation but does not carry on a business of dealing in any other securities,(fa) a broker,(g) a licensed insurer under the Workers Compensation Act 1987 ,(h) a retailer,(i) a pastoral finance company."exempt account" means an account in respect of which a certificate issued under section 98U is in force.
"finance contract" means:(a) a credit contract, or(b) a contract or agreement made with a body corporate that, if made with a natural person, would be a credit contract."financial institution" means:(a) a bank,(b) a dealer,(c) a trustee company,(d) a credit provider, or(e) a management company under a deed approved under Division 5 of Part 7.12 of the Corporations Law or a corresponding previous law or under a corresponding law of another State or a Territory,and includes any person whose sole or principal business is that of the provision of finance, but does not include an excluded person.
"foreign exchange hedging agreement" means a contract or agreement the effect of which is to hedge, cover or change a liability to pay or an entitlement to receive:(a) in foreign currency (or Australian dollar equivalent) into another foreign currency (or Australian dollar equivalent) or into Australian dollars, or(b) in Australian dollars into a foreign currency (or Australian dollar equivalent)."group" means a group constituted for the purposes of this Division.
"group return" means a return made out in accordance with section 98JA by a registered person on behalf of a group of which the person is a member, where the receipts specified in the return are the sum of the dutiable receipts of each member of the group.
"hiring arrangement" means a hiring arrangement within the meaning of section 74D.
"loan" has the meaning ascribed thereto in section 83 (1).
"month" means January, February, March, April, May, June, July, August, September, October, November or December.
"mortgage" has the same meaning as in Division 21A.
"mortgage-backed security" has the same meaning as in Division 21A.
"New South Wales broker" means a broker:(a) that lodges quarterly returns with the Australian Stock Exchange in New South Wales, or(b) that conducts business in New South Wales and that lodges quarterly returns with the Australian Stock Exchange in another State or a Territory of the Commonwealth that is not a corresponding State or Territory."pastoral finance company" means:(a) a person whose sole or principal business is that of financing pastoral pursuits or whose sole or principal business is that of a stock or station agent to whom an order in force under section 11 of the Banking Act 1959 of the Commonwealth applies, or(b) a person, a substantial part of whose business is, in the Chief Commissioner’s opinion, that of financing pastoral pursuits or a substantial part of whose business is, in the Chief Commissioner’s opinion, that of a stock or station agent to whom such an order applies and who is approved by the Chief Commissioner as a pastoral finance company."prescribed short term dealer" means a short term dealer who:(a) except as provided by paragraph (b), is not a registered person, or(b) is a registered person in respect of whom the Chief Commissioner has imposed a condition as referred to in section 98O (2)."Protective Commissioner" means the person holding the office of Protective Commissioner under the Protected Estates Act 1983 .
"receipt" includes a payment, repayment, deposit or subscription and the crediting of an account.
"receipts return" means a return made out as referred to in section 98J, 98K or 98LA.
"registered person" means a person who, pursuant to section 98I, is registered under this Division.
"retailer" means:(a) a person whose sole or principal business is that of selling goods by retail, or(b) a person, a substantial part of whose business is, in the Chief Commissioner’s opinion, that of selling goods by retail and who is approved by the Chief Commissioner as a retailer."rollover" of a term deposit means the renewal with or the retention by a financial institution of the whole or part of the term deposit (either at call or for a further specified period) at the end of the specified period for which the term deposit was previously made.
"RTGS transaction" means:(a) a transaction governed by the regulations of the Reserve Bank Information and Transfer System, or(b) a transaction governed by the regulations of Austraclear, or(c) a transaction governed by the regulations of the Society for Worldwide Interbank Financial Telecommunications Payment Delivery System."securities" has the same meaning as in the Securities Industry (New South Wales) Code .
"short term dealer" means a person whose certification as a short term dealer pursuant to section 98O is in force.
"short term dealer’s account" means the account kept by a short term dealer under section 98P.
"short term dealers return" means a return made out as referred to in section 98R.
"short term dealing" means:(a) the making or receiving of a deposit (other than a deposit to the credit of an account with a bank that is repayable on demand or to the credit of a current account, in either case, kept by the bank for another person) if the amount of the deposit is not less than $50,000 and is deposited:(i) at call, or(ii) for a term not exceeding 185 days, or(iii) for a term not exceeding 185 days and thereafter at call, or(b) the making or receiving of a loan or advance if the amount of the loan or advance is not less than $50,000 and is loaned or advanced:(i) at call, or(ii) for a term not exceeding 185 days, or(iii) for a term not exceeding 185 days and thereafter at call, or(c) a dealing in securities, mortgage-backed securities, bills of exchange, promissory notes, certificates of deposit, or interest bearing deposits, if the amount involved in the dealing is not less than $50,000 or the dealing (not being a dealing in a security) is in a bill of exchange, promissory note, certificate of deposit or interest bearing deposit having a nominal value on the day on which the dealing is entered into or a face value of not less than $50,000, and the amount involved in the dealing is invested:(i) at call, or(ii) for a term not exceeding 185 days, or(iii) for a term not exceeding 185 days and thereafter at call, or(iv) in respect of a dealing in a security, bill of exchange, promissory note, certificate of deposit or interest bearing deposit having a term exceeding 185 days, but the dealing is completed not later than 185 days after the date of investment of the amount, or(d) a dealing in securities for the purpose of a securities lending arrangement, if the dealing is completed within 185 days, or(e) a foreign exchange dealing for the purposes of a foreign exchange hedging agreement if the amount involved in the dealing is not less than $50,000, and the dealing is completed not later than 185 days after the date on which the agreement was entered into, or(f) a futures contract within the meaning of section 72 of the Corporations Law if the amount involved in the contract is not less than $50,000, and the contract is completed within 185 days."short term liability", in relation to a short term dealer or a person (whether or not the person is included in the reference in section 98 (3) (b)) who is a member of a group, includes a deposit with or financial accommodation received, whether by a loan or borrowing (including a borrowing in respect of which a security, bill of exchange or promissory note is issued) or for the acquisition of a cash management trust unit or otherwise by the short term dealer or person of an amount of not less than $50,000 (except in the case of a securities lending arrangement or, in the case of a short term dealer being a bank, a deposit to the credit of an account with the bank which is repayable on demand or to the credit of a current account in either case, kept by the bank for another person), where:(a) in the case of a deposit, the amount deposited is deposited at call or for a term not exceeding 185 days or for a term not exceeding 185 days and thereafter at call, or(b) in the case of a borrowing, the amount borrowed, irrespective of the nature of the borrowing, is repayable at call or within a term not exceeding 185 days or within a term not exceeding 185 days and thereafter at call, or(c) in the case of an amount received for the acquisition of a cash management trust unit, that amount is repayable at call or within a term not exceeding 185 days or within a term not exceeding 185 days and thereafter at call,and any other liability of a short term nature which may be prescribed for the purposes of this definition, but does not include a liability which is prescribed not to be a short term liability for the purposes of this definition.
"Territory" means a Territory of the Commonwealth.
"trustee company" means:(a) the Public Trustee,(b) a trustee company within the meaning of the Trustee Companies Act 1964 ,(c) a corporation that is constituted under the law of another State or of a Territory and, in the opinion of the Chief Commissioner, corresponds in that State or Territory to the Public Trustee or a trustee company referred to in paragraph (b), or(d) a corporation or class of persons prescribed as a corporation or class of persons for the purposes of this definition.
(1A) The amount of $50,000 referred to in the definition of "short term liability" in subsection (1) is, in the case of a term deposit that is rolled over, taken to include any amount of money added to the deposit when it is rolled over. (The purpose of this subsection is to ensure that the amount added is not, for the purposes of this Division, treated as a separate deposit.)
(2) In this Division, a reference to the provision of finance includes a reference to:(a) the borrowing of money or the obtaining of other financial accommodation, including the issue of share capital by a building society,(b) the dealing in:(i) securities,(ii) bills of exchange,(iii) promissory notes,(iv) certificates of deposit,(v) interest bearing deposits, or(vi) a mortgage-backed security,(c) the lending of money, with or without security,(d) the purchase, acquisition, discounting or factoring of debts due to another person, and(e) the provision of credit within the meaning of the Credit Act 1984 pursuant to a credit contract or proposed credit contract by a credit provider.
(3) In this Division and in the matter appearing under the heading “Receipts Return” or “Short Term Dealers Return” in the Second Schedule to this Act, unless inconsistent with the context or subject-matter:(a) a reference to a receipt is a reference to a receipt of money,(b) a reference (except in Subdivision 2) to a person, a designated person, a registered person or a short term dealer includes a reference to a person, a designated person, a registered person or a short term dealer who is resident or domiciled in New South Wales, or carries on business wholly or partly in New South Wales, who enters into a transaction as a consequence of which he receives a receipt, a designated receipt or a dutiable receipt, who receives a receipt, a designated receipt or a dutiable receipt in New South Wales, who receives a receipt, a designated receipt or a dutiable receipt, outside New South Wales as a consequence of any act, matter or thing done by the person in New South Wales or who is prescribed for the purposes of this paragraph, and(c) a reference to a receipt, a designated receipt or a dutiable receipt includes a reference to:(i) a receipt, a designated receipt or a dutiable receipt received within New South Wales, or(ii) a receipt, a designated receipt or a dutiable receipt received outside New South Wales, but only where the receipt, the designated receipt or the dutiable receipt received relates to, and to the extent only that it relates to, goods supplied or to be supplied in New South Wales, services rendered or to be rendered in New South Wales, property situated in New South Wales, any matter or thing done or to be done in New South Wales or such contracts, arrangements or transactions as may be prescribed for the purposes of this subparagraph.
(4) In this Division, a reference to a person who, or an act, matter or thing which, may be prescribed for the purposes of this Division, a provision of this Division or the matter appearing under the heading “Receipts Return” or “Short Term Dealers Return” in the Second Schedule to this Act includes a reference to a person of a class or description of persons who, or an act, matter or thing of a class or description of acts, matters or things which, may be so prescribed.
(5) In this Division, a reference to a person, a designated person, a registered person or a short term dealer who is resident or domiciled in New South Wales includes, in the case of a corporation, a reference to a corporation within the meaning of the Corporations Law that carries on business in New South Wales, whether or not it is a NSW company.
(6) Where money is, after it is received (otherwise than by the crediting of an account) by a designated person, credited by the designated person to an account in the records of the designated person (being an exempt account, an account the receipts to the credit of which are dutiable receipts or a prescribed account), the money shall, for the purposes of this Division, be deemed not to have been received by the designated person before it is first so credited.
(7) Where money received is or includes an amount of money in a currency other than Australian currency, the value of the money shall, for the purposes of this Division, be expressed at the equivalent rate of exchange current at the time at which the money was received.
(8) The exchange of money for money shall not, for the purposes of this Division, constitute a receipt, except to the extent, if any, to which a party to the exchange receives an amount which is greater than the amount paid or given by him.
(9) Subsection (8) does not apply to or in respect of an exchange involving a bill of exchange (other than the issuing of a cheque that a financial institution draws on itself, the issuing of travellers cheques or the cashing of a cheque) or a promissory note.
(10) Where a person receives a consideration, other than money (whether or not in consideration of his having given credit to any person), whereby any debt or obligation or part of a debt or obligation owing to that person is settled, satisfied, discharged or met, the person shall, when he receives the consideration, be deemed, for the purposes of this Division, to have received an amount of money equal to the amount of the debt or obligation or part of the debt or obligation that has been settled, satisfied, discharged or met.
(11) Unless the contrary intention appears, a reference in this Division to a preceding month or to a preceding number of months is a reference to the month of the year or the number of months of the year preceding the month in which the question arises.
(12) For the purposes of this Division, a reference to the crediting of an account includes a reference to:(a) the depositing of money to the credit of the account by the person in whose name the account is kept or by another person,(b) without limiting the generality of paragraph (a), the transfer of money to the credit of the account from another account of the person in whose name the account is kept or from an account of another person, and(c) the transfer between ledgers or divisions in an account of a person where different terms and conditions apply in respect of those ledgers or divisions.
(13) For the purposes of this Division, the crediting of an account of a person, including the crediting of an account effected by means of an entry or record made by use of a machine or device, shall be deemed to constitute a receipt of money by the person whose account is so credited.
(14) A receipt to the credit of a bank account which is an exempt account shall, unless the receipt has been credited to an account or accounts in the records of the person in whose name the bank account is kept, be deemed to be a receipt of that person otherwise than to the credit of the bank account.
(15) If a term deposit constitutes a short term dealing and the amount involved in the dealing is rolled over into a deposit or investment that does not constitute a short term dealing, the amount rolled over is taken to be a receipt for the purposes of this Division.
(16) The Governor may, by an order published in the Gazette, declare another State or a Territory of the Commonwealth to be a corresponding State or Territory for the purposes of this Division.