Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 11A

Term deposit re-investment

11A. Term deposit re-investment

For the purposes of this Act-

   (a)  if money is invested on term deposit with a financial institution
        (otherwise than in the course of short-term dealings) and the
        principal is not repaid in full on the expiration of the term but is
        re-invested on a term deposit, the non-payment of the principal is not
        a dutiable receipt of the financial institution;

   (b)  if an amount received by a person in the course of short-term dealings
        is re-invested in whole or part with that person, the amount
        re-invested is deemed to have been received by that person.