Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 21

Duty imposed on depositors

21. Duty imposed on depositors



(1) Subject to this Act, a person that deposits money in Victoria during a
month with a financial institution, (other than a registered financial
institution, an exempt financial institution or the Reserve Bank of
Australia), is liable to pay financial institutions duty in respect of each
such deposit of money.

(2) The amount of financial institutions duty payable by a depositor in
respect of each deposit of money is-

   (a)  0·06 per centum of the money deposited; or





   (b)  $1200-



whichever is the less.

(3) Subsection (1) does not apply to a deposit of money to which, if it were a
receipt of money by a registered financial institution, section 18(1) would
not apply.