Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 24C

Deemed payment of duty in certain cases

24C. Deemed payment of duty in certain cases



(1) If-

   (a)  a financial institution pays financial institutions duty at the rate
        of 0×06% of the total dutiable receipts received by it during a month
        (other than receipts of, or exceeding, $2 000 000); or



   (b)  a depositor pays financial institutions duty at the rate of 0×06% of
        the total dutiable deposits made by the depositor during a month
        (other than deposits of, or exceeding, $2 000 000)-

the financial institution or depositor is to be taken to have paid duty in
respect of each receipt or deposit included in that total.

(2) If a registered financial institution, in accordance with the prior
written approval of the Commissioner, does not during a month pay an amount to
the credit of an exempt bank account kept in its name by a bank (other than a
short-term dealing account), the financial institution is to be taken to have
paid duty in respect of the receipt of money by it during that month that,
under this Act, could have been paid to the credit of an exempt bank account,
other than a short-term dealing account.