Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 3

Definitions

3. Definitions



(1) In this Act, unless the contrary intention appears1-

agent includes every person who in Victoria for or on behalf of another person
outside Victoria holds or has the management or control of the business of
that other person and every person who, by an order of the Commissioner, is
declared to be an agent or the sole agent for any other person for the
purposes of this Act and on whom notice of that order has been served;

amount financed means-

   (a)  in relation to a credit sale, the sum of the cash price (less the
        credit sale deposit if any) and amounts payable under the contract to
        the credit provider that, if the credit sale were a regulated credit
        sale within the meaning of the Credit Act 1981, would be required to
        be stated in accordance with paragraphs (d) to (i) of Clause 1 of
        Schedule 2 of that Act; and

   (b)  in relation to a loan, the sum of the amount agreed under the loan to
        be lent and amounts payable under the loan to the credit provider
        that, if the loan were a regulated loan within the meaning of that
        Act, would be required to be stated in accordance with paragraphs (b)
        to (f) of Clause 1 of Schedule 4 of that Act;

approved superannuation scheme means-

   (a)  a scheme of superannuation retirement benefit or pension-

   (i)  created or arranged by an employer for the benefit of his employees
        and operated under the terms of an instrument of trust executed by or
        on behalf of the employer;

   (ii) created for the benefit of self-employed persons and operated under an
        instrument of trust; or

   (iii) created for the benefit of employees or self-employed persons- not
        being a scheme that the Treasurer, having regard to the number of
        persons (being less than 20) contributing to the scheme, the amount of
        their contributions, the amounts of the benefits provided for and such
        other matters as the Treasurer thinks fit, has declared by notice
        given to the person by whom the scheme is operated that the scheme is
        not an approved superannuation scheme for the purposes of this Act; or

   (b)  a scheme of superannuation retirement benefit or pension created and
        operated by or under any law of the Commonwealth or of a State or
        Territory;

average daily liability means an amount determined in accordance with section
7 in respect of which financial institutions duty is payable under section 20;

bank means a bank as defined in section 5 of the Banking Act 1959 of the
Commonwealth as amended and in force for the time being or a bank constituted
under a law of a State;

bill of exchange means an unconditional order in writing, addressed by one
person to another, signed by the person giving it, requiring the person to
whom it is addressed to pay on demand, or at a fixed or determinable future
time, a sum certain in money to or to the order of a specified person or to
bearer;

books includes any register or other record of information and any accounts or
accounting records (within the meaning of the Corporations Law) however
compiled, recorded or stored and also includes any other document;

broker means a person (other than a bank) who is a broker within the meaning
of the Business Rules of Australian Stock Exchange Limited;



broker receipts means-

   (a)  receipts and amounts retained or realised (after deduction of any
        trading losses) in the nature of profits from trading in securities;

   (b)  dividends received from trading in securities and dividends received
        on securities held by the broker;

   (c)  brokerage received or retained (whether from trading in equities,
        options, futures, fixed interest or any other means);

   (d)  commissions received or retained;

   (e)  interest and fees received or retained;

   (f)  receipts from the sale of capital assets, other than goods, not traded
        in the ordinary course of the business of the broker;

cash includes cheques;

certificate of deposit includes an interest bearing deposit;

Commissioner means Commissioner of the State Revenue under the
Taxation Administration Act 1997;



company includes a body or association (corporate or unincorporate) and a
partnership;

continuing credit contract means a continuing credit contract within the
meaning of section 5;

corresponding State or Territory means another State or Territory that is
declared by order of the Governor in Council in force under subsection (4) to
be a corresponding State or Territory for the purposes of this Act;

credit includes any form of financial accommodation;

credit contract means a credit sale, a loan or a continuing credit contract;

credit provider means a person who provides credit under credit contracts in
the course of a business carried on by him in Victoria;

credit provider's account means an account kept by a bank in respect of which
a certificate issued under section 28 is in force;

credit sale means a contract for the provision of credit by a credit provider
in relation to the supply of goods and services where-

   (a)  a charge is made for the provision of credit;

   (b)  the amount payable is not required to be paid within the period of
        four months after the provision of credit; or

   (c)  the amount payable may be paid by five or more instalments or by a
        deposit and four or more instalments;

credit sale deposit-

   (a)  in relation to a credit sale of goods, means an amount that, under the
        credit sale, was paid or payable on or before the delivery of the
        goods or, where the delivery is not completed on one day, on or before
        the commencement of the delivery;

   (b)  in relation to a credit sale of services, means an amount that, under
        the credit sale, was paid or payable on or before the commencement of
        the supply of the services; and

   (c)  in relation to a credit sale of goods and services, means an amount
        that, under the contract, was paid or payable on or before the
        commencement of the delivery or supply of the goods and services;

dealer has the same meaning as in the Securities Industry (Victoria) Code;

dealing has the same meaning as in the Securities Industry (Victoria) Code;

depositor means a person who is registered, or who is required to apply for
registration, under section 40 and, in Part IX, includes a person who has at
any time been so registered or required to be so registered;

Deputy Commissioner means Deputy Commissioner of State Revenue under the
Taxation Administration Act 1997;



dutiable deposit in relation to a depositor means a deposit by the depositor
of money in Victoria other than a deposit to which section 21(3) applies;

dutiable receipt in relation to a financial institution means a receipt by the
financial institution of money in Victoria other than a receipt to which
section 18(3) applies and, in relation to a Victorian broker, includes a
broker receipt;

* * * * *





exempt bank account means-

   (a)  a credit provider's account;

   (b)  a Government Department account;

   (c)  a Local Government account;

   (d)  a short-term dealing account;

   (e)  a special account; or

   (f)  a trust fund account;

exempt financial institution means a person who is not a financial institution
or is a financial institution that is not a registered financial institution
and that has not-

   (a)  during the preceding twelve months received an amount of money
        exceeding $5 000 000, other than non-dutiable receipts; or

   (b)  during the preceding month received an amount of money exceeding $416
        666, other than non-dutiable receipts- and that is not a member of a
        group within the meaning of section 23 in respect of which the total
        of the amounts received by the members of the group (other than
        non-dutiable receipts)-

   (c)  during the preceding twelve months exceeded $5 000 000; or

   (d)  during the preceding month exceeded $416 666;

financial institution means-

   (a)  a bank;

   (b)  a person whose sole or principal business activities in Victoria are
        the borrowing of money and the provision of finance;

   (c)  a dealer;

   (ca) a Victorian broker;

   (d)  a trustee company;

   (e)  a credit provider;

   (f)  a management company within the meaning of section 9 of the
        Corporations Law or of a corresponding law in force in another State
        or in a Territory that carries on business in Victoria;

* * * * *

   (h)  the Treasurer in relation to receipts paid to the credit of the Cash
        Management Account or the State Development Account in the Trust Fund
        in the Public Account; and

   (i)  except in Parts III, IV and V, a person who is a registered short-term
        money market operator but is not a financial institution by reason of
        a preceding paragraph of this definition- and, in Part IX includes a
        person who has, at any time, been a financial institution under this
        Act but does not in any Part of this Act include-

   (j)  a corporation the sole or principal business in Victoria of which is
        the operation of an approved superannuation scheme;

   (k)  a corporation that is registered under the Life Insurance Act 1945 of
        the Commonwealth as amended and in force for the time being;

   (l)  a corporation the sole or principal business in Victoria of which is
        insurance business as defined by section 3(1) of the
        Insurance Act 1973 of the Commonwealth as amended and in force for the
        time being;

   (m)  a corporation that is a medical benefits organization or a hospital
        benefits organization registered under the National Health Act 1953 of
        the Commonwealth as amended and in force for the time being;

   (n)  a dealer who is not a person referred to in paragraphs (a) or (b) or
        (d) to (h) and who does not carry on a business of dealing in
        securities except-

   (i)  in his capacity as an official receiver or trustee within the meaning
        of the Bankruptcy Act 1966 of the Commonwealth as amended and in force
        for the time being; or

   (ii) in his capacity as a receiver, as a receiver and manager, or as
        another person appointed by a court to carry on the business
        concerned;

   (o)  a dealer, being a corporation that is not a person referred to in
        paragraphs (a) or (b) or (d) to (h) and that carries on, or holds
        itself out as carrying on, a business of dealing in debentures of that
        body corporate but does not carry on a business of dealing in any
        other securities;

   (p)  the Treasurer in relation to receipts other than receipts paid to the
        credit of the Cash Management Account or the State Development Account
        in the Trust Fund in the Public Account;

   (q)  Credit Union Services Corporation (Australia) Limited;

   (r)  Funds Transfer Services (Vic.) Limited;

   (s)  Building Society Resources Limited; or

   (t)  a person, or class of persons, that is prescribed as a person to whom,
        or class of persons to which, this Act does not apply;

financial institutions duty means financial institutions duty chargeable under
section 18, 20 or 21 or an amount payable under section 32(1) or (1A);





financial year means the period of twelve months ending on 30 June;

Government Department account means an account kept by a bank in respect of
which a notice given under section 30 is in force;

liquidator means the person who, whether or not appointed as liquidator, is
the person required by law to carry out the winding-up of a company;

loan means a contract for the provision of credit by a credit provider to
another person in one or more of the following ways-

   (a)  by paying an amount to or in accordance with the instructions of that
        other person;

   (b)  by applying an amount in satisfaction or reduction of an amount owed
        to him by that other person;

   (c)  by varying the terms of a contract under which moneys owed to him by
        that other person are payable;

   (d)  by deferring the obligation of that other person to pay an amount to
        him;

   (e)  by taking from that other person a bill of exchange or other
        negotiable instrument on which the other person (whether alone or with
        another person) is liable as drawer, acceptor or endorser;

Local Government account means an account kept by a bank in respect of which a
certificate issued under section 29 is in force;

money includes a bill of exchange and a promissory note;

month means one of the twelve months of the year;

non-dutiable receipt means a receipt of money of a kind that, if received by a
registered financial institution, would not be a dutiable receipt;

pastoral finance company means a person carrying on a business of financing
pastoral pursuits or a business of stock or station agents to whom an order in
force under section 11 of the Banking Act 1959 of the Commonwealth as amended
and in force for the time being applies;

person includes a body or association (corporate or unincorporate) and a
partnership;

* * * * *



prescribed means prescribed by this Act;

promissory note means an unconditional promise in writing made by one person
to another, signed by the maker, arranging to pay, on demand or at a fixed or
determinable future time, a sum certain in money, to or to the order of a
specified person or to bearer;

registered financial institution means-

   (a)  a financial institution that is registered under this Act;

   (b)  the Treasurer; or

   (c)  a financial institution that, under section 44, is deemed to be so
        registered;

registered short-term money market operator means the Treasurer or a person
registered by the Commissioner under section 37;

return period in relation to a financial institution, a registered short-term
money market operator or a depositor means a period in respect of which the
financial institution, registered short-term money market operator or
depositor is required to furnish a return under this Act;

securities has the same meaning as in section 9 of the Corporations Law;



share includes stock;

short-term dealer means-

   (a)  a body corporate that, under section 65(1)(a) of the Corporations Law,
        is declared, or deemed to be declared, to be an authorized dealer in
        the short-term money market; or

   (b)  a body corporate in respect of which a declaration under section 13
        is, or is deemed to be, in force;

short-term dealing account means an account kept by a bank in respect of which
a certificate issued by the Commissioner under section 26 is in force;

special account means an account kept by a bank in respect of which a
certificate issued by the Commissioner under section 25 is in force;

this Act includes the regulations;

Treasurer means the Treasurer of Victoria;

trustee includes-

   (a)  a person who is a trustee under an implied or constructive trust;

   (b)  in relation to a deceased person, an executor of the will, or an
        administrator of the estate, of the deceased person;

   (c)  a receiver or manager of the property of a company, or a liquidator of
        a company for the purpose of its winding up;

   (d)  a receiver, guardian, committee or manager of the property of a person
        under a legal or other disability;

   (e)  a person having possession, control or management of a business or
        property of a person who is under a legal or other disability;

   (f)  any person acting in a fiduciary capacity;

trustee company means trustee company within the meaning of the
Trustee Companies Act 1984 or of a corresponding law in force in another State
or in a Territory that carries on business in Victoria;

trust fund account means an account kept by a bank in respect of which a
certificate issued under section 27 is in force;

Victorian broker means a broker who-

   (a)  lodges or is required to lodge quarterly returns with the Australian
        Stock Exchange Limited in Victoria; or

   (b)  conducts business in Victoria and lodges or is required to lodge
        quarterly returns with the Australian Stock Exchange Limited in
        another State or Territory that is not a corresponding State or
        Territory.

voting share has the same meaning as in section 9 of the Corporations Law.

(2) In this Act, unless the contrary intention appears, where a word or phrase
is given a particular meaning, other parts of speech and grammatical forms of
that word or phrase have corresponding meanings.



(3) Unless the contrary intention appears, a reference in this Act to a
preceding or succeeding month or to a preceding or succeeding number of months
is a reference to the month of the year or the number of months of the year
preceding or succeeding, as the case may be, the month in which the question
arises.

(4) The Governor in Council may, by Order published in the Government Gazette,
declare another State or a Territory to be a corresponding State or Territory
for the purposes of this Act.