Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 32

Audited returns of exempt bank accounts

32. Audited returns of exempt bank accounts



(1) A person in whose name an exempt bank account to which this section
applies is kept, shall, not later than two months after the end of each
financial year, furnish to the Commissioner a certificate stating whether or
not all amounts paid into or out of the exempt bank account were so paid in
accordance with this Act and, where any amounts were not so paid, pay to the
Commissioner, in respect of each such amount-

   (a)  0×06 per centum of the amount; or

   (b)  $1200-

whichever is the less.

(1A) A person who is liable to pay an amount under subsection (1) is also
liable to pay, by way of additional duty, double that amount but the
Commissioner may, for reasons the Commissioner thinks sufficient, remit the
additional duty, or any part of it.

(1B) Penalty tax under Division 2 of Part 5 of the
Taxation Administration Act 1997 is not payable on a tax default consisting of
a failure to pay an amount of additional duty required to be paid under
subsection (1A).

(2) The exempt bank accounts to which this section applies are-

   (a)  a short-term dealing account;

   (b)  a special account kept in the name of a pastoral finance company;

   (c)  a special account kept in the name of the Law Institute of Victoria;

   (d)  a special account kept in the name of a charitable institution within
        the meaning of section 25;

   (e)  a trust fund account;

   (f)  a credit provider's account; and

   (g)  an account-

   (i)  to the credit of which are paid receipts to which section 18(1) does
        not apply by reason of regulations made under subsection (3)(o) of
        that section; and

   (ii) designated by the regulations as an account to which this paragraph
        applies;

(3) In this section, financial year means the year ending on 30 June or on
such other date as the Commissioner approves in a particular case.

(4) After 30 June 2001, subsection (1) applies only in relation to a financial
year that ended on or before that day and to amounts paid into or out of
exempt bank accounts on or before that day.

(5) If the Commissioner has approved a year ending on a date other than 30
June as a financial year, the financial year that, but for this subsection,
would have ended after 30 June 2001 is to be taken to have ended on that day.

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