Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 75

Agents and trustees

75. Agents and trustees

The following provisions shall apply with respect to every agent and every
trustee-

   (a)  he shall be answerable as a financial institution or depositor for the
        doing of all such things as are required to be done by virtue of this
        Act in respect of the receipt or deposit of money which is subject to
        duty under this Act;

   (b)  he shall, in respect of any such receipts or deposits, make the
        returns and be chargeable with duty thereon, but in his representative
        capacity only, and each return shall, except as otherwise provided by
        this Act, be separate and distinct from any other;

   (c)  if he is an executor or administrator, the returns shall be the same
        as far as practicable as the deceased person, if living, would have
        been liable to make;

   (d)  where as agent or trustee he pays duty, he is hereby authorized to
        recover the amount so paid from the person on whose behalf he paid it,
        or to deduct it from any money in his hands belonging to that person;

   (e)  he is hereby authorized and required to retain from time to time out
        of any money which comes to him in his representative capacity so much
        as is sufficient to pay the duty;

   (f)  he is hereby made personally liable for the duty payable if, after the
        Commissioner has required him to make a return, or while the duty
        remains unpaid, he, except with the written permission of the
        Commissioner, disposes of or parts with any fund or money which comes
        to him from or out of which the duty could legally be paid, but
        subject to section 54(2) he shall not be otherwise personally liable
        for the duty;

   (g)  he is hereby indemnified for all payments which he makes in pursuance
        of this Act or in accordance with the requirements of the
        Commissioner;

   (h)  for the purpose of ensuring the payment of duty the Commissioner shall
        have the same remedies against attachable property of any kind vested
        in or under the control or management or in the possession of any
        agent or trustee, as he would have against the property of any other
        person in respect of duty, and in as full and ample a manner.