South Australian Consolidated Acts South Australian Consolidated Acts7—Definition of dutiable and non-dutiable receipts
(1) Subject to this
section, a receipt to which this Act applies is a dutiable receipt.
(2) The following are,
for the purposes of this Act, non-dutiable receipts:
(a) a
receipt of money for the credit of an exempt account; or
(b) a
receipt of money in the course of short-term dealings during a month by a
registered financial institution that is a registered short-term money
market operator, being a receipt that is taken into consideration for the
purposes of ascertaining the average daily liability of the financial
institution during that month; or
(c) a
receipt of money by a registered financial institution, being the repayment of
money that has been invested in the course of short-term dealings by, or on
behalf of, the financial institution; or
(d) a
receipt of money by a registered financial institution from another
registered financial institution in the normal course of clearing procedures
between financial institutions; or
(g) a
receipt of money by an ADI that is a registered financial institution for the
credit of a foreign exchange clearing account or foreign exchange settlement
account; or
(h) a
receipt of money by a dealer in securities as agent in respect of the issue of
securities, bills of exchange (other than cheques), promissory notes or
certificates of deposit (not including an amount that is a fee or commission);
or
(i)
a receipt of money by a dealer in securities in respect
of a sale or purchase of securities that is liable to duty under Part 3A of
the Stamp Duties Act 1923 (not including an amount that is a fee or
commission); or
(i)
by a management company from a person who is the trustee
or representative for the purposes of a deed relating to the management
company in accordance with Division 5 of Chapter 7.12 of the Corporations Law
; or
(ii)
by such a trustee or representative from such a
management company; or
(k) a
receipt of money by a trustee company or the Public Trustee from the estate of
a deceased person committed to the management of the trustee company or the
Public Trustee; or
(l) a
receipt of money by a pastoral finance company that is a registered
financial institution other than a receipt that is an amount received by the
pastoral finance company in the course of banking business carried on by it or
in the course of short-term dealings; or
(m) a
receipt of money by a financial institution solely by reason of the making of
an entry in an account kept by the financial institution in error, to correct
an error or by reason of the dishonour of a cheque; or
(ma) a
receipt of money by a financial institution solely by reason of the making of
an entry in an account kept by the financial institution in respect of money
paid into the account by means of a cheque that is subsequently dishonoured or
stopped; or
(n) a
receipt of money by a financial institution in consideration of the supply of
goods by the financial institution (otherwise than in the course of carrying
on rental business within the meaning of the Stamp Duties Act 1923 ); or
(o) a
receipt of money by a registered financial institution from, or on behalf of,
a person for whose benefit the financial institution has drawn, accepted or
endorsed a bill of exchange, the term of which bill of exchange is not more
than 185 days and the face or nominal value of which is not less than
$50 000, being a receipt to satisfy the amount of the financial
institution's engagement on the bill of exchange; or
(p) a
receipt of money by a registered financial institution from a
charitable organisation for the purpose of investing that money; or
(q) a
receipt of money by an ADI that is a registered financial institution, being a
payment to the credit of an account kept by that financial institution of an
amount payable to the person in whose name the account is kept under or by
virtue of the Veterans' Entitlements Act 1986 of the Commonwealth or any
other Act of the Commonwealth Parliament relating to the repatriation of
members of the military forces of the Commonwealth; or
(r) a
receipt of a class declared by regulation to be non-dutiable.
(3) Despite
subsection (2)(a), a receipt to the credit of an exempt account will,
unless the receipt has been credited to an account in the books of the person
in whose name the exempt account is kept, be regarded as a dutiable receipt by
that person.
(4) Where money is
received in the State by a financial institution (otherwise than by the
crediting of an account) for the credit of an account kept by the
financial institution and the crediting of that account will constitute a
dutiable receipt for the purposes of this Act, the initial receipt is
non-dutiable.
(5) Where money is
received in the State by a financial institution (otherwise than by the
crediting of an account) for the credit of an account kept by some other
financial institution and the crediting of that account will constitute a
dutiable receipt for the purposes of this Act, the receipt by the
firstmentioned financial institution is non-dutiable.
(6) Where—
(a) a
financial institution acts as agent for the purpose of collecting money on
behalf of a person who is declared, or is a member of a class declared, by the
Treasurer, by notice in the Gazette, to be a person, or a class of persons, in
relation to whom the provisions of this subsection apply; and
(b) the
money so collected is not paid to an account kept by the financial institution
in the name, or on behalf, of that person,
the receipt of money by the financial institution in the course of its agency
is non-dutiable.
(7) Credit Union
Services Corporation (Australia) Limited will be taken for the purposes of
subsection (2)(d) to be a registered financial institution.