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Legislative Assembly for the ACT: 1998 Week 7 Hansard (22 September) . . Page.. 1978 ..

MS CARNELL (continuing):

Page 4, line 21, clause 7, after proposed new paragraph 5(1)(a), insert the following paragraph:

"(aa)a receipt of money received outside the Territory by a registered financial institution to the credit of an account held by a person who resides within the Territory, except where the institution could not be reasonably expected to know that this Act applies to that receipt;".

Page 4, line 22, clause 7, proposed new paragraph 5(1)(b), omit "a receipt", substitute "any other receipt".

Page 4, line 31, clause 7, proposed new subsection 5(1A), omit "to the extent that the institution is liable to pay duty, or is exempt from paying duty,", substitute "if the institution is liable to pay duty".

Page 5, line 14, clause 8, at the end of the clause, add the following paragraph:

"(c) by adding at the end of subsection (2) the following paragraph:

`(s) a receipt of money by a registered financial institution, being a receipt prescribed by the regulations as a non-dutiable receipt.'.".

Page 5, line 14, after clause 8 insert the following clause:

"8A. Short-term dealing

Section 7 of the Principal Act is amended by omitting subsections (1) and (2) and substituting the following subsection:

`(1) In this Act --

"short-term dealing" means --

(a) the making or receiving of a deposit (other than a deposit to the credit of an account with a bank that is repayable on demand or to the credit of a current account, in either case, kept by the bank for another person) if the amount of the deposit is no less than $50,000 and is deposited --

(i) at call;

(ii) for a term not exceeding 185 days; or

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