Debits Tax Act 1982
Act No. 141 of 1982 as amended
[Note: This Act was repealed by Act No. 101 of 2006 on 14 September 2006
For transitional and application provisions see Act No. 101, 2006, Schedule 6 (items 5–11)]
This compilation was prepared on 18 October 2000
taking into account amendments up to Act No. 136 of 1990
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra
Contents
1............ Short title [see Note 1]....................................................................... 1
2............ Commencement [see Note 1].............................................................. 1
3............ Incorporation...................................................................................... 1
3A......... Accounts kept outside Australia........................................................ 1
4............ Imposition of tax................................................................................ 1
4A......... Termination of tax.............................................................................. 2
5............ Amount of tax..................................................................................... 2
Schedule 3
Notes 5
An Act to impose a tax in respect of certain debits made to accounts kept with financial institutions
1 Short title [see Note 1]
This Act may be cited as the Debits Tax Act 1982.
2 Commencement [see Note 1]
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Incorporation
The Debits Tax Administration Act 1982 is incorporated and shall be read as one with this Act.
3A Accounts kept outside Australia
A reference in this Act to a debit made to an account kept outside Australia includes a reference to a debit made to an account (in this section called a non‑bank account) kept outside Australia with a building society, credit union or similar body (including an account kept by way of withdrawable share capital in, or money deposited with, the body) where:
(a) another account is kept with a bank in the name of the body; and
(b) the non‑bank account has characteristics such that a cheque may be drawn on the bank by the body and, at a time when it is incomplete, be delivered by the body to a customer under an agreement under which:
(i) the customer is authorised to fill up the cheque; and
(ii) the body is authorised, for the purpose of making a payment to the bank to enable the bank to honour the cheque, to debit the non‑bank account.
4 Imposition of tax
Subject to section 4A, tax is imposed in respect of:
(a) each taxable debit of not less than $1 made to a taxable account;
(b) each eligible debit of not less than $1 made to an exempt account; and
(c) each eligible debit of not less than $1 made to an account kept outside Australia where:
(i) at the time when the debit is made, the person in whose name, or either or any of the persons in whose names, the account is kept is a resident of Australia; and
(ii) it would be concluded that that account was used in connection with the transaction that resulted in the debit for the purpose, or for purposes that included the purpose, of enabling:
(A) the person in whose name, or either or any of the persons in whose names, the account is kept; or
(B) any other person;
to avoid liability for payment of the tax that would have been imposed if the debit that resulted from that transaction had been made to an account kept in Australia.
4A Termination of tax
Tax is not imposed in respect of a debit made on or after 1 January 1991.
5 Amount of tax
The amount of tax in respect of a taxable debit or eligible debit is the amount set out in column 2 of the Schedule opposite to the reference in column 1 of the Schedule to the range of amounts within which the amount of that debit is included.