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Financial Institutions Levy Act 1985 (NI)

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Act No. 19 of 1985
Other document - Other as made
This is an Act of the previous Norfolk Island Legislative Assembly that was continued in force under s16 and 16A of the Norfolk Island Act 1979.
Administered by: Infrastructure, Transport, Cities and Regional Development
Registered 07 Dec 2015

 

NORFOLK                            ISLAND

 

FINANCIAL INSTITUTIONS LEVY ACT 1985

 

[Consolidated as at 29 January 2014

on the authority of the Administrator

and in accordance with

the Enactments Reprinting Act 1980]

________

TABLE OF PROVISIONS

 

PART  1  —  PRELIMINARY

         1.      Short title

         2.      Commencement

         3.      Interpretation

         4.      Loan accounts

         5.      Trust accounts

         6.      Crediting of account

         7.      Foreign currency

         8.      Registration of financial institutions

PART 2  —  LIABILITY TO LEVY

….

       10.      Exemption of certain receipts from application of section 9

       11.      Payment of levy

       12.      Passing on of levy

       13.      Returns

       14.      Incorrect payment

       15.      Keeping of books

PART 3  —  EXEMPTION CERTIFICATES

       16.      Application for exemption certificates

       17.      Exemption certificates

       18.      Production, etc, of exemption certificates

       19.      Cancellation of exemption certificates


PART 4  —  OFFENCES, ETC

       20.      Use of exemption certificate in contravention of Act

       21.      Using exempt accounts

       22.      Offences by body corporate

       23.      Warrant to enter, etc

       24.      Removal, etc, of books

     . . . .

PART 5  —  MISCELLANEOUS

       26.      Time for prosecution

       27.      Evidentiary provisions

       28.      Penalties not to relieve payment of levy

       29.      Regulations

 


 

NORFOLK                            ISLAND

 

 

Financial Institutions Levy Act 1985

_______________________________________________________________________

 

An Act relating to the imposition and payment of financial institutions levy and related matters.

 

PART 1  —  PRELIMINARY

 

Short title

      1.         This Act may be cited as the Financial Institutions Levy Act 1985.

Commencement

      2.         This Act shall come into operation on a date fixed by the Administrator by notice published in the Gazette.

Interpretation

      3.         (1)        In this Act, unless the contrary intention appears —

“account” means an account kept by a person, other than a financial institution, with a financial institution and includes a certificate of deposit whether or not the financial institution in receipt of the deposit to which the certificate relates classified the deposit as an account;

“books” includes a register or record of information and accounts or accounting records however compiled, recorded or stored and includes any other document or writing necessary for compliance with this Act;

“certificate of deposit” means a certificate in respect of an interest bearing deposit;

“credit card” means an article of a kind commonly known as a credit card or a similar article issued by a financial institution intended for use in obtaining cash, goods or services on credit;

“credit card account” means an account with a financial institution for the purpose of, or that is related to the use of, a prescribed card;

“debit card” means an article intended for use by a person in obtaining access to an account in a financial institution held by the person for the purpose of withdrawing or depositing cash;

 

 


“depositor” means the person by or at whose direction money is deposited with a financial institution in circumstances where the receipt of such money constitutes a receipt for the purposes of this Act;

“exempt account” means —

(a)        an account kept by an exempt person;

(b)        a loan account within the meaning of section 4;

(c)        a trust account within the meaning of section 5;

(d)       a school savings account; and

(e)        such accounts as the Minister determines to be exempt;

“exempt person” means —

(a)        the Administration;

(b)        the Commonwealth;

(c)        a body established by enactment;

(d)       a person who is in receipt of a benefit —

(i)         within the meaning of the Social Services Act 1980; or

(ii)        under —

(A)       the Social Security Act 1947; or

(B)       the Repatriation Act 1920,

of the Commonwealth; or

(C)       any other prescribed law,

and who would, but for that benefit, be eligible for a benefit under the Social Services Act 1980;

(e)        a financial institution;

(f)        a person appointed to a prescribed statutory office under an enactment in relation to transactions made, or apparently made, for the purposes of that enactment and in the capacity in respect of the office to which the person is appointed; and

(g)        a prescribed person;

“exemption certificate” means an exemption certificate issued under section 17;

“financial institution” means a bank within the meaning of the Banking Act 1959 of the Commonwealth or a prescribed person;

“levy” means the financial institutions levy imposed under section 9;

“money” includes —

(a)        currency, and a sum expressed in currency, whether of Australia or of a country other than Australia; and

(b)        bills of exchange, promissory notes and cheques within the meaning of the Bills of Exchange Act 1961;

“month” means one of the 12 months of a year;


“premises” includes a structure, building, aircraft, vehicle, vessel or place, whether or not built on and any part of such structure, building, aircraft, vehicle, vessel or place, whether or not a fixture;

“prescribed card means a credit card, a debit card or an article that may be used as a credit card and a debit card;

“prescribed rate”, in relation to the levy, means the rate of levy referred to in section 9.

                  (2)        For the purposes of this Act, a receipt means —

(a)        an amount of money credited to an account in Norfolk Island without reference to —

(i)         the manner in which a deposit, in relation to which the amount credited is arrived at, is made;

(ii)        the components of such a deposit;

(iii)       whether the deposit, in relation to which the account was credited, was made by the person in whose name the account is kept or by another person; or

(iv)       whether the money was transferred to the credit of an account in Norfolk Island from another account, whether or not in Norfolk Island, of the person in whose name the first-mentioned account is kept or from an account, whether or not in Norfolk Island, of another person;

(b)        an amount of money received by a  financial institution in Norfolk Island —

(i)         for transfer —

(A)       to the credit of an account; or

(B)       to a person,

not in Norfolk Island;

(ii)        for the purchase of bank cheques, travellers’ cheques or bank drafts;

(iii)       for the purchase of currency of a country other than Australia;

(iv)       for transfer to a credit card account; or

(v)        for a prescribed service,

but does not include an amount of money received by a financial institution for such a purpose by way of a cheque drawn on, or debit entry to, an account kept by the person making the transfer or purchase with the financial institution where the money is received;

(c)        an amount of money received by a financial institution in Norfolk Island for the purchase of a certificate of deposit;

(d)       an amount of money received by a financial institution in Norfolk Island for the purchase of a bill of exchange from that financial institution accepted or endorsed by that financial institution; and

(e)        the transfer of money between ledgers or divisions in the account of a person where different terms and conditions apply in respect of those ledgers or divisions.

                  (3)        For the purposes of this Act, a receipt does not include the amount payable by a financial institution on a certificate of deposit in relation to which, immediately on maturity, a certificate of renewal or a new certificate of deposit is issued by the same financial institution, except to the extent that the amount payable by a financial institution on the maturity of the certificate of renewal or new certificate of deposit exceeds the amount that was payable on the certificate that has matured.

                  (4)        For the purposes of this Act, a receipt does not include the amount payable by a financial institution on a bill of exchange accepted or endorsed by it in relation to which, immediately on maturity, a new bill of exchange accepted or endorsed by that financial institution is issued, except to the extent that the amount payable by the financial institution on the maturity of the bill of exchange exceeds the amount that was deposited with the financial institution for the purchase of that bill of exchange.

                  (5)        For the purposes of this Act, a receipt does not include the amount paid to the credit of an account, being the proceeds of the sale of a bill of exchange drawn by the proprietor of that account and accepted or endorsed by the financial institution where the account is kept, and being a bill that was issued immediately on maturity of a previous bill of the same description.

                  (6)        For the purposes of this Act, a receipt does not include an amount of money received by a financial institution being the total proceeds of an account kept in Norfolk Island transferred in the prescribed manner from another financial institution into an account of the same class as the account from which the proceeds were transferred.

Loan accounts

      4.         (1)        For the purposes of this Act, a “loan account” means an account —

(a)        whether or not kept in Norfolk Island; and

(b)        into which repayment is made, whether or not by instalments, of a loan within the meaning of subsection 4(2).

      (2)        For the purposes of subsection 4(1), a “loan” —

(a)        means the amount of money pursuant to an agreement between a financial institution and a person by which the person becomes indebted to the financial institution on the implementing of the agreement for the total amount of principal fixed under the agreement; and

(b)        does not include an amount by which an account may be overdrawn pursuant to an agreement between a financial institution and a person for an account to be operated with an overdraft limited by the agreement.

                  (3)        For the avoidance of doubt, a loan account does not include a credit card account.


Trust accounts

      5.         (1)        For the purposes of this Act, a “trust account” means an account kept with a financial institution by a person —

(a)        for the sole purpose of holding money on behalf of another person in respect of a prescribed transaction; and

(b)        in respect of which —

(i)         no interest is payable by the financial institution; or

(ii)        subject to subsection 5(3), interest is payable by the financial institution.

                  (2)        For the purposes of subsection 5(1), money held by a person in a trust account on behalf of another person means money —

(a)        to which the first-mentioned person is not beneficially entitled; and

(b)        received by the first-mentioned person in the course of carrying on a prescribed business to be held in trust for the person having the beneficial entitlement to it.

                  (3)        The regulations may prescribe the rates of interest that may be payable by a financial institution in respect of a trust account.

Audit of trust accounts

      5A.      (1)        A person who keeps a trust account for which an exemption certificate has been granted under section 17 shall, at the person’s expense, appoint, for the purpose of auditing the account and other records kept by the person in respect of the trust account, an auditor who is registered under —

(a)        the Corporations Law; or

(b)        the Companies Act 1985.

                  (2)        A person who keeps a trust account shall not, without the approval in writing of the Minister, appoint an auditor who —

(a)        is related to the person;

(b)        has, at any time within 2 years before the appointment, been an employee or partner of the person;

(c)        has, at any time within 2 years before the appointment, had a financial interest in an enterprise, corporation or business undertaking with the person; or

(d)       has, at any time within 2 years before the appointment, appointed or engaged  the person to be the auditor of a trust account kept by the auditor.

Penalty:           10 penalty units.

                  (3)        A person who keeps a trust account, which an exemption certificate has been granted under section 17, shall cause each trust account that he or she keeps to be audited at periods not exceeding 12 months.

Penalty:           10 penalty units.

                  (4)        The audit referred to in subsection 5A(3) shall be for the sole purposes of determining if the trust account has been maintained in accordance with section 5(1) and used or operated in accordance with section 21.

                  (5)        The auditor of a trust account shall, not later than 60 days after the end of the period to which the audit relates, give to the Minister a notice in writing specifying —

(a)        the name of —

(i)         the trust account; and

(ii)        the person who keeps the trust account; and

(b)        that —

(i)         subsection 5A(4) has been complied with; or

(ii)        subsection 5A(4) has not been complied with, accompanied by particulars of each transaction not in accordance with section 5(1) or 21(2).

Penalty:           10 penalty units.

                  (6)        The Minister may, on application in writing by the person who keeps a trust account or the auditor of the account, extend the period referred to in subsection 5A(5).

Crediting of account

      6.         (1)        For the purposes of this Act, the crediting of an account in Norfolk Island of a person, including the crediting of an account effected by means of an entry or record made by the use of a machine or device, constitutes a receipt of money by the person whose account is so credited.

                  (2)        Where money is, after it is received (otherwise than by the crediting of an account) by a financial institution, credited by the financial institution to an account in its books or other records, the money shall, for the purposes of this Act, be deemed not to have been received by the financial institution before it is first so credited.

Foreign currency

      7.         Where a receipt includes an amount expressed in a currency other than Australian currency, the value of that amount shall, for the purposes of this Act, be the equivalent of that amount in Australian currency at the rate of exchange applied by the financial institution to the transaction in relation to which the money was received.

Registration of financial institutions

      8.         (1)        A financial institution carrying on business in Norfolk Island shall apply in writing to the Minister to be registered for the purposes of this Act.

Penalty:           20 penalty units.

                  (2)        A person to whom subsection 8(1) does not apply may apply in writing to the Minister to be registered for the purposes of this Act.

                  (3)        The Minister, on receipt of an application under subsection 8(1) or 8(2) from a bank, shall register the bank for the purposes of this Act.

                  (4)        Where the Minister receives an application under subsection 8(1) or 8(2) other than from a bank, the Minister may, in accordance with the regulations, register or refuse to register the applicant for the purposes of this Act.


                  (5)        A person referred to in subsection 8(2), who is registered under this section, may apply in writing to the Minister for cancellation of that registration and the Minister shall, at the expiration of 3 months after receipt of the application, cancel the registration.

PART 2  —  LIABILITY TO LEVY

…..

 

Exemption of certain receipts from application of section 9

      10.       (1)        Section 9 does not apply to —

(a)        a receipt of money for the credit of an account after it has been designated as an exempt account under subsection 18(1);

(b)        a receipt of money for the credit of an exempt account that is a loan account not kept in Norfolk Island;

(c)        a receipt of money by or on behalf of an exempt person; or

(d)       a receipt or a class of receipts that is prescribed.

                  (2)        The crediting of an account by a financial institution for a person does not constitute a receipt for the purposes of section 9 where there is an offsetting debit to another account kept by that person at the same branch of the financial institution and the crediting of the account is the result of the loss of a passbook issued in relation to the account by the financial institution to that person.

                  (3)        Where an amount is credited by a financial institution to an account and the credit is subsequently offset by a debit of the same amount by reason of the dishonour of a cheque or because the initial credit was made in error, the credit does not constitute a receipt for the purposes of section 9.

                  (4)        Where an amount is debited by a financial institution to an account and the debit is subsequently offset by a credit of the same amount by reason of the dishonour of a cheque or because the initial debit was made in error, the credit does not constitute a receipt for the purposes of section 9.

                  (5)        Where a bad debt arises in an account and, for the purpose of closing the account and cancelling the bad debt, a credit of the same amount as the bad debt is made by the financial institution to the account, the crediting of the account for that purpose does not constitute a receipt for the purposes of section 9.

                  (6)        The crediting of an account by a financial institution for a person does not constitute a receipt for the purposes of section 9 where the crediting is the result of the introduction by the financial institution of a different method of compiling accounts, entries or records whether made by the use of a machine or device or otherwise.

Payment of levy

      11.       (1)        A financial institution that is registered under section 8 is, notwithstanding a contract or agreement made whether before or after the commencement of this Act between the financial institution and a depositor, authorised to charge for or receive levy on receipts.


                  (2)        A financial institution that is registered under section 8 shall pay levy on a receipt under this Act to the Administration —

(a)        before the end of the month following the month in which the receipt was constituted; or

(b)        within such period, being not less than the period referred to in paragraph 11(2)(a), as the Minister may, in relation to a particular financial institution, determine.

Penalty:           20 penalty units.

                  (3)        Levy that has not been paid in accordance with subsection 11(2) or 11(5) may be sued for by the Administration in a Court of competent jurisdiction.

                  (4)        An amount charged to or received from a depositor as levy by a financial institution, whether or not the amount is paid by the financial institution to the Administration, is a good discharge to the depositor.

                  (5)        Where a depositor is a party to a transaction with a financial institution that is not registered under this Act the depositor shall pay levy to the Administration before the end of the month following the month in which the transaction took place.

Penalty:           20 penalty units.

Passing on of levy

      12.       (1)        Levy is payable by a financial institution —

(a)        in respect of each receipt; or

(b)        calculated on the total receipts during the period to which a return relates,

at the election of the financial institution.

                  (2)        A financial institution shall not charge or receive from a depositor an amount purporting, however expressed, to be an amount payable as levy greater than the amount of levy paid or payable by the financial institution in respect of a receipt.

Penalty:           10 penalty units.

                  (3)        Nothing in subsection 12(2) shall prevent a financial institution from charging or receiving from a depositor an amount that is not greater than the amount of levy imposed under section 9 in respect of the total amount of receipts received by the financial institution from the depositor in the course of a month or other period fixed by the financial institution.

                  (4)        A financial institution shall not charge a depositor an amount referred to in subsection 12(2) or 12(3) otherwise than within the period of 12 months after the date on which the receipt is received by the financial institution.

Penalty:           10 penalty units.

                  (5)        A reference in this section to an amount charged or received by a financial institution is, where the amount comprises or includes a fraction of a cent, a reference to the amount rounded down to the next lower full cent, if any.


Returns

      13.       (1)        Each financial institution liable to pay levy shall complete a return of the total receipts subject to levy received by it during each month in accordance with the prescribed form.

Penalty:           10 penalty units.

                  (2)        The financial institution shall furnish the return referred to in subsection 13(1) together with the payment of the levy to the Administration within the period referred to in subsection 11(2).

                  (3)        Where a financial institution has paid the levy referred to in subsection 13(2), it shall be deemed to have paid the levy in respect of each receipt included in the total receipts in accordance with the return.

                  (4)        A depositor referred to in subsection 11(5) shall complete a return of receipts in accordance with the prescribed form, which shall be furnished, together with payment of the levy, to the Administration within the period referred to in that subsection.

Penalty:           10 penalty units.

Incorrect payment

      14.       (1)        Where there has been an incorrect payment by a financial institution of levy the financial institution shall, as soon as practicable, furnish to the Administration an amended return and in the case of —

(a)        an overpayment of levy - subject to subsection 14(3), deduct the amount overpaid from the payment of levy; or

(b)        an underpayment of levy - pay the amount underpaid in addition to the payment of levy,

made with the next return.

                  (2)        A financial institution may make application in writing to the Minister for a refund of an overpayment of levy, and the Minister may refund the overpayment.

                  (3)        Where the Minister —

(a)        makes a refund under subsection 14(2) - paragraph 14(1)(a) does not apply; or

(b)        refuses to make a refund under subsection 14(2) - paragraph 14(1)(a) applies,

to the overpayment of levy.

Keeping of books

      15.       (1)        A financial institution shall keep or cause to be kept sufficient books to enable it to calculate accurately the particulars required to be included in a return under section 13.

                  (2)        The books referred to in subsection 15(1) shall be maintained and kept up to date for a period of not less than 3 years after the period to which the particulars recorded in the books relate, or such lesser period as the Minister may, in a particular case, determine.

Penalty for an offence

against this section:                 20 penalty units.

PART 3  —  EXEMPTION CERTIFICATES

Application for exemption certificates

      16.       (1)        A person may apply in writing to the Minister for an exemption certificate in respect of —

(a)        an exempt account or an exempt person; or

(b)        a receipt or class of receipts referred to in paragraph 10(1)(d).

                  (2)        A person is not entitled to apply for an exemption certificate in respect of a joint account unless each joint proprietor of the account is eligible to apply for an exemption certificate.

Exemption certificates

      17.       (1)        Where the Minister is satisfied that an application under section 16 is made in respect of —

(a)        an exempt account or an exempt person; or

(b)        a receipt or class of receipts referred to in paragraph 10(1)(d),

he shall grant an exemption certificate.

                  (2)        An exemption certificate shall be in accordance with the prescribed form.

Production, etc, of exemption certificates

      18.       (1)        Where an exemption certificate is issued in respect of —

(a)        an account; or

(b)        a loan account that is kept in Norfolk Island,

the financial institution shall, on production to it of the certificate, designate the account as an exempt account.

                  (2)        A transaction, other than a transaction in relation to an account that has been designated as an exempt account under subsection 18(1), entered into with a financial institution —

(a)        subject to subsection 18(3), by or on behalf of an exempt person;

(b)        in relation to a receipt or class of receipts referred to in paragraph 10(1)(d); or

(c)        in relation to a loan account that is not kept in Norfolk Island,

is liable to levy unless at the time of the transaction an exemption certificate relating to the exempt person or to the receipt or class of receipts or to the loan account is produced to the financial institution.

                  (3)        A transaction referred to in paragraph 18(2)(a) entered into with a financial institution by or on behalf of an exempt person and another person is liable to levy unless, at the time of the transaction, an exemption certificate in respect of each person entering into the transaction is produced to the financial institution.

                  (4)        A financial institution is not liable, whether for levy or otherwise, for any action carried out by it in good faith consequent on the production to it of an exemption certificate or a document purporting to be an exemption certificate —

(a)        in contravention of this Act; or

(b)        that has been cancelled.


                  (5)        A financial institution shall endorse the number of the exemption certificate produced to it for the purpose of —

(a)        the designation of an exempt account under subsection 18(1) - on its record of account; or

(b)        a transaction under subsection 18(2) - on its record of transaction,

and the recording of the number is evidence that the exemption certificate was produced to the financial institution.

Cancellation of exemption certificates

      19.       (1)        Where the Minister believes on reasonable grounds that an exemption certificate no longer relates to —

(a)        an exempt account or an exempt person; or

(b)        a receipt or class of receipts referred to in paragraph 10(1)(d),

the Minister shall cancel the exemption certificate.

                  (2)        Where, in relation to an exempt account, the Minister cancels an exemption certificate, the Minister shall promptly send a copy of the notice of cancellation of the certificate to —

(a)        the person to whom the certificate was issued; and

(b)        the financial institution where the account in respect of which the certificate was issued is kept.

                  (3)        Where a copy of a notice of cancellation of an exemption certificate is, under subsection 19(2), sent to a financial institution, it shall, immediately on receipt of the copy of the notice, cancel the designation as an exempt account of the account to which the certificate relates.

                  (4)        Where a person is convicted of an offence under section 20 or 21, the Minister shall cancel an exemption certificate in relation to —

(a)        that person; or

(b)        an exempt account in the name of that person, whether or not a joint account.

PART 4  —  OFFENCES, ETC

Use of exemption certificate in contravention of Act

      20.       A person who —

(a)        being —

(i)         the person in whose name an exempt account is kept; or

(ii)        an exempt person,

causes to be paid or permits or authorises to be paid to the credit of the exempt account money in contravention of this Act;

(b)        knowingly, in contravention of this Act, produces or tenders to a financial institution an exemption certificate in relation to an account or to a transaction; or


(c)        produces or tenders to a financial institution an exemption certificate to which the person is not entitled,

is guilty of an offence.

Penalty:           10 penalty units.

Using exempt accounts

      21.       (1)        In this section, “exempt account” means an account within the meaning of paragraphs 3(1)(b), 3(1)(c), 3(1)(d) and 3(1)(e) of the definition of “exempt account” in subsection 3(1).

                  (2)        The regulations may prescribe the manner in which an exempt account shall be used.

                  (3)        A person who —

(a)        knowingly in contravention of this Act; or

(b)        for the purpose of evading or contriving or attempting to evade payment of levy,

uses or operates on an exempt account other than in the prescribed manner is guilty of an offence.

Penalty:           10 penalty units.

Offences by body corporate

      22.       Where a body corporate is guilty of an offence against this Act, an officer, member or employee of the body corporate who was knowingly a party to the commission of the offence is also guilty of the offence and liable to the penalty for the offence.

Warrant to enter, etc

      23.       (1)        Where a magistrate is satisfied on information on oath or affirmation laid before the magistrate that it is necessary for the enforcement of this Act, the magistrate may issue a warrant authorising a member of the Police Force together with such other persons that the magistrate considers necessary to properly examine the books of a financial institution to —

(a)        enter premises occupied by the financial institution in the course of its business; and

(b)        inspect and examine and take extracts from, or make copies of, the books,

for the purpose of determining whether this Act is being complied with or of generally enforcing this Act.

                  (2)        Where a magistrate is satisfied on information on oath or affirmation laid before the magistrate that there are reasonable grounds for believing that —

(a)        an offence of failing to pay levy in accordance with this Act has been, or is being, committed; and


(b)        there are on premises occupied by a financial institution in the course of its business books which are relevant to the imposition of, and failure to pay, the levy,

the magistrate may issue a warrant authorising a member of the Police Force together with such other persons that the magistrate considers necessary to —

(c)        enter those premises using such force as is reasonably necessary for the purpose; and

(d)       take possession of and secure against interference books that appear to be books required to be examined.

                  (3)        A person shall not —

(a)        refuse to permit an entry, inspection or seizure under this section to be made; or

(b)        assault or obstruct a person employed or acting in the execution or under the authority of a warrant under subsection 23(1) or 23(2) or assisting or aiding in that execution.

Penalty:           5 penalty units.

                  (4)        A member of the Police Force or a person employed or acting in the execution or under the authority of a warrant under subsection 23(1) or 23(2) or assisting or aiding in that execution shall not make a record of, divulge or communicate to another person or publish information that is or was acquired by that member of the Police Force or first-mentioned person by reason of that employment, action, assistance or aid unless the recording, divulgence, communication, publication or production is made for the purpose of legal proceedings arising out of this Act.

Penalty:           20 penalty units.

Removal, etc, of books

      24.       A person who causes or permits, or who aids in, the removal from lawful possession or the destruction or concealment of the books referred to in subsection 23(1) or 23(2) is guilty of an offence.

Penalty:           20 penalty units.

 

. . . .

PART 5  —  MISCELLANEOUS

Time for prosecution

      26.       Notwithstanding any other enactment, a prosecution in respect of an offence under this Act may be commenced at any time.

Evidentiary provisions

      27.       (1)        Notwithstanding any other enactment, in proceedings for an offence against this Act, the books of a financial institution —

(a)        may be required and may be produced as evidence; and

(b)        are, for the purposes of this Act, prima facie evidence of the matters recorded therein.


                  (2)        In proceedings for an offence against this Act, a certificate signed by the Minister certifying that a person —

(a)        was required to furnish a return under section 13; and

(b)        failed or neglected to furnish the return so required,

is evidence in those proceedings of the matters stated in the certificate.

                  (3)        A certificate signed by the Minister certifying that a person during a specified month paid a specified sum by way of levy is evidence of the matters stated in the certificate.

Penalties not to relieve payment of levy

      28.       The payment of penalties under this Act shall not relieve a person from liability to pay levy for which the person is liable.

Regulations

      29.       (1)        The Administrator may make Regulations, not inconsistent with this Act, prescribing matters —

(a)        required or permitted by this Act to be prescribed; or

(b)        necessary or convenient to be prescribed for carrying out or giving effect to this Act.

                  (2)        Without limiting the generality of subsection 29(1), the regulations may prescribe —

(a)        for the purposes of subsection 8(4) in relation to an application for registration —

(i)         the qualifications of an applicant;

(ii)        the manner of operation of the business of an applicant in relation to payment of levy; and

(iii)       conditions of registration;

(b)        forms for the purposes of this Act; and

(c)        fines not exceeding 5 penalty units for a contravention or breach of the Regulations.

 

_______________________________________________________________________

 

NOTES

The Financial Institutions Levy Act 1985 as shown in this consolidation comprises Act No. 19 of 1985 and amendments as indicated in the Tables below.

Enactment

Number and year

Date of commencement

Application saving or transitional provision

 

 

 

 

Financial Institutions Levy Act 1985

19, 1985

1.12.85

 

 

 

 

 

 

 

Financial Institutions Levy  (Amendment) Act 1985

30, 1986

4.12.86

 

 

 

 

 

 

 

Financial Institutions Levy Amendment  Act 1988

21, 1988

13.10.88

5, 6

 

 

 

 

 

 

 

Financial Institutions Levy Amendment  Act 1989

11, 1989

10.8.89

4

 

 

 

 

 

 

Financial Institutions Levy Amendment Act 1990

7, 1990

3.7.90

 

 

 

 

 

 

 

Financial Institutions Levy Amendment Act 1994

17, 1994

28.7.94

 

 

 

[previously consolidated as at 5 July 2002]

 

 

 

 

 

 

 

Goods and Services Act 2007

4, 2007

2.4.07

28 (of 4.07)

 

 

[previously consolidated as at 9 May 2007]

 

 

 

 

Interpretation (Amendment) Act 2012

[to substitute throughout —Commonwealth Minister for Minister; and to substitute Minister for Minister]

14, 2012

28.12.12

 

________

 


Table of Amendments

 

ad =    added or inserted

am = amended

rep = repealed

rs =      repealed and substituted

Provisions affected

How affected

3

am

21, 1988;  17, 1994;  14, 2012

4

am

17, 1994

5

am

17, 1994

5A

ad

17, 1994

 

am

14, 2012

8

am

30, 1986;  14, 2012

9

am

21, 1988;  11, 1989;   7, 1990

 

rep

4, 2007

11

am

14, 2012

12

am

30, 1986

13

am

30, 1986

14

am

14, 2012

15

am

14, 2012

16

am

14, 2012

17

am

14, 2012

19

am

14, 2012

25

[assent to section 25 was withheld]

27

am

14, 2012

 

 

 

© Norfolk Island Government 2014

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