{"id":"F2024L00434","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2024","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2024","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":105167,"registerId":"commonwealth-F2024L00434-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"If none of the above criteria are met, c","sectionType":"subdivision","heading":"If none of the above criteria are met, classify the deposit as a transaction deposit.","content":"Means all customers’ deposits, other than transaction deposits.\n\nNon-transaction deposits have limited access (e.g. only a limited number or value of withdrawals may be made from the account in a given period), incur penalties or fees (e.g. the loss of bonus interest, withdrawal fees), or have other restrictions on use of funds for payment or withdrawal.\n\nIt includes:\n\n    fixed-term deposits;\n    notice of withdrawal accounts, for which there is no fixed term but for which written notice is required at least the day before funds can be withdrawn or transferred out of the account;\n    savings deposits with restrictions or limitations on payments or withdrawals; and\n    money-market deposit accounts.\n\nIt excludes: savings deposits linked to an account from which payments may be made to third parties (e.g. Automated Teller Machines, debit card or another electronic device) where funds may be transferred to the linked account almost instantaneously and subsequently withdrawn or transferred to a third party on demand.\n\nIn practice, classify a deposit as non-transaction deposits where any of the following criteria are met:\n\n-   more than 24 hours’ notice is required to withdraw or transfer funds from the account;\n-   the funds cannot be directly withdrawn, used for payment to a third party, or instantaneously transferred to a linked account from which either of these types of transactions can be conducted;\n-   there is a restriction on the number of withdrawals or transfers than can be made (e.g. maximum of two withdrawals a month) or the rate of interest charged on the deposit differs based on whether a certain number of withdrawals have been made (e.g. bonus savings accounts); or\n-   there is a restriction on or penalty charged for early withdrawal or transfer of funds (such as loss of interest earned on the remaining funds or a penalty fee other than a transaction fee).\n\n#### If none of the above criteria are met, classify the deposit as a transaction deposit.","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This appears to be a standard technical reporting determination that performs its intended function of defining deposit classifications for regulatory reporting purposes. No evidence of scope creep visible in this excerpt."},"complexity_factors":["Fragmentary content - appears to be an excerpt rather than complete legislation","Only one defined concept (non-transaction deposits) with 4 specific criteria and 4 sub-categories","Simple conditional logic (if-then structure with 4 criteria)","One explicit exclusion clause","No cross-references to other legislation visible in this excerpt","Practical classification test provided (24-hour rule, direct access test, withdrawal limits, penalty tests)"],"plain_english_summary":"This reporting standard tells banks how to classify customer deposits for APRA reporting into \"transaction\" (immediately accessible for payments) versus \"non‑transaction\" (access restricted by notice, withdrawal limits, penalties, or payment inability). \n\nAccurate classification affects regulatory monitoring of liquidity and financial stability by showing how much readily‑available cash institutions have to meet customer demands."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The supplied text defines classification criteria and examples for non‑transaction versus transaction deposits. There is no material in the text showing a change from an earlier scope or intent; determining any change would require comparison with prior instruments or versions not provided here."},"complexity_factors":["Multiple overlapping criteria (notice periods, withdrawal caps, penalties) create borderline cases requiring judgement.","Key terms are imprecise in practice (e.g. \"almost instantaneously\", \"limited access\", \"restriction\") and need operational definitions.","Assessment requires mapping contractual product features and transaction capabilities for each account product.","Linked‑account arrangements require technical checks of transfer speed and payment capability to determine classification.","Distinguishing penalty types (loss of bonus interest vs transaction fee) requires review of fee and interest rules.","Large-scale reporting systems must implement rules consistently across many accounts, imposing administrative burden."],"plain_english_summary":"Sets rules for classifying bank deposit accounts for reporting. Accounts with limited access, withdrawal penalties, or withdrawal limits are \"non-transaction deposits\" (examples: fixed‑term, notice, restricted savings, money‑market); all other deposits are \"transaction deposits\". Reporting entities must use the listed criteria (e.g. >24‑hour notice, withdrawal caps, penalties, inability to instantly transfer to a payment‑linked account) to decide classification. Depositors bear access limits or penalties; institutions bear the compliance burden."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2024","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2024/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2024/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2024/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2024/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-5-of-2024/documents"}}