1‑8 Transfer of value—excluded transfers

1‑8 Transfer of value—excluded transfers

(1) For the purposes of paragraph (b) of the definition of transfer of value in section 5 of the Act, a transfer covered by subsection (2) or (3) of this section is specified. (2) This subsection covers a transfer of a security or derivative that is not a virtual asset. (3) This subsection covers a transfer of money if: (a) the transfer occurs in the course of a person performing administrative services for a client of the person that is an employer; and (b) the administrative services relate to: (i) payments, on behalf of the employer, of salary, wages or other benefits to its employees; or (ii) arrangements between the employer and its employees under which employees forgo amounts of salary or wages in return for benefits of a similar cost; or (iii) payments, on behalf of the employer, of superannuation contributions for its employees; and (c) the transfer does not involve the receipt of physical currency from the payer or a person acting on behalf of the payer; and (d) the transfer does not involve making physical currency available to the payee or to a person acting on behalf of the payee.