22. Section 3 modified22. Section 3 modified

22. Section 3 modified

(1) Section 3(1) is modified by inserting the following definitions in their appropriate alphabetical positions —

“

“applied Stamp Act” means the Stamp Act 1921 of Western Australia in its application as a law of the Commonwealth in or in relation to Commonwealth places in accordance with the Commonwealth Mirror Taxes Act;

“applied Taxation (Reciprocal Powers) Act” means the Taxation (Reciprocal Powers) Act 1989 of Western Australia in its application as a law of the Commonwealth in or in relation to Commonwealth places in accordance with the Commonwealth Mirror Taxes Act;

“Commonwealth Mirror Taxes Act” means the Commonwealth Places (Mirror Taxes Act) 1998 of the Commonwealth;

“Commonwealth place” means a Commonwealth place in or in relation to which this Act applies or is taken to have applied under section 6 of the Commonwealth Mirror Taxes Act;

“corresponding FID Act” means the Financial Institutions Duty Act 1983 of Western Australia in its application as a law of Western Australia;

cl. 22

“corresponding Stamp Act” means the Stamp Act 1921 of Western Australia in its application as a law of Western Australia;

”.

(2) Section 3(1) is further modified as follows:
(a) by deleting the definition of “Commissioner” and inserting the following definition instead —

“

“Commissioner” means the Commissioner of State Revenue of Western Australia;

”;

(b) by deleting the definition of “corresponding law” and inserting the following definition instead —

“

“corresponding law” means —

(a) the corresponding FID Act;

(b) a law of another State or Territory that imposes a duty on the receipts of financial institutions; or

(c) a law of the Commonwealth that imposes a duty on receipts of financial institutions outside Western Australia;

”;

(c) in the definition of “exempt financial institution” by deleting paragraph (b) and inserting the following paragraph instead —

“

(b) is a financial institution that is exempt under subsection (1a) and (1b) from liability to pay financial institutions duty;

”;

cl. 23

(d) in paragraph (b) of the definition of “trustee corporation” by deleting “this State” and inserting instead —

“ Western Australia ”.

(3) After section 3(1) the following subsections are inserted —