3Definitions

3 Definitions

(1) In these Regulations:

Act means the Corporations Act 2001.

financial year means a period of 12 months starting on 1 July.

small transferring financial institution means a transferring financial institution of a State or Territory:

(a) for which a review date applies in accordance with sections 345A, 345B and 345C of the Act; and
(b) for which any of the following circumstances exists on 1 July immediately before that review date:
(i) a levy under the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998 or the Life Insurance Supervisory Levy Imposition Act 1998 is not payable;
(ii) the minimum levy amount determined under subsection 7 (3) of the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998 is payable;
(iii) the minimum levy amount determined under subsection 7 (3) of the Life Insurance Supervisory Levy Imposition Act 1998 is payable.

special purpose company means:

(a) a company holding a licence that is continued in force by section 151 of the Act and allows the company to omit ‘Limited’ from its name; or
(b) in the case of a company limited by guarantee, or by both shares and guarantee, that was registered immediately before the commencement of this paragraph—if the constitution of the company states that the company:
(i) is formed for the purpose of providing recreation or amusement or promoting commerce, industry, art, science, religion, charity, patriotism, pension or superannuation schemes or any other object useful to the community; and
(ii) applies its profits (if any) or other income in promoting its purpose; and
(iii) prohibits the distribution of its income or property to its members; or
(c) a company that, under subsection 150 (1) of the Act, is registered without ‘Limited’ in its name; or
(d) a company the constitution of which:
(i) requires the company to pursue charitable purposes only and to apply its income in promoting those purposes; and
(ii) prohibits the company making distributions to its members and paying fees to its directors; and
(iii) requires its directors to approve all other payments the company makes to them; or
(e) a proprietary company, if:
(i) the company is the proprietor of land on which a building divided into separate residential areas and areas for common use is erected; and
(ii) the members of the company are entitled, because of the shares they hold in the company, to the exclusive occupation of 1 or more of the residential areas and to the use of the common areas; and
(iii) the company only operates to facilitate and enforce the rights of company members in relation to the exclusive occupation of the residential areas and to maintain the common areas; or
(f) a company, other than a company mentioned in paragraph (a), (b), (c), (d) or (e), if:
(i) the constitution of the company prohibits distribution of the company’s income or property to its members; and
(ii) the sole purpose of the company is to act as the trustee of a regulated superannuation fund within the meaning of section 19 of the Superannuation Industry (Supervision) Act 1993.