15 Subsections 2(3), (6), (8), (9), (10), (11) and (12)
16 Items 7, 8 and 9 of Schedule 1, and the heading above those items
Repeal the items and the heading.
17 Items 39, 40 and 41 of Schedule 1, and the heading above those items.
Repeal the items and the heading.
18 Item 76 of Schedule 1
Omit “23(2)”, substitute “23A(2)”.
19 Item 23 of Schedule 2
Omit “laws”, substitute “law”.
General Insurance Supervisory Levy Imposition Act 1998
20 Paragraph 9(3)(b)
High Court of Australia Act 1979
21 Subsection 4(1)
ADI (authorised deposit‑taking institution) means:
(a) the Reserve Bank of Australia; or
(b) a body corporate that is an ADI for the purposes of the Banking Act 1959 and that is approved in writing for the purposes of the provision in which the expression occurs:
(i) by the Treasurer; or
(ii) by a person authorised in writing by the Treasurer to give the approval; or
(c) any other bank approved in writing for the purposes of the provision in which the expression occurs:
(i) by the Treasurer; or
(ii) by a person authorised in writing by the Treasurer to give the approval.
22 Subsection 4(1) (definition of approved bank)
23 Paragraph 39(2)(a)
Omit “approved bank”, substitute “ADI”.
24 Subsection 41(1)
Omit “an approved bank or approved banks”, substitute “an ADI or ADIs”.
Note: The heading to section 41 is replaced by the heading “Accounts with ADIs”.
Life Insurance Supervisory Levy Imposition Act 1998
25 Paragraph 8(3)(b)
National Health Act 1953
26 After section 82Q
82QAA Special provisions relating to certain registered organizations
(1) This section applies to a registered organization that carries on a health insurance business and that is a jointly regulated friendly society within the meaning of section 16ZB of the Life Insurance Act 1995.
Note: Jointly regulated friendly societies are permitted to carry on both life insurance business and health insurance business.
(2) The regulations may set out modifications of this Part that are to apply in relation to registered organizations to which this section applies.
(3) Modifications set out in regulations for the purposes of subsection (2) cannot:
(a) modify a provision of this Part that creates an offence; or
(b) include new provisions that create offences.
(4) This Act applies in relation to a registered organization to which this section applies subject to any modifications set out in regulations for the purposes of subsection (2).
modifications includes omissions, additions and substitutions.
Retirement Savings Account Providers Supervisory Levy Imposition Act 1998
27 Paragraph 8(3)(b)
Superannuation Supervisory Levy Imposition Act 1998
28 Paragraph 8(3)(b)
Schedule 7 Consequential amendment of Acts
Schedule 7—Consequential amendment of Acts
Bankruptcy Act 1966
1 Subsection 125(3) (definition of building society)
2 Subsection 125(3) (definition of co‑operative society)
co‑operative society means:
(a) a society registered or incorporated as a co‑operative housing society under a law of a State or Territory; or
(b) any other society whose principal business consists of borrowing moneys from its members and lending those moneys to its members and that is registered or incorporated under a law of a State or Territory relating to co‑operative societies.
3 Subsection 125(3) (definition of credit union)
4 Subsection 125(3) (definition of prescribed organization)
Omit “, a building society, a co‑operative society or a credit union and”, substitute “, a co‑operative society or”.
Cheques Act 1986
5 Subsection 3(1) (definition of FCA institution)
FCA institution means a body that is:
(a) a registered corporation under the Financial Corporations Act 1974; and
(b) prescribed for the purposes of this definition.
6 Subsection 3(1) (definition of FIC institution)
7 Subsection 3(1) (paragraph (c) of the definition of financial institution)
8 Subsection 3(1) (paragraph (e) of the definition of financial institution)
Omit “, (c)”.
9 Subsection 3(1) (definition of Financial Institutions Codes)
15 Subsections 62(1) and (2), 67(1), 114(1) and 119(1)
Note: The headings to sections 62, 67, 114 and 119 are altered by omitting “etc.”.
Child Support (Registration and Collection) Act 1988
16 Subsection 72A(11)
17 Subsection 72A(13) (definition of building society)
18 Subsection 72A(13)
co‑operative housing society means a society registered or incorporated as a co‑operative housing society or similar society under a law of a State or Territory.
Commonwealth Inscribed Stock Act 1911
19 Subsection 22A(1)
Omit “Friendly Society or” (wherever occurring).
20 Before subsection 22A(1)
(1A) Despite anything in this Act, stock may, subject to this section, be inscribed in the name of any Friendly Society or any branch of a Friendly Society.
21 At the end of section 22A
Add:
Friendly Society means:
(d) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, was registered or incorporated as a friendly society under a law of a State or Territory.
Debits Tax Administration Act 1982
22 Subsection 3(1) (definition of bank)
23 Subsection 3(1) (definition of financial institution)
financial institution means a person carrying on banking business that includes the keeping of accounts that may be drawn on by cheque.
24 Subsection 3(1) (definition of non‑bank financial institution)
Defence Force Retirement and Death Benefits Act 1973
28 Paragraph 40(1)(b)
29 Paragraphs 40(1)(c), (d) and (e)
Omit “financial institution”, substitute “bank”.
Employment Services Act 1994
30 Subsection 174(9)
Note: The heading to subsection 174(9) is altered by omitting “Building societies” and substituting “Co‑operative housing societies”.
31 Subsection 174(10)
Definition
(10) In this section:
co‑operative housing society means a society registered or incorporated as a co‑operative housing society or similar society under a law of a State or Territory.
Farm Household Support Act 1992
32 Subsection 3(2) (paragraph (b) of the definition of exempt livestock proceeds)
33 Subsection 32(2)
34 Subsection 55A(4) (definition of financial institution)
Financial Corporations Act 1974
35 Subsection 4(1)
ADI (authorised deposit‑taking institution) means a corporation that is an ADI for the purposes of the Banking Act 1959.
36 Subsection 4(1) (definition of building society)
37 Subsection 4(1)
co‑operative housing society means a society registered or incorporated as a co‑operative housing society or similar society under a law of a State or Territory.
38 Subsection 4(1) (definition of credit union)
39 Subsection 4(1) (definition of terminating building society)
40 Subsection 4(3)
Omit “building society or credit union” (wherever occurring), substitute “co‑operative housing society”.
48 Transitional—pre‑transfer stakes held in bodies transferring to regulation by the Commonwealth
(1) This section applies if, immediately before the transfer date:
(a) a person held a stake in a particular transferring financial sector company of more than 15%; and
(b) the holding of that stake did not, to any extent, involve a contravention of a provision of the replaced legislation.
(2) The Treasurer is taken, on the transfer date, by written notice under section 14, to have approved the person holding the same percentage stake in the company. The approval is taken to specify the period of 18 months starting on the transfer date as the period during which it remains in force.
(3) An approval taken by subsection (2) to have been granted by the Treasurer may be dealt with under this Act as if it had actually been granted under section 14. However, subsections 14(2) and (4) do not apply to the approval.
(4) For the purposes of this section, Part 1 and Schedule 1 are taken to have been applicable to transferring financial sector companies immediately before the transfer date.
(5) For the purposes of this section, a transferring financial sector company that is, on the transfer date:
(a) an authorised deposit‑taking institution; or
(b) a company registered under the Life Insurance Act 1995;
is taken to have been a body of that kind immediately before the transfer date.
(6) In this section:
replaced legislation has the same meaning as it has for the purposes of item 22 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.
transfer date means the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.
transferring financial sector company means a financial sector company that is a transferring body for the purposes of Part 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.
49 Transitional—stakes held as a result of completion of transfers of engagements or mergers under certain State or Territory laws
(1) This section applies if:
(a) a transfer of engagements or a merger takes effect on a date (the date of effect) after the transfer date in accordance with a State or Territory transitional law referred to in subitem 19(1) of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999; and
(b) the transfer or merger results in a person holding a stake in a particular financial sector company of more than 15%; and
(c) the holding of that stake would not, to any extent, have involved a contravention of a provision of the replaced legislation if the transfer or merger had taken effect immediately before the transfer date.
(2) The Treasurer is taken, on the date of effect, by written notice under section 14, to have approved the person holding the same percentage stake in the company. The approval is taken to specify the period of 18 months starting on the date of effect as the period during which it remains in force.
(3) An approval taken by subsection (2) to have been granted by the Treasurer may be dealt with under this Act as if it had actually been granted under section 14. However, subsections 14(2) and (4) do not apply to the approval.
replaced legislation has the same meaning as it has for the purposes of item 22 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.
transfer date means the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.
Financial Transaction Reports Act 1988
46 Subsection 3(1) (definition of building society)
47 Subsection 3(1)
co‑operative housing society means a society registered or incorporated as a co‑operative housing society or similar society under a law of a State or Territory.
48 Subsection 3(1) (definition of credit union)
49 Subsection 3(1) (paragraphs (b) and (c) of the definition of financial institution)
(b) a co‑operative housing society.
Fringe Benefits Tax Assessment Act 1986
50 Subsection 99(9)
51 Subsection 99(12) (definition of building society)
52 Subsection 99(12)
co‑operative housing society means a society registered or incorporated as a co‑operative housing society or similar society under a law of a State or Territory.
Health Insurance Act 1973
53 Subsection 3(1) (definition of friendly society)
(d) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, was registered or incorporated as a friendly society under a law of a State or Territory.
54 Subsection 20(1B)
Omit “, or with a building society or credit union that is a registered corporation within the meaning of the Financial Corporations Act 1974”.
55 Subsection 20A(3B)
Omit “, or with a building society or credit union that is a registered corporation within the meaning of the Financial Corporations Act 1974”.
56 Section 46A (definition of building society account)
57 Section 46A (definition of credit union account)
58 Subsection 46D(2)
Income Tax Assessment Act 1936
59 Subsection 6(1) (definition of friendly society)
(a) the body that is a friendly society for the purposes of the Life Insurance Act 1995; or
(d) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, was registered or incorporated as a friendly society under a law of a State or Territory.
60 Subsection 23G(1)
credit union means a company in relation to which the following conditions are satisfied:
(a) the company is an ADI (authorised deposit‑taking institution) for the purposes of the Banking Act 1959;
(b) the company has a consent under section 66 of that Act that allows it to assume or use the expression credit union or credit society, or another expression (whether or not in English) that is of like import to either of those expressions.
61 Subsection 27A(1) (at the end of the definition of life assurance company)
Add (but not as part of paragraph (b)):
; but does not include a registered organization.
62 Subsection 27A(1) (paragraph (b) of the definition of registered organization)
(b) a friendly society; and
63 Section 102M (subparagraph (b)(i) of the definition of eligible investment business)
64 Subsection 110(1) (definition of ordinary life assurance company)
Omit all the words after “which is life assurance”, substitute:
and:
(a) includes a company that is registered under the Life Insurance Act 1995 and is carrying on life assurance business; but
(b) does not include (despite paragraph (a)), a company that is:
(i) an SGIO; or
(ii) a registered organization (within the meaning of Division 8A).
Note: So a friendly society that is registered under the Life Insurance Act 1995 that is a registered organization is not an ordinary life assurance company.
65 Section 116DAA (note)
Repeal the note, substitute:
Note 1: RSA providers that are registered organizations are covered by Subdivision B of Division 8A.
Note 2: RSA providers that are not life assurance companies or registered organizations are covered by Division 7A of Part IX.
Note: The heading to section 116DAB is replaced by the heading “Taxable income includes taxable contributions”.
66 Before section 116E
Subdivision A—General provisions
67 Subsection 116E(1) (definition of annuity)
annuity means:
(a) an annuity, within the meaning of the Superannuation Industry (Supervision) Act 1993; or
(b) a pension, within the meaning of the Retirement Savings Accounts Act 1997.
68 Subsection 116E(1) (definition of eligible insurance policy)
Omit “or an eligible policy”, substitute “, an eligible policy or an RSA”.
69 Subsection 116E(1) (definition of life assurance policy)
life assurance policy includes:
(a) an instrument securing the grant of an annuity, whether or not for a term dependent upon human life; and
(b) an RSA where the provider is a registered organization.
70 Subsection 116E(1)
RSA assessable income, in relation to a registered organization in relation to a year of income, means so much of the total income of the organization of the year of income as is derived from RSA business of the organization.
71 Subsection 116E(1)
RSA asset, in relation to a registered organization, means an asset of the organization that relates to its RSA business.
72 Subsection 116E(1)
RSA business means business of, or in relation to, the issuing of, or the undertaking of liability under, RSAs.
73 Subsection 116E(1)
RSA category A component means the component of the RSA combined component worked out under subsection 116N(2).
74 Subsection 116E(1)
RSA category B component means the component of the RSA combined component worked out under subsection 116N(3).
75 Subsection 116E(1)
RSA combined component means the component of the taxable income determined under section 116HE for the RSA class.
76 Subsection 116E(1)
taxable contribution has the same meaning as in Part IX.