Futures Organisations (Application for Membership) Fidelity Funds Contribution Act 1989

No. 117 of 1989

An Act to impose a tax on applicants for admission to membership of certain futures organisations

[Assented to 14 July 1989]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

1. This Act may be cited as the Futures Organisations (Application for Membership) Fidelity Funds Contribution Act 1989.

Commencement

2. This Act commences on the same day as Part 8.6 of the Corporations Act 1989.

Incorporation

3. The Corporations Act 1989 is incorporated, and shall be read as one, with this Act, and shall be so read as if the provisions of this Act were provisions of Part 8.6 of that Act.

Imposition of tax

4. The tax by the name of futures organisation (application for membership) fidelity fund contribution that is payable under subsection 1234 (1) of the Corporations Act 1989 by a person who wishes to be admitted to membership of a futures organisation as mentioned in that subsection is imposed by this Act.

Amount of tax

5. The amount of the tax is such amount, being not less that $500 and not more than such amount as is prescribed, as is determined by the futures organisation concerned in respect of the person or in respect of a class of persons in which the person is included.

Regulations

6. (1) The Governor-General may make regulations prescribing maximum amounts for the purposes of section 5.

(2) The regulations may prescribe different maximum amounts in relation to different futures organisations.

[Minister’s second reading speech made in—

House of Representatives on 25 May 1988

Senate on 14 October 1988]