Futures Organisations (Membership) Fidelity Funds Contribution Act 1989

No. 118 of 1989

An Act to impose a tax on contributing members 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 (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 (membership) fidelity fund contribution that is payable under subsection 1234 (2) of the Corporations Act 1989 by a member of a futures organisation referred to in that subsection is imposed by this Act.

Amount of tax

5. The amount of the tax is such amount, being not less than $100 and not more than such amount as is prescribed, as is determined by the futures organisation concerned in respect of the contributing member or in respect of a class of contributing members of the futures organisation in which the contributing member 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]