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Regulations 2000 No 32 Amendments of Financial Institutions Duty Regulations



Regulations 2000 No 32 Amendments of Financial Institutions Duty Regulations

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Tabled Paper 1992


Tabled papers for 8th Assembly 1997 - 2001; Tabled papers; ParliamentNT






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APPENDIX A FINANCIAL INSTITUTIONS DUTY REGULATIONS - FIRST HOME OWNERS GRANT The purpose of the proposed regulation is to amend the Financial Institutions Duty Regulations to provide an exemption from financial institutions duty on a payment of a grant made under the First Home Owner Grant Act. Under the Intergovernmental Agreement on the Reform o f Commonwealth-State Financial Relations, the States and Territories will administer a scheme to pay a once only maximum grant of $7000 to eligible first home owners. The grant is payable to offset the impact of the introduction of the GST on the price of a home for first homebuyers. Under current legislation, the receipt of a grant payment by a financial institution would be subject to financial institutions duty. The proposed regulation will exempt from duty a payment of grant money received by a financial institution for depositing into the account of an eligible applicant under the scheme. The proposed regulation is to commence on 1 July 2000 to coincide with the commencement of the First Home Owner Grant Act, and is consistent with that proposed by all other States and the ACT.

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