A New Tax System (Goods and Services Tax) Act 1999

S 40-5(2) substituted by No 177 of 1999, s 3 and Sch 1 item 53, effective 1 July 2000. S 40-5(2) formerly read:

(2)
The third column of this table sets out the supplies that are financial supplies :

Supplies that are financial supplies
Item	Topic	These are financial supplies …
1	Money	the creation, issue, transfer, assignment or receipt of, or any other dealing with, *money including: (a)   lending or borrowing money;     and (b)   creating or transferring a debt     or an interest in a debt; and (c)   making any advance or     granting any credit.
2	Accounts	the creation, keeping or closing of a savings account, cheque account or deposit account.
3	Debt securities	the creation, issue, transfer, assignment or receipt of, or any other dealing with, a security for a debt (including a guarantee or indemnity), but not if the security is a lease, licence or other similar arrangement in respect of *real property.
4	Equity securities	the allotment, issue, transfer, assignment or receipt of, or any other dealing with, a security within the meaning of subsection 92(1) of the Corporations Law (other than paragraph (ca) of that subsection).
5	Unit trusts	the creation, issue, transfer, assignment or receipt of, or any other dealing with: (a)   a *unit trust; or (b)   an interest in, or a right to or     under, a unit trust.
		the management of a unit trust.
6	Futures	the provision, transfer or assignment of a futures contract through a *futures exchange.
7	Options and warrants	the creation, issue, transfer, assignment or receipt of, or any other dealing with, an option or warrant relating to a future supply covered by item 3, 4 or 5.
8	Underwriting	an underwriting of a supply covered by any of items 1 to 7 (other than items 2 and 3).
9	Superannuation funds	the creation, transfer, assignment or receipt of, or any other dealing with, an interest in, or a right under, a *superannuation fund.
		the management of a superannuation fund.
10	Life insurance	the provision, transfer or assignment of: (a)   a *life insurance policy; or (b)   reinsurance relating to a life     insurance policy.
11	Hire purchase etc.	the provision of credit under a *hire purchase agreement, or a sale, relating to goods, but only if: (a)   the credit is provided for a     separate charge; and (b)   the separate charge is     disclosed to the *recipient of     the goods.
12	Incidental supplies	a supply of anything directly in connection with a supply covered by any of items 1 to 13 (other than this item), but only if the supplier under this item is the same supplier as that under the other item.
13	Arranging etc. supplies	agreeing to make, or arranging, a supply covered by any of items 1 to 12 (other than item 2).

S 40-5(3) repealed by No 177 of 1999, s 3 and Sch 1 item 53, effective 1 July 2000. S 40-5(3) formerly read:

(3)
The third column of the following table sets out the supplies that are not financial supplies:

Supplies that are not financial supplies
Item	Topic	These are not financial supplies …
1	Advice	a supply of advice, including any advice in relation to a supply covered by any of items 1 to 12 of the table in subsection (2).
2	Insurance	a supply of insurance (other than insurance covered by item 10 of the table in subsection (2)).
3	Legal service	a supply of a legal service by a *legal practitioner in the course of a professional practice.
4	Accounting service	a supply of an accounting service by an accountant in the course of a professional practice.
5	Tax agents	management by a *registered tax agent of an entity's affairs relating to taxation.
6	Safe custody	a supply of a safe custody service for cash, documents or other things.
7	Payroll services	a supply of a payroll service.

S 40-5(4) repealed by No 177 of 1999, s 3 and Sch 1 item 53, effective 1 July 2000. S 40-5(4) formerly read:

(4)
The regulations may provide that a particular supply is, or is not, a financial supply. The regulations have effect despite subsections (2) and (3).