Corporations Amendment Regulations 2003 (No. 7) (202 of 2003)

Schedule 1   Amendments commencing on gazettal

[23]   After regulation 7.9.71

insert

7.9.71A Periodic statements - exemption for passbook accounts

For paragraph 1020G (1) (b) of the Act, a basic deposit product ( an account ) for which the holder of the product is provided with, and keeps, a document commonly referred to as a 'passbook' is exempt from section 1017D of the Act if, under the terms of the operation of the account:

(a) the client has a right to a reasonable opportunity to present the passbook to the issuer; and

(b) the issuer enters particulars of each transaction involving the account including the amount of the transaction and the current balance of the account; and

(c) there is no fee associated with the passbook or the entry of particulars into the passbook.


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).