Queensland BAD Tax to end on 1 July

As announced last year Queensland debits tax will end on 1 July 2005.

Debits tax will continue to apply until 30 June 2005. Any debit tax liabilities accruing up to and including 30 June 2005 will remain payable.

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Third party signatory requirements

Austrac has issued an information circular clarifying which account signatories must be identified by cash dealers under the Financial Transaction Reports Act.

A key quote:

Any individual who has the ability to authorise a debit transaction for an account is considered to be a signatory to that account and therefore must be identified by the cash dealer offering the account. This applies regardless of the signatory being a third party acting as a professional for their client, an authorised staff member of an entity, the formal holder of the account, or a subsidiary card-holder of the account (if applicable).

The circular also deals with an individual who has ‘authorising officer’ access to a software-based product used to transmit electronic payment instructions to a cash dealer in relation to an account.

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ABS Housing Finance stats January 2005

The ABS has released its housing finance figures for the month ending January 2005.

Banks
The number of owner occupied dwellings financed by banks (seasonally adjusted) increased by 1.1% in January 2005, after an rise of 1.1% in December. The trend series increased by 1.0% in January, the seventh consecutive monthly increase.

Non-banks
Non-bank commitments for owner occupied housing (seasonally adjusted) decreased by 1.6% in January 2005, following increases in six of the past seven months. Wholesale lenders were down 2.7% while permanent building societies were up 2.3%. The non-bank trend series increased by 0.4% in January 2005, the seventh consecutive monthly increase.

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