Financial Institutions Duty

Financial Institutions Duty

Financial Institutions Duty (FID) was a duty levied by Australian states and territories, except Queensland, on deposits to bank accounts, term deposits, and similar.

The tax was introduced in the different states on dates between 1982 and 1992. It was abolished in all states from 1 July 2001, as part of the package of reforms for the Goods and Services Tax.

The duty was a percentage of the amount deposited, but with a maximum tax per deposit on ordinary accounts,


For term deposit or short term money market investments there was no limit on the duty per deposit. But for amounts of $50,000 or more and up to 185 days the duty was reduced by a factor days/365, so for example only 0.0012% on a 73 day investment (1/5 of the year).

The duty was levied according to the state where the bank account was domiciled, not where the account holder lived. About $1 billion per year was being collected just before its abolition (calculated by the Australian Bankers' Association).


* Stamp Duties Act 1920 (New South Wales)
* Financial Institutions Duty Act 1982 (Victoria)
* Financial Institutions Duty Act 1983 (Western Australia), with effect 1 January 1984.
* Financial Institutions Duty Act 1983 (South Australia)
* Financial Institutions Duty Act 1986 (Tasmania)
* Financial Institutions Duty Act 1989 (Northern Territory) [] .
* Financial Institutions Duty Determination 1992 (Australian Capital Territory)


* [ "Bank Account Transaction Taxes: 'FID' and 'BAD' "] , David Kehl, Parliament of Australia Parliamentary Library Research Note 7 2001-02

* [ Press release on FID abolition] , by the Australian Bankers' Association

Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • financial institutions duty — noun a tax on receipts by financial institutions, such as banks, credit unions, etc.; abolished on introduction of the GST. Abbrev.: FID …  

  • Financial statements — (or financial reports) are formal records of a business financial activities. In British English, including United Kingdom company law, financial statements are often referred to as accounts, although the term financial statements is also used,… …   Wikipedia

  • Duty of candor — refers to two different concepts in UK law and US law. Contents 1 UK Public Law 2 US patent applications 3 See also 4 References …   Wikipedia

  • Institutions of the European Union — There are currently five institutions of the European Union which govern the Union. They are outlined in the treaties of the European Union in the following order: the European Parliament, the Council of the European Union (the Council); the… …   Wikipedia

  • Duty of loyalty — Companies law Company  …   Wikipedia

  • Financial history of the New York Giants — The New York Giants, an American football team which plays in the National Football League (NFL), have had a long, and at times turbulent financial history. The Giants were founded by businessman and bookmaker Tim Mara with an investment of… …   Wikipedia

  • List of presidents of European Union institutions — Each major EU institution is headed by a President with some being more notable than others. Most go back to 1957 but others, such as the Presidents of the Court of Audiors or the Central Bank have been created recently.Council PresidentThe… …   Wikipedia

  • 1632 institutions — List of 1632 series institutions and organizations encompasses both fictional and historical governmental, private and military entities, offices, institutions, and organizations that appear in the rich and diverse neo historical background of… …   Wikipedia

  • Treasurer of Victoria — John Lenders MLC is the current and 50th Treasurer of Victoria. He assumed the position on 3 August 2007 [ [ memberId=117 Parliament of Victoria Parliamentary Handbook] ] .The… …   Wikipedia

  • FID — A fid is a hollow spike for use in splicing.FID can mean:* International Federation for Information and Documentation * Financial Institutions Duty, an Australian tax * Flame ionization detector, instrument for analysing gas composition *… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”