Document ID: chunk:federal_register_of_legislation:C2025C00014:section:128ae:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 128AE (pt 2/5)
Character Range: 1230870–1233623

the business of State banking; or
 (ba) a company in which all of the equity interests are beneficially owned by an offshore banking unit (other than one to which paragraph (c) applies); or
 (c) a person whom the Minister is satisfied is appropriately authorised to carry on business as a dealer in foreign exchange; or
 (d) a life insurance company registered under section 21 of the Life Insurance Act 1995; or
 (e) a company incorporated under the Corporations Act 2001 that provides funds management services on a commercial basis (other than solely to related persons):
 (i) that is, under the Financial Sector (Collection of Data) Act 2001, a registered entity included in the category for money market corporations; or
 (ii) all of the shares which are beneficially owned by a company covered by subparagraph (i); or
 (iii) a financial services licensee (within the meaning of the Corporations Act 2001) whose licence covers dealing in securities (within the meaning of subsection 92(3) of that Act), providing financial advice in relation to such securities or operating a managed investment scheme (within the meaning of that Act); or
 (f) a company that the Minister determines, in writing, to be an OBU under subsection (2AA);
to be an offshore banking unit for the purposes of this Division.
 (2AA) The Minister may, on written application by a company, determine, by notifiable instrument, that the company is an OBU.
 (2AB) The determination must:
 (a) specify the day when the company commences to be an OBU; and
 (b) contain any other information the Minister considers appropriate.
 (2AC) A determination of the Minister under subsection (2AA) must be made in accordance with guidelines determined by the Minister under subsection (2AD).
 (2ACA) A determination under subsection (2AA) that a company is an OBU and a declaration under subsection (2), for the purposes of paragraph (2)(f), that the company is an offshore banking unit for the purposes of this Division may be included in the same instrument.
 (2AD) The Minister must, by legislative instrument, determine guidelines for the making of determinations under subsection (2AA). The guidelines may require the Minister to take into account:
 (a) specified criteria; or
 (b) recommendations of particular bodies; or
 (c) any other factors.
 (2A) If a person who is an offshore banking unit for the purposes of this Division:
 (a) is convicted of an offence against section 8L, 8N, 8Q, 8T or 8U of the Taxation Administration Act 1953, or against Division 136 or 137 of the Criminal Code in relation to a taxation law (within the meaning of the Taxation Administration Act 1953); or
 (b) incurs a tax liability, within the meaning of that Act, by way of a penalty equal to 90% of