98R   Return to be made out in respect of short term liabilities

(1)  A short term dealer shall, within 21 days after the end of:

(a)  except as provided by paragraph (b), each month, or

(b)  where, in relation to a short term dealer, the Chief Commissioner approves a period longer than a month, each such longer period,

      make out a return.

(2)  For the purposes of subsection (1), a return:

(a)  shall be in a form approved by the Chief Commissioner, and

(b)  shall, in addition to such other matters as may be required to be specified in the form, specify:

(i)  in the case of a short term dealer who is not a prescribed short term dealer and who is not a member of a group—the amount comprising one-third of the sum of the short term liabilities in respect of his Australian based operations at the close of each day during the month or the longer period, as the case may be, to which the return relates divided by the number of days in that month, or that longer period, as the case may be,

(ii)  in the case of a short term dealer who is not a prescribed short term dealer and who is a member of a group—the amount comprising one-third of the sum of the short term liabilities of the group in respect of their Australian based operations at the close of each day during the month or the longer period, as the case may be, to which the return relates divided by the number of days in that month, or that longer period, as the case may be, and

(iii)  in the case of a prescribed short term dealer—the amount comprising the sum of the credit balances in his short term dealer’s account at the close of each day during the month or the longer period, as the case may be, to which the return relates divided by the number of days in that month or that longer period, as the case may be.

(3)  A short term dealer who is required under subsection (1) to make out a return shall, within 21 days after the end of the month or the longer period, as the case may be, to which the return relates:

(a)  lodge the return with the Chief Commissioner, and

(b)  pay to the Chief Commissioner, as stamp duty, the amount of stamp duty payable in respect of:

(i)  in the case of a short term dealer who is not a prescribed short term dealer and who is not a member of a group—the amount comprising one-third of the sum of the short term liabilities in respect of his Australian based operations at the close of each day during the month or the longer period, as the case may be, to which the return relates divided by the number of days in that month, or that longer period, as the case may be,

(ii)  in the case of a short term dealer who is not a prescribed short term dealer and who is a member of a group—the amount comprising one-third of the sum of the short term liabilities of the group in respect of their Australian based operations at the close of each day during the month or the longer period, as the case may be, to which the return relates divided by the number of days in that month, or that longer period, as the case may be, and

(iii)  in the case of a prescribed short term dealer—the amount comprising the sum of the credit balances in his short term dealer’s account at the close of each day during the month or the longer period, as the case may be, to which the return relates divided by the number of days in that month or that longer period, as the case may be.

(3A)  The Chief Commissioner may enter into such arrangements as the Chief Commissioner thinks fit for the payment of stamp duty in accordance with subsection (3) with short term dealers who are not prescribed short term dealers but are members of a group.

(3B)  If a short term dealer who is not a prescribed short term dealer but is a member of a group pays duty in accordance with subsection (3), the amount of duty payable by each other member of the group is reduced by the extent to which that amount has been paid by that dealer.

(4)  A short term dealer who fails to comply with this section is guilty of an offence and liable to a fine not exceeding 50 penalty units together with twice the amount of duty of which Her Majesty has been deprived by any such failure.

(5)  Nothing in this section requires a short term dealer in respect of any period commencing on or after 1 July 2001:

(a)  to make out a return, or

(b)  to lodge a return with the Chief Commissioner, or

(c)  to pay to the Chief Commissioner an amount as stamp duty.