Australian Capital Territory Tax (Insurance Business) Act 1969 (Cth)

Australian Capital Territory Tax (Insurance Business) Act 1969

Act No. 45 of 1969 as amended

[Note: This Act was repealed by Act No. 8 of 2007 on 15 March 2007]

This compilation was prepared on 30 October 2000

taking into account amendments up to Act No. 62 of 1987

The text of any of those amendments not in force

on that date is appended in the Notes section

The operation of amendments that have been incorporated may be

affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,

Attorney‑General’s Department, Canberra

      

Contents

An Act relating to the imposition of tax on premiums received in respect of certain insurance business having a connexion with the Australian Capital Territory

1Short title [see Note 1]

 This Act may be cited as the Australian Capital Territory Tax (Insurance Business) Act 1969.

2Commencement [see Note 1]

 This Act shall come into operation on a date to be fixed by Proclamation.

3Incorporation

 The Australian Capital Territory Taxation (Administration) Act 1969 is incorporated and shall be read as one with this Act.

3ATermination of tax

 Tax is not imposed on premiums received by an insurer in respect of insurance effected by the insurer on or after the termination day.

4Imposition of tax

 Tax is imposed on all premiums received in the Territory by an insurer in respect of insurance effected by the insurer after the commencement of this Act, being:

• (a)

  insurance on land (including crops growing on land) situated in the Territory;

• (b)

  insurance effected by the insurer on goods in the Territory; or

• (c)

  insurance, other than insurance on land, crops growing on land or goods, effected by the insurer in the Territory.

5Rate of tax

 The rate of tax is 7% of the premiums on which tax is imposed by section 4.

6Exemptions

 Tax is not imposed on premiums received by an insurer in respect of:

• (a)

  life insurance;

• (b)

  international trade insurance;

• (c)

  third party insurance;

• (d)

  insurance under a law of a State or Territory insuring an employer against his liability to persons under contract of employment or apprenticeship with him;

• (e)

  the provision of benefits by a friendly society or trade union for its members or their dependants;

• (f)

  a scheme or arrangement for the provision of medical, hospital, provident, funeral, superannuation or retirement benefits for members of a fund or their dependants;

• (g)

  insurance by, or on property of, an authority of the Commonwealth or of a Territory prescribed for the purposes of this paragraph;

• (h)

  insurance on property of, or property held on trust for, a public hospital, public benevolent institution, religious institution or public educational institution, or other insurance taken out by such a hospital or institution; or

• (i)

  insurance under which the insured person is:

  • (i)

    a member of a diplomatic mission in Australia of the government of another country that does not impose stamp duty or any similar tax on premiums received in respect of insurance or grants in relation to Australia and exemption from any such stamp duty or similar tax corresponding to this exemption; or

  • (ii)

    a member of his family forming part of his household, being a person who is not an Australian citizen or is not ordinarily resident in Australia.

7Regulations

 The Governor‑General may make regulations for the purposes of paragraph 6(g).

Notes to the Australian Capital Territory Tax (Insurance Business) Act 1969

Note 1

The Australian Capital Territory Tax (Insurance Business) Act 1969 as shown in this compilation comprises Act No. 45, 1969 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Australian Capital Territory Tax (Insurance Business) Act 1969	45, 1969	14 June 1969	1 July 1969 (see Gazette 1969, p. 3692)
Statute Law Revision Act 1973	216, 1973	19 Dec 1973	31 Dec 1973		Ss. 9(1) and 10
Australian Capital Territory Tax (Insurance Business) Amendment Act 1981	125, 1981	30 Sept 1981	19 Aug 1981		S. 3(2)
Australian Capital Territory Tax (Insurance Business) Amendment Act (No. 2) 1981	130, 1981	30 Sept 1981	1 Oct 1981 (see Gazette 1981, No. S207)		—
Australian Capital Territory Tax (Insurance Business) Amendment Act 1982	125, 1982	13 Dec 1982	13 Dec 1982		S. 3(2)
Taxation Laws Amendment Act (No. 3) 1985	168, 1985	16 Dec 1985	Part II (ss. 3–9): 1 Jan 1986 Parts IV, V and VI (ss. 12–17): 1 July 1969 Remainder: Royal Assent		—
Taxation Laws Amendment Act (No. 2) 1987	62, 1987	5 June 1987	Part III (ss. 5–7): 1 Jan 1987 (a) S. 59: 1 Aug 1987 (see Gazette 1987, No. S191) (a)		Ss. 7 and 58

(a) The Australian Capital Territory Tax (Insurance Business) Act 1969 was amended by Part III (sections 5‑7) and section 59 only of the Taxation Laws Amendment Act (No. 2) 1987, subsections 2(2) and (8) of which provide as follows:

• (2)

  Parts II and III shall be deemed to have come into operation on 1 January 1987.

• (8)

  Part VIII shall come into operation on a day, or respective days, to be fixed by Proclamation.

Table of Amendments

ad. = added or inserted  am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 3A......................................	ad. No. 62, 1987
S. 5.........................................	rs. No. 125, 1981
S. 6.........................................	am. No. 216, 1973; No. 130, 1981; No. 125, 1982; No. 62, 1987
S. 7.........................................	ad. No. 168, 1985