Australian Capital Territory Tax (Sales of Marketable Securities) Act 1969 (Cth)

Australian Capital Territory Tax (Sales of Marketable Securities) Act 1969

Act No. 46 of 1969 as amended

[Note: This Act was repealed by Act No. 8 of 2007 on 15 March 2007]

This compilation was prepared on 18 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 in respect of certain Sales of Marketable Securities made through Brokers in the Australian Capital Territory

1Short title [see Note 1]

 This Act may be cited as the Australian Capital Territory Tax (Sales of Marketable Securities) 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 a sale of a marketable security where the sale is made on or after the termination day.

4Imposition of tax

 Tax is imposed on each sale by a broker carrying on business in the Territory of a marketable security listed for quotation in the official list of an Australian Stock Exchange or of a prescribed stock exchange (whether within or outside Australia), being:

• (a)

  a sale made in the Territory after the commencement of this Act on his own account or behalf; or

• (b)

  a sale made after the commencement of this Act in accordance with an order to sell given to him in the Territory by or on behalf of a person who is not a broker or is not acting for or on behalf of a broker.

5Rate of tax

 The rate of tax is:

• (a)

  where the value of the consideration for the sale of the marketable security is less than One hundred dollars—Seven cents for every Twenty‑five dollars and for any fractional part of Twenty‑five dollars of the value of that consideration; and

• (b)

  where the value of the consideration for the sale of the marketable security is One hundred dollars or more—Thirty cents for every One hundred dollars and for any fractional part of One hundred dollars of the value of that consideration.

6Exemptions

 Tax is not imposed on:

• (a)

  the sale of a marketable security for a consideration in money or money’s worth of less than the unencumbered value of the marketable security;

• (b)

  the sale of a marketable security issued by a municipal council or other local governing body or by a public authority constituted under a law of the Commonwealth or of a State or Territory;

• (c)

  the sale of a marketable security by an authority of the Commonwealth or of a Territory prescribed for the purposes of this paragraph;

• (d)

  the sale of a marketable security by, or by trustees upon trust for, a public hospital, public benevolent institution, religious institution or public educational institution;

• (e)

  the sale of a marketable security made by a broker on his own account or behalf, being a sale of a marketable security that had previously been purchased by him on the date of the sale or within two clear days (not including a date on which the Australian Stock Exchange of which he is a member is closed) before the day of the sale; or

• (f)

  the sale of a marketable security by:

  • (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 transfers of marketable securities or grants in relation to Australia an 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 and is not ordinarily resident in Australia.

7Regulations

 The Governor‑General may make regulations for the purposes of section 4 and paragraph 6(c).

Notes to the Australian Capital Territory Tax (Sales of Marketable Securities) Act 1969

Note 1

The Australian Capital Territory Tax (Sales of Marketable Securities) Act 1969 as shown in this compilation comprises Act No. 46, 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 (Sales of Marketable Securities) Act 1969	46, 1969	14 June 1969	1 July 1969 (see Gazette 1969, p. 3692)
Australian Capital Territory Tax (Sales of Marketable Securities) Act 1972	92, 1972	18 Oct 1972	18 Oct 1972		S. 4
Statute Law Revision Act 1973	216, 1973	19 Dec 1973	31 Dec 1973		S. 10
Taxation Laws Amendment Act (No. 3) 1985	168, 1985	16 Dec 1985	Part II (ss. 3–9): 1 Jan 1986 Parts IV‑VI (ss. 12–17): 1 July 1969 Remainder: Royal Assent		—
Taxation Laws Amendment Act (No. 2) 1987	62, 1987	5 June 1987	S. 59: 1 Aug 1987 (see Gazette 1987, No. S191) (a)		S. 58

(a) The Australian Capital Territory Tax (Sales of Marketable Securities) Act 1969 was amended by section 59 only of the Taxation Laws Amendment Act (No. 2) 1987, subsection 2(8) of which provides as follows;

• (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.........................................	am. No. 92, 1972
S. 6.........................................	am. No. 216, 1973
S. 7.........................................	ad. No. 168, 1985