Duties (Insurance Exemptions) Amendment Act 2002 (ACT)

Duties (Insurance Exemptions) Amendment Act 2002

Act 2002 No 20

An Act to amend the Duties Act 1999

Notified under the Legislation Act 2001 on 13 June 2002

(see Legislative Assembly for the Australian Capital Territory enacts as follows:

1. Name of Act

   This Act is the Duties (Insurance Exemptions) Amendment Act 2002.

2. Commencement

   This Act commences on a day fixed by the Minister by written notice.

   Note 1The naming and commencement provisions automatically commence on the notification day (see Legislation Act 2001, s 75).

   Note 2A single day or time may be fixed, or different days or times may be fixed, for the commencement of different provisions (see Legislation Act 2001, s 77 (1)).

   Note 3If a provision has not commenced within 6 months beginning on the notification day, it automatically commences on the first day after that period (see Legislation Act 2001, s 79).

3. Act amended

   This Act amends the Duties Act 1999.

4. Definitions for ch 8
   Section 175, definition of general insurance

   omit

   part 8.6

   substitute

   section 201

5. Section 201 heading

   substitute

6. Insurance exempt from duty generally

7. New section 201A, part 8.6

   insert

201AInsurance exempt from duty in certain circumstances

1. The Minister may, in writing, determine guidelines for exempting from duty under part 8.2 a premium, or part of a premium, paid for a contract for—

   (a)public liability insurance; or

   (b)any other general insurance prescribed by the guidelines for this paragraph.

2. The guidelines may—

   (a)state circumstances in which a premium, or part of a premium, paid for a contract of insurance mentioned in subsection (1) is exempt from duty under part 8.2; or

   (b)state the extent to which a premium paid for a contract of insurance mentioned in subsection (1) is exempt from duty under part 8.2; or

   (c)state procedures to be followed to get an exemption from the duty payable under part 8.2 on the premium, or part of the premium, paid for a contract of insurance mentioned in subsection (1).

3. Part 8.2 (other than sections 180 and 181) does not apply in relation to a premium, or part of a premium, paid for a contract of insurance that effects general insurance if, under the guidelines, the premium or the part of the premium is exempt from duty under the section.

4. A determination under subsection (1) is a disallowable instrument.

   NoteA disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001.

Endnote

Republications of amended laws

For the latest republications of amended laws, see align="center">[Presentation speech made in Assembly on 16 May 2002]

I certify that the above is a true copy of the Duties (Insurance Exemptions) Amendment Bill 2002 which was passed by the Legislative Assembly on 6 June 2002.

Clerk of the Legislative Assembly

© Australian Capital Territory 2002