Gift Duty Act 1941 (Cth)

GIFT DUTY ACT 1941
- Reprinted as at 30 April 1982 (HISTACT CHAP 209 #DATE 30:04:1982)

*1* The Gift Duty Act 1941 as shown in this reprint comprises Act No. 53, 1941

amended as indicated in the Tables below.

(The citation "Gift Duty Act 1941" is provided for by the Amendments
Incorporation Act 1905 and the Acts Citation Act 1976.)

Table of Acts
----------------------------------------------------------------------------- Application, saving
Number Date Date of or
transitional Act and year of Assent commencement provisions
----------------------------------------------------------------------------- Gift Duty Act 1941 53, 1941 3 Dec 1941 29 Oct 1941
Gift Duty Act 1947 15, 1947 3 June
1947 3 June 1947 S. 5
Statute Law Revision
(Decimal Currency)
Act 1966 93, 1966 29 Oct
1966 1 Dec 1966 -
Gift Duty Act 1972 96, 1972 24 Oct
1972 24 Oct 1972 S. 5
Gift Duty Amendment
Act 1978 25, 1978 7 June
1978 7 June 1978 S. 4
----------------------------------------------------------------------------- Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and
substituted
----------------------------------------------------------------------------- Provision affected How affected
----------------------------------------------------------------------------- S. 4 . . . . . . . . . am. No. 15, 1947; No. 93, 1966; No. 96, 1972; No.
25, 1978
The Schedule . . . . . am. No. 15, 1947; No. 93, 1966; No. 96, 1972
-----------------------------------------------------------------------------

GIFT DUTY ACT 1941 - TABLE OF PROVISIONS 
TABLE

                             TABLE  OF  PROVISIONS


Section

  1.       Short title

  2.       Commencement

  3.       Incorporation

  4.       Imposition of gift duty



                                 THE  SCHEDULE



                             RATES  OF  GIFT  DUTY



                                ----------------

GIFT DUTY ACT 1941 - LONG TITLE 
SECT

                       An Act to impose a Duty upon Gifts

GIFT DUTY ACT 1941 - SECT. 1. 
Short title 
SECT

  1. This Act may be cited as the Gift Duty Act 1941.*1*


See notes to first article of this CHAPTER.

GIFT DUTY ACT 1941 - SECT. 2. 
Commencement 
SECT

  2. This Act shall be deemed to have come into operation on the twenty-ninth
day of October, One thousand nine hundred and forty-one.

GIFT DUTY ACT 1941 - SECT. 3. 
Incorporation 
SECT

  3. The Gift Duty Assessment Act 1941 shall be incorporated and read as one
with this Act.

GIFT DUTY ACT 1941 - SECT. 4. 
Imposition of gift duty 
SECT

  4. (1) Gift duty, at the rates set forth in the Schedule to this Act, shall
be levied and paid in respect of every gift made on or after the date of the
commencement of this Act and before 1 July 1979-



  (a)  by a person (not being a body corporate) who is domiciled in Australia,
or by a body corporate which is incorporated under the law of any State or
Territory which is part of the Commonwealth-of any property wherever situated;
or



  (b)  by any other person-of any property which is situated in Australia at
the time when the gift is made.


  (2) Notwithstanding anything contained in the last preceding sub-section,
the gift duty payable in respect of a gift (other than a gift to which the
next succeeding sub-section applies) made on or after the sixteenth day of
August, One thousand nine hundred and seventy-two, does not exceed one-half of
the amount by which the value of that gift exceeds Ten thousand dollars.


  (3) Where the rate of gift duty in respect of a gift made on or after the
sixteenth day of August, One thousand nine hundred and seventy-two, is to be
ascertained by reference to the value of that gift combined with the value of
any other gift or gifts, the gift duty payable in respect of the
first-mentioned gift does not exceed an amount that bears the same proportion
to one-half of the amount by which the value of all those gifts exceeds Ten
thousand dollars as the value of the first-mentioned gift bears to the total
value of such of those gifts as are made on or after that date.


                                ----------------

GIFT DUTY ACT 1941 - SCHEDULE 
SCH



                                 THE  SCHEDULE



                             RATES  OF  GIFT  DUTY



  For the purposes of this Schedule, "value of all gifts" means the sum of the
value of the gift in question and the value of all other gifts made, whether
at

the same time or within eighteen months previously (whether wholly or partly

before the commencement of this Act or not) or eighteen months subsequently,
by

the same donor to the same or any other donee.



  (a)  Where the value of all gifts does not exceed Ten thousand dollars-nil.



  (b)  Where the value of all gifts exceeds Ten thousand dollars but does not

exceed Twenty thousand dollars-three per centum of the value of the gift.



  (c)  Where the value of all gifts exceeds Twenty thousand dollars but does
not exceed Forty thousand dollars-three per centum of the value of the gift

increasing by three one-hundredths per centum for every complete Two hundred

dollars by which the value of all gifts exceeds Twenty thousand dollars.



  (d)  Where the value of all gifts exceeds Forty thousand dollars but does
not

exceed Two hundred and forty thousand dollars-six per centum of the value of
the gift increasing by two one-hundredths per centum for every complete Two
hundred

dollars by which the value of all gifts exceeds Forty thousand dollars.



  (e)  Where the value of all gifts exceeds Two hundred and forty thousand

dollars but is less than One million dollars-twenty-six per centum of the
value

of the gift increasing by one two-hundredths per centum for every complete
Two

thousand dollars by which the value of all gifts exceeds Two hundred and
forty

thousand dollars.



  (f)  Where the value of all gifts is One million dollars or
more-twenty-seven

and nine-tenths per centum of the value of the gift.



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