Gift Duty Act Amendment Act 1969 (Qld)

68 Q11ce.tt5 l ctttl4 ANNO OCTODECIMO ELIZABETHAE SECUNDAE IIEGINAE No. 12 of 1969 An Act to Amend The Gift Duty Acts 1926 to 1963 in certain particulars [ASSENTED TO 2ND DECEMBER, 1969] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title and citation . (1) This Act may be cited as the Gift Duty Act Amendment Act 1969. (2) The Gift Duty Act of 1926 as subsequently amended from time to time is in this Act referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Gift Duty Act 1926-1969.

Gift Duty Act Amendment Act 1969, No. 12 69 2. Amendment of s. 4-Retiring allowances , pensions and gratuities. Section 4 of the Principal Act is amended by adding after subparagraph (b) the following subparagraph:- (c) Payments- (i) by an employer; or (ii) by the trustees of any scheme of superannuation, retirement benefit or pension created or arranged by an employer for the benefit of his employees and operated under the terms of an instrument of trust executed by or on behalf of the employer, on or after the death of any person to any other person in recognition of services rendered by the deceased person as an employee of the employer that, under any Act relating to succession, estate or like duty- (iii) are deemed to be derived as a succession by the person to whom the payments are made from the person on or after whose death and in recognition of whose services as an employee of the employer in question the payments are made as the predecessor; or (iv) are deemed to form part of the estate of a deceased person.". 3. Amendment of s. 6-Charitable gifts. Section 6 of the Principal Act is amended by inserting after the second paragraph the following paragraph " No gift duty shall be payable on any gift (whether accompanied by the creation of any trust or not) to any fund that is being raised by an appeal for support sanctioned under The Collections Act of 1966, and that is to be applied for a charitable purpose within the meaning of section 5 of the said Act or is to be paid to any institution or body upon gifts to which, under the preceding provisions of this section, no gift duty is payable either generally or in the particular case.". 4. Amendment of s. 8-Rates of gift duty. Subsection (1) of section 8 of the Principal Act is amended- (a) by omitting from the first paragraph all words from and including the word " amount " to the end of that paragraph and inserting in their stead the words " exceed four thousand dollars no duty shall be payable "; and (b) by omitting from the third paragraph the words " amounts to two thousand dollars or, where the donee is the spouse or a child of the donor," and inserting in their stead the word " exceeds ". 5. Amendment of s. 11-Statement to be delivered by the donor to the Commissioner . Section 11 of the Principal Act is amended- (a) by in subsection (1) omitting the words " is not less than one thousand dollars " and inserting in their stead the words " exceeds two thousand dollars "; and

70 Gift Duty Act Amendment Act 1969, No. 12 (b) by adding after subsection (4) the following subsections:- (5) Subsection (6) of this section applies in relation to- (a) the value of any gift to which this section relates; (b) the value of any encumbrances existing upon any such gift; and (c) the value of any consideration paid by the donee for any such gift. (6) For the purposes of this Act where a value in relation to which this subsection applies is an amount of dollars and cents- (a) if the cents do not exceed fifty-the value shall be deemed to be reduced by the amount of the cents; and (b) if the cents exceed fifty-the value shall be deemed to be increased by treating the cents as One dollar. (7) Subsection (6) of this section does not operate- (a) so as to render subject to the payment of gift duty under this Act any gift that would not be so subject if that subsection had not been enacted; (b) so as to render any gift subject to the payment of gift duty under this Act at a rate greater than the rate at which it would be so payable if that subsection had not been enacted, or (c) to require the delivery to the Commissioner of a statement pursuant to subsection ( 1) of this section where delivery of such a statement would not be required if that subsection had not been enacted, and in any such case the actual amount of any relevant value may be used for the purposes of this Act.". 6. New s. 14. The Principal Act is amended by inserting after section 13, the following section:- " 14. No Assessment in respect of small amounts. (1) Where the amount of gift duty payable in respect of any gift and, where such are so made, any other gift or gifts made at the same time or within the last preceding twelve months by the same donor to the same or any other donee after deducting therefrom any part of that amount already paid is less than five dollars, this subsection applies so as not to require, in respect of that amount, the Commissioner to make any assessment; it being hereby declared that the Commissioner may refrain from collecting such an amount less than five dollars. (2) Where the amount of gift duty (including any additional duty) payable in respect of a gift is an amount of dollars and cents, the amount shall be deemed to be reduced by the amount of the cents.".

Gift Duty Act Amendment Act 1969 , No. 12 71 7. Amendment of s. 21 - Amendment of Assessments . Section 21 of the Principal Act is amended by adding at the end the following subsection:- " (4) If the duty paid is in accordance with the statement and particulars furnished by a donor or donee, nothing in this section requires the Commissioner to refund any duty, or amount overpaid, that is less than five dollars.".