Gift Duty Act Amendment Act 1973 (Qld)

572 W AAL mUsImbr ANNO VICESIMO SECUNDO ELIZABETHAE SECUNDAE REGINAE No. 63 of 1973 An Act to amend the Gift Duty Act 1926- 1969 in certain particulars [ASSENTED TO 19TH DECEMBER, 1973] 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 citat ion. (1) This Act may be cited as the Gift Duty Act Amendment Act 1973. (2) The Gift Duty Act 1926-1969 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 1926-1973.

Gift Duty Act Amendment Act 1973, No. 63 573 2. Amendment of s. 7. Section 7 of the Principal Act is amended by, in provision (a)- (a) omitting the words " twelve months ", wherever they occur, and substituting in each case the words " eighteen months "; (b) omitting the words "' fifty pounds " and substituting the expression " $200.00 ". 3. Amendment of s. S. Section 8 of the Principal Act is amended by, in subsection (I)- (a) omitting the words " twelve months ", wherever they occur, and substituting in each case the words " eighteen months "; (b) omitting the words " four thousand dollars ", where they occur in the first paragraph, and substituting the expression "S10000.00"; (c) omitting all words comprising the third paragraph and the fourth paragraph; (d) omitting all words comprising the fifth. paragraph (excluding the proviso) and substituting the following words:- " If the value of all the gifts ascertained as aforesaid exceeds $10 000.00-5 per centum of the value of the gift together with an additional percentage of the value of the gift of 0.5 per centum for every $4 000.00 or part thereof in excess of $10 000.00 of the value of all the gifts ascertained as aforesaid, but so that the rate shall not exceed 20 per centum:"; (e) omitting the words " two hundred pounds ", wherever they occur in the proviso, and substituting in each case the expression " $400.00 ". 4. Ar ?f s. 11. Section I I of the Principal Act is amended by, in subsection (I)- (a) omitting the words " twelve months " and substituting the words " eighteen months "; (b) omitting the words " two thousand dollars " and substituting the expression. " $7 500.00 ". 5. Amendment of s, 12. Section 12 of the Principal Act is amended by omitting the words " twelve months " and substituting the words " eighteen months ". 6. Amendment of s. 14. Section 14 of the Principal Act is amended by, in subsection (1), omitting the words " twelve months " and substituting the words " eighteen months ". 7. Repeat of s. 25. The Principal Act is amended by repealing section 25. 8. Amendment of s. 31. Section 31 of the Principal Act is amended by omitting the words " such instrument has been stamped " and substituting the words " the gift duty has been paid or accounted for ". 9. Amendm ents relating to decim I cl mcy . The Principal Act is amended as set out in the Schedule.

574 Gift Duty Act Amendment Act 1973, No. 63 SCHEDULE AMENDMENTS RELATING TO DECIMAL. CURRENCY IS. 91 Provision amended Omit Insert Section 10 (1) Section 17 .. Section 20 Section 32 (2) Section 33 Section 36 Section 37 . ten shillings (a) two pounds (b) fifty pounds one hundred pounds fifty pounds fifty pounds (a) one pound (b) fifty pounds fifty pounds $1.00 (a) $4.00 (b) $100.00 $200.00 $100.00 $100.00 (a) $2.00 (b) $100.00 $100.00