Gift Duty Act Amendment Act 1975 (Qld)

608 ANNO VICESIMO QUARTO ELIZABETHAE SECU.N DAE REGINAE No. 63 of 1975 An Act to amend the Gift Duty Act 1926-1973 in certain particulars [ASSENTED TO 28TH NOVEMBER, 1975] 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 1975. (2) In this Act the Gift Duty Act 1926-1973 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Gift Duty Act 1926-1975.

Gift Duty Act Amendment Act 1975, No. 63 609 2. New s. 5A. The Principal Act is amended by inserting after section 5 the following section:- " [5A.] Gifts between spouses . No gift duty shall be payable on any gift made by a person to his or her spouse.". 3. Amendment of s. 7. Section 7 of the Principal Act is amended by omitting subparagraph (b) and substituting the following subparagraph :- " (b) That the gift is made for or towards the maintenance, education or apprenticeship of any person and is not excessive in amount having regard to the legal or moral obligation of the donor to afford such maintenance, education or apprenticeship to such person.". 4. Amendment of s. 8 . Section 8 of the Principal Act is amended by omitting from the proviso to subsection (1) the expression " $400.00 " wherever it occurs and substituting in each case the expression " $1 000 ". 5. New s. 25. The Principal Act is amended by inserting after section 24 the following section:- " 25. Time for payment of duty; penalty for late payment. (1) All gift duty payable pursuant to this Act including additional duty payable pursuant to section 19 or 28 shall be paid within 30 days after the issue of the assessment thereof by the Commissioner. (2) If any duty referred to in subsection (1) is not paid within the time limited by that subsection for such payment an additional duty shall be paid by way of penalty in accordance with the following provisions:- (a) where the duty is paid on or before the fourteenth day after that time, one per centum of the duty paid; (b) where the duty is paid after such fourteenth day but within one month after that time, five per centum of the duty paid; (c) where the duty is paid after such month but within one year after that time, 10 per centum of the duty paid; (d) where the duty is paid after such year, 10 per centum for each year or part of a year during which default has been made in its payment.

610 Gift Duty Act Amendment Act 1975, No. 63 Additional duty payable in accordance with this subsection shall not in any case be less than $2. (3) The Commissioner may in a particular case, for such reason as he thinks sufficient, remit the whole or any part of the additional duty payable pursuant to subsection (2).".