GIFT DUTY AMENDMENT ACT 1978
No. 25 of 1978
An Act to amend the Gift
Duty Act 1941.
BE IT ENACTED by the Queen, and the Senate and House of Representatives
of the Commonwealth of Australia, as follows:
Short title, &c.
1. (1) This Act may be cited as
the Gift Duty Amendment Act 1978.
(2) The Gift Duty Act 1941 is in
this Act referred to as the Principal Act.
Commencement
2. This Act shall come into
operation on the day on which it receives the Royal Assent.
Imposition of gift duty
3. Section 4 of the Principal
Act is amended by inserting in sub-section (1) “and before 1 July 1979” after “of
this Act”.
Application of amendment
4. In ascertaining the rate of
gift duty in respect of a gift made before 1 July 1979, the value of a gift or
gifts made on or after that date shall not be taken into account in
ascertaining the value of all gifts for the purposes of the Schedule to the Principal
Act.