GIFT
DUTY ASSESSMENT.
No. 14 of 1947.
An Act to amend the Gift Duty Assessment Act 1941–1942.
[Assented to 3rd June, 1947.]
BE it enacted by the King’s Most Excellent
Majesty, the Senate, and the House of Representatives of the Commonwealth of
Australia, as follows:—
Short
title and citation.
1.—(1.) This
Act may be cited as the Gift Duty
Assessment Act 1947.
(2.) The Gift
Duty Assessment Act 1941–1942 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 Assessment
Act 1941–1947.
Commencement.
2.This
Act shall come into operation on the day on which it receives the Royal Assent.
Repeal
of secs. 15 and 16.
3.Sections
fifteen and sixteen of the Principal Act are repealed.
Value
of gift where consideration inadequate.
4.Section
seventeen of the Principal Act is amended by omitting the words “Subject to the
last preceding section, where” and inserting in their stead the word “Where”.
Returns
by donor.
5.Section
nineteen of the Principal Act is amended by omitting from sub-section (1.) the
words “Two hundred and fifty” and inserting in their stead the words “One
thousand five hundred”.
Application
of amendments.
6.—(1.) Notwithstanding
the repeal of section fifteen of the Principal Act, a rebate in accordance with
the provisions of that section may be granted in relation to any gift made by a
donor in respect of whose estate the assessment under the Estate Duty Assessment Act 1914–1942 was issued before the
commencement of this Act, but not in any other case.
(2.) Notwithstanding the repeal of section
sixteen of the Principal Act, the provisions of that section shall continue to
apply in relation to dispositions of property made before the commencement of
this Act.
(3.) The amendment made to section nineteen of
the Principal Act by this Act shall apply only where the gift first-mentioned
in that section is made after the commencement of this Act.