Stamp Act Amendment Act 1970 (Qld)

220 (QIteellslaU4 ANNO NONODECIMO ELIZABETHAE SECUNDAE REGINAE No. 15 of 1970 An Act to Amend The Stamp Acts 1894 to 1968 in certain particulars [ASSENTED TO 16TH APRIL, 1970] 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 Stamp Act Amendment Act 1970. (2) The Stamp Act 1894 as subsequently amended is in this Act referred to as the Principal Act. (3) The Principal Act as amended by this Act may be collectively cited as the Stamp Act1894-1970. (4) Sections 2, 3, 4, 7, 8, 9, 10 and 11 of this Act shall come into operation on a date or dates to be fixed by the Governor in Council by Proclamation published in the Gazette. Different dates may be fixed in relation to any or all of such sections. (5) Save as is otherwise provided in subsection (4) of this section, this Act shall come into operation on the day on which the Act receives the Royal Assent.

Stamp Act Amendment Act 1970, No. 15 221 2. Amendment of s. 2 - Definitions . Section 2 of the Principal Act is amended- (a) by inserting in the definition of " money " after the word " includes " the words " a bill of exchange and a promissory note and "; and (b) by adding at the end thereof the following paragraph:- " The expression " receipt " includes any note, memorandum or writing- (a) whereby any money is acknowledged or expressed to have been received, deposited or paid; (b) whereby any debt or demand or any part of a debt or demand is acknowledged to have been settled, satisfied, discharged or met; or (c) which signifies or imports any such acknowledgment, whether the note, memorandum or writing is or is not signed with the name of any person.". 3. New s. 8A. The Principal Act is amended by inserting after section 8 the following section:- " 8A. Collection of Commonwealth tax on receipts . (1) The State may enter into an arrangement with the Commonwealth for the collection by the Commissioner on behalf of the Common- wealth of a tax or duty imposed or to be imposed by the Common- wealth in relation to the receipt of money and, on the making of an agreement relating to any such arrangement, the Commissioner shall collect the tax or duty in accordance with the agreement and he and all other officers referred to in this Act may exercise all such powers conferred by this Act in relation to the collection of stamp duties imposed by this Act as are necessary to enforce the payment of the Commonwealth tax or duty to which the arrangement relates, and every person shall comply with every requirement of the Commissioner or any such officer in pursuance of this section to the same extent as if such requirement had been imposed in relation to the collection of stamp duties imposed by this Act. (2) Section 10 of this Act shall apply to all matters that may come to the knowledge of any person employed under this Act in consequence of the carrying into effect of any agreement referred to in subsection (1) of this section.". 4. New s. 42A. The Principal Act is amended by inserting after section 42 the following section:- "42A. Stamp Duty on return of accounts settled . (1) This section applies to any person who carries on the business of- (a) receiving from each of several persons a payment of an amount equal to the aggregate of amounts payable to several creditors of such person; and (b) paying to each of several creditors of the persons referred to in paragraph (a) of this subsection an amount equal to the aggregate of the amounts payable to such creditor by several of such persons.

222 Stamp Act Amendment Act 1970, No. 15 (2) Every person to whom this section applies shall, within seven days after the end of each calendar month in which the business referred to in subsection (1) of this section is carried on, furnish a return in a form approved by the Commissioner accompanied by a declaration under The Oaths Acts 1867 to 1960 verifying the particulars set out in the return, which particulars shall comprise in respect of the calendar month preceding the month in which the return is furnished- (a) the aggregate amount of duty which would have been paid in Queensland under the heading " Bill of Exchange" in the First Schedule to this Act if each person referred to in paragraph (a) of subsection (1) of this section on whose behalf a payment has been made during the month in question had drawn in Queensland a bill of exchange payable on demand in favour of each of the creditors to whom a payment has been made on his behalf; and (b) the aggregate amount of duty accounted for in Queensland in respect of bills of exchange drawn during the month in question by the person furnishing the return for the purpose of making the payments referred to in paragraph (b) of subsection (1) of this section and in respect of bills of exchange received by such person from the persons on whose behalf payments have been made during the month in question. (3) The person lodging a return in accordance with subsection (2) of this section shall pay as stamp duty on such return the difference between the amount referred to in paragraph (a) of subsection (2) of this section and the amount referred to in paragraph (b) of that subsection and such payment shall be made to the Commissioner at the time the return is lodged. (4) The amount referred to in paragraph (a) of subsection (2) of this section shall not include any amount in respect of any payment on behalf of a person not resident or carrying on business in Queensland made to a person outside Queensland. (5) Any person who neglects or fails to furnish a return in accordance with this section or who furnishes any return which is false or misleading shall be guilty of an offence against this Act and liable to a penalty not exceeding two hundred dollars, and, in addition to any penalty imposed, shall be liable to pay an amount equivalent to the duty which would have been payable had the return been furnished.". 5. New s. 49B . The Principal Act is amended by inserting after section 49A the following section:- " 49B. Nature of conveyance upon winding - up of company. For the purposes of this Act, a conveyance, transfer or assignment of property, otherwise than on sale for a full consideration, executed by a liquidator of a company in the course of and for the purposes of the winding-up of the company shall be taken to be a conveyance, transfer or assignment on sale of the property for a consideration equal to the value of the property at the date of the conveyance, transfer or assignment.".

Stamp Act Amendment Act 1970, No. 15 223 6. New s. 49C. The Principal Act is amended by inserting after section 49B the following section.- " 49C. Relief from conveyance and transfer duty upon company reconstruction or amalgamation . (1) Where in connexion with a scheme for the reconstruction of a company or the amalgamation of companies it is shown to the satisfaction of the Commissioner that- (a) a company with limited liability (in this subsection called the " transferee company ") has been incorporated having as one of its objects specified in its memorandum of association the acquisition of 90 per centum at the least of the issued share capital of a company or of each of two or more companies specified in the memorandum of association (such a specified company being in this section called a " specified existing company "); and (b) where there are two or more specified existing companies, such companies were associated companies prior to the acquisition referred to in paragraph (c) of this subsection ; and (c) the transferee company has acquired 90 per centum at the least of the issued share capital of a specified existing company; and (d) the consideration for such acquisition consists as to not less than 90 per centum thereof in the issue of shares in the transferee company to the holders of shares in the specified existing company in exchange for the shares held by them in that company; and (e) the issued share capital of the transferee company immediately following the acquisition consists as to not less than 90 per centum thereof in shares issued in consideration for the acquisition of shares in the specified existing company or, where shares in two or more specified existing companies have been acquired, for the acquisition of shares in all those companies, and the Commissioner gives notice in writing to the transferee company and to the specified existing company that he is satisfied as prescribed by this subsection, then, subject to the provisions of this section, stamp duty prescribed under the heading " Conveyance or Transfer " in the First Schedule to this Act shall not be chargeable on any instrument made for or in connexion with the transfer of the shares acquired by the transferee company in the specified existing company. (2) Where it is shown to the satisfaction of the Commissioner that-- (a) the effect of an instrument produced to him is to convey, transfer or assign a beneficial interest in property from one company (hereinafter in this section called the " transferor ") to another company (hereinafter in this section called the " transferee "); and (b) the companies concerned are associated companies; and

224 Stamp Act Amendment Act 1970, No. 15 (c) where the means whereby the companies concerned have become associated companies do not- (i) exhibit all of the particulars specified in paragraphs (a) to (e) of subsection (1) of this section; or (ii) consist of one such company being first incorporated as a company whose issued share capital is owned as to not less than 90 per centum thereof by the other such company, the companies have been associated companies- (iii) for the whole of the time during which the property or a substantial interest therein has been owned by the transferor or by a company associated with the transferor; or (iv) for the whole of the time since the property came into the ownership of the transferor or of a company associated with the transferor by way of a conveyance, transfer or assignment in respect of which there has been paid stamp duty prescribed under the heading " Conveyance or Transfer " in the First Schedule to this Act or such duty reduced as prescribed by subsection (3) of this section; and (d) the instrument was not made pursuant to or in connexion with an arrangement whereunder- (i) the consideration, or any part thereof, for the conveyance, transfer or assignment was to be provided or received, directly or indirectly, by a person other than the transferor, transferee or a company which at the time the instrument was made was associated with either the transferor or transferee; or (ii) the property to which the instrument relates was previously conveyed, transferred or assigned, directly or indirectly, by such a person; or (iii) the transferor and the transferee were to cease to be associated other than by reason of the liquidation of one of them, stamp duty prescribed under the heading " Conveyance or Transfer " in the First Schedule to this Act shall not be chargeable on the instrument. (3) Where the Commissioner is satisfied that stamp duty prescribed under the heading referred to in the last preceding subsection would not be chargeable on an instrument but for the provisions of paragraph (c) of that subsection there shall be deducted from the stamp duty chargeable under that heading on the instrument the amount which the Commissioner is satisfied has been paid previously in Queensland in respect of stamp duty chargeable under that heading on transfers of shares made for the purpose of the transferor and transferee becoming associated companies if ownership of the shares has at all times since the making of those transfers remained in the company to which the shares were then transferred. An amount deducted pursuant to this subsection shall not be deducted again from the stamp duty chargeable on any other instrument.

Stamp Act Amendment Act 1970, No. 15 225 (4) Where a claim under this section for exemption (total or partial) from payment of stamp duty has been allowed and- (a) it is subsequently discovered that any declaration or other evidence furnished to the Commissioner in support of the claim was untrue in a material particular; or (b) in the case of a claim under subsection (2) of this section, the transferor and transferee have ceased to be associated (other than by reason of the liquidation of one of them) within three years after the date on and from which the conveyance, transfer or assignment in question operated, the claim shall. be deemed to have been disallowed and an amount equal to the duty remitted or deducted shall become payable forthwith upon such discovery or, as the case may be, cessation and may be recovered in any court of competent jurisdiction from either the transferor or the transferee as a debt due to Her Majesty together with interest thereon at the rate of 6 per centum per annum for the period commencing on the date the instrument in question was made and continuing until payment of the amount is made. (5) An instrument to which subsection (2) of this section applies shall be deemed not to be duly stamped unless- (a) it is stamped with the duty with which, but for that subsection, it would be chargeable; or (b) it is stamped by the Commissioner with an endorsement that it is exempt from duty referred to in that subsection or that such duty has been accounted for. (6) For the purposes of this section- (a) without limiting the purview of paragraph (d) of subsection (2) of this section, an arrangement shall be within the purview of that paragraph if it is one whereunder the transferor or transferee or a company associated as therein referred to with either of them is to be enabled to provide any of the consideration referred to in that paragraph or is to dispose of any of such consideration by or in consequence (wholly or partially) of the carrying out of a transaction involving a payment or other disposition by a person other than the transferor, transferee or such associated company; (b) a company shall be taken to be associated with another company if it is shown that- (i) the one company is beneficial owner (directly or indirectly) of 90 per centum at the least of the issued share capital of the other company; or (ii) a third company is beneficial owner (directly or indirectly) of 90 per centum at the least of the issued share capital of each company; (c) the term " shares " includes stock, and the term ,,company" means a body corporate other than a corporation sole or a corporation constituted by any statute. 0

226 Stamp Act Amendment Act 1970, No. 15 (7) Where it is proposed that a company should be party to an instrument to be made to give effect to a scheme that may attract the application of the provisions of subsections (1), (2) or (3) of this section any person acting on behalf of that company may, before the instrument is made, apply to the Commissioner for his determination whether the instrument, if made, would be exempt (wholly or partially) from the payment of stamp duty as prescribed by those subsections or would be outside the purview and application of those provisions. Every such application shall be in writing and shall accurately and fully disclose, the scheme to effect which the instrument is to be made and shall be accompanied by written evidence in detail of such matters as are relevant to the making of the determination sought. Upon his being furnished with evidence sufficient to enable him so to do, the Commissioner shall make his determination with respect to the application of the provisions of subsections (1), (2) and (3) of this section to any instrument proposed to be made and if he determines that the instrument would be exempt (wholly or partially) from liability to stamp duty as prescribed by those subsections or any of them he shall do all things necessary to give effect to the relevant provisions of those subsections. A determination made by the Commissioner under this subsection shall be binding upon him and all other persons concerned save where the instrument, the subject of the determination, or the scheme to effect which the instrument is made differs in any material particular from the details furnished to the Commissioner with or in connexion with the relevant application. (8) The Commissioner may call for the production to him of such evidence as he requires for the determination of any matter of which he is to be satisfied for the purposes of this section and, if so called for by the Commissioner, such evidence shall be furnished by way of statutory declaration made under The Oaths Acts 1867 to 1960 or under legislation that provides for the form or the taking of statutory declarations in any other State or Territory of the Commonwealth or in any other country. (9) The provisions of subsection (4) of this section apply with respect to an instrument made consequent upon a determination made under subsection (7) of this section as if the instrument were the subject of a claim under this section for exemption (total or partial) from the payment of stamp duty.". 7. Repeal of ss. 70 and 71 and new sections inserted . The Principal Act is amended by repealing sections 70 and 71 and inserting in their stead the following sections:- " 70. Provisions as to receipts . (1) A person who receives or is deemed to have received any money thereupon shall make out a receipt for the amount of the money and give or tender that receipt duly stamped, except where a receipt if given or tendered would be exempt from duty.

Stamp Act Amendment Act 1970, No. 15 227 (2) Where a receipt is made out for an amount of money, a receipt for any part of which would be exempt from duty, the receipt shall be deemed to be duly stamped if it is stamped in respect of the amount of money for which it is made out less that part. (3) A person who- (a) fails or neglects to make out a receipt or to give or tender a duly stamped receipt as required by the foregoing provisions of this section; (b) gives or tenders a receipt liable to duty and not duly stamped; or (c) makes out and gives or tenders a receipt for an amount of money which is not the amount received or deemed to have been received or makes out and gives or tenders separate receipts for parts of the amount received or deemed to have been received so that the duty that would otherwise be chargeable is thereby reduced, is guilty of an offence against this Act and liable to a penalty not exceeding one hundred dollars and to a further penalty equal to the amount of the duty that should have been paid. (4) Subject to subsection (5) of this section, the obligation imposed by the provisions of this section shall not be affected or diminished in any way by any commercial practice or by any acquiescence, intimation or indication, expressed or implied, relating to the making out, giving or tendering of a receipt or requiring or permitting a person not to make out, give or tender a receipt. (5) Notwithstanding any other provision of this section, a person shall not be required to give or tender a receipt for an amount of money received or deemed to have been received by him if- (a) he thereupon makes out a receipt for that amount and causes it to be duly stamped; and (b) the person to whom the receipt would, but for this subsection, have been given or tendered has expressly or impliedly informed that firstmentioned person that he does not require the receipt. (6) A person who, under subsection (5) of this section, is not required to give or tender a receipt shall retain the receipt required by that subsection to be made out by him for a period of two years after it has been made out. (7) A person who neglects or fails to comply with the provisions of subsection (6) of this section is guilty of an offence against this Act and liable to a penalty not exceeding one hundred dollars. (8) Where an amount of money is received by any person and that amount is also deemed to have been received by him, it shall be a sufficient compliance with subsection (1) of this section if he has complied with the foregoing provisions of this section upon his receiving that amount.

228 Stamp Act Amendment Act 1970, No. 15 71. Consideration other than money . Where a creditor receives a consideration, other than money (whether or not in consideration of his having given credit to any person), whereby any debt or part of a debt owing to that creditor is settled, satisfied, discharged or met, the creditor shall, when he receives the consideration, be deemed, for the purposes of this Act, to have received an amount of money equal to the amount of the debt or part of the debt that has been settled, satisfied, discharged or met. 71A. Banking transactions . (1) Where a person deposits or causes to be deposited to the credit of a bank account of another person any amount of money, that amount shall, upon that other person having notice of the making of the deposit, be deemed, for the purposes of this Act, to have been received by that other person. (2) Where a banker in accordance with the authority or order of a person debits the account of that person with any amount of money and- (a) transfers that amount to the credit of that banker or to the credit of the bank account of another person with that banker; (b) transmits that amount to the credit of tl:e bank accou it of another person with another banker; or (c) transmits that amount to another banker (not being a transmission to the credit of the bank account of another person with that other banker), that amount shall be deemed, for the purposes of this Act, to have been received, upon his having notice of the transfer or transmission, as the case may be, by- (d) in a case to which paragraph (a) of this subsection applies, the banker to whose credit or the person to the credit of whose account the amount is transferred; (e) in a case to which paragraph (b) of this subsection applies, the person to the credit of whose account the amount is transmitted; or (f) in a case to which paragraph (c) of this subsection applies, the banker to whom the amount is transmitted. 71B. Crediting of accounts . (1) Where a debtor at the request or on the authority of his creditor, instead of paying a debt or any part of a debt owing by him to his creditor, credits an amount of money owing under the debt to an account of the creditor in the books of the debtor- (a) the debtor shall, except where he is a banker, upon so crediting that amount, notify the creditor in writing that he has done so; and (b) the creditor shall, upon his having notice of the amount being so credited, be deemed, for the purposes of this Act, to have received the amount of money so credited. (2) A 'debtor who fails to comply with the provisions of paragraph (a) of subsection (I) of this section is guilty of an offence against this Act and liable to a penalty not exceeding one hundred dollars.

Stamp Act Amendment Act 1970, No. 15 229 (3) Subsection (1) of this section does not apply in any case where the creditor is, under section 71 or 71A of this Act, deemed to have received the amount of money referred to in that subsection. (4) Where a creditor withdraws any amount of money from his account referred to in subsection (1) of this section, any receipt given by him for the amount withdrawn shall be exempt from duty. 7W. Extension of provisions relating to receipts . (I) The provisions of- (a) section 70 of this Act extend to the case where-- (i) money is received outside Queensland; and (ii) the money is received by a person resident or carrying on business in Queensland, as if the money were received by that person in Queensland; (b) section 71 of this Act extend to the case where- (i) any consideration referred to in that section is received outside Queensland; and (ii) the consideration is received by a person resident or carrying on business in Queensland, as if the consideration were received by that person in Queensland; (c) subsection (1) of section 71A of this Act extend to the case where- (i) the bank account to the credit of which an amount of money is deposited or caused to be deposited is outside Queensland; and (ii) the other person referred to in that subsection is resident or carrying on business in Queensland, as if the bank account to the credit of which the amount of money was deposited or caused to be deposited were in Queensland; (d) paragraph (a) of subsection (2) of section 71A of this Act extend to the case where- (i) an amount is transferred to the credit outside Queensland of a banker or to the credit of a bank account outside Queensland of a person with a banker; and (ii) the banker or the person, as the case may he, is resident or carrying on business in Queensland, as if the amount had been transferred to the credit in Queensland of that banker or, as the case may be, to the credit of a bank account in Queensland of that person with a banker; (e) paragraph (b) of subsection (2) of section 71A of this Act extend to the case where- (i) an amount is transmitted by a banker to the credit of a bank account outside Queensland of a person with another banker; and

230 Stamp Act Amendment Act 1970, No. 15 (ii) that person is resident or carrying on business in Queensland, as if the amount had been transmitted by a banker to the credit of a bank account in Queensland of that person with another banker; (f) paragraph (c) of subsection (2) of section 71A of this Act extend to the case where- (i) an amount is transmitted by a banker to another banker outside Queensland; and (ii) the other banker is resident or carrying on business in Queensland, as if the amount had been transmitted by the banker to the other banker in Queensland; and (g) paragraph (b) of subsection (1) of section 71n of this Act extend to the case where- (i) an amount of money owing under a debt to a creditor is credited to an account of the creditor in the books outside Queensland of the debtor; and (ii) the creditor is resident or carrying on business in Queensland, as if the amount of money owing under the debt to the creditor had been credited to an account of the creditor in the books in Queensland of the debtor, but so extend only where the amount, or any part of the amount, of the money received or deemed to have been received relates to, and to the extent only that it relates to, goods supplied or to be supplied in Queensland, services rendered or to be rendered in Queensland or such classes of contracts, arrangements or transactions as may be prescribed for the purposes of this subsection. (2) Nothing in the provisions- (a) of paragraph ( a) of subsection ( 1) of this section affects the operation of section 70 of this Act in relation to any money deemed to have been received by any person under any other provision of that subsection or of this Act; or (b) of subsection ( 1) of this section in any way derogates from or diminishes the operation that section 70, 71, 71 A or 7la of this Act would have if subsection ( 1) of this section had not been enacted. (3) Where-. (a) a person who is an approved person for the purposes of section 7lt ^ of this Act includes in a return required by that section to be lodged by him with the Commissioner any amount of money that he receives or is deemed to have received otherwise than by reason of subsection (1) of this section; (b) stamp duty or duty of a like` ature is lawfully payable in a place outside Queensland ,being a State or Territory of the Commonwealth of Australia , in respect of the receipt of that amount or any part of that amount; and

Stamp Act Amendment Act 1970, No. 15 231 (c) that amount or that part relates to goods supplied or to be supplied in that place, services rendered or to be rendered in that place or such classes of contracts, arrangements or transactions as may be prescibed for the purposes of this paragraph, stamp duty shall not be payable in respect of the receipt of that amount or that part. 71D. Receipts given to Her Majesty. Subject to this Act, all receipts given to Her Majesty, or to any person on her behalf, shall be chargeable with duty. 71E. Money exchanged for money . Where money is exchanged for money a party to the exchange shall for the purposes of section 70 of this Act be deemed not to have received money except to the extent (if any) that he receives an amount of money which is greater than the amount of money paid or given by him. 71F. Receipts by solicitors or agents . (1) Where money is received or is deemed to have been received by a solicitor or agent from his client or principal for payment to another person who is not his client or principal the receipt by the solicitor or agent for that money shall be exempt from duty. (2) Where money is received or is deemed to have been received by a solicitor or agent on behalf of his client or principal and the receipt for that money has been made out and duly stamped or the amount of money so received or deemed to have been received is required to be included in a return required to be lodged with the Commissioner by the solicitor or agent pursuant to section 71H of this Act, any receipt given or tendered for the money- (a) by any other solicitor or agent who receives or is deemed to have received the money for transmission directly or indirectly to that client or principal; or (b) by the client or principal when the money is received or is deemed to have been received by the client or principal, shall be exempt from duty and, where the client or principal is a solicitor or agent acting on behalf of another client or principal, the receipt to be given or tendered for the money by that other client or principal shall be exempt from duty. (3) Where money has been received or is deemed to have been received by a solicitor or agent on behalf of his client or principal who is an approved person for the purposes of section 71H of this Act and who has requested the solicitor or agent in writing not to pay duty in respect of that money or in respect of moneys generally received on his behalf, any receipt given or tendered for the money by the solicitor or agent shall be exempt from duty but the client or principal shall include the amount of that money in the return required to be lodged with the Commissioner pursuant to that section in respect of the period during which he first has notice of the receipt of the money by the solicitor or agent.

232 Stamp Act Amendment Act 1970, No. 15 (4) Where any money has been received or is deemed to have been received by a solicitor or agent from or on behalf of his client or principal and the solicitor or agent transfers that money or part of that money to his own account the amount so transferred shall be deemed, for the purposes of this Act, to have been received by the solicitor .or agent from his client or principal at the time of the transfer unless he has given or tendered a duly stamped receipt for that money or unless the amount of that money is required to be included in a return required to be lodged with the Commissioner by the solicitor or agent pursuant to section 7lH of this Act consequent upon the original receipt by him of that money. 71G. Stamping of receipts . (1) The duty on a receipt may be denoted by an adhesive stamp which is to be affixed and cancelled by the person by whom the receipt is made out before he gives or tenders the receipt. (2) A receipt given or tendered without being duly stamped may be stamped with an impressed stamp-- (a.) within one month after it has been made out-on payment of the duty and a fine of twenty-five dollars; (b) after one month but within two months after it has been made out-on payment of the duty and a fine of fifty dollars; or (c) after two months after it has been made out-on payment of the duty and a fine of one hundred dollars. 71H. Payment of duty on receipts by return . (1) A person may apply to the Commissioner, in a form approved by him, to become an approved person for the purposes of this section. (2) The Commissioner may approve or refuse to approve any such application. (3) Where the Commissioner approves any such application he shall in the approval specify the date upon which the approval comes into force. (4) A person whose application under subsection (1) of this section has been approved by the Commissioner is, while the approval is in force, an approved person for the purposes of this section. (5) The provisions of section 70 of this Act do not apply to an approved person. (6) An approved person shall-- (a) at such times and in respect of such periods as may be notified to him in writing by the Commissioner lodge with the Commissioner a return, in the prescribed form and in duplicate , setting forth the total of all amounts of money received or deemed to have been received by or paid or deemed to have been paid to such person during the period to which the return relates or which he is required under subsection ( 3) of section 71F of this Act to include in that return, except any amount in respect of which a receipt, if given or tendered, would have been exempt from stamp duty; and

Stamp Act Amendment Act 1970, No. 15 233 (b) when he lodges that return pay to the Commissioner as stamp duty an amount calculated at the rate of one cent for every ten dollars and also for any fractional part of ten dollars of the total of the amounts required to he included in that return. (7) The Commissioner may by notice in writing given to an approved person vary any notification given to him and referred to in paragraph (a) of subsection (6) of this section. (8) Where an approved person makes out and gives or tenders a receipt in respect of any amount of money required to be included in the total amount to be set forth in a return required to be lodged by him under this section and endorses on that receipt the words "stamp duty" followed by the serial number of the notice of approval issued to him by the Commissioner under this section, the receipt shall be deemed to be duly stamped. (9) An approved person shall keep or cause to be kept sufficient books and records to enable him to calculate accurately the total of all amounts of money which are to be set out in any return required to he lodged with the Commissioner by subsection (6) of this section and such person shall keep the books and records as well as working papers used in making calculations for the purposes of any such return available for inspection by the Commissioner for a period of at least three years from the last day of the period to which each return relates or for such lesser period as the Commissioner determines in any part icular-Icase. (10) Any person who fails or neglects to comply with any of the provisions of subsection (9) of this section is guilty of an offence against this Act and liable to a penalty not exceeding five hundred dollars. (11) Any person who fails or neglects to comply with any of the provisions of subsection (6) of this section is guilty of an offence against this Act and liable to a penalty not exceeding five hundred dollars and to a further penalty equal to the amount of the duty that should have been paid. (12) Where a person fails or neglects to comply with the provisions of subsection (6) of this section- (a) by reason that he has failed or neglected to lodge with the Commissioner, at a time notified to him by the Commissioner, a return required to be lodged by him under that subsection, and he lodges that return- (i) after that time but within one month after that time, he shall pay to the Commissioner the duty that would have been payable under that subsection on the lodgment of the return together with a fine of twenty-five dollars; (ii) after one- ninth but within two months after that time , he shall pay to the Commissioner the duty that would have been payable under that subsection on the lodgment of the return together with a fine of fifty dollars; or

234 Stamp Act Amendment Act 1970, No. 15 (iii) after two months after that time, he shall pay to the Commissioner the duty that would have been payable under that subsection on the lodgment of the return together with a fine of one hundred dollars; or (b) by reason that he failed or neglected to pay the amount payable under that subsection as duty when he lodged a return required to be lodged by him under that subsection and he pays that amount- (i) within one month after it became payable, he shall pay in addition a fine of twenty-five dollars; (ii) after one month but within two months after it became payable, he shall pay in addition a fine of fifty dollars; or (iii) after two months after it became payable, he shall pay in addition a fine of one hundred dollars. (13) Any person, not being an approved person, who endorses on a receipt any words or numbers suggesting or implying that the receipt is duly stamped under the provisions of this section is guilty of an offence against this Act and liable to a penalty not exceeding five hundred dollars. (14) The Commissioner may, by instrument in writing, cancel any approval granted under this section- (a) on application by the person to whom the approval was granted; or (b) for any reason he deems sufficient, and shall in any such instrument specify the date on and from which the approval ceases to be in force. (15) An approval so cancelled shall cease to be in force on and from the date specified in the instrument by which the approval is cancelled. (16) A person who is required to lodge a return of amounts on which tax or duty is payable under an Act of the Commonwealth relating to a tax or duty in respect of amounts received and who is not an approved person under subsection (4) of this section shall be deemed to have applied to the Commissioner to become an approved person for the purposes of this section, and to have been approved by the Commissioner. (17) For the purposes of this section a person who under subsection (16) of this section is deemed to have been approved by the Commissioner shall be deemed to have had issued to him by the Commissioner under this section a notice of approval bearing the same serial number (if any) as the notice of registration or approval issued to him under the Act of the Commonwealth. (18) Any fine imposed by subsection (12) of this section is recoverable in the same manner as duty payable under this Act. 711. Total amount not precisely ascertainable . Where the Commissioner is satisfied that it is not reasonably practicable to calculate precisely any total amount of money which is required to be set forth in the return required to be lodged with the

Stamp Act Amendment Act 1970, No. 15 235 Commissioner by a person pursuant to section 71H of this Act, the Commissioner may accept as the total amount required to be set forth in the return an amount calculated in such manner or on such basis as the Commissioner thinks proper under the circumstances and the amount so calculated shall he deemed to be the total amount of money required to be set forth in the return unless that person procured the calculation of that amount by fraud or by a wilful failure to disclose material facts. 71.1. Receipts in other instruments . (1) Any instrument chargeable with duty under this Act other than the duty chargeable under the heading " Receipt " in the First Schedule to this Act which acknowledges the receipt of the consideration therein expressed shall not be chargeable with duty as a receipt but any obligation to make out and to give or tender a duly stamped receipt is not discharged by the making of that instrument. (2) Any instrument not chargeable with duty other than the duty chargeable under the heading " Receipt " in the First Schedule to this Act which acknowledges the receipt of the consideration therein expressed shall not be chargeable with duty as a receipt where a duly stamped receipt has been made out and given or tendered in respect of the payment of that consideration. 71K. Rebate of duty in certain cases . (1) Where a person who is an approved person for the purposes of section 71 H of this Act- (a) has paid money received or deemed to have been received by him, in respect of which he has paid or is liable to pay duty in accordance with the provisions of that section, to any person or fund for the purpose of equalising payments to producers under a prescribed marketing scheme; (b) has refunded any money, in respect of which he has paid or is liable to pay duty in accordance with the provisions of that section, received or deemed to have been received by him pursuant to a prescribed marketing scheme to the person or fund from which he received the money; or (c) has refunded any money, in respect of which he has paid or is liable to pay duty in accordance with the provisions of that section, received or deemed to have been received by him as a deposit in respect of a tender, contract or proposed contract, the Commissioner shall allow a rebate to that approved person of an amount equal to the amount of the duty paid or payable by him in respect of the amount so paid or refunded. (2) For the purposes of this section and paragraph 28 of the exemptions under the heading "Receipt" in the First Schedule to this Act, "prescribed marketing scheme" means any scheme for the marketing of primary products constituted under any law of a State or Territory of the Commonwealth of Australia or any law of the Commonwealth of Australia or any scheme which is prescribed as a marketing scheme to which this section applies.".

236 Stamp Act Amendment Act 1970, No. 15 8. Repeal of and new s. 72. The Principal Act is amended by repealing section 72 and inserting in its stead the following section:- " 72. Amounts not to be included in return . An amount shall not be required to be included in a return lodged pursuant to subsection (6) of section 71H of this Act if such amount is required to be included in a return lodged or statement made in accordance with any Act of the Commonwealth relating to a tax or duty in respect of amounts received.". 9. Repeal of s. 72B. The Principal Act is amended by repealing section 72s. 10. Amendment of s. 83. Section 83 of the Principal Act is amended by omitting subsection (2B). 11. Amendment of First Schedule . The First Schedule to the Principal Act is amended by repealing the matter appearing under the heading " Receipt" and inserting in lieu thereof" the following:- " Duty $ (a) in respect of an amount of money not exceeding $10 0.01 (b) in respect of an amount of money exceeding $10-for every $10 of the amount and also for any fractional part of $10 of the amount .. 0.01 Exemptions 1. Receipt for any payment to or for the use of Her Majesty or to any Public Department or Housing Authority of the Commonwealth of Australia or of the State. 2. Receipt for a refund or reimbursement made by the Government or a Public Department of the Government of a State or of the Commonwealth of Australia or by a statutory body representing the Crown in right of a State or the Commonwealth of Australia. 3. Receipt by or on behalf of the Brisbane City Council or any local authority (except in relation to the supply of electricity by the aforementioned bodies to consumers), or any water board, and any receipt by or on behalf of any electricity generating authority with respect to the supply by such authority of electricity to another authority for distribution to consumers. 4. Receipt for money paid to or received from any person for the amount of the principal of a deposit or loan, not being a loan in respect of the sale or proposed sale of goods on credit, where the deposit or loan is at call or for a term of twelve months or less. 5. Receipt by a bank for money deposited in that bank to be accounted for. 6. Receipt by a depositor for money withdrawn from a bank account. 7. Receipt for money paid to any person to be applied for any charitable purpose.

Stamp Act Amendment Act 1970, No. 15 237 8. Receipt by- (i) any charity which is registered or which is exempted from registration under the provisions of a law of the Commonwealth of Australia or of the State; or (ii) any society or institution for the time being approved by the Commissioner for the purposes of this subparagraph whose resources are in accordance with its rules or objects used wholly or predominantly for- (a) the relief of poverty; (b) the promotion of education; (c) advancement of religion; (d) any purpose directly or indirectly connected with defence or the amelioration of the condition of past or present members of the Naval, Military or Air Forces of the Commonwealth of Australia or their dependants or for the promotion of any other patriotic object; or (e) such other purpose as in the opinion of the Commissioner warrants such society or institution being deemed to be a charitable society or institution. 9. Receipt for money paid to or for the use of the Royal Life Saving Society, or the Surf Life Saving Association of Australia or clubs affiliated thereto. 10. (a) Receipt by a bank for money paid or delivered by one banker to another in the ordinary course of banking business. (b) Receipt by a banker for a bill of exchange or promissory note for the purpose of its being presented for acceptance or payment. 11. Receipt for money paid to or by a registered bookmaker for or as a result of any bet made during the holding of a race meeting on a licensed racecourse. 12. Receipt for money paid for or as a result of any bet to or by the Totalisator Administration Board or any agency of such Board. 13. Receipt for money paid for or as a result of any bet on a totalisator operated at a race meeting. 14. Receipt for money paid on application for, subscription to, redemption of, the purchase money for or for interest on- (a) any stock, debentures, Treasury Bonds, Treasury Stock, Treasury Notes, Treasury Bills of the United Kingdom, the Government of a State or Territory of the Commonwealth of Australia or of the Commonwealth of Australia or any part of Her Majesty's dominions; or (b) stock, debentures, bonds or other securities of any public statutory body of the Commonwealth or a State, or of a local authority , municipality , council or county council constituted under the law of a State or Territory of the Commonwealth of Australia. 15. Receipt for money delivered to or by any carrier for delivery from or to any bank. 16. Receipt for any payment of membership contributions made to- (a) a registered Friendly Society; or (b) an association , society or trade union composed of or representing employees or for furthering or protecting the interests of employees.

238 Stamp Act Amendment Act 1970, No. 15 17. Receipt for money paid to an organisation registered or deemed to be registered under Part VI of the National Health Act, 1953, of the Commonwealth of Australia, as amended (not being a hospital conducted for profit), or by any such organisation as a benefit to the member thereof directly entitled to that benefit. 18. Receipt for money paid as a benefit to the member directly entitled to that benefit by a friendly or benefit society, industrial union, trade union or association of employees or from a benefit fund formed for the relief of members of such society, union or association. 19. Receipt for money paid to the representative in Queensland of the Government of another country, a foreign consul or a trade commissioner of any part of the British Commonwealth in his capacity as such representative, consul or trade commissioner. 20. Receipt for money paid as compensation to a workman or his legal personal representative or his dependants under a law of the Commonwealth of Australia or of a State or Territory of the Common- wealth relating to workers' compensation. 21. Receipt solely for accounting or office purposes for any payment made in the course of the internal administration of the business of any person by that person to any of his employees or servants or by any of his employees or servants to him or to any other of his employees or servants. 22. (a) Receipt for money paid upon the refund of- (i) a deposit lodged in respect of a tender, contract or proposed contract, (ii) rates or similar charges paid to the Brisbane City Council, or a local authority, municipality, council, or county council, constituted under the law of a State or Territory of the Commonwealth of Australia; (b) Receipt for money refunded on account of goods returned, services not availed of, the failure of an intended transaction or a payment made in error. 23. Receipt for money paid as a benefit to the person directly entitled to that benefit under- (i) The Social Services Consolidation Act, 1947, as amended, of the Parliament of the Commonwealth of Australia; (ii) the Repatriation Act1920, as amended, of the Parliament of the Commonwealth of Australia; (iii) the Tuberculosis Act1948, as amended, of the Parliament of the Commonwealth of Australia; or (iv) any other Act of a State or of the Parliament of the Common- wealth of Australia which is prescribed as an Act for the purposes of this exemption. 24. Receipt for or on account of any salary pay or wages, or for or on account of any other like payment made to or for the account or benefit of any person being the holder of an office or an employee in respect of his office or employment, or for or on account of money paid as pension, superannuation allowance, gratuity, refund of contributions, or other like allowance in respect of service. 25. Receipt for payments made by an employer to an employee for or as reimbursement of expenses incurred by the employee in the course of his employment.

Stamp Act Amendment Act 1970, No. 15 239 26. Receipt for money paid as relief or assistance granted by or on behalf of any Government or by or on behalf of any charity, society or institution whose receipts are exempt under the provisions of paragraph (8) of these exemptions. 27. Receipt for money not exceeding $10 where the money is received otherwise than by- (i) a person who carries on any trade, business or profession (otherwise than as an employee); (ii) a body corporate; (iii) a person who is a member of a class of persons prescribed for the purposes of this subparagraph; or (iv) a person who is an approved person for the purposes of this Act. 28. Receipt for money received by a board, committee or other body pursuant to any prescribed marketing scheme. 29. Receipt for money received by a solicitor or agent on behalf of a client or principal where a receipt by the client or principal for that money would be exempt from duty. 30. Receipt for money received by a solicitor or agent on behalf of a client or principal where the client or principal neither resides nor carries on business in Queensland. 31. Receipt for any money paid to a member of a stock exchange on the sale of marketable securities by him on his own account or behalf where the marketable securities were purchased by him within two clear days (not including any day upon which the stock exchange is closed) immediately prior to the sale of those marketable securities. 32. Receipt by or on behalf of a registered terminating or permanent building or housing society. 33. Receipt for money paid for maintenance under any law of the Commonwealth or of a State or Territory of the Commonwealth relating to child welfare, or for maintenance or alimony under a Matrimonial Causes Act of the Commonwealth or of a State or Territory of the Commonwealth. 34. Receipt for scholarship allowances, bursaries or grants for the purchase of texbooks, provided by a State or Territory of the Commonwealth of Australia or the Commonwealth of Australia or for the refund of deposits paid in respect of fees or other charges to any University, Institute of Technology, Technical College, Teachers' College, school providing primary, secondary or tertiary education or school approved by the Commissioner. 35. Receipt by any approved non-profit organisation engaged in the conduct of a hostel for the care of students attending primary, secondary or tertiary institutions to which the provisions of exemption 34 apply. 36. Receipt for or upon the payment of money for the use of any public hospital. 37. Receipt for money paid by a person to that person' s spouse, housekeeper or dependant for housekeeping or other similar expenses. 38. Receipt for money not exceeding $200 paid by way of gift. 39. Receipt for any payment of membership subscription by a member of an association composed or representative of employers as such or of persons who carry on the business of primary production where the Commissioner is satisfied that the sole or principal objects of

240 Stamp Act Amendment Act 1970, No. 15 the association are to further or protect or to further and protect the interests of its members: But where the amount of the subscription received by the association from any member in any year exceeds fifty dollars, this exemption shall apply and have effect in respect only of the first fifty dollars so received in each year. 40. Duplicate receipt or additional receipt given after the original has been duly stamped and bearing the words across such receipt " original duly stamped " or " original stamped ". 41. Receipt given by a person being a member of a partnership in respect of the withdrawal by such person of money from the funds of the partnership." 12. Section 49B of Principal Act not applicable in certain cases. The provisions of section 49B of the Principal Act do not apply in respect of a disposition of property in the course of and for the purposes of the winding-up of a company made during the period of three years commencing on the date on which this Act receives the Royal Assent where the Commissioner of Stamp Duties is satisfied that the transferee of that property and the company in liquidation were associated companies within the meaning of section 49c of the Principal Act at a date before this Act received the Royal Assent and have continued to be so associated at all times up to the date of the conveyance, transfer or assignment giving effect to the disposition.