Stamp Act Amendment Act 1975 (Qld)

646 ANNO VICESIMO QUARTO ELIZABETHAE SECUNDAE REGINAE No. 65 of 1975 An Act to amend the StampAct 1894-1974 in certain particulars and for an incidental purpose [ASSENTED TO 1ST DECEMBER, 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 j Stamp Act Amendment Act 1975. (2) In this Act the Stamp Act1894-1974 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Stamp Act1894-1975.

Stamp Act Amendment Act 1975, No. 65 647 2. Commencement of Act. (1) The provisions of section 15 and of paragraph (m) of section 16 shall come into operation on a date to be appointed by Proclamation. (2) The provisions of paragraphs (p) and (q) of section 16 shall come into operation on 1 January 1976. (3) Save as is prescribed by subsections (1) and (2) this Act shall come into operation on- (a) 1 December 1975; or (b) the date on which it is assented to for and on behalf of the Crown, whichever date is the later. 3. Amendment of s. 35. Section 35 of the Principal Act is amended by, in subsection (4), adding after paragraph (b) the following words:- 11 or (c) credit business that relates to transactions in connexion with which a credit card within the meaning of section 42B is produced ". 4. Amendment of s. 35A. Section 35A of the Principal Act is amended by adding at the end of subsection (3) the following paragraph:- " If it appears to the Commissioner that a registered person on any occasion- (a) has not delivered to him an accurate statement of the matters specified in paragraph (a) of section 35B (1); or (b) has not paid the whole amount of stamp duty, calculated in accordance with paragraph (b) of section 35B (1). that is payable in respect of a statement delivered to him of such matters, the Commissioner, if he considers the case to be one in which it is appropriate so to do. may cancel the registration of that registered person under this section whereupon the person concerned shall become and be a person who is not a registered person. 5. Amendment of s. 35B. Section 35B of the Principal Act is amended by, in subsection (I)- (a) omitting from subparagraphs (ii), (vi) and (x) of subparagraph (a) the words " one per centum " and substituting in each case the expression 1.5 per centum "; (b) omitting from subparagraphs (iv) and (viii) of subparagraph (a) the words " one twelfth of one per centum " and substituting in each case the expression " 0.125 per centum "; (c) omitting from subparagraph (ix) of subparagraph (a) the words " two hundred dollars " and substituting the expression " $200 "; (d) omitting from subparagraph (xii) of subparagraph (a) the words " one-quarter Of-;

648 Stamp Act Amendment Act 1975, No. 65 (e) omitting from subparagraph ( xiii ) of subparagraph (a) all words from and including the words " the total amount paid " to and including the words " to this Act-" and substituting the following words:- thee total amount paid or payable pursuant to section 4 of this Act under- the heading " MORTGAGE , BOND , DEBENTU RE AND COVENANT ", or the heading " BOND, COVENANT OR INSTRUMENT of any kind whatsoever ", or the heading " Biu. OF EXCHANGE of any other kind whatsoever (except a bank note), and promissory note of any kind whatsoever (except a bank note), drawn or expressed to be payable or actually paid or endorsed, or in any manner negotiated in the State of Queensland ", in the First Schedule to this Act- "; (f) omitting from subparagraph (b) the words " one twelfth of one per centum " and substituting the expression " 0.125 per centum "; (g) omitting from the first proviso to the subsection the words " ten thousand dollars " and the words " two thousand dollars " and substituting respectively the expression " $20 000 " and the expression 64S400011 ; (h) omitting from the first proviso the words " one-quarter of "; (i) omitting from the second proviso to the subsection the words " fifteen thousand dollars " and substituting the expression " $ 30 000 "; (j) adding at the end of the subsection the following paragraph:- The Governor in Council may, from time to time , by Order in Council , amend this subsection by omitting a reference in the first proviso or in the second proviso to any amount of money therein specified and substituting therefor a reference to such other amount as the Governor in Council thinks fit and, subject to section 35G, upon the publication of such an Order in Council in the Gazette this subsection shall be taken to have been amended as provided in the Order and shall be read accordingly.". 6. Amendment of s. 35E . Section 35E of the Principal Act is amended by, in subsection (2)- (a) omitting from subparagraph ( a) the words " one per centum " and substituting the expression " 1.5 per centum "; (b) omitting from subparagraph (b) the words " one-quarter of "; (c) omitting from subparagraph ( iv) the word " ten " and substituting the expression " 10 "; (d) omitting from subparagraph ( iv) the words "one quarter of ". 7. F*nlbe: amendment of s. 35E . Section 35E of the Principal Act is further amended by, in subsection ( 6), inserting after the words " twenty thousand dollars " the words " , which is obtained from a person other than a bank carrying on business in Queensland ". 8. Amendment of s . 35G. Section 35G of the Principal Act is amended by inserting before the expression " 35F " wherever it occurs the words " 35B or ".

Stamp Act Ameendment Act 1975, No. 65 649 9. Ameodment of s . 39. Section 39 of the Principal Act is amended by omitting from subsection (1) the word " six " and substituting the expression " 10 ". 10. New s. 428 . The Principal Act is amended by inserting after section 42A the following section:- " 428. Stamp duty on credit card basisamL (1) (a) In this section save where the contrary intention appears- active account " means an account kept by a cardholder's bank for a cardholder on whose account the cardholder's bank has, during the billing period specified . in subsection (3), made a payment in respect of a transaction in connexion with which a credit card issued by the cardholder's bank has been produced; " billing period " means a period in relation to which -a cardholder's bank issues a statement of account or of transactions to a cardholder or to any other person with a view to recoupment of the cardholder's bank in respect of payments made by it pursuant to the obligation accepted by it upon the issue by it of a credit card to the cardholder; " cardholder " means a person ordinarily resident in Queensland for whom a cardholder's bank keeps an account for the purpose of making payment, directly or indirectly, in respect of a transaction in connexion with which a credit card issued by that cardholder's bank has been produced; " cardholder's bank " means the bank or other financier which or who has issued a credit card and, in the ordinary course of business, will make payment, directly or indirectly, in respect of a transaction in connexion with which the credit card has been produced; " credit card "' means a card or other writing (by whatever name called) whereby a bank or other financier holds itself or himself out to a merchant or to merchants generally as accepting the obligation to pay for goods, services, money or money's worth supplied on account of the cardholder; " merchant " means a person who supplies goods, services, money or money's worth and for payment or recoupment in respect thereof relies, wholly or in part, on a credit card produced to him in connexion with such supply. " payment " means the transference of money or money's worth and includes the adjustment of credits or debits and the giving of credit. (b) For the purposes of this section a person shall be taken to be ordinarily resident in Queensland if his address last known to the cardholder's bank whose credit card is issued to him or at his direction is an address in Queensland. Z2

650 Stamp Act Amendment Act 1975, No. 65 (2) Within 28 days after 31 December 1975 and after the close of each month thereafter every cardholder' s bank that carries on business in Queensland shall furnish to the Commissioner 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, in respect of all active accounts kept by the cardholder ' s bank. Each such return- (a) shall show the amount of stamp duty with which it is chargeable pursuant to this section; and (b) shall be accompanied by the payment to the Commissioner of that amount. (3) The return furnished pursuant to subsection (2) shall be chargeable with an amount of stamp duty, in relation to each active account, equal to the amount expressed in the formula- SD-50.10 where SD represents the total amount of stamp duty that would have been paid had each of the merchants with whom was had a transaction in connexion with which there has been produced a credit card issued to or at the direction of the cardholder for whom the account is kept , during the billing period that terminated in the month the close of which commences the period of 28 days within which the return is required to be furnished, been paid by means of a bill of exchange payable on demand. (4) If- (a) a cardholder ' s bank that is required to furnish a return referred to in subsection (2)- (i) fails to furnish such a return within the prescribed period; or (ii) furnishes such a return that is false in a material particular; or (iii) fails to make payment as prescribed of the amount of stamp duty. with which the return furnished by it is chargeable; or (b) a cardholder ' s bank other than one referred to in paragraph (a)- (i) does not furnish a return referred to in subsection (2) within the prescribed period; or (ii) furnishes a return referred to in subsection (2) that is false in a material particular; or (iii) does not make payment to the Commissioner with the return furnished by it of an amount equivalent to the amount of stamp duty with which the return furnished by it would be chargeable were it a return furnished by a cardholder 's bank referred to in paragraph (a), the Governor in Council may , by Order in Council , declare such cardholder ' s bank to be a non - compliant cardholder 's bank and until such /Order in Council is revoked the bank or financier in question shall be and continue to be a non-compliant cardholder's bank for the purposes of this section.

Stamp Act Amendment Act 1975, No. 65 651 A declaration under this subsection may be advertized for the information of the public in such manner and to such extent as the Minister thinks fit and no person shall be liable for any injury claimed to arise by reason of such advertisement. (5) Every person who is a cardholder accountable to a cardholder's bank that is for the time being a non-compliant cardholder's bank shall, within 14 days after the close of each billing period in which his cardholder's account was an active account, furnish to the Commissioner 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 in respect of his cardholder's account kept by that cardholder's bank. Each such return- (a) shall show the amount of stamp duty with which it is chargeable pursuant to this section; and (b) shall be accompanied by the payment to the Commissioner of that amount. (6) The return furnished by a' cardholder pursuant to subsection (5) shall be chargeable with stamp duty as if it were a return furnished pursuant to subsection (2) in respect of the cardholder's account of that cardholder alone by a cardholder's bank to which subsection (2) applies. (7) A person required by subsection (5) to furnish a return who- (a) fails to furnish a return within the prescribed period; or (b) furnishes a return that is false in a material particular; or (c) fails to make payment as prescribed of the amount of stamp duty with which the return furnished by him is chargeable, shall be liable to a penalty not exceeding $200.". 11. Amendment of s. 53. Section 53 of the Principal Act is amended by omitting subsections (1) and (2) and substituting' the following subsections :- " (1) Where for the purpose of transferring or vesting in any person separate parts or parcels of any property or of an estate or interest in any property there are executed two or more conveyances or transfers-- (a) pursuant to one transaction of sale; or (b) that together evidence or give effect to what is, in substance, one transaction of sale, the instruments of conveyance or transfer shall be chargeable with the duty prescribed therefor by the First Schedule which duty, to the extent that it is ad valorem duty, shall be calculated on the total consideration for the whole of the property, estate or interest to which the transaction relates and that duty shall be apportioned to the several conveyances or transfers as the Commissioner determines.

652 Stamp Act Amendment Act 1975, No. 65 (2) A person who executes or is otherwise engaged, or concerned in the preparation or certification of a conveyance or transfer referred to in subsection (1) who, upon its submission to the Commissioner for stamping or when required by the Commissioner so to do, fails to disclose to the Commissioner the total consideration on which that subsection requires ad valorem duty to be calculated in respect of the instrument of conveyance or transfer shall be liable to a penalty not exceeding $1 000. It is a defence to a charge of a default referred to in this subsection that the defendant did not know and could not reasonably be expected to have known the total consideration in the disclosure of which default has been made.". 12e Amendment of s. 54. Section 54 of the Principal Act is amended by omitting subsection (7) and substituting the following subsection..- " (7) Ad valorem duty with which a contract or agreement would otherwise be chargeable shall not be claimed in any case where there is produced to the Commissioner evidence satisfactory to him that such contract or agreement was rescinded within 30 days after its execution. If ad valorem duty has been paid on a contract or agreement which is at any time afterwards rescinded such duty shall be refunded to the person entitled thereto if- (a) there is produced to the Commissioner evidence satisfactory to him that the contract or agreement has been so rescinded; and (b) the application for the refund of duty paid is made- (i) in the case of a contract or agreement executed prior to the commencement of the Stamp Act Amendment Act 1975, within 12 months after the date of execution of the contract or agreement; (ii) in the case of a contract or agreement executed after the commencement of the Stamp Act Amendment Act 1975, within six months after the date of such rescission or within. such extended period as the Commissioner allows in a particular case (he being empowered to allow such extension of time if he is satisfied that there are special circumstances that warrant such extension).". 13. Amendment of s. 62. Section 62 of the Principal Act is amended by omitting from subsection (2) the words " two shillings and sixpence only " and substituting the words " $1.00 or the equivalent of the stamp duty paid in respect of the agreement , whichever is less." 14. Amendment of s. 64. Section 64 of the Principal Act is amended by adding the following subsections:- " (3) For the purposes of subsection (2) the value of development work required by the provisions of a prescribed lease or agreement for lease to be undertaken , carried out or performed by the lessee shall not be taken to be consideration for the lease or agreement, as the case may be.

Stamp Act Amendment Act 1975, No. 65 653 In this subsection the expression " prescribed lease or agreement for lease " means- (a) a lease granted or an agreement for lease made by the Crown in right of Queensland or by a body corporate or corporation sole whose constitution and functions are provided for by an Act of Queensland and whose primary purpose is other than to make a profit from a business undertaking; or (b) a lease granted or an agreement for lease made by a body prescribed by the Governor in Council by Order in Council to be a public body for the purposes of this subsection, being a lease or agreement for lease ' to which this subsection applies by reason of such prescription and the provisions of subsection (4). (4) The Governor in Council may prescribe a body to be a public body for the purposes of subsection (3) without limitation, in which case subsection (3) shall apply to all leases granted or agreements for lease made by that body while it is so prescribed, or in relation to one or more leases or agreements for lease specified in the Order in Council, in which case subsection (3) shall apply to the lease or leases and the agreement or agreements specified.". 15. New s. 64A. The Principal Act is amended by inserting after section 64 tuie following section:- " 64A. Pruviskm affecting the term of leases and payoust of duty on leases . (1) Where by reason of a "provision in a lease, agreement for lease or document providing for the tenancy or occupancy of land, tenements or hereditaments the tenancy or right to use property (whether expressed as a weekly, monthly, quarterly, half-yearly or yearly tenancy or otherwise) is, subject to the provisions of the instrument, to continue for a specified period or until a specified time after the commencement of the tenancy or right to use, the tenancy or right to use shall, for the purposes of this Act, be deemed to be for a definite term ending at the termination of that period or at that time. If in a case referred to in this subsection, by reason of any provision in the instrument concerned, occupancy or use of the property to which the instrument relates may be continued beyond the specified period or the specified time it shall be deemed that the instrument creates a tenancy or right to use the term of which is indefinite and the instrument shall be chargeable with stamp duty as prescribed. (2) If in the case of a lease, agreement for lease or document providing for the tenancy or occupancy of land, tenements or hereditaments the term of a tenancy or right to use property is indefinite or cannot be ascertained or is for a definite term in excess of three years it shall be deemed- (a) that the term is a definite term of three years commencing at the time when it is provided (expressly or by implication) in the instrument in question for it to commence; and

654 Stamp Act Amendment Act 1975, No. 65 (b) that. the instrument in question creates a fresh tenancy or right to use on the termination of each period of three years commencing, in the case of the first such fresh tenancy or right to use, on the termination of the term the commencement of which is provided for (expressly or by implication) in the instrument in question, and, in the case of each subsequent such fresh tenancy or right to use, on the termination of the last preceding fresh tenancy or right to use. (3) Where a lease , agreement for lease or document providing for the tenancy or occupancy of land, tenements or hereditaments provides for payment of a rental that can be ascertained but may be varied during the term of the tenancy or occupancy the instrument in question is chargeable with stamp duty calculated as prescribed having regard to such variations as are made during the term in the rental payable. For the purpose of enabling the calculation, payment and collection of stamp duty in accordance with this subsection each party to the instrument in question is required to cause the original instrument or, in its absence, a stamped duplicate or counterpart thereof or a certified copy thereof to be submitted to the Commissioner , together with particulars of the variation made to the rental, within 30 days after the rental is varied. (4) Where a lease , agreement for lease or document providing for the tenancy or occupancy of land, tenements or hereditaments provides for payment of a rental that cannot be ascertained at the time the instrument in question is submitted to the Commissioner the parties to the instrument shall furnish to the Commissioner an estimate of the total rental payable over the'term of the tenancy or occupancy together with supporting evidence to the satisfaction of the Commissioner and the instrument shall, at that time, be chargeable with the amount of stamp duty shown as payable in the interim assessment made by the Commissioner on the basis of that estimate and evidence. When the term of the tenancy or occupancy is terminated, by effuxion of time or otherwise, each party to the instrument in question is required to cause the original of the instrument or, in its absence, a stamped duplicate or counterpart thereof or a certified copy thereof to be submitted to the Commissioner together with evidence of the total rental paid over the term of the tenancy or occupancy and the instrument shall, at that time, be chargeable with the amount of stamp duty shown as payable in the final assessment made by the Commissioner on the basis of that evidence. If the amount of the final assessment- (a) is more than the amount of the interim assessment the balance of the stamp duty shall be paid to the Commissioner; (b) is less than the amount of the interim assessment an adjustment of the stamp duty paid on the instrument in question shall be made in favour of the person who paid the duty or his estate , as the case may require.

Stamp Act Amendment Act 1975, No. 65 655 (5) Where stamp duty paid on an instrument of lease, agreement for lease or document providing for the tenancy or occupancy of land, tenements or hereditaments has been calculated on the total rental payable over the term of the tenancy or occupancy and that term is terminated otherwise than by effluxion of time the person who paid the duty or his estate, as the case may be, is entitled to a refund of such part of the duty paid as is equivalent to the difference between the duty actually paid and the duty which would have been payable had the term of the tenancy or occupancy been expressed to expire at the time when it is terminated. (6) Where the rental payable under a lease, agreement' for lease or document providing for the tenancy or occupancy of land, tenements or hereditaments was ascertained at the time the instrument in question was submitted to the Commissioner for the purpose of the payment of stamp duty thereon and the rental so ascertained is varied during the term of the tenancy or occupancy, subsection (3) of the section shall apply as if the instrument in question provided for variation of the rental thereunder. (7) This subsection applies only to leases, agreements for lease and documents providing for the tenancy or occupancy of land, tenements or hereditaments which have been made before the commencement of this section and subsist at such commencement. Where any such lease, agreement or document is varied as to the term of tenancy or occupancy thereby created or as to the rental payable in respect of such tenancy or occupancy by means of any instrument it shall be deemed that on the date on which the variation is agreed to there was created a fresh tenancy or right of occupancy and the instruments evidencing the same shall be chargeable with stamp duty as prescribed. (8) For the purposes of this section, it shall be taken that the rental provided for in any instrument is one that cannot be ascertained if it is to be varied during the tenancy provided for by reference to any movement or change that cannot be calculated or quantified at the time the instrument is submitted to the Commissioner.". 16. Annmbeent of First Schedule . The First Schedule to the Principal Act is amended by- (a) adding at the end of the provisions appearing under the heading commencing with the words "AGREEMENT or any MEMORANDUM of an AGREEMENT under hand only " the following exemption:- (9) Any instrument of indemnity executed by the payee in favour of the drawer of a cheque in consideration of the drawer drawing a cheque in substitution for one that has been lost or destroyed before payment."; (b) omitting from the column headed " Duty " the expression " 1.00 " where it occurs opposite to the words "Appointment of a new trustee " and substituting the expression " 4.00 "; (c) omitting from the column headed " Duty " the expression " 0.06 " where it occurs opposite to the words under the heading " Btu OF EXCHANGE " and substituting the expression " 0.10 ";

656 Stamp Act Amendment Act 1975, No. 65 (d)-omitting all words from and including the words " Where the amount or value of the money" to and including the words "any fractional part of $100 ", where they occur under the heading " BILL OF EXCHANGE of any other kind whatsoever ", together with the expressions opposite to those words in the column headed " Duty " and substituting the following words and expressions in the columns as follows:- (1) Where the bill or note is drawn or made outside Queensland and is duly stamped with ad valorem duty under the law of another State or Territory of the Commonwealth .. .. .. .. 0.10 (2) Where the bill or note is other than one referred to in paragraph (1) and is expressed to be payable at a fixed period of not more than 120 days after date or sight In respect of each 10 days and also of any fractional part of 10 days of that period (a period expressed by reference to a month or months being reckoned on the basis of 30 days to a month), for every $100 and also for any fractional part of $100 of the amount or value of the money for which the bill or note is drawn or made .. .. .. 0.01 (3) Where the bill or note is other than one referred to in paragraph (1) or (2), for every $100 and also for any fractional part of $100 of the amount or value of the money for which the bill or note is drawn or made .. .. .. .. .. 0.12 "; (e) omitting from the column headed " Duty " the expression " 1.00 " where it occurs opposite to the words " BOND or recognisance of any kind whatever not otherwise charged nor expressly exempted from all stamp duty " and substituting the expression " 4.00 ". (f) in the provisions appearing under the heading " CONVEYANCE OR TRANSFER "- (i) omitting paragraph (2) together with the expression " 1.25 " where it occurs opposite to that paragraph in the column headed " Duty " and substituting the following words and expressions in the columns as follows:- (2) On the sale of any property other than stock or marketable security- (a) where the value of the consideration for the sale does not exceed $20 000, for every $100 and also for any fractional part of $100 of the value of the consideration .. $1.50 (b) where the value of the consideration for the sale exceeds $20 000 but does not exceed $50 Q00 $300 plus $2 for every $100 and also for any fractional part of $100 of the value of the consideration in excess of $20 000

Stamp Act Amendment Act 1975, No. 65 657 (c) where the value of the consideration for the sale exceeds $50 000 but does not exceed $100 000 $900 plus $2.50 for every $100 and also for any fractional part of $100 of the value of the consideration in excess of $50 000 (d) where the value of the consideration for the sale exceeds $100 000 but does not exceed $500 000 $2 150 plus $3 for every $100 and also for any fractional part of $100 of the value of the consideration in excess of $100000 (e) where the value of the consideration for the sale exceeds $500 000 $14 150 plus $3.50 for every $100 and also for any fractional part of $100 of the value of the consideration in excess of $500 000 Provided that where the Commissioner is satisfied that the property, the subject of the sale, is acquired by any person or persons for the purpose, wholly or in part, of his or their principal place of residence the duty payable under this paragraph (2) shall be- (i) for every $100 and also for any fractional part of $100 of the value of the consideration for the sale which, in the Commissioner's opinion, is reasonably attributable to the principal place of residence (irrespective of the total value of the consideration) (ii) on the balance of the value of the consideration for the sale, the duty which would have been payable under this provision (2) had the balance of the value of the consideration been the total value of the consideration for the sale of the property for a purpose other than as a principal place of residence For the purpose of this paragraph (2) the expression " place of residence " means- (a) in the case of a sale of property that consists of or includes a dwelling- house , the dwelling-house; $1.50

658 Stamp Act Amendment Act 1975, No. 65 (b) in the case of a sale of property that consists of or includes a block of flats, a double-unit dwelling-house or a multiple-unit dwelling-house, a flat, unit or part designed for human habitation by a single family unit; or (c) in the case of a sale of property that consists of or includes a structure containing shop, factory or similar premises, a part of the structure designed for human habitation by a single family unit and includes the land comprising the curtilage of the place of residence."; (ii) omitting from the column headed " Duty " the expression " 1.00 " where it occurs opposite to the words comprising paragraph (7) and substituting the expression " 4.00 "; (iii) omitting from the EXEMPTIONS the subparagraph commencing with the words "All conveyances or transfers which upon the incorporation " and substituting the following subparagraph:- "All conveyances and transfers which, upon the incorporation of an association of persons .(by whatever name called)- (a) formed with the object of- (i) providing recreation or amusement; or (ii) promoting religion, charity, patriotism or the arts; or (iii) attaining any other end useful to the community and approved by the Minister; and (b) whose constitution provides for the application of its funds to its objects and prohibits the distribution of any part of its funds or profits to its members, are necessary or expedient for the purpose of vesting in the incorporated body in its corporate name all property of which the association was beneficial -owner immediately prior to its incorporation."; (g) omitting from the column headed " Duty the expression " 1.00 " where it occurs opposite to the words comprising paragraph (1) under the heading " DECLARATION OF TRUST " and substituting the expression " 4.00 "; (h) omitting from the column headed " Duty " the expression " 1.00 " where it occurs opposite to the heading DEED of any kind whatsoever not described in this Schedule " and substituting the expression " 4.00 "; (i) inserting under the heading " DEED of any kind whatsoever not described in this Schedule " the following words:- " EXEMPTION Any instrument of indemnity executed by the payee in favour of the drawer of a cheque in consideration of the drawer drawing a cheque in substitution for one that has been lost or destroyed before payment.";

Stamp Act Amendment Act 1975, No. 65 659 (j) omitting from the words under the heading " DUPLICATE or COUNTERPARTS of any instrument chargeable with duty " the word " twenty-five " and substituting the expression " 50 "; (k) omitting from the column headed " Duty " the expression " 0.25 " where it occurs opposite to the words " In any other case " under the heading " DUPLICATE or CouNTERPARTS of any instrument chargeable with duty " and substituting the expression " 0.50 "; (1) omitting from the words under the heading " INSTALMENT PURCHASE AGREEMENT " all words from and including the words "Amounts to $20 " to and including the words " the said price exceeds $200." together with the expressions opposite to those words in the column headed "Duty" and substituting the following words in the columns as follows:- "Amounts to $20 or more .. .. .. 1.5 per centum of the purchase price Provided that in any case where the total duty calculated under this provision includes a fraction of a cent the total duty payable shall be increased by an amount equal to the difference between that fractional part of a cent and one cent."; (m) omitting all words from and including the words " LEASE or AGREEMENT for a LEASE " to and including the words " fractional part of $100 " together with the expression " 0.25 " opposite to those words in the column headed " Duty " and substituting the following words and expression in the columns as follows:- LEASE or AGREEMENT for LEASE or any document providing for the tenancy or occupancy of land, tenements or hereditaments- For every $100 and also for any fractional part of $100 of the total rental payable over the term of the tenancy or occupancy .. 0.35 EXEMPTION A lease, agreement or document as aforesaid made in respect of the tenancy or occupancy of premises as a private dwelling-house. For the purposes of this exemption, premises are not leased, tenanted or occupied as a private dwelling-house unless- (a) they are used for the purpose of residence therein; and (b) they are not used for the conduct therein of any profession, trade, business or commercial venture." (n) omitting from the words under the heading " LEASE of any kind not hereinbefore described " the words " one-half the amount of lease duty originally paid, and " and omitting from the column headed " Duty " the expression " 1 .00 " where it occurs opposite to that heading and substituting for that expression the expression " 4.00 ";

660 Stamp Act Amendment Act 1975, No. 65 (o) in the provisions appearing under the heading " MORTGAGE, BOND , DEBENTURE, and COVENANT "- (i) omitting from paragraph (1) all words from and including the words " This provision " to and including the words " this heading applies " and substituting the following words:- " This provision does not apply to a security to which provision (2) appearing under this, heading applies."; (ii) omitting from the column headed " Duty " the expression " 0.25 " where it occurs opposite to the words comprising paragraph (2) and substituting the words " 1.00 or the equivalent of the stamp duty paid in respect of the principal or primary security whichever is less "; (iii) omitting from the column headed " Duty " the expression " 0.25 " where it occurs opposite to the words comprising paragraph (3) and substituting the words " 1.00 or the equivalent of the stamp duty paid in respect of'the relevant security, whichever is less "; (iv) omitting paragraph ( 5) together with the expression " 1.00 " opposite to that paragraph in the column headed " Duty "; (v) adding at the end of the exemptions the following exemption:- " Any instrument to which the provisions appearing under this heading are expressed to apply and which is approved by the Governor in Council by Order in Council as an instrument to which this exemption applies given or executed to secure an advanpe made or to be made to a Commodity Board or a Marketing Board constituted under the Primary Producers' Organization and Marketing Act 1926-1973 or to a primary producers ' co-operative association registered under the PrimaryProducers' Co-operative Associations Act1923-1974 for the purpose of providing finance for the acquisition of a commodity or primary produce or of making advances or other payments to its suppliers on account of a commodity or primary produce marketed on behalf of such suppliers or of providing finance for working or other expenses incidental to the acquisition , processing or marketing of a commodity or primary produce."; (p) in the provisions appearing - under the heading " POLICIES OF INSURANCE (other than Policies of Life Assurance and Policies of Accident Insurance issued under the Workers' Compensation Act 1916-1973) "- (i) omitting from the column headed " Duty " the expression " 0.021 " where it occurs opposite to the words comprising paragraph (5) and substituting the expression " 0.05 "; (ii) omitting from paragraph (6) all words from and.including the words " (a) upon every policy " to and including the words " the policy is issued " where they last occur in that paragraph together with the expressions opposite to those words in the column headed " Duty " and substituting the following words and expression in the columns as follows:- " upon every policy and every renewal of a policy of insurance- For every Si and also for any fractional part of $1 of the net premium payable thereon .. .. .. .. 0.05

Stamp Act Amendment Act 1975, No.,65 661 In this provision ( 6) the expression " net premium " means that amount assessed as payable after deducting from the premium otherwise payable all rebates, bonuses and profit distributions made by the insurer." (iii) omitting from the column headed " Duty " the expression " 0.021 " where it twice occurs opposite to the words comprising paragraph (8) and substituting in each case the expression " 0.05 "; (iv) omitting from subparagraph (a) of the proviso to paragraph (8) the expression " $ 2,000 " and substituting the expression " $100 000 "; (q) omitting from the column headed " Duty "• the expression " S " and the expression " 3.00 " where they occur opposite to the words under the heading " PouciEs OF ACCIDENT INSURANCE under The Workers' Compensation Acts 1916 to 1965 " and substituting the expression "5.00 ' "; (r) in the provisions appearing under the heading " PowER or LETTER of ATTORNEY or A UTHORITY or other instrument in the nature thereof "- (i) omitting from paragraph (1) the words " The Auctioneers, Real Estate Agents, Debt Collectors and Motor Dealers Acts 1922 to 1961 " and substituting the words " the Auctioneers., and Agents Act1971-1974"; (ii) omitting from paragraph (3) the words " The Land Acts 1962 to 1965 " and. substituting the words " the Land Act 1962-1974 "; (iii) omitting from the column headed " Duty " the expression " 1.00 " where it occurs opposite to the words comprising paragraph (5) and substituting the expression " 4.00 "; (s) omitting from the column headed " Duty " the expression " $ " and the expression " 1.00 " where they occur opposite to the words " In any other case " under the heading " RELEASE or RENUNCIATION of any property, or any right or interest in any property " and substituting the expression " 4.00 "; (t) omitting all words appearing under the heading " REQurzr under the provisions of the REAL PROPERTY ACTS " together with the expressions opposite to those words in the column headed " Duty " and substituting the following words in the columns as follows:- , " For the registration or entering of transmission .. For the registration or entering of record of death Of any other kind not otherwise stamped .. .. 4.00 .. 4.00 .. 1.00 "; (u) adding at the end of the proviso appearing under the heading commencing with the words " SETTLEMENT, DEED OF GIFT, or VOLUNTARY CONVEYANCE'! the following proviso:- " Provided further that where the settlement, deed of gift, or voluntary conveyance, or declaration of trust is to or for the benefit of the spouse of the maker thereof, the duty payable under this heading shall not exceed the duty that -would be payable if the property therein were the subject of a conveyance or transfer chargeable with duty only under the heading "CONVEYANCE OR TRANSFER " contained in this Schedule.".

662 Stamp Act Amendment Act 1975, No. 65 17. Regulations concerning Bills of Exchange . The power to make regulations conferred by section 83 of the Principal Act includes power to make regulations in relation to- (a) the use for a specified period from the commencement of section 9 and of paragraphs (c) and (d) of section 16 of forms of bills of exchange or of any specified class, description or kind of bill of exchange issued by banks to the public before that commencement; and (b) the extent to which forms of bills of exchange or any specified class, description or kind of bill of exchange are exempt from the increase in stamp duty provided for, by this Act. 18. Principal Act to continue to apply in certain cases . The provisions of the Principal Act apply in relation to any loan, credit arrangement, discount transaction, credit business or rental business, within the meaning of those expressions as defined by section 35 of the Principal Act, made, entered into or transacted prior to the date of commencement of this Act as prescribed by section 2 (3) and in relation to any deduction permitted by section 35s (1) (b) of the Principal Act to be made as respects any loan made prior to that date as if the amendments made by this Act had not been made. Where for the purposes of subsection (1) of section 35B of the Principal Act a loan is deemed to have been made in a particular month that loan shall, for the purposes of the application of this section, be deemed to hate been made in that same month.