Stamp Act Amendment Act 1979 (Qld)

Qltursfanbr ANNO VICESIMO OCTAVO ELIZABETHAE SECUNDAE REGINAE No. 12 of 1979 An Act to amend the StampAct 1894-1976 in certain particulars [ASSENTED TO 4TH MAY; 19791 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 1979. (2) In this Act the Stamp Act1894-1976 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Stamp Act1894-1979.

112 Stamp Act Amendment Act 1979, No. 12 2. Commencement . (1) Sections 13, 14 and 28 shall come into operation on a day or on days appointed by Proclamation or Proclamations. (2) Sections 4 and 6 shall come into operation on 7 May 1979. (3) Subject to subsections (1) and (2), this Act shall come into operation on the day on which it is assented to for and on behalf of Her Majesty. 3. Amendment of s. 2. Section 2 of the Principal Act is amended by- (a) omitting the definition of the expression " religious body " and substituting the following definition:- The expression " religious body " means- (a) such a body in Queensland appertaining to any of the following religious denominations, namely-Church of England, Roman Catholic, Uniting Church in Australia, Presbyterian, Lutheran, Baptist, Salvation Army, Church of Christ, and any other religious denomination declared by the Governor in Council by Order in Council to be a religious denomination for the purposes of this definition (for so long as such Order in Council remains in force); and (b) such a body as is, in the opinion of the Governor in Council- (i) dedicated to the propagation of religious belief; and (ii) controlled by one or more of the religious denominations referred to in paragraph (a) or declared as provided in that paragraph, and is declared by the Governor in Council by Order in Council to be a religious body within the meaning of this definition (for so long as such Order in Council remains in force);"; (b) adding at the end thereof the following paragraph:- " The expression " unit trust scheme " means any arrangement made for the purpose, or having the effect, of providing, for persons having funds available for investment, facilities for the participation by them, as beneficiaries under a tru.,t, in any profits or income arising from the acquisition, holding, management or disposal of any property pursuant to the trust.". 4. Repeal of s. 4C . The Principal Act is amended by repealing section 4c. 5. Repeal of and new s. 9 . The Principal Act is amended by repealing section 9 and substituting the following section:- "9. Inspectors . (1) The Governor in Council may appoint such and so many officers as he thinks fit to be called Inspectors of Stamp Duties. (2) Inspectors of Stamp Duties shall have such functions and may exercise such powers as are prescribed by this Act.".

Stamp Act Amendment Act 1979, No. 12 113 6. Amendment of s. 24 . Section 24 of the Principal Act is amended by- (a) omitting from subsection (1) the words " twenty pounds " and substituting the expression " $200 "; (b) adding at the end thereof the following subsection:- " (7) If at any time after the payment of a sum as security for costs to the Commissioner- (a) the appeal is withdrawn or is not proceeded with after the Commissioner has entered upon the preparation of the case stated to which the payment is relevant; (b) the case stated by the Commissioner to which the payment is relevant is not set down for hearing as prescribed by subsection (2); or (c) the appeal to which the case stated by the Commissioner is relevant is withdrawn or is not proceeded with, then, subject to the Commissioner's agreement to the contrary and, in the case referred to in paragraph (c), to any order of the Court duly made to the contrary, such sum shall first be applied towards payment of costs incurred by the Commissioner in connexion with the case stated or, as the case may be, the appeal and subject thereto shall be refunded to or on account of the person who paid the same to the Commissioner.". 7. Repeal of and new s. 29. The Principal Act is amended by repealing section 29 and substituting the following section:- "29. Powers of inspection . (1) For the purpose of assessing the amount of duty payable under this Act in respect of any instrument or of ascertaining whether duty payable under this Act has been or is being avoided an Inspector of Stamp Duties may inspect, make copies of and take extracts from instruments, books, papers, and records of any description that are in the possession of any person and that the inspector reasonably believes to be such that they may tend to assist the purpose of his inspection. (2) For the purpose of an exercise of his powers under subsection (1) an Inspector of Stamp Duties may- (a) enter upon premises where he suspects to be held instruments , books, papers, and records of any description that may tend to assist him in that exercise at all times when such premises are open to the public or, in the case of premises not open to the public, at all reasonable times and remain therein until that exercise is completed; (b) require any person, whether or not in premises entered by the inspector, to produce to the inspector all instruments , books, papers, or records of any description to which that person has access and which may tend to assist the inspector in that exercise. (3) Every person who holds an appointment of a public nature and who has in his custody any instruments, books, papers, or records of any description the inspection of which may tend to secure duty payable under this Act or may tend to the discovery

114 Stamp Act Amendment Act 1979, No. 12 of an avoidance of duty payable under this Act shall permit any person thereunto authorized by the Commissioner to inspect, at all reasonable times, such instruments, books, papers, and records and to copy the same or to take extracts from the same without fee or reward. (4) A person who- (a) obstructs or hinders, or attempts to obstruct or hinder an Inspector of Stamp Duties, or anyone assisting him, in exercise of a power conferred on an inspector by subsection (1) or paragraph (a) of subsection (2); or (b) refuses or fails to comply with a requisition directed to him under paragraph (b) of subsection (2); or (c) knowingly fails to comply with the provisions of subsection (3), commits an offence against this Act and incurs a penalty not exceeding $200. (5) Where a requisition made under paragraph (b) of subsection (2) is directed to a body corporate, which fails to comply with it, every director of that body corporate and member of the governing body of that body corporate (by whatever name called) and every manager, secretary or other officer of that body corporate shall be taken to have failed to comply with a requisition directed to him under that paragraph and to have committed an offence and to have incurred a penalty accordingly.". 8. Amendment of s. 31A. Section 31A of the Principal Act is amended by omitting the note appearing in and at the commencement of the section and substituting the following note:- " Transfers of marketable securities and share rights.". 9. Amendment of s. 31G. Section 31G of the Principal Act is amended by omitting subsection (2). 10. Amendment of s. 32A. Section 32A of the Principal Act is amended by, in subsection (2), omitting from the proviso the words " one-twelfth of one per centum " and substituting the expression " 0.125 per centum ". 11. Amendment of s. 35. Section 35 of the Principal Act is amended by- (a) in subsection (1), (i) inserting after the definition of the expression " Acceptable rate of interest " the following definition:- " The expression " Authorized dealer in the short - term money market " means a body corporate declared under section 38 (7) of the Companies Act 1961 - 1978 to be an authorized dealer in the short - term money market."; (ii) inserting after the definition of the expression " Credit arrangement " the following definition:- " The expression " Dealer i n the unofficial short - term money market " means a body corporate declared by the Commissioner to be a dealer in the unofficial short-term money market.";

Stamp Act Amendment Act 1979, No. 12 115 (iii) adding at the end of the definition of the expression " Loan " the following words:- " or any forbearance evidenced by extension of time for payment of the amount or value of an existing loan (including a loan that has matured but is still outstanding and any part thereof) that has been included in a statement complying with section 35a and delivered in accordance with that section if such extension does not by any means, including capitalization of interest, result in an increase in the amount or value of the loan payable upon its maturity at the expiration of the extended time, whether such extension is granted before the date on which the existing loan would have matured but for the extension of time or after the date on which the existing loan has matured "; (b) in subsection (4), adding at the end thereof the following paragraph :- " This section and sections 35A, 358, 35c, 35D and 35E of this Act do not apply to- (a) a discount transaction, the parties to which are incorporated persons and which consists of the purchase, acquisition, discounting or factoring of a bill of .exchange or promisory note that is- (i) drawn, made, accepted or endorsed by a bank as defined in section 5 of the Banking Act1959 of the Commonwealth as amended from time to time, an authorized dealer in the short-term money market or a dealer in the unofficial short-term money market; (ii) drawn or made for a term not exceeding 180 days; and (iii) drawn or made for an amount or value of not less than $50 000.00; (b) a loan made for a term not exceeding 180 days, the parties to which are incorporated persons and the principal of which is not less than $50 000.00 and which is- (i) a loan to a bank as defined in section 5 of the BankingAct1959 of the Commonwealth as amended from time to time; (ii) a loan to or by an authorized dealer in the short-term money market; (iii) a loan to or by a dealer in the unofficial short-term money market; or (iv) a loan by one incorporated person to another incorporated person by way of temporary investment of surplus funds.". 12. Amendment of s. 358. Section 35s of the Principal Act is amended by, in subsection (I)- (a) adding at the end of provision (v) of paragraph (a) the words " and other than discount transactions in. respect of which the registered person has, pursuant to section 4, paid ad valorem duty under the heading " CONVEYANCE OR TRANSFER " in the First Schedule to this Act ";

116 Stamp Act Amendment Act 1979, No. 12 (b) in provision (vii) of paragraph (a), (i) inserting after the words " last preceding twelve months " the words " other than short term discount transactions in respect of which the registered person has, pursuant to section 4, paid ad valorem duty under the heading " CONVEYANCE OR TRANSFER " in the First Schedule to this Act "; (ii) adding at the end thereof the words " other than short term discount transactions in respect of which the registered person has, pursuant to section 4, paid ad valorem duty under the heading " CONVEYANCE OR TRANSFER " in the First Schedule to this Act "; (c) omitting the definition of the expression " Housing loan " and substituting the following definition:- " The expression " housing loan " means a loan which the borrower has declared by statutory declaration in the prescribed form to have been obtained solely for the purpose of defraying the whole or part of the cost of constructing a house, flat or home unit or acquiring a house, flat or home unit, but does not include a loan obtained for the purpose of acquiring land only, whether or not it is intended to erect thereon residential premises; ". 13. Amendment of s. 46A. Section 46A of the Principal Act is amended by- (a) omitting subsection (1) and substituting the following subsection:- (11)) Any person resident in Queensland who- (a) effects any insurance in respect of a risk in Queensland; or (b) effects a policy of life insurance, for which insurance, in either case, a policy of insurance or renewal of any such policy is or is to be issued outside Queensland shall, within one month after effecting the insurance, furnish to the Commissioner a return containing such particulars and information as to the insurance as may be prescribed."; (b) omitting subsection (5) and substituting the following subsection:- " (5) For the purposes of this section the expressions " person resident in Queensland " and " person " include- (a) a company or corporation that is registered under any of the provisions of the Companies Act 1961-1978, whether incorporated in Queensland or not; and (b) a corporation that carries on business in Queensland. This subsection shall not be construed as limiting the construction of any provision of this Act."; (c) adding at the end of the section the following subsection:- " (6) (a) This section does not apply to a policy of life insurance that relates solely t-; the life or lives of a person or persons who was or were, at the time the policy was effected, domiciled outside Queensland.

Stamp Act Amendment Act 1979, No. 12 117 (b) Where a policy of life insurance to which this section applies relates partly to the life or lives of a person or persons domiciled in Queensland and partly to the life or lives of a person or persons domiciled outside Queensland, the duty chargeable on the return furnished under this section may be reduced by such amount as , in the opinion of the Commissioner, is referable to the insurance that relates to the life or lives of the person or persons who was or were, at the time the policy was effected, domiciled outside Queensland.". 14. Amendment of s. 46B . Section 46B of the Principal Act is amended by- (a) in subsection (1), (i) inserting in paragraph (a), after the words " any risk in Queensland ", the words " or a policy of life insurance "; (ii) inserting in paragraph (b), after the words " any risk in Queensland ", the words " or a policy of life insurance "; (b) omitting subsection (5) and substituting the following subsection:- " (5) For the purposes of this section the expressions " person resident in Queensland " and " person " include- (a) a company or corporation that is registered under any of the provisions of the Companies Act 1961-1978, whether incorporated in Queensland or not; and (b) a corporation that carries on business in Queensland. This subsection shall not be construed as limiting the construction of any provision of this Act."; (c) adding at the end of the section the following subsection:- " (6) This section does not apply to a policy of life insurance that relates solely to the life or lives of a person or persons who was or were, at the time the policy was effected, domiciled outside Queensland.". 15. Repeal of and new s. 49. The Principal Act is amended by repealing section 49 and substituting the following section:- " 49. Meaning of " Conveyance or Transfer " and provisions affecting the same. (1) For the purposes of this Act the expression " Conveyance or Transfer " includes every instrument and every decree or order of a Court whereby property or any estate or interest in property is transferred to or vested in any person. (2) For the purposes of this Act a conveyance or transfer of property shall be taken to include all livestock and movable chattels included in the transaction to which the conveyance or transfer relates notwithstanding that the same are not referred to in the instrument of conveyance or transfer but pass upon or by delivery or by or pursuant to another instrument or in any other manner and notwithstanding that the same are not, at the date of execution of the instrument of conveyance or transfer, on they property to which that instrument refers.

118 Stamp Act Amendment Act 1979, No. 12 (3) The true consideration for or value of all property included in a transaction (including livestock and movable chattels referred to in subsection (2)) shall- (a) be specified in the instrument of transfer or conveyance of property made pursuant to the transaction; or (b) be declared by declaration made under The Oaths Acts, 1867 to 1960. (4) Where more instruments than one are made for the purpose of transferring to or vesting in any person property or any estate or interest in property pursuant to a transaction that includes livestock or movable chattels, the conveyor or transferor or, if there be more than one, the conveyors or transferors shall by declaration made under The Oaths Acts, 1867 to 1960, apportion the true consideration for or value of such livestock or movable chattels among such instruments and in default thereof the Commissioner may make such apportionment as he thinks fit and his apportionment shall be conclusive.". 16. Repeal of and new s. 51 . The Principal Act is amended by repealing section 51 and substituting the following section:- " 51. How consideration consisting of periodical payments to be charged . (1) Where the consideration, or any part of the consideration, for a conveyance on sale consists of money payable periodically for a definite period, so that the total amount to be paid can be previously ascertained, the conveyance shall be charged in respect of that consideration with ad valorem duty on such total amount. (2) Where the consideration or any part of the consideration, for a conveyance on sale consists of money payable periodically in perpetuity, or for an indefinite period not terminable with life, or payable periodically during any life or lives, the conveyance shall be charged with ad valorem duty on the value of the property conveyed. (3) A conveyance on sale chargeable with ad valorem duty in respect of any periodical payments, and containing also provision for securing such periodical payments, shall not be charged with any duty whatsoever in respect of such provision.". 17. Amendment of s. 54. Section 54 of the Principal Act is amended by- (a) in subsection (1), omitting the proviso and substituting the following proviso:- " Provided that where there are executed two or more contracts or agreements for sale- (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 full amount of the duty which would have been payable if only one contract or agreement for sale had been executed in respect of the transaction shall be chargeable and that duty shall be apportioned to and stamped upon such contracts or agreements for sale as the Commissioner determines.";

Stamp Act Amendment Act 1979, No. 12 119 (b) omitting subsection (4) and substituting. the following subsection:- 44 (4) If any company incorporated in Queensland or any corporation registered in Queensland acquires for a consideration in money or money's worth any property in Queensland, and a contract or agreement for the sale or an instrument of conveyance of such property is not executed or, being executed, is not produced for stamping, the memorandum of association of such company aforesaid or, as the case may be, the.copy memorandum of association registered in Queensland of such corporation aforesaid shall be deemed to be the instrument of conveyance of such property for the purposes of this section."; (c) in subsection (6), inserting after the words " the conveyance or transfer " wherever they occur the words " or conveyances or transfers "; (d) adding to subsection (6) the following paragraphs:- " The foregoing provisions of this subsection do not apply in respect of a conveyance or transfer made to a person other than the person named as purchaser in the contract or agreement for sale to which the conveyance or transfer is intended to be pursuant unless, the Commissioner is satisfied that at the time the contract or agreement for sale was executed the person named therein as purchaser was acting in the transaction evidenced by such contract or agreement as agent for the person to whom the conveyance or transfer is made (either as a general agent or in relation to the particular transaction) and was so acting under authority given to him by such person in writing executed prior to the execution of the contract or agreement for sale. Where the- purchaser under a contract or agreement for sale is expressed to be a named person or his nominee, then for the purposes of this subsection the purchaser named therein shall be taken to be such named person.". 18. Amendment -of s. 54A. Section 54A of the Principal Act is amended by- (a) omitting subsections (1), (2) and (3) and substituting the following subsections:- " (1) An acquisition or an agreement to acquire a business shall, for the purposes of this section, be deemed to include all goods, livestock, vehicles and other movable chattels, and all leases, tenancies and licences, and the goodwill appertaining to the business, which are acquired or agreed to be acquired from the owner of the business whether the same are included in the transaction by which the business is acquired or agreed to be acquired or are the subject of another transaction or other transactions. (2) Every person who acquires or agrees to acquire a business shall, within one month after he does so, deliver to the Commissioner a statement in .duplicate in the prescribed form verified in the prescribed manner and showing the prescribed information.

120 Stamp Act Amendment Act 1979, No. 12 (3) Where subsequent to delivering to the Commissioner a statement under subsection (2) in respect of a business the person acquiring or agreeing to acquire the business enters into another transaction or other transactions referred to in subsection (1) then he shall, within one month after he enters into that transaction or those transactions, deliver to the Commissioner a statement in duplicate in the prescribed form verified in the prescribed manner and, in respect of that other transaction or those other transactions showing the prescribed information."; (b) in subsection (5), inserting after the words " the statement relates " the words " for a consideration equal to the full value of such property "; (c) omitting subsection (7) and substituting the following subsection:- " (7) For the purposes of this section the expression " business " includes- (a) any business, profession, calling, vocation or other occupation carried on by a person on his own behalf or in partnership with any other person; (b) any interest held as a partner in a business; and (c) any interest acquired as a partner in a business. For the purposes of this section the expressions " acquisition of a business " and " agreement to acquire a business " include any transaction or transactions by which, although the whole or the assets of a business are not acquired or agreed to be acquired, sufficient of those assets are acquired or agreed to be acquired to enable the person acquiring the same to carry on the business."; (d) omitting subsection (8) and substituting the following subsections:- " (8) Where, other than by reason of the acquisition or agreement to acquire the whole of a business or an interest as a partner in the whole of a business, any real property or in the case of any land held from the Crown for a leasehold estate, any such leasehold estate, any lease, any tenancy or any licence appertaining to a business is acquired or agreed to be acquired then such real property, leasehold estate, lease, tenancy or licence and, if any other property appertaining to the business is acquired or agreed to be acquired therewith, such other property shall be deemed to be a business for the purposes of this section. (9) Where any real property, or in the case of any land held from the Crown for a leasehold estate, any such leasehold estate is acquired by one or more persons and, at the time of or prior to or subsequent to the acquisition of such real property, or leasehold estate, any other property (real or personal) that, in the hands of the person from whom it is acquired, is or was being used. in a business conducted on such real property, or land held from the Crown, is acquired by any person or persons such that there exists a relationship between the first-mentioned person or persons and the last-mentioned person or persons or there exists any circumstance which in either case makes it likely that such other property acquired will be used in conducting a business on such real property or land held from the Crown, being a business that

Stamp Act Amendment Act 1979, No. 12 121 is of the same or substantially the same description as the business conducted thereon by the person from whom such other property is acquired, then it shall be deemed that such real property, or, as the case may be, leasehold estate and all such other property is a business for the purposes of this section: Provided that if such other property is acquired prior to the acquisition of the real property or the leasehold estate in land held from the Crown on which was being conducted the business in which such other property was being used and the Commissioner is satisfied that the acquisition of such other property is a transaction unrelated to the acquisition of the real property or leasehold estate, the foregoing provisions of this subsection shall not apply. In a case to which the provisions of this subsection apply, the person or persons who acquire or agree to acquire the real property or leasehold estate in land held from the Crown shall be the person or persons who acquire or, as the case may be, agree to acquire the business, for the purposes of subsections (2), (3) and (4). 19. Amendment of s. 55 . Section 55 of the Principal Act is amended by, in subsection (3), omitting the words " ten shillings " and substituting the expression " $4 ". 20. Repeal of and new s. 57. The Principal Act is amended by repealing section 57 and substituting the following section:- " 57. What is to be deemed a conveyance on any occasion not being a sale or mortgage . (1) Every instrument by which property is transferred to a trustee on such terms that the beneficial ownership of the property- (a) is not altered by reason of the trust; and (b) may be altered by the trustee either in his own discretion or upon the direction or with the consent of the beneficiaries, shall be chargeable with ad valorem duty as a conveyance on sale for a consideration equal to the full value of the property affected .by the trust. (2) If in an instrument of trust there is no provision for variation of the beneficiaries or classes of beneficiaries under the trusts therein contained and either a variation is made in such beneficiaries or such classes of beneficiaries or provision is made for a variation in such beneficiaries or such classes of beneficiaries, any instrument whereby such variation or provision is made and the instrument of trust itself shall each be deemed to be a conveyance of the property affected by the trusts and shall be chargeable with ad valorem duty as a conveyance on sale for a consideration equal to the full value of the property affected by the trusts: Provided that in no ease shall both an instrument'as aforesaid and an instrument of trust be charged with duty under this Act in respect of the variation or provision for variation so made. (3) Every instrument by which any property is, on any occasion, except that of a sale or mortgage, transferred to or vested in any person and every decree or order of any court by which.any property is so transferred or vested is chargeable with duty as a conveyance or transfer of such property:

122 Stamp Act Amendment Act 1979, No. 12 Provided that a conveyance or transfer made to effectuate the appointment of a new trustee is not to be charged with duty exceeding $4.00.". 21. Amendment of s. 64 . Section 64 of the Principal Act is amended by, in subsection (2), omitting the words " included in the transaction ". and substituting the words " taken over by the lessee from the lessor or the outgoing lessee ". 22. Amendment of s. 64A. Section 64A of the Principal Act is amended by adding at the end thereof the following subsection:- " (9) If any party to a lease, agreement for lease, or document providing for the tenancy or occupancy of land, tenements or hereditaments makes application to the Commissioner that he will exercise one or more of the powers conferred on him by this subsection, the Commissioner may exercise such power or powers notwithstanding any other provision of this section. If the term of tenancy or right to use property under any instrument of a description referred to in the preceding paragraph is for a definite term exceeding three years and the total rental payable thereunder is, in the Commissioner's opinion, reasonably determinable, the Commissioner may offer to assess a commutation of the duty with which the instrument is chargeable under this Act and if such offer is accepted by a party to the instrument the amount so assessed shall be the duty with which the instrument is chargeable under this Act. If the term of tenancy or right to use property under any instrument of a description referred to in the first paragraph of this subsection is for a definite term exceeding three years but the total rental payable thereunder is, in the Commissioner's opinion, not reasonably determinable at the time when the duty with which the instrument is chargeable under this Act is to be first assessed, the Commissioner may, on the expiration of the first three years of the term, if he is of the opinion that the total rental payable thereunder for the balance of the term is reasonably determinable, offer to assess a commutation of the duty with which the instrument is chargeable under this Act in respect of the balance of the term and, if such offer is accepted by a party to the instrument, the amount so assessed shall be the duty with which the instrument is chargeable under this Act in respect of the balance of the term. The Commissioner may make and issue an assessment up to a particular date of duty with which an instrument of a description referred to in the first paragraph of this subsection is chargeable under this Act and upon payment thereof such duty shall be stamped on the instrument which shall, subject to any re-assessment of duty made by the Commissioner in accordance with this Act, be taken to be duly stamped to that date.". 23. Amendment of s. 66. Section 66 of the Principal Act is amended by omitting from the proviso the words " two shillings and sixpence " and substituting the expression " $1 ".

Stamp Act Amendment Act 1979, No. 12 123 24. Amendment of s. 68A . Section 68A of the Principal Act is amended by omitting from subsection (1) the words " brought into Queensland, such trust deed " and substituting the words " such trust deed or a copy thereof (executed or unexecuted) is brought into Queensland for the purpose of registration or other purpose associated with the offer such trust deed or, as the case may be, copy ". 25. Repeal of s. 77. The Principal Act is amended by repealing section 77. 26. Amendment of s. 78. Section 78 of the Principal Act is amended by- (a) numbering the existing provisions as subsection (1); (b) adding the following subsection:- " (2) A complaint made to recover a penalty imposed by this Act may be made within two years next after the commission of the offence to-which the penalty relates comes to the knowledge of the complainant.". 27. Amendment of s. 80 . Section 80 of the Principal Act is amended by inserting after the words " such duty " the words " at any time within two years after he has ascertained the facts sufficient to enable the amount of duty to be assessed correctly ". 28. Amendment of First Schedule. The First Schedule to the Principal Act is amended by, under the heading " CONVEYANCE OR TRANSFER-"- (a) renumbering paragraph (7) as paragraph (8); (b) inserting after paragraph (6) the following paragraph:- " (7) Of property consisting of a mortgage secured on land or on land and improvements thereon, whether the conveyance or transfer is absolute or by way of security, and the Commissioner is satisfied that the conveyance or transfer is a transaction in the mortgage bills market in Queensland, or a transaction in the mortgage market in Queensland- For each mortgage to which the conveyance or transfer relates .. .. .. .. 5.00 ". 29. Amendment of First Schedule. The First Schedule to the Principal Act is amended by- (a) under the heading " BILL OF EXCHANGE [ss. 36, 39, 41]- ", (i) inserting after the paragraph commencing with the words " All cheques drawn on banks " the following paragraph:- " All cheques drawn on banks for the purposes of an Art Union approved by the Governor in Council for the purposes of this exemption by or on behalf of any person or persons engaged in conducting the Art'Union and all cheques drawn on banks, being cheques in respect of which duty has not already been paid under this Act, received by any such person or persons for the purposes of such an Art Union (it being hereby declared that the Governor in Council may, by Order in Council, so approve of an Art Union if he is satisfied that the profits therefrom are to be

124 Stamp Act Amendment Act 1979, No. 12 applied solely for the benefit of a person or society whose cheques are exempt under the preceding paragraph of these exemptions, and may in like manner revoke such an approval)."; (ii) inserting after the paragraph commencing with the words "All cheques drawn by any religious body " the following paragraph:- "All cheques drawn on any savings bank account with a bank carrying on business in Australia."; (iii) adding at the end of the exemptions the following paragraph:- " All orders for the making of any deduction from sala>;y or wage payments."; (b) inserting before the heading " CONVEYANCE OR TRANSFER- " the following heading and words:- COMPANY AND CORPORATION CONSTITUTIONS- (a) Association to be incorporated in Queensland under the Companies Act 1961-1978- Memorandum of Association .. .. .. 4.00 Articles of Association .. .. .. .. 4.00 (b) Corporation to be registered in Queensland under the Companies Act 1961-1978- Copy Memorandum of Association for registration .. .. .. .. .. Copy Articles of Association for registration .. 4.00 4.00 The duties payable under this heading may be denoted by adhesive stamps." (c) under the heading " CONVEYANCE OR TRANSFER " inserting after paragraph (5) the following paragraph:- " (5A) Pursuant to any trust of any real or personal property (except stock or marketable security)- (i) in respect of which a Declaration of Trust has been executed and upon which ad valorem duty has been paid .. .. .. .. .. 4.00 (ii) in respect of which the Commissioner is satisfied that the trust property had been purchased by the transferor (pursuant to authority conferred on him in writing executed prior to the execution of the relevant contract or agreement for sale) on behalf of the transferee who had paid the purchase price .. .. .. .. .. 4.00 (iii) in any other case- The same duty on the full value of such property as on the amount or value of the consideration for a conveyance or transfer on sale."; (d) omitting all words under the heading " DECLARATION OF TRUST " and substituting the following words:- "Any instrument declaring that property vested or to be vested in the person executing the same is or shall be held in trust for the person or persons mentioned therein- The same duty on the full value of such property as on the amount or value of the consideration for a conveyance or transfer on sale.";

Stamp Act Amendment Act 1979, No. 12 125 (e) omitting the following words:- " LEASE of any kind not hereinbefore described .. 4.00 " and all words from and including the words " For any transfer " to and including the words " included in the transaction."; (f) under the heading " LEASE or AGREEMENT for LEASE or any document providing for the tenancy or occupancy of land, tenements or hereditaments-" inserting before the sub-heading " EXEMPTION " the following words:- "Provided that the minimum duty chargeable in any case shall be $4.00. For any transfer or cancellation of any lease, agreement for lease, or other instrument of a description referred to under this heading, conveyance on sale duty on any premium, fine, or other consideration (other than rent) paid, and on any consideration paid for or the value of movable chattels taken over by the lessee from the lessor or the outgoing lessee.". (g) 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 paragraph (4) the words " or television installation "; (ii) omitting from paragraph (a) of the proviso the words " which does not exceed $100 000 "; (iii) omitting from paragraph (f) of the proviso the words " twenty- five cents " and substituting the expression " 50 cents "; (iv) in paragraph (g), adding at the end of the definition of " net premium " the words " and includes any amount payable pursuant to the Fire Brigades Act 1964-1977, which amount, where it is not paid to the insurer and relates to more sums insured than one, shall be apportioned rateably to each policy according to the sum insured under that policy (h) under the heading " POWER or LETTER of ATTORNEY or AUTHORITY or other instrument in the nature thereof- ", (i) omitting all words comprising paragraph (1) and the rate of duty set opposite the same; (ii)' omitting all words comprising paragraph (3) and the duty set opposite the same; (iii) omitting all words comprising paragraph (4) and the duty set opposite the same; (iv) omitting the words immediately preceding paragraph (5); (v) inserting after paragraph (5) the following words:- " The duties payable under this heading may be denoted by adhesive stamps."; (vi) inserting in the exemptions, after the paragraph commencing with the words " An appointment in writing " the following paragraphs:- " An appointment in writing of an agent to act for an applicant in connexion with an application for- land to be held as a selection under the Land Act 1962-1978; any right, title or interest in land under the Mining Act1968-1976;

126 Stamp Act Amendment Act 1979, No. 12 a miner's homestead under the Miners' Homestead Leases Act 1913-1976. An appointment in writing of a registered bailiff under and for the purposes of the Land Act 1962-1978. An appointment or engagement under the Auctioneers andAgents Act1971-1977."; (vii) renumbering paragraph (2) and (5) as paragraph (1) and (2) respectively.