Stamp Act Amendment Act 1981 (Qld)

967 ANNO TRICESIMO ELIZABETHAE SECUNDAE REGINAE No. 91 of 1981 An Act to amend the StampAct 1894 -1980 in certain particulars [ASSENTED TO 26TH N OVEMBER, 19811

968 Stamp Act Amendment Act 1981, No. 91 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 1981. (2) In this Act the Stamp Act1894-1980 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Stamp Act1894-1981. 2. Commencement of Act. (1) The enactments of this Act referred to in this subsection shall be deemed to have come into operation on 15 May 1981 and shall be given retrospective effect accordingly, that is to say= Sections 3, 15, 16 (paragraphs (a) and (b) only), 17, 19 and 23 (paragraphs (c) and (d) only) (2) Except as is prescribed by subsection (1) the provisions of this Act shall come into operation on the day on which this Act is assented to for and on behalf of Her Majesty. 3. Amendment of s. 2 . Definitions . Section 2 of the Principal Act is amended by, in the definition " Marketable security ", adding at the end of paragraph (c) the words " provided for in a deed that is an approved deed for the purposes of Division 5 of Part IV of the Companies Act 1961-1979 ". 4. New s. 22A. The Principal Act is amended by inserting after section 22 the following section:- "22A. Default assessments of duty. (1) Where- (a) any person fails to deliver to or lodge with the Commissioner, as and when he is required so to do by or under this Act, a statement, return or other document on which duty is chargeable under this Act; or (b) the Commissioner is not satisfied with a statement, return or other document delivered to or lodged with him and on which duty is chargeable under this Act, the Commissioner may, in the case referred to in paragraph (b), alter the statement, return or other document so that, in his opinion, it satisfies the requirements of this Act and, in either case, may assess the duty which in his opinion ought to be charged on the statement, return or other document that has not been delivered or lodged with him if it had been duly delivered to or lodged with him, or which in his opinion ought to be charged on the statement, return or other document with which he was not satisfied, altered by him as authorized by this subsection. (2) An assessment made under subsection (1) shall be endorsed- (a) in the case referred to in paragraph (a) of subsection (1), on a statement, return or other document completed, as well as may be, by the Commissioner in lieu of the statement, return or other document that has not been delivered to or lodged with him; or

Stamp Act Amendment Act 1981, No. 91 969 (b) in the case referred to in paragraph (b) of subsection (1), on the statement, return or other document delivered to or lodged with the Commissioner, altered by him as authorized by that subsection, and shall be deemed to be an assessment in respect of an instrument and shall be subject to appeal by a person dissatisfied, as provided by this Act. (3) Forthwith upon making an assessment under this section the Commissioner shall cause notice in writing of the assessment and the amount thereof to be given (including by post) to- (a) in the case referred to in paragraph (a) of subsection (1), the person required by or under this Act to deliver to or lodge with the Commissioner the statement, return or other document to which the assessment relates; or (b) in the case referred to in paragraph (b) of subsection (1), the person who has delivered to or lodged with the Commissioner the statement, return or other document to which the assessment relates. (4) The amount specified in an assessment made- under this section as payable shall be taken to be stamp duty charged on an instrument and payable by each person to whom notice is required by subsection (3) to be given and the provisions of paragraphs (c), (d), (e) and (f) of subsection 26 (3) shall apply as if the assessment were an assessment duly made after lodgment of an instrument as required by that subsection. (5) Where an assessment has been made under this section no action shall lie as for an offence against this Act in respect of- (a) a failure to deliver to or lodge with the Commissioner the statement, return or other document to which the assessment relates; or (b) any particular contained in or omitted from the statement, return or other document to which the assessment relates and with which the Commissioner is not satisfied.". 5. Amendment of s. 23. Commissioner may inquire into amount of consideration or value. Section 23 of the Principal Act is amended by omitting the note in and at the commencement of the section and subsection (1) and substituting the following note and subsection:- Inquiry to ascertain facts and determine duty. (1) In any case where- (a) the amount of stamp duty chargeable in respect of an instrument depends upon the value of or the consideration paid or given for property conveyed, transferred or otherwise dealt with by or in the instrument; or (b) it is necessary to ascertain facts in order to determine whether there is a liability to pay stamp duty or to deliver to or lodge with the Commissioner any statement, return or other document, the Commissioner or a Deputy Commissioner is authorized to hold an inquiry for the purpose of ascertaining such value, consideration or, as the case may be, facts and determining the amount of stamp duty chargeable.".

970 Stamp Act Amendment Act 1981, No. 91 6. New s. 23A. The Principal Act is amended by inserting after section 23 the following section:- " 23A. Commissioner may require information . (1) The Commissioner may by notice in writing require any person, whether a party to an instrument or not, including an officer employed in or in connexion with a department of the Government of Queensland or by a Local Authority or an authority constituted under an Act- (a) to furnish to him such information as he requires on any matter that in his opinion is relevant to the making of a proper assessment of stamp duty pursuant to this Act; and (b) to produce to him such books, papers and instruments as, in his opinion, might be relevant to the making of a proper assessment of stamp duty pursuant to this Act. (2) A person who fails to comply with a requisition of the Commissioner directed to him under subsection (1) is guilty of an offence against this Act and is liable to a penalty of not more than $500 and, if he is a person liable to pay the assessment for the making of which the information, book, paper or instrument is sought, is liable in addition to pay a penalty equal to double the amount of the assessment made, being the assessment aforesaid. (3) The Commissioner may require information sought under this section to be given verbally or in writing and on oath or by statutory declaration and for that purpose he or any officer authorized by him or any justice may administer an oath or take a declaration.". 7. Amendment of s. 29 . Powers of inspection . Section 29 of the Principal Act is amended by- (a) omitting subsection (1) and substituting the following subsection:- (1) For the purpose of- (a) assessing the amount of duty chargeable under this Act in respect of any instrument; or (b) ascertaining whether duty chargeable under this Act has been or is being avoided; or (c) ascertaining whether the provisions of section 54A have been complied with in every respect, an Inspector of Stamp Duties may- (d) 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 ; and (e) for the purpose referred to in paragraph (c) of subsection (1), require any person to furnish him with such information as the inspector reasonably believes to be within the knowledge or possession of that person concerning matters that the inspector reasonably believes to be such that they may tend to assist such purpose."; (b) in subsection (4) inserting in paragraph (b) after the words " to him " the words " under paragraph (e) of subsection (1) or ".

Stamp Act Amendment Act 1981, No. 91 971 8. Amendment of s. 35B . Statements to be lodged by registered persons with the Commissioner . Section 35B of the Principal Act is amended by, in subsection (1), omitting the paragraph commencing with the words " The expression " housing loan " " and substituting the following paragraphs:- " The expression " housing loan " means a loan which the borrower has declared by statutory declaration in the prescribed form- (a) to have been obtained solely for the purpose of defraying directly (i) the whole or part of the cost of constructing a house, flat or home unit; or (ii) the whole or part of the cost of acquiring a house, flat, or home unit; and (b) to -have not been obtained for the purpose of defraying, directly or indirectly, the whole or part of the cost of acquiring land only. For the purpose of declaring as specified in provision (b) of the preceding paragraph in respect of a loan it is immaterial, where the loan has been obtained for the purpose of defraying, directly or indirectly, the whole or part of the cost of acquiring land only, that it is intended to erect residential premises on the land.". 9. Amendment of s. 35D. Penalties . Section 35D of the Principal Act is amended by adding at the end of the section the following subsection:- " (3) A person who by statutory declaration falsely declares a loan to be a housing loan is guilty of an offence against this Act and is liable to a penalty of not more than $500 and liable to pay a penalty equal to double the amount of any increase in duty that would have been payable by the lender under section 35B by reason of an increase in the total amount of loans made by him shown on the statement delivered by him to the Commissioner under that section being the statement in which the amount of that loan should have been included had the false declaration not been made.". 10. Repeal of and new s. 38. Duties on foreign bills of exchange, etc. The Principal Act is amended by repealing section 38 and substituting the following section:- " 38. Duties on foreign bills of exchange , etc. The duty chargeable in respect of bills of exchange drawn or promissory notes made out of Queensland shall be payable on all such bills or notes if and when they are paid, endorsed, transferred or otherwise negotiated within Queensland, wherever payable.".

972 Stamp Act Amendment Act 1981, No. 91 11. Repeal of and new s. 39. Provisions for use of adhesive stamps on bills and notes . 54 & 55 Vic. c. 39, s. 34. The Principal Act is amended by repealing section 39 and substituting the following section:- 66 39. Use of adhesive stamps on bills and notes . 54 & 55 Vic. c. 39, s. 34. (1) The duties specified in the First Schedule as chargeable upon instruments under the heading " BILL OF EXCHANGE (ss. 36-42)" may be denoted by adhesive stamps. (2) Except as otherwise provided by this Act, a bill of exchange or promissory note shall not be stamped after it has been delivered out of the hands, custody or power of the person by whom the bill is drawn or the note is made.". 12. Amendment of s. 40 . Provisions as to stamping foreign bills and notes. 54 & 55 Vic. c. 39, s. 35. Section 40 of the Principal Act is amended by- (a) in subsection (1), omitting the words " the Colony of " wherever they occur; (b) in subsection (4), omitting the words " the Colony " wherever they occur and substituting in each case the word " Queensland ". 13. Repeal of and new s. 41. Penalty for issuing, etc ., any unstamped bill or note. 54 & 55 Vic. c. 39, s. 38. The Principal Act is amended by repealing section 41 and substituting the following section:- " 41. Penalty for issuing, etc . unstamped bill or note. 54 & 55 Vic. c. 39, s. 38. (1) A person who issues, endorses, transfers, negotiates, presents for payment or pays a bill of exchange or promissory note chargeable with duty under this Act but not duly stamped is guilty of an offence against this Act and is liable to a penalty not exceeding $100. (2) A person who takes or receives from another a bill of exchange or promissory note such as is referred to in subsection (1) shall not be entitled to recover thereon in any court or to make the bill or note available for any purpose whatever. (3) If a bill of exchange payable on demand, or at sight, or on presentation is presented for payment unstamped or insufficiently stamped, the person to whom it is so presented may affix thereto an adhesive stamp or stamps of the proper amount for the due stamping thereof and cancel the stamp or stamps as if he had been the drawer of the bill, and may thereupon pay the sum in the bill mentioned, and charge the duty in account against the person by whom the bill was drawn or deduct the duty from the said sum, and the bill so stamped shall, so far as respects the duty, be deemed valid and available. This subsection shall not have the effect of relieving any person from liability to a penalty incurred by him in relation to such bill. (4) If at any, time when a bill of exchange or promissory note comes into the hands of a bona fide holder thereof there is affixed thereto a proper adhesive stamp or stamps of an amount sufficient for the duty chargeable thereon under this Act, purporting and appearing to be duly cancelled, the bill or note shall, in the hands of that holder, be deemed . duly stamped.

Stamp Act Amendment Act 1981, No. 91 973 This subsection shall not have the effect of relieving any person from liability to a penalty incurred by him in relation to such bill or note.". 14. New s. 41A. The Principal Act is amended by inserting after section 41 the following section:- "41A. Irregularity in cancelling stamp not to debar bona fide holder from recovery on bill or note . (1) If at the trial before any court of an action on a bill of exchange or promissory note payable on demand, or at sight, or on presentation it appears that there is affixed to the bill or note a stamp or stamps of the proper amount for the due stamping thereof purporting and appearing to be cancelled, then- (a) the bona fide holder thereof shall not be deprived of his entitlement to recover thereon by reason only of any irregularity or apparent irregularity in the cancellation of such stamp or stamps if, in the opinion of the court, the holder, at the time when the bill or note came into his hands, was in bona fide ignorance of such irregularity or apparent irregularity and there has not been any intent or attempt by him to avoid payment of duty chargeable under this Act; and (b) the court may direct the bona fide holder thereof to stamp the bill or note at the trial with a stamp or stamps of the proper amount for the due stamping thereof and to cancel such stamp or stamps. A bill or note stamped by a holder thereof pursuant to a direction given under subparagraph (b) of the preceding paragraph shall, in the hands of such holder, be deemed to be duly stamped. (2) Subsection (1) shall not have the effect of relieving any person from liability to a penalty incurred by him in relation to such bill or note.". 15. Amendment of s. 51. How consideration consisting of periodical payments to be charged . Section 51 of the Principal Act is amended by omitting subsection (1) and substituting the following subsection:- " (1) Where the consideration or 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 with ad valorem duty on such total amount or on the full unencumbered value of the property conveyed, whichever is greater.". 16. Amendment of s. 53. Directions as to duty in certain cases. 54 & 55 Vic. c. 39, s. 58. Section 53 of the Principal Act is amended by- (a) in subsection (1), omitting the words " the total consideration for the whole of the property, estate or interest to which the transaction relates " and substituting the words " the total consideration for or the full unencumbered value of the whole of the property, estate or interest to which the transaction relates, whichever is greater,";

974 Stamp Act Amendment Act 1981, No. 91 (b) in subsection (2), omitting the words " on which that subsection requires ad valorem duty to be calculated in respect of the instrument of conveyance or transfer " and substituting the words " for the whole of the property, estate or interest to which the transaction evidenced, wholly or in part, by the instrument of conveyance or transfer relates "; (c) omitting subsection (4) and substituting the following subsection:- (4) Where a person- (a) on or after 1 November 1918, has contracted for the purchase of any property; (b) has contracted to sell that property to any other person (in this subsection called a " sub-purchaser ") without having obtained a conveyance or transfer of that property to himself; and (c) the property is conveyed or transferred directly from the first vendor of the property to a sub-purchaser, the conveyance or transfer shall, for the purposes of this Act, be deemed to be a separate conveyance or transfer on sale of the estate or interest in the property of each purchaser and sub-purchaser of the property and shall be chargeable with ad-valorem duty in respect of each such conveyance or transfer. In every such case, without prejudice to the operation of section 26, the original purchaser and each sub-purchaser of the property shall be liable to pay the ad valorem duty payable in respect of the purchase of the property by him and such duty may be recovered from him by the Commissioner or by the person who has paid it.". 17. Amendment of s. 54. Certain contracts to be chargeable as conveyances on sale. 54 & 55 Vic. c. 39, s. 59. Section 54 of the Principal Act is amended by- (a) omitting subsection (4) and substituting the following subsection :- " (4) If a company incorporated in Queensland or a corporation registered or recognised in Queensland acquires for a consideration in money or money's worth any property in Queensland and a contract or an agreement for the sale or an instrument of conveyance of the property is not executed or, being executed, is not duly stamped with ad valorem duty, then- (a) in the case of a company incorporated or a corporation registered in Queensland, the memorandum of association of such company or the copy memorandum of association registered in Queensland of such corporation; or (b) in the case of a corporation recognised in Queensland, each of them the notice of the situation of its principal office in the State lodged pursuant to subsection 343c (2) of the Companies Act 1961-1979 and any instrument of notification of particulars of change or alteration lodged on behalf of the corporation pursuant to section 343D of that Act,

Stamp Act Amendment Act 1981, No. 91 975 shall be deemed to be the instrument of conveyance of such property and shall be chargeable accordingly with ad valorem conveyance duty, which shall be payable by the company or corporation. This subsection shall not be so construed as to cause duty to be paid in respect of more than one instrument, being any notice or instrument referred to in paragraph (b)."; (b) in subsection (5), omitting the words " unless the contract of sale or other instrument duly stamped is produced " and substituting the words " unless a contract of sale or other instrument relating to the acquisition of the property, duly stamped, is produced ". 18. Amendment of s. 54A. Liability to account for duty upon transfer of business . Section 54A of the Principal Act is amended by- (a) in subsection (2), inserting after the word " business " the words " that exists in Queensland "; (b) in subsection (7), omitting provisions (b) and (c) and substituting the following provisions:- (b) any interest or any part of an interest held by a partner in a business; and (c) any interest or any additional interest acquired as a partner in a business."; (c) in subsection, (8), omitting the words " an interest as a partner " and substituting the words " any interest or any additional interest as a partner "; (d) adding at the end of the section the following subsections:- (10) For the purposes of this section a business shall be deemed to exist in Queensland if- (a) it is conducted on or from any place in Queensland; or (b) its conduct consists wholly or partly of offering to supply land or any interest therein, money, credit, or goods or any interest therein or to render any service, by way of offers directed to persons (generally as a class or individually) ordinarily resident in Queensland. (11) Where a business acquired consists partly of a business that, pursuant to subsection (10), is to be deemed to exist in Queensland the provisions of subsection (2) shall be taken to apply only in respect of the acquisition of that part of the business that is to be so deemed to exist in Queensland and for the purpose of that application, should the case require it, a true apportionment shall be made of the value of all things, which pursuant to subsection (1) are deemed to be included in an acquisition of such business, and of the consideration for the acquisition, between the value of such things as are held in connexion with the part of the business so deemed to exist in Queensland and the consideration therefor, and the value of such things as are held in connexion with the part of the business not so deemed to exist in Queensland and the consideration therefor.".

976 Stamp Act Amendment Act 1981, No. 91 19. Amendment of s. 57. What is deemed a conveyance on any occasion not being a sale or mortgage . Section 57 is amended by- (a) omitting subsection (1); (b) renumbering subsections (2) and (3) as subsections (1) and (2) respectively; (c) omitting from subsection (2) as so re-numbered the words " such property:" and the proviso to that subsection and substituting the words " such property.". 20. Amendment of s. 61 . Where several instruments , one only to be charged with ad valorem duty. 54 & 55 Vic. c. 39, s. 106. Section 61 of the Principal Act is amended by omitting subsection (4). 21. Amendment of s. 64A. Provisions affecting the term of leases and payment of duty on leases . Section 64A of the Principal Act is amended by in subsection (4), inserting in the second paragraph, after the words " the tenancy or occupancy " where they secondly occur the words " and of the total rental payable (if any) in respect of that term ". 22. Repeal of and new s. 78A . Evidence of averments . The Principal Act is amended by repealing section 78A and substituting the following section " 78A. Evidentiary provisions . (1) In all legal proceedings instituted by or on behalf of the Commissioner for the purposes of this Act an averment made by or on behalf of the Commissioner that- (a) any person named therein made, gave or executed an instrument of a description specified therein; (b) any assessment or reassessment of duty chargeable under this Act has been duly made; or (c) any duty, fine or penalty payable under this Act has or has not been paid, shall be evidence and, in the absence of evidence to the contrary, conclusive evidence of the matters averred. (2) In all legal proceedings instituted by or on behalf of the Commissioner for the purposes of this Act a certificate purporting to be under the hand of a person who is or was at the material time the Commissioner with respect to any of the matters following shall be evidence and, in the absence of evidence to the contrary, conclusive evidence of the matters contained in the certificate, that is to say- (a) that a permit or permission has been granted to any person named therein to furnish or render to the Commissioner any return or account of a description specified therein on an annual or'any other periodic basis; (b) that any return, statement, declaration, notification or account of a description specified therein has not been furnished or rendered to the Commissioner as at a date specified therein or has not been received by the Commissioner as at a date specified therein.

Stamp Act Amendment Act 1981, No. 91 977 (3) In legal proceedings against any person for contravening subsection 35A (1) a certificate purporting to be under the hand of the Commissioner that as at a date specified therein that person was not duly registered under section 35A shall be evidence and, in the absence of evidence to the contrary, conclusive evidence of the matters contained therein. (4) In all legal proceedings instituted for the purposes of this Act a document purporting to be a copy of or extract from any return, statement, declaration, notification, account or other document furnished or rendered to or issued by the Commissioner and purporting to be certified as such under the hand of the Commissioner shall be sufficient proof of that of or from which the document produced in evidence purports to be a copy or extract without production of the original. (5) In all legal proceedings judicial notice shall be taken of the signature of the Commissioner, including the signature of any person who at the time such signature was signed on any instrument was the Commissioner within the meaning of this Act. The appointment of any person as Commissioner may be sufficiently proved by the production of a copy of the Gazette or an extract (purporting to be issued by the Government Printer) from the Gazette in which notification of such appointment appeared.". 23. Amendment of First Schedule. The First Schedule to the Principal Act is amended by- (a) adding at the end of the exemptions under the heading " BILL OF EXCHANGE (ss. 36-42) " the following paragraph:- "Any instrument, being a bill of exchange or promissory note in respect of which the Commissioner is satisfied that it is drawn or made by a Commodity Board or a Marketing Board constituted under the PrimaryProducers' Organisation and Marketing Act1926-1979 or by a Primary Producers' Co-operative Association registered under the Primary Producers' Co-operativeAssociations Act1923-1979 in connexion with obtaining an advance 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."; (b) inserting under the heading " COMPANY AND CORPORATION CONSTITUTIONS ", after provision (b), the following provision: " (c) Recognised company within the meaning of the Companies Act 1961-1979- Notice of situation of principal office in the State lodged under s. 343c (2) of the Companies Act 1961-1979 4.0051 ;

978 Stamp Act Amendment Act 1981, No. 91 (c) omitting from the provisions under the heading " CONVEYANCE OR TRANsFER " the paragraphs from and including paragraph (1) to and including paragraph ( 8) (immediately preceding the exemptions) and the rates of duty set opposite those paragraphs and substituting the following paragraphs and rates of duty:- (1) 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 (2) By way of security of any property where) See " Mortgage " papapralygraph (1) of this heading does not j etc. (3) Of any stock or marketable security or right in respect of shares of any corporation , company or society which has a register in Queensland in which such stock or marketable security or right is registered- (a) On sale for a consideration in money or money's worth of not less than the full unencumbered value of such stock or marketable security or right in respect of shares- Where such consideration does not amount to $100, for every $25 and also for any fractional part of $25 of the consideration .. .. .. .. .. Where such consideration amounts to $100 or more, for every $100 and also for any fractional part of $100 of the consideration .. .. .. .. .. 0.14 0.60 (b) For no consideration in money or money's worth or for a consideration in money or money's worth of less than the full unencumbered value of the stock or marketable security or right in respect of shares; or by way of division or exchange; or under section 180x or 185 of the Companies Act 1961-1979 or section 42 of the Company Take-overs Act1979 (or any provision of any Act of the Commonwealth substituted for such section 42)- Where the full unencumbered value of the stock or marketable security or right in respect of shares does not exceed $100, for every $25 and also for any fractional part of $25 of such value .. .. Where the full unencumbered value of the stock or marketable security or right in respect of shares amounts to $ 100 or more , for every $100 and also for any fractional part of $100 of such value .. 0.14 0.60

Stamp Act Amendment Act 1981, No. 91 Provided that the duty payable as aforesaid in respect of any conveyance or transfer made for the sole purpose of- (i) carrying into effect any distribution under a will or in intestacy; or (ii) carrying into effect the terms of a settlement where duty has been paid at the ad valorem rate under the " SETTLEMENT, DEED OF GIFT OR VOLUNTARY CONVEYANCE " Head of Charge or under the " DECLARATION OF TRUST " Head of Charge in this Schedule on an instrument relating to the particular stock or marketable security or right in respect of shares and whereby the stock or marketable security or right in respect of shares became subject to such terms; or (iii) transferring to a beneficiary his entitlement under the terms of a Declaration of Trust where duty has been paid at the ad valorem rate under the " DECLARATION OF TRUST " Head of Charge in this Schedule on an instrument relating to the particular stock or marketable security or right in respect of shares and whereby the stock or marketable security or right in respect of shares became subject to such terms; or (iv) transferring to a transferee who had paid the purchase price for the stock or marketable security or right in respect of shares where the stock, security or right had been purchased by the transferor pursuant to authority conferred on him in writing executed by the transferee prior to the relevant contract or agreement for sale; or (v) effecting the retirement of a trustee or the appointment of a new or additional trustee where the Commissioner is satisfied- (a) that the trustee or remaining trustee is to hold upon the same trusts as the trust property had theretofore been held and that it is not intended to alter the terms of those trusts at any future time; and (b) that it is not part of a scheme whereby any benefit actual or potential may be conferred upon the new, additional or remaining trustee, or any other person, whether by operation of law or otherwise; and (c) where the trustee or remaining trustee is trustee for a trust or unit trust, that it is not intended to make any alteration to the beneficial ownership of the trust property .(whether by sale, issue, transfer or redemption of units or in any other manner); and 979

980 Stamp Act Amendment Act 1981, No. 91 (d) where the trustee or remaining trustee is a corporation, that it is not intended to make any alteration to the ownership of the stock or shares in such corporation; or (vi) transferring to a trustee stock or marketable security or right in respect of shares for the purpose only of giving effect to any trust or settlement and where, in relation to the entry of such stock or marketable security or right in respect of shares into the trust or settlement, duty has been paid upon any other instrument to an amount not less than the duty which would have been payable on the conveyance or transfer but for the provisions of this paragraph; or (vii) correcting an error in a previous conveyance or transfer of the same stock or marketable security or right in respect of shares where no additional consideration in money or money's worth is paid or payable and such instrument has the effect of altering the beneficial interest or interests to such extent only as may be necessary to effect the correction of such error; or (viii) effecting a transaction of such nature as the Governor in Council may by Order in Council prescribe, shall not exceed .. (c) Where- (i) shares are acquired with rights to further shares and ad valorem duty is paid on the transfer of the shares on the full value of the shares including the said rights; or (ii) shares are acquired and rights to further shares are attached to them after acquisition and ad valorem duty is paid on the value at the time of acquisition of the shares, any transfer executed to vest in the transferee such further shares shall be charged with duty calculated as aforesaid but not exceeding .. .. .. .. (4) Of any property (except stock or marketable security or right in respect of shares)- (a) Upon a sale for a consideration in money or money's worth of not less than the full unencumbered value of the property- Duty calculated on the amount or value of the consideration at the rate specified in the following table- Not exceeding $20,000 $1.50 for every $100 and also for any fractional part of $100 of the value of the consideration. 1.00 1.00

Stamp Act Amendment Act 1981, No. 91 981 Exceeding $20,000 but $300 plus $2 for every $100 not exceeding $50,000 and also for any fractional part of $100 of the value of the consideration in excess of $20,000. Exceeding $50,000 but $900 plus $2.50 for every not exceeding $100,000 $100 and also for any fractional part of $100 of the value of the consideration in excess of $50,000. Exceeding $100,000 but $2,150 plus $3 for every $100 not exceeding $500,000 and also for any fractional part of $100 of the value of the consideration in excess of $100,000. Exceeding $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 and that such purpose will be fulfilled forthwith upon possession delivered and taken or within such time thereafter, not exceeding six months as the Commissioner in his discretion allows, the duty payable under this paragraph (4) shall be- (i) for every $100 and also for any fractional part of $100 of the value of the consideration 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, the duty which would have been payable under this paragraph (4) had the balance of the value of the consideration been the total value of the consideration for the sale of the property and had the property been sold for a purpose other than as a principal place of residence. For the purpose of this paragraph (4) the expression " place of residence " means- in the case of a sale of property that consists of or includes a dwelling-house, the dwelling-house; or in the case of a sale of property that consists of or includes a block of flats , a double-unit 1.00

982 Stamp Act Amendment Act 1981, No. 91 dwelling-house or a multiple-unit dwelling-house, a flat, unit or part designed for human habitation by a single family unit; or 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; For the purposes of this paragraph (4) the expression " curtilage " means an area of land immediately adjacent to a place of residence not exceeding in any case 0.5 hectare. (b) in any other case to which paragraphs (1) and (2) do not apply- Duty calculated on the full unencumbered value of the property at the rates specified in the table contained in sub-paragraph (a) of this paragraph (4) including the proviso thereto as if the words " value of the consideration " wherever they occur in that sub- paragraph and proviso were " full unencumbered value of the property " and as if the words " had the property been sold " in sub-paragraph (ii) of the proviso were " had the property been conveyed or transferred ". Provided that the duty payable in respect of conveyances or transfers made for the sole purpose of- (i) carrying into effect any distribution under a will or in intestacy; or (ii) carrying into effect the terms of a settlement where duty has been paid at the ad valorem rate under the " SETTLEMENT, DEED OF GIFT OR VOLUNTARY CONVEYANCE " Head of Charge or under the "DEC- LARATION OF TRUST" Head of Charge in this Schedule on an instrument relating to the particular property and whereby the property became subject to such terms; or (iii) transferring to a beneficiary his entitlement under the terms of a Declaration of Trust where duty has been paid at the ad valorem rate under the " DECLARATION OF TRUST " Head of Charge in this Schedule on an instrument relating to the particular property and whereby the property became subject to such terms; or (iv) transferring to a transferee who had paid the purchase price for the property where such property had been purchased by the transferor pursuant

Stamp Act Amendment Act 1981, No. 91 983 to authority conferred on him in writing executed by the transferee prior to the relevant contract or agreement for sale; or (v) effecting the retirement of a trustee or the appointment of a new or additional trustee where the Commissioner is satisfied- (a) that the trustee or remaining trustee is to hold upon the same trusts as the property had theretofore been held and that it is not intended to alter the terms of those trusts at any future time; and (b) that it is not part of a scheme whereby any benefit actual or potential may be conferred upon the new, additional or remaining trustee, or any other person, whether by operation of law or otherwise; and (c) where the trustee or remaining trustee is trustee for a trust or unit trust, that it is not intended to make any alteration to the beneficial ownership of the trust property (whether by sale, issue, transfer or redemption of units or in any other manner); and (d) where the trustee or remaining trustee is a corporation, that it is not intended to make any alteration to the ownership of the stock or shares in such corporation; or (vi) transferring to a trustee property for the purpose only of giving effect to any trust or settlement and where, in relation to the entry of such property into the trust or settlement, duty has been paid upon any other instrument to an amount not less than the duty which would have been payable on the conveyance or transfer but for the provisions of this paragraph; or (vii) correcting an error in a previous conveyance or transfer of the same property where no additional consideration in money or money's worth is paid or payable and such instrument has the effect of altering the beneficial interest or interests to such extent only as may be necessary to effect the correction of such error; or (viii) effecting a transaction of such nature as the Governor in Council may by Order in Council prescribe, shall be .. .. .. .. .. .. .. 4.00

984 Stamp Act Amendment Act 1981, No. 91 (d) omitting all words from and including the words " SETTLEMENT, DEED OF GIFT, or VOLUNTARY CONVEYANCE " to the end of the Schedule and substituting the following words:- SETTLEMENT, DEED OF GIFT OR VOLUNTARY CONVEYANCE- Any instrument being a settlement, deed of gift or voluntary conveyance (not being the appointment merely of a new trustee) of any property containing any trust, or a declaration of trust having the effect of such a settlement, deed or conveyance- (a) where the whole or a part of the property dealt with by the instrument is of the nature specified in paragraph (3) under the heading " CONVEYANCE OR TRANSFER " in this Schedule Duty on the full unencumbered value of the property or such part of the property at the rates specified in subparagraph (a) of that paragraph (3) as if those rates were therein prescribed in relation to full unencumbered value in lieu of consideration; (b) where the whole or a part of the property dealt with by the instrument is of a nature of any other kind .. .. Duty on the full unencumbered value of the property or such part of the property at the rates specified in subparagraph (a) of paragraph (4) under the heading " CONVEYANCE OR TRANSFER " in this Schedule as if those rates were therein prescribed in relation to full unencumbered value in lieu of value of consideration.".