Stamp Act Amendment Act 1984 (No. 2) (Qld)

1243 Que ensl nb ANNO TRICESIMO TERTIO ELIZA ET AE SECUN D AE 7-11 E G INAE 140. 109 of 1984" An Act to amend the StampAct 1894- 1984 in certain particulars and f o r related purposes [ASSENTED To 12TH DECEMBER, 1984]

1244 StampAct Amendment Act (No. 2) 1984, No. 109 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 1984 (No. 2). (2) In this Act the Stamp Act 1894-1984 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Stamp Act 1894-1984. 2. Commencement . (1) This Act, other than sections 7, 9 (a) and 21, shall commence on the day on which it is assented to for and on behalf of Her Majesty. (2) Section 7 shall be deemed to have commenced on I June 1984 and shall be given retrospective effect accordingly. (3) Section 9 (a) shall be deemed to have commenced on I September 1984 and shall be given retrospective effect accordingly. (4) Section 21 shall be deemed to have commenced on 24 December 1981 and shall be given retrospective effect accordingly. 3. Amendment of s. 2 . Definitions . Section 2 of the Principal Act is amended in subsection (1), by inserting after the definition "Commissioner", the following definition:- "Corporate debt security" means any marketable security which is a debenture, debenture stock, bond or note or other security of a corporation, company or society, or any right thereto, whether constituting a charge on the assets of the corporation, company or society or not, and includes any property of a class or description of property prescribed by Order in Council to be a corporate debt security for the purposes of this definition, but does not include any property of a class or description of property prescribed by Order in Council not to be a corporate debt security for the purposes of this definition;". 4. Amendment of s. 9 . Inspectors . Section 9 of the Principal Act is amended by inserting at the end of the section the following subsection:- "(3) (a) Notwithstanding subsection (1), the Commissioner may appoint such members of the Police Force as he considers necessary or desirable for the effective administration of this Act. (b) A member of the Police Force appointed pursuant to paragraph (a) shall perform the specific duties allotted to him by the Commissioner and for that purpose shall be deemed to be an officer and an inspector.".

Stamp Act Amendment Act (No. 2) 1984, No. 109 1245 5. Amendment of s. 23A. Commissioner may require information. Section 23A of the Principal Act is amended by- (a) in subsection (2), omitting the words "not more than $500" and substituting the words "$500 and, additionally to a penalty of $50 for each day on which he continues to fail to furnish the information or to produce the books, papers or instruments requisitioned"; (b) after subsection (2) as amended by paragraph (a), inserting the following subsection:- "(2A) A person who continues after conviction of an offence under subsection (2) to fail to furnish the information or to produce the books, papers or instruments requisitioned by the Commissioner continues to commit an offence against this Act and is liable to a penalty of $50 for each day he continues to so fail.". 6. Amendment of s. 31C. Sales and purchases to be recorded. Section 31 C of the Principal Act is amended by inserting after subsection (4) the following subsection:- "(4A) Subsection (1) of this section does not apply to any sale or purchase of any corporate debt security.". 7. Amendment of s. 31D. Returns to be lodged and duty paid. (1) Section 31D of the Principal Act is amended in subsection (1) by- (a) in paragraph (a), omitting the words ", in which return the sales and purchases made on the trading floor of a prescribed stock exchange are disclosed separately from other sales and purchases,"; (b) in paragraph (b), omitting the words ", other than sales and purchases made on the trading floor of a prescribed stock exchange,". (2) Notwithstanding section 2 of this Act, a Queensland dealer is not liable to pay duty pursuant to section 31D (1) (b) of the Principal Act in respect of sales and purchases made on the trading floor of a prescribed stock exchange during the period from 5 March 1984 to 31 May 1984 (both inclusive) and included in a return lodged pursuant to section 31D (1) (a) of the Principal Act after 1 June 1984. 8. Amendment of s. 31E. Endorsement of transfer as to payment of duty. Section 31E of the Principal Act is amended in subsection (1) by inserting after the expression "subsections (4)" the expression ", (4A)". 9. Amendment of s. 35. Credit and Rental Business . Section 35 of the Principal Act is amended by- (a) after subsection (4), inserting the following subsection:- "(4A) This section and sections 35A, 35B, 35C, 35D and 35E of this Act do not apply in respect of a loan advanced on the security of a debenture or inscribed stock to Brisbane City Council or a Local Authority or to any Crown corporation or instrumentality representing the Crown or to any corporation or

1246 Stamp Act Amendment Act (No. 2) 1984, No. 109 instrumentality created by statute which the Governor in Council by Order in Council has approved for exemption purposes under the third exemption to the heading "MORTGAGE, BOND, DEBENTURE, AND COVENANT" in the First Schedule."; (b) after subsection (4A) as inserted by paragraph (a), inserting the following subsections:- "(4B) This section and sections 35A, 35B, 35C, 35D and 35E of this Act do not apply in respect of the transaction of any credit business with the Queensland Government Development Authority constituted under the Statutory Bodies FinancialArrangements Act 1982 except in respect of any transaction or class of transaction to which the Governor in Council by Order in Council prescribes that this section and those sections shall apply. (4C) This section and sections 35A, 35B, 35C, 35D and 35E of this Act do not apply in respect of the transaction of any credit business with (a) the Government of the Commonwealth or of any State or Territory of the Commonwealth; or (b) any Crown corporation or instrumentality representing the Crown (whether in right of the Commonwealth or any State or Territory of the Commonwealth) which the Governor in Council by Order in Council has approved generally or in respect of that transaction for exemption purposes under this subsection.". 10. Amendment of s. 35B. Statements to be lodged by registered persons with the Commissioner . Section 35B of the Principal Act is amended, in subsection (1), in the first paragraph, by- (a) in paragraph (a), in provision (xi), omitting the words "use of goods other than books" and substituting the words "granting of the right to use or of the use of goods (other than books) including amounts received in respect of delivery, erection, installation, insurance, cleaning, repair and other charges"; (b) in the proviso thereto, in paragraph (b), omitting the words "use of goods other than books" and substituting the words "granting of the right to use or of the use of goods (other than books) including amounts received in respect of delivery, erection, installation, insurance, cleaning, repair and other charges"; (c) in the further proviso thereto, in paragraph (b), omitting the words "use of goods other than books" and substituting the words "granting of the right to use or of the use of goods (other than books) including amounts received in respect of delivery, erection, installation, insurance, cleaning, repair and other charges".

Stamp Act Amendment Act (No. 2) 1984, No. 109 1247 11. Amendment of s. 35E. As to transactions with unregistered persons . Section 35E of the Principal Act is amended by- (a) in subsection (2), in paragraph (b), in provision (iv), omitting the words "use of the goods" where they twice appear and substituting the words "granting of the right to use or of the use of the goods including amounts paid for delivery, erection, installation, insurance, cleaning, repair and other charges" in each case; (b) in subsection (6), in paragraph (c), omitting the words "for the use of the goods" and substituting the words "for the granting of the right to use or of the use of the goods including amounts paid for delivery, erection, installation, insurance, cleaning, repair and other charges". 12. Amendment of s. 49C. Relief from conveyance and transfer duty upon company reconstruction or amalgamation . Section 49C of the Principal Act is amended by- (a) in subsection (1), in paragraph (a), omitting the word "subsection" and substituting the word "section"; (b) in subsection (2), in paragraph (c), omitting provisions (i) and (ii) and substituting the following provisions:- "(i) in the case where the companies concerned together are a transferee company and a specified existing company, exhibit all of the particulars specified in paragraphs (a) to (e) of subsection (1); or (ii) in any other case, consist of one such company, not being a transferee company, being first incorporated as a company whose issued share capital is owned as to not less than 90 per centum thereof by the other such company,". 13. Amendment of s. 51C. Valuation where consideration doubted. Section 51C of the Principal Act is amended by- (a) omitting the note appearing in and at the beginning of the section and the first paragraph and substituting the following note and paragraph:- "Valuation in certain circumstances . If, in a case of an instrument transferring or conveying property or in the case of an instrument on which the amount of stamp duty chargeable depends upon the value of or the consideration paid or given for property conveyed, transferred, assigned or otherwise dealt with by or in the instrument- (a) there is no consideration; (b) the Commissioner is of the opinion that the consideration does not represent the full unencumbered value of the property; or

1248 Stamp Act Amendment Act (No. 2) 1984, No. 109 (c) the Commissioner is not satisfied with the evidence of value of the property, the Commissioner may- (d) cause a valuation of the property to be made by some person appointed by him; or (e) accept a valuation of the property tendered by or on behalf of any party, and he may assess the duty payable on the footing of such valuation."; (b) in the second paragraph, omitting the words "the valuation" and substituting the words "a valuation caused by him to be made". 14. Amendment of s. 53. Directions as to duty in certain cases. Section 53 of the Principal Act is amended in subsection (4) by omitting the first paragraph and substituting the following paragraph:- "Where- (a) a person, on or after 1 November 1918, enters into an agreement or arrangement with another person under which that other person or any other person (either of which other persons is in this subsection referred to as the "original purchaser") becomes entitled to the conveyance or transfer of any property; and (b) consequent upon any agreement or arrangement entered into by the original purchaser with another person and upon all other agreements or arrangements (if any) entered into by other persons (in this subsection, each of which person and other persons being referred to as a "sub-purchaser") the property is conveyed or transferred to a person (in this subsection called the "transferee") other than the original purchaser without a conveyance of that property to the original purchaser, the conveyance or transfer shall, for the purposes of this Act be deemed to be separate conveyances or transfers of the property to the original purchaser and to each sub-purchaser including the transferee and shall be chargeable with ad valorem duty on the consideration or the full unencumbered value of the property whichever is the greater in respect of each such conveyance or transfer.". 15. Amendment of s. 54 . Certain contracts to be chargeable as conveyances on sale. Section 54 of the Principal Act is amended in subsection (4) by- (a) after the words "of such property", inserting the words "and, for the purposes of section 4B to have been signed or executed by the company or corporation"; (b) omitting the words ", which shall be payable by the company -or corporation".

Stamp Act Amendment Act (No. 2) 1984, No. 109 1249 16. Amendment of s. 54A. Liability to account for duty upon transfer of business . Section 54A of the Principal Act is amended by inserting after subsection (5) the following subsection:- "(5A) For the purposes of calculating the duty to be charged upon a statement under subsection (2) or (3), sections 55B and 55C apply as if the statement were an instrument conveying or transferring the property to which the statement relates.". 17. Amendment of s. 55. Section 55 of the Principal Act is amended by- (a) in subsection (1)- (i) omitting the note appearing in and at the beginning of the subsection and substituting the note "Partition or division."; (ii) designating the subsection as paragraph (a) and inserting after that paragraph the following paragraph:- "(b) Where two or more persons (in this paragraph referred to as the "proprietors") hold or have interests in real or personal property and by instrument convey or transfer that property or part thereof by way of partition or division to one or more of those persons (in this subsection called the "transferee") then for the purpose of assessing the duty payable under this Act upon that instrument the full unencumbered value of the property conveyed or transferred shall be deemed to be equal to an amount that bears to the actual full unencumbered value of the property being transferred or conveyed the same proportion that the total of shares and interests of the proprietors less the share or interest of the transferee in the total property being partitioned or divided bears to that total."; (b) in subsection (3)- (i) omitting the word "such" and substituting the words "instrument (being an"; (ii) after the word "concerned" inserting the words " or any other instrument of conveyance or transfer of that property) in respect of which ad valorem duty has been paid in compliance with this Act". 18. New ss. 55B and 55C. The Principal Act is amended by inserting after section 55A the following sections:- "55B. Duty in respect of prescribed family rural properties. (1) For the purposes of this section- "business of primary production" means a business that the Commissioner is satisfied is a business of agriculture, pasturage or dairy farming; "child" includes step-child and spouse of a child or step-child; "family company", in relation to a prescribed descendant, means an exempt proprietory company within the meaning of the Companies (Queensland) Code where the

1250 Stamp Act Amendment Act (No. 2) 1984, No. 109 Commissioner is satisfied that the shares of which owned by persons who are lineal ascendants of the prescribed descendant and by persons who are prescribed descendants of those lineal ascendants or any of them together have a value of not less than 50 per centum of the value of all the issued shares of that company; "family partnership", in relation to a prescribed descendant, means a partnership which the Commissioner is satisfied is comprised of lineal ascendants of the prescribed descendant and persons who are prescribed descendants of those lineal ascendants or any of them, with or without other persons, and that the lineal ascendants and prescribed descendants who are partners together hold an interest of not less than 50 per centum in the capital and profits of the partnership; "family unit trust scheme", in relation to a prescribed descendant, means a unit trust scheme where the Commissioner is satisfied that the beneficiaries under the scheme comprise lineal ascendants of the prescribed descendant and persons who are prescribed descendants of those lineal ascendants or any of them, with or without other persons, and that the lineal ascendants and prescribed descendants who are beneficiaries hold or are entitled to interests aggregating not less than 50 per centum of all beneficial interests in that trust; "grand-child" means child of a child; "land" means freehold land or land subject to a lease granted by the Crown; "lineal ascendant" in relation to a prescribed descendant, means a person in respect of whom the prescribed descendant is a child or grand-child; "prescribed descendant" means a child or a grand-child; "prescribed family property" means property that the Commissioner is satisfied is the subject (wholly or in part) of a gift by or at the direction of a lineal ascendant to a prescribed descendant and that the Commissioner is satisfied- (a) comprises land or an estate or interest in land which is primarily used (or is capable of being used) and was acquired for use, whether solely or in conjunction with others, by or on behalf of the lineal ascendant in the business of primary production which land is intended to be used by the prescribed descendant (whether solely or in conjunction with others) in the business of primary production and chattels and other personal property used in relation to the carrying on of that business on that land and includes land

Stamp Act Amendment Act (No. 2) 1984, No. 109 1251 that is within or adjacent thereto used for residential purposes; (b) comprises land, an estate or interest in land or chattels or other personal property specified in paragraph (a), where such land, estate or interest in land, chattels and other personal property are held on trust (not being under a unit trust scheme) and the trusts were established for the benefit of the lineal ascendant, prescribed descendant and any child or children of the prescribed descendant or any of them (whether solely or in conjunction with other persons) and which property has been settled on or acquired by the trustee upon the trusts by or at the direction of a lineal ascendant of the prescribed descendant; (c) comprises an interest in a family partnership to the extent that the property of the partnership consists of land, an estate or interest in land or chattels or other personal property specified in paragraph (a); (d) comprises shares in or a right in respect of shares in a family company that holds property consisting of land, an estate or interest in land or chattels or other personal property specified in paragraph (a); or (e) comprises any right or interest of a beneficiary under a family unit trust scheme that holds property consisting of land, an estate or interest in land or chattels or other property specified in paragraph (a). Where it is necessary for the Commissioner , for the purposes of the definition "family company ", to determine the value of any share of a company , he shall take into account , in such manner as he considers appropriate , the respective rights and obligations pertaining to the share and the other shares issued by that company. (2) Where ad valorem duty is chargeable under the heading "CONVEYANCE OR TRANSFER", the heading "DECLARATION OF TRUST" or the heading "SETTLEMENT, DEED OF GIFT OR VOLUNTARY CONVEYANCE" in the First Schedule in respect of any instrument- (a) effecting the conveyance, transfer or assignment of or, agreeing to convey , transfer or assign ( or charged with duty by reason of section 56B as if it were a conveyance ) wholly or partly by way of gift from or upon the direction of a lineal ascendant any property that comprises or includes any prescribed family property to a prescribed decendant who does not take that property as an agent , nominee or trustee for any other person or to a person as trustee for an identifiable prescribed descendant who is a minor and for no other person other than a person who

1252 Stamp Act Amendment Act (No. 2) 1984, No. 109 may only become a beneficiary under that trust upon the death of that prescribed descendant; or ,' (b) declaring that prescribed family property vested or to be vested in the person executing the instrument is or shall be held in trust for an identifiable prescribed descendant of that person (the prescribed descendant being a minor) and for no other person other than a person who may only become a beneficiary under that trust upon the death of that prescribed descendant, then, upon application made to the Commissioner, for the purposes of calculating the amount of such duty payable in respect of that instrument- (i) in the case where any of the property the subject of the gift is prescribed family property consisting of shares in or a right in respect of shares in a family company which also has assests other than assets that are prescribed family property-for the purpose of determining the full unencumbered value of the shares, the assets of the company that, if held by that lineal ascendant and given to the prescribed descendant, would be prescribed family property shall be deemed to have no value and the company shall be deemed to have no liabilities; (ii) in the case where any of the property the subject of the gift is prescribed family property consisting of any right or interest of a beneficiary under a family unit trust scheme that holds property that is not prescribed family property, the right or interest the subject of the gift to the prescribed descendant shall to the extent that- (A) the right or interest is the subject of the gift; and (B) the right or interest relates to prescribed family property, be deemed to have no value; (iii) in any other case, the prescribed family property, to the extent that that property is the subject of the gift to the prescribed descendant shall be deemed to have no value. (3) A person who makes a false statutory declaration for the purpose of having the amount of duty in respect of an instrument calculated upon the basis that any property is prescribed family property commits an offence against this Act and is liable to a penalty of $5 000 plus an amount equal to double the amount of the duty or of any increase in duty that would have been payable on the instrument if the false declaration had not been made.

Stamp Act Amendment Act (No. 2) 1984, No. 109 1253 55C. Transactions involving certain family businesses. (1) For the purposes of this section- "child" includes step-child and spouse of a child or step-child; "family company", in relation to a prescribed descendant, means an exempt proprietory company within the meaning of the Companies (Queensland) Code where the Commissioner is satisfied that the shares of which owned by persons who are lineal ascendants of the prescribed descendant and by persons who are prescribed descendants of those lineal ascendants or any of them together have a value of not less than 50 per centum of the value of all the issued shares of that company; "family partnership", in relation to a prescribed descendant, means a partnership which the Commissioner is satisfied is comprised of lineal ascendants of the prescribed descendant and persons who are prescribed descendants of those lineal ascendants or any of them, with or without other persons, and that the lineal ascendants and prescribed descendants who are partners together hold an interest of not less than 50 per centum in the capital and profits of the partnership; "family unit trust scheme", in relation to a prescribed descendant, means a unit trust scheme where the Commissioner is satisfied that the beneficiaries under the scheme comprise lineal ascendants of the prescribed descendant and persons who are prescribed descendants of those lineal ascendants or any of them, with or without other persons, and that the lineal ascendants and prescribed descendants who are beneficiaries hold or are entitled to interests aggregating not less than 50 per centum of all beneficial interests in that trust; "grand-child" means child of a child; "land" means freehold land or land subject to a lease granted by the Crown; "lineal ascendant" in relation to a prescribed descendant, means a person in respect of whom the prescribed descendant is a child or grand-child; "prescribed business activities" means those activities carried on on land which is registered in .the name of a lineal ascendant, family company, family partnership or trustee and which are activities of a class prescribed by regulation to be business activities to which this section applies; "prescribed descendant" means a child or a grand-child; "prescribed family business" means a business which is or any interest in which is the subject (wholly or in part) of a gift by or at the direction of a lineal ascendant to a

1254 Stamp Act Amendment Act (No. 2) 1984, No. 109 prescribed descendant and that the Commissioner is satisfied- (a) is wholly owned and operated by the lineal ascendant or by the lineal ascendant and other natural persons in partnership, or by a family company in which company the lineal ascendant holds shares; (b) is managed personally by the lineal ascendant or, as the case may be, the directors, solely or in conjunction with other natural persons; (c) is not a subsidiary of or does not form part of a larger business or enterprise; (d) carries on prescribed business activities; (e) is a class of business that has been declared by regulation to be a class of business to which this section may apply; and (f) is not a class of business that has been declared by regulation to be a class of business to which this section does not apply; "prescribed family property" means property that the Commissioner is satisfied is the subject (wholly or in part) of a gift by or at the direction of a lineal ascendant to a prescribed descendant and that the Commissioner is satisfied- (a) comprises land or an estate or interest in land which is primarily used and was acquired for use, whether solely or in conjunction with others, by or on behalf of the lineal ascendant in a prescribed family business together with all chattels and other personal property necessary to carry on a prescribed activity carried on by the prescribed family business; (b) comprises land, an estate or interest in land together with the chattels and other personal property specified in paragraph. (a), where such land, estate or interest in land, chattels and other personal property are held on trust (not being under a unit trust scheme) and the trusts were established for the benefit of the lineal ascendant, prescribed descendant and any child or children of the prescribed descendant or any of them (whether solely or in conjuction with other persons) and which property has been settled on or acquired by the trustee upon the trusts by or at the direction of a lineal ascendant of the prescribed descendant; (c) comprises an interest in a family partnership to the extent that the property of the partnership consists of land, an estate or interest in. land together with

Stamp Act Amendment Act (No. 2) 1984, No. 109 1255 the'chattels and other personal property specified in paragraph (a); (d) comprises shares in or a right in respect of shares in a family company that holds property consisting of land, an estate or interest in land together with the chattels and other personal property specified in paragraph (a); or ( e) comprises any right or interest of a beneficiary under a family unit trust scheme that holds property consisting of land, an estate or interest in land together with the chattels and other property specified in paragraph (a). Where it is necessary for the Commissioner , for the purposes of the definition "family company ", to determine the value of any share of a company , he shall take into account, in such manner as he considers appropriate , the respective rights and obligations pertaining to the share and the other shares issued by that company. (2) Where ad valorem duty is chargeable under the heading "CONVEYANCE OR TRANSFER", the heading "DECLARATION OF TRUST" or the heading "SETTLEMENT, DEED OF GIFT OR VOLUNTARY CONVEYANCE" in the First Schedule in respect of any instrument- ( a) effecting the conveyance , transfer or assignment of or agreeing to convey , transfer or assign ( or charged with duty by reason of section 56B as if it were a conveyance ) wholly or partly by way of gift from or upon the direction of a lineal ascendant any property that comprises or includes any prescribed family property to a prescribed descendant who does not take that property as an agent , nominee or trustee for any other person or to a person as trustee for an identifiable prescribed descendant who is a minor and for no other person other than a person who may only become a beneficiary under that trust upon the death of that prescribed descendant; or (b) declaring that prescribed family property vested or to be vested in the person executing the instrument is or shall be held in trust for an identifiable prescribed descendant of that person (the prescribed descendant being a minor) and for no other person other than a person who may only become a beneficiary under that trust upon the death of that prescribed descendant,

1256 Stamp Act Amendment Act (No. 2) 1984, No. 109 then, upon application made to the Commissioner, for the purposes of calculating the amount of such duty payable in respect of that instrument- (s) in the case where any of the property the subject of the gift is prescribed family property consisting of shares in or a right in respect of shares in a family company which also has assets other than assets that are prescribed family property-for the purpose of determining the full unencumbered value of the shares, the assets of the company that, if held by that lineal ascendant and given to the prescribed descendant, would be prescribed family property shall be deemed to have no value and the company shall be deemed to have no liabilities; (ii) in the case where any of the property the subject of the gift is prescribed family property consisting of any right or interest of a beneficiary under a family unit trust scheme that holds property that is not prescribed family property, the right or interest the subject of the gift to the prescribed descendant shall to the extent that- (A) the right or interest is the subject of the gift; and (B) the right or interest relates to prescribed family property, be deemed to have no value; (iii) in any other case, the prescribed family property, to the extent that that property is the subject of the gift to the prescribed descendant shall be deemed to have no value: Provided that where the prescribed family property, to the extent that it is the subject of the gift, would, but for the operation of paragraphs (i), (ii) and (iii), have a value that, together with the value of all previous gifts of prescribed family property (if any) made after the commencement of the Stamp Act Amendment Act 1984 (No. 2) by the lineal ascendant to the prescribed descendant, is in excess of $500 000, the first-mentioned prescribed family property shall be deemed to have a full unencumbered value equivalent to that excess. (3) A person who makes a false statutory declaration for the purpose of having the amount of duty in respect of an instrument calculated upon the basis that any property is prescribed family property commits an offence against this Act and is liable to a penalty of $5 000 plus an amount equal to double the amount of the duty or of any increase in duty that would have been payable on the instrument if the false declaration had not been made.".

Stamp Act Amendment Act (No. 2) 1984, No. 109 1257 19. New s. 56A. The Principal Act is amended by inserting after section 56 the following section:- "56A. Certain instruments of annuity need not be produced. An instrument of annuity that is exempt from duty under this Act and conforms to a standard form of an instrument (including terms and conditions set out therein) of annuity approved by the Commissioner in relation to the person who sells that annuity need not be produced to the Commissioner for assessment of duty.". 20. New ss. 56B and 56C. The Principal Act is amended by inserting after section 56A the following sections:- "56B. Unit trust schemes. (1) For the purposes of this section- "disposition" in relation to a unit includes- (a) a transfer or other disposition (including declaration of trust, settlement or agreement to dispose) of the unit; (b) the allotment or issue of the unit; (c) the redemption, surrender or cancellation of the unit; and (d) the variation, abrogation or alteration of a right pertaining to the unit with respect to the property of the unit trust scheme; "transfer " means a conveyance, transfer or instrument chargeable as a conveyance or transfer; "unit" means any right or interest , whether described as a unit or sub-unit or otherwise of a beneficiary under a unit trust scheme and includes an interest in a unit; "unit trust scheme" means a unit trust scheme as defined in section 2 in respect of which there is not an approved deed for the purposes of Division 6 of Part IV of the Companies (Queensland) Code or the corresponding provisions of the Companies Code or Companies Act of any other State or Territory, where any property the subject of the unit trust scheme is located in Queensland or any business of the scheme is carried on in Queensland; " unit trustee" means a trustee of a unit trust scheme. (2) A unit trustee, whether a sole trustee or not , shall not make, accept , give effect to, recognize , register , record , or enter in the books or records of a unit trust scheme a disposition in relation to a unit unless- (a) a transfer or an instrument effecting or evidencing the disposition is duly executed and delivered to him; and (b) the transfer or the instrument , as the case may be, is duly stamped under this Act.

1258 Stamp Act Amendment Act (No. 2) 1984, No. 109 In a case where the disposition of a unit consists of a transfer , the transferee shall execute the transfer. (3) (a) A person who contravenes or fails to comply with a provision of subsection ( 2) commits an offence against this Act and is liable to a penalty of $5 000 plus an amount equal to double the amount of duty that would have been payable if an appropriate transfer or instrument had been executed and duly stamped under this Act. (b) (i) Where a body corporate commits such an offence each of the chairman of directors , managing director or other governing officer by whatever name called and every member of the governing body thereof by whatever name called shall be deemed to have committed the offence and shall be liable to be proceeded against and punished accordingly. (ii) Paragraph ( i) applies so as not to limit or affect in any way the liability of a body corporate to be proceeded against and punished for such an offence committed by it. (iii) It is a defence to a charge of an offence against this Act brought against a person specified in paragraph (i) to prove that the offence was committed without that person's knowledge or connivance and that he used due diligence to prevent the commission of the offence. (4) (a) Subject to subsection (5), an instrument transferring a unit or effecting or evidencing a disposition in relation to a unit shall be chargeable with duty as if it were a conveyance free of encumbrances of an undivided share, equivalent to the proportion of the total issued units under the unit trust scheme represented by the unit , in the property held by the unit trustee as trustee without regard to the debts or liabilities of the unit trust scheme. (b) Where, for the purpose of determining the value of the property held by the unit trustee as trustee of the unit trust it is necessary to determine the value of the issued units in any other unit trust scheme , such units shall be deemed to have a value equivalent to the value of the property held by the trustee of that other unit trust scheme without regard to its debts or liabilities. (c) The duty payable in respect of a disposition made for the sole purpose of carrying into effect the terms of a settlement or transferring to a beneficiary his entitlement under the terms of a declaration of trust where it is shown to the satisfaction of the Commissioner that duty has been paid at the ad valorem rate under the heading "SETTLEMENT, DEED OF GIFT OR VOLUNTARY CONVEYANCE" or under the heading "DECLARATION OF TRUST" in the First Schedule on an instrument relating to units and , for the purpose of determining the value, the provisions of section 55B or 55C have not been applied, and whereby the units became subject to those terms shall not exceed $4.00.

Stamp Act Amendment Act (No. 2) 1984, No. 109 1259 (d) Where the property the subject of a unit trust scheme consists both of property in Queensland and property outside Queensland, paragraphs (a) and (b) apply in respect of the property to the extent that it is located in Queensland. (e) Where property the subject of a unit trust scheme consists of or includes a business, the business is carried on in Queensland if- (i) it is conducted on or from any place in Queensland; or (ii) 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. (f) Where property the subject of a unit trust scheme consists of a business that is carried on in Queensland, the provisions of paragraphs (a) and (b) shall be taken to apply only in respect of and to the extent of that part of the business that is carried on 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 subject to the unit trust scheme which are located both within and outside Queensland. (5) The Commissioner shall, where it is necessary to determine, for the purposes of subsection (4), the proportion of the total issued units under a unit trust scheme represented by a unit, take into account, in such manner as he considers appropriate, the respective rights and obligations pertaining to the unit and the other units under the unit trust scheme. (6) Each of the holders of a unit as at the date of disposition and thereafter under a unit trust scheme is liable to pay the duty with which a transfer of the unit or an instrument effecting or evidencing a disposition in relation to the unit is chargeable. (7) A unit trustee shall, where a transfer of a unit or an instrument effecting or evidencing a disposition in relation to a unit has been delivered to him, retain the transfer or instrument, as ,the case may be, for not less than 5 years after the day on which it is delivered to him. (8) A unit trustee who contravenes or fails to comply with subsection (7) commits an offence against this Act and is liable to a penalty of $5 000. (9) A right or obligation arising out of a disposition in relation to a unit shall not be invalidated by reason only that the unit trustee made, accepted, gave effect to or recognized the disposition or registered, recorded or entered the disposition in the books or records of the unit trust scheme in contravention of subsection (2).

1260 Stamp Act Amendment Act (No. 2) 1984, No. 109 56C. Discretionary trusts. (1) For the purposes of this section- "company" means a corporation within the meaning of the Companies (Queensland) Code which is a discretionary trustee; "discretionary trustee" means a trustee of any property over which any person has a power of appointment which was not created by will; "disposition" in relation to a share, includes- (a) a transfer or other disposition (including declaration of trust, settlement or agreement to dispose) of the share, (b) the allotment or issue of the share; (c) the redemption, surrender or cancellation of the share: (d) the variation, abrogation or alteration of a right pertaining to the share with respect to voting, whether at meetings of the company or the directors or otherwise, but does not include a disposition by which the personal representative of a deceased person disposes of a share to a beneficiary in the administration of the estate of the deceased person; "officer" in relation to a company, has the same meaning as in the Companies (Queensland) Code; share" means a share or stock of a company that is not listed on a stock exchange and includes an interest in a share; "stock exchange" has the same meaning as in the Securities Industry (Queensland) Code; "unit trust scheme" means a unit trust scheme as defined in section 2 in respect of which there is not an approved deed for the purposes of Division 6 of Part IV of the Companies (Queensland) Code or the corresponding provisions of the Companies Code or Companies Act of any other State or Territory, where any property the subject of the unit trust scheme is located in Queensland or any business of the scheme is carried on in Queensland. (2) A company which as a discretionary trustee carries on business in Queensland or holds or has an interest in any property located in Queensland, and an officer of such a company, shall not make, accept, give effect to, recognize or register, record or enter in the books or records of the company a disposition in relation to a share unless- (a) a transfer or an instrument effecting or evidencing the disposition is executed and delivered to the company; and

Stamp Act Amendment Act (No. 2 ) 1984, No. 109 1261 (b) the transfer or the instrument, as the case may be, is duly stamped under this Act. In a case where a disposition of a share consists of a transfer, the transferee shall execute the transfer. (3) (a) A person who contravenes or fails to comply with a provision of subsection (2) commits an offence against this Act and is liable to a penalty of $5 000 plus an amount equal to double the amount of duty that would have been payable if an appropriate transfer or instrument had been executed and duly stamped under this Act. (b) (i) Where a body corporate commits such an offence each of the chairman of directors, managing director or other governing officer by whatever name called and every member of the governing body thereof by whatever name called shall be deemed to have committed the offence and shall be liable to be proceeded against and punished accordingly. (ii) Paragraph (i) applies so as not to limit or affect in any way the liability of a body corporate to be proceeded against and punished for such an offence committed by it. (iii) It is a defence to a charge of an offence against this Act brought against a person specified in paragraph (i) to prove that the offence was committed without that person's knowledge or connivance and that he used due diligence to prevent the commission of the offence. (4) (a) Notwithstanding section 31 G and subject to subsections (5) and (6), an instrument transferring a share or effecting or evidencing a disposition in relation to a share shall be chargeable with duty, in addition to any other duty payable under this Act, calculated as if it were a conveyance free of encumbrances of an undivided share, equivalent to the proportion of the total issued capital of the company represented by the share, in all property held by the company on trust as trustee of the discretionary trusts but without regard to the debts or liabilities of the company as trustee of the discretionary trusts. (b) Where, for the purpose of determining the value of the property held by the discretionary trustee as trustee of the discretionary trusts it is necessary to determine the value of the issued units in any unit trust scheme, such units shall be deemed to have a value equivalent to the value of the property held by the trustee of that unit trust scheme without regard to its debts and liabilities. (5) The Commissioner shall, where it is necessary to determine, for the purposes of subsection (4). the proportion of the total issued capital of a company represented by a share, take into account. in such manner as he considers appropriate. the respective rights and obligations pertaining to the share and the other shares in the capital of the company. (6) Each of the holders of a share in a company as at the date of disposition and thereafter is liable to pay the duty with

1262 Stamp Act Amendment Act (No. 2) 1984, No. 109 which a transfer of the share or an instrument effecting or evidencing a disposition in relation to the share is chargeable. (7) A company shall, where a transfer of a share or an instrument effecting or evidencing a disposition in relation to a share has been delivered to it, retain the transfer or instrument, as the case may be, for not less than 5 years after the day on which the transfer or instrument is delivered to it. (8) A company that contravenes or fails to comply with subsection (7) commits an offence against this Act, and is liable to a penalty of $5 000. (9) A right or obligation arising out of a disposition in relation to a share shall not be invalidated by reason only that the company or an officer of the company made, accepted, gave effect to or recognized the disposition or registered , recorded or entered the disposition in the books or records of the company in contravention of subsection (2).". 21. New ss. 59A , 59B, 59C and 59D . The Principal Act is amended by inserting after section 59 the following sections:- "59A. Matrimonial arrangements . Interpretation . (1) For the purposes of this section and of section 59B- "Commonwealth Act" means the Family Law Act 1975 of the Commonwealth as amended from time to time and any Act of the Commonwealth passed in substitution for that Act; "curtilage" means an area of land immediately adjacent to a place of residence not exceeding in any case 0.5 hectare; "marriage " includes a void marriage; "matrimonial property" means property of the parties to a marriage or of either of them; "place of residence" means- (a) in the case of property that consists of or includes a dwelling-house, the dwelling-house; (b) in the case 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 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. (2) In this section and in section 59B a reference to a party to a marriage includes reference to a person who was a party to

Stamp Act Amendment Act (No. 2) 1984, No. 109 1263 a marriage that has been dissolved or annulled in Australia or elsewhere. 59B. Matrimonial instruments. An instrument that- (a) is an agreement registered or approved under the Commonwealth Act; (b) is an order of a court under the Commmonwealth Act; or (c) is made- (i) for the purposes of and in accordance with an agreement registered or approved or an order of a court made under the Commonwealth Act; or (ii) in connexion with and subsequently to the commencement of proceedings for dissolution or annulment of marriage and makes provision for or with respect to the conveyance from one party to the marriage concerned to the other party to the marriage (and to no other person) of property, being matrimonial property, that is- (d) a place of residence for use as the principal place of residence of the person to whom it is to be or is being conveyed; (e) a motor vehicle for use for private purposes by the person to whom it is to be or is being conveyed; or (f) a policy of life assurance upon the life of the person to whom it is to be or is being conveyed, becomes to that extent a matrimonial instrument for the purposes of section 59C and 59D when the marriage concerned- (g) has been dissolved by a decree that has become absolute or is otherwise final; or (h) has been annulled by a decree that is final. 59C. Nominal duty on matrimonial instruments . Subject to section 59D but notwithstanding any other provision of this Act, the stamp duty payable upon an instrument shall, to the extent that it is a matrimonial instrument, be the sum of $4.00 without affecting the liability for stamp duty payable upon the instrument to the extent that it is not a matrimonial instrument. 59D. Refund of excess duty. Where stamp duty has been paid upon an instrument made after 24 December 1981 on the basis that at the time of payment the instrument was not a matrimonial instrument to any extent whatever and the instrument was at that time or subsequently becomes a matrimonial instrument, wholly or to a less extent, the Commissioner shall, upon application in writing made to him within 6 months of

1264 Stamp Act Amendment Act (No. 2) 1984, No. 109 the instrument being made or, as the case may be, becoming a matrimonial instrument and production to him of such relevant instruments and information as he requires, if he is satisfied that there is not , in relation to the instrument , a scheme to deliberately avoid payment of stamp duty , refund the difference between the amount of stamp duty paid (disregarding any penalty paid in respect of the instrument and denoted thereon by means of stamp) and the amount of stamp duty that would have been payable upon the instrument had it been made at the date of the application: Provided that a refund shall only be made in relation to any instrument that became a matrimonial instrument before 6 April 1982 if application therefor had been made before l November 1982.": 22. Amendment of s. 78A. Evidentiary provisions . Section 78A of the Principal Act is amended, in subsection (2), after paragraph (b), by inserting the following expression and words:- (c) that any information, books, papers or instruments have not been furnished or, as the case may be, produced to the Commissioner as at a date specified in the certificate". 23. Amendment of First Schedule . The First Schedule to the Principal Act is amended in the provisions under the heading "CONVEYANCE OR TRANSFER" by- (a) in paragraph (3), in the proviso occurring after paragraph (b)- (i) in provision (ii), after the words "such terms", inserting the words "and the provisions of section 55B or 55C have not been applied for the purpose of calculating the amount of that duty"; (ii) in provision (iii), after the words "such terms", inserting the words "and the provisions of section 55B or 55C have not been applied for the purpose of calculating the amount of that duty"; (iii) omitting provision (viii) and substituting the following provisions:- "(viii) effecting a change in registered ownership from joint tenants to tenants in common or vice versa and which does not alter the value of the respective co-owners interests at the time of the conveyance or transfer; or (ix) conducting an art union for the benefit of any institution in Queensland engaged in the education of students in primary or secondary schools, or primary and secondary schools, or the University of Queensland or any constituent college thereof, or a rural training school, or any institution in Queensland (as approved by the Minister) engaged in the relief of poverty or in the care of the sick, aged, infirm, afflicted or incorrigible persons or of children, where the

Stamp Act Amendment Act (No. 2) 1984, No. 109 1265 prize for such art union is to be represented wholly or in part by the whole of the property conveyed or transferred or transferring such property to the winner of any prize in any such art union; or (x) transferring property which vested in the Public Curator pursuant to Part IV of the Public Curator Act 1915-1974, from the Public Trustee to a former prisoner or those exercising their legal entitlement to claim through him,"; (b) in paragraph (3) after the proviso occurring after paragraph (b), inserting the following further proviso:- "Provided further that the duty payable in respect of conveyances or transfers made for the sole purpose of- (f) carrying into effect the terms of a settlement where duty has been paid at the ad valorem rate or at that rate no duty was payable 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 property and whereby the property became subject to such terms; or (ii) transferring to a beneficiary his entitlement under the terms of a Declaration of Trust where duty has been paid at the ad valorem rate or at that rate no duty was payable under the "DECLARATION OF TRUST" Head of Charge in this Schedule on an instrument relating to the particular property whereby the property became subject to such terms, and for the purpose of calculating the duty payable thereon the property or part thereof was deemed pursuant to section 55B or 55C to have no value- (iii) in the case where the property is being conveyed, transferred or assigned to a person other than a prescribed descendant within the meaning of those sections, shall be calculated on the full unencumbered value of the property and for the purposes of determining that value the assets (if any) of the company which the Commissioner is satisfied were not deemed to have no value at the time when that instrument was stamped shall be disregarded; (iv) in the case where the property being conveyed, transferred or assigned to a prescribed descendant within the meaning of those sections comprises wholly or in part property that is not prescribed family property within the meaning of either of those sections, shall be- (A) an amount calculated on the full unencumbered value of the property or the

1266 Stamp Act Amendment Act (No. 2) 1984, No. 109 part thereof that is not prescribed family property other than property (if any) that was not prescribed family property at the time when that instrument was executed; or (B) $4.00 whichever is the greater. For the purposes of provision (iv) of this proviso any property that consists of a share or a right in respect of shares in a family company shall be deemed to be prescribed family property only to the extent that assets held by the company comprise prescribed family property. For the purposes of provision (iv) of this proviso a share or a right in respect of shares in a family company shall be deemed to have a value- (i) equal to the value of its full unencumbered value; or (ii) at the option of any of the parties, equal to the value that it would have if the assets of the company consisting of assets that are not prescribed family property other than those assets (if any) that were taken into consideration as being not prescribed family property in calculating the duty that was paid on that instrument were the only assets of the company and the company had no liabilities."; (c) in paragraph (4), in the proviso occurring after paragraph (b)- (i) in provision (ii), after the words "such terms", inserting the words "and the provisions of section 55B or 55C have not been applied for the purpose of calculating the amount of that duty"; (ii) in provision (iii), after the words "such terms", inserting the words "and the provisions of section 55B or 55C have not been applied for the purpose of calculating the amount of that duty"; (iii) omitting provision (viii) and substituting the following provisions:- "(viii) effecting a change in registered ownership from joint tenants to tenants in common or vice versa and which does not alter the value of the respective co-owners interests at the time of the conveyance or transfer; or (ix) conducting an art union for the benefit of any institution in Queensland engaged in the education of students in primary or secondary schools, or primary and secondary schools, or the University of Queensland or any constituent college thereof, or a rural training school, or any institution in Queensland (as approved by the Minister) engaged in the relief of poverty or in the care of the sick, aged, infirm, afflicted or incorrigible persons or of children, where the

Stamp Act Amendment Act (No. 2) 1984, No. 109 1267 prize for such art union is to be represented wholly or in part by the whole of the property conveyed or transferred or transferring such property to the winner of any prize in any such art union; or (x) transferring property which vested in the Public Curator pursuant to Part IV of the Public Curator Act 1915-1974, from the Public Trustee to a former prisoner or those exercising their legal entitlement to claim through him; or (xi) transferring from a trustee of a superannuation scheme to a member of that scheme on his retirement from that scheme a policy of insurance on the life of that member; or (xii) transferring a policy of life insurance- (i) by the person whose life is assured thereunder to a trustee of a superannuation scheme; or (ii) by a trustee of one superannuation scheme to a trustee of another superannuation scheme, where the life assured under the policy is the person entitled under the superannuation scheme to which the policy is transferred to receive the proceeds of the policy upon its maturity; or transferring a lot under a building units plan or a group titles plan registered under the Building Unitsand GroupTitles Act1980-1984 where- (a) the transferor is a company; (b) the company is the person by whom the land comprised in the plan was held in fee-simple at the time of the registration of the plan; (c) the transferee is a person who surrendered his shares in the company for the purposes of obtaining the conveyance or transfer of the lot from the company; (d) the separate area which the lot comprises corresponds with the separate area which the transferee had a right to occupy immediately prior to surrendering his shares; and (e) the separate area which the lot comprises has been used for residential purposes immediately prior to the transferee surrendering his shares and will after registration of the plan and the conveyance or transfer of the lot to the transferee be used for residential purposes,"; (d) in paragraph ( 4), after the proviso occurring after paragraph (b) inserting the following further proviso:- "Provided further that the duty payable in respect of conveyances or transfers made for the sole purpose of- (i) carrying into effect the terms of a settlement where duty has been paid at the ad valorem rate or at that rate no duty was payable under the "SETTLEMENT, DEED OF GIFT OR VOLUNTARY CONVEYANCE" Head of Charge or under the

1268 Stamp Act Amendment Act (No. 2) 1984, No. 109 "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 (ii) transferring to a beneficiary his entitlement under the terms of a Declaration of Trust where duty has been paid at the ad valorem rate or at that rate no duty was payable under the "DECLARATION OF TRUST" Head of Charge in this Schedule on an instrument relating to the particular property whereby the property became subject to such terms, and for the purpose of calculating the duty payable thereon the property or part thereof was deemed pursuant to section 55B or 55C to have no value- (iii) in the case where the property is being conveyed, transferred or assigned to a person other than a prescribed descendant within the meaning of those sections, shall be calculated on the full unencumbered value of the property or that part thereof which was deemed to have no value; (iv) in the case where the property being conveyed, transferred or assigned to a prescribed descendant within the meaning of those sections comprises wholly or in part property that is not prescribed family property within the meaning of either of those sections, shall be- (A) an amount calculated on the full unencumbered value of the property or the part thereof that is not prescribed family property other than property (if any) that was not prescribed family property at the time when that instrument was executed; or (B) $4.00 whichever is the greater. For the purposes of this proviso any property that consists of a right or interest of a beneficiary under a family unit trust scheme shall be deemed to be prescribed family property only to the extent that the property held by the unit trustees comprises prescribed family property."; (e) in the exemptions thereto, inserting at the end thereof the following words:- "Any conveyance or transfer of a corporate debt security. Any conveyance or transfer of property consisting of an annuity purchased for a bona fide lump sum cash consideration made on or after 27 November 1984.".