Stamp Act Amendment Act 1984 (Qld)

209 IZA ANNO TRICESIMO TERTIO AE SEU A No. 17 of 1984 An Act to a m end the Stamp Act 1894-1982 in certain p art iculars, to rep ea l a provision of the Stamp Act endment Act 197 5 and for other pu rpo ses [ASSENTED TO 8TH MARCH, 1984]

210 Stamp Act Amendment Act 1984, No. 17 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 an d citation . (1) This Act may be cited as the Stamp Act Amendment Act 1984. (2) In this Act the Stamp Act1894-1982 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Stamp Act1894-1984. 2. Commencement . (1) This Act, other than sections 4, 6, 7, 8, 9, 10, 11, 12, 13, 14, 25 (c), (f) and (h), 27 and 28, shall commence on the day on which it is assented to for and on behalf of Her Majesty. (2) The several provisions of sections 4, 6, 7, 8, 9, 10, 11, 12, 13, 14, 25 (f) and (h), 27 and 28, shall commence on such day or days as may be appointed by Proclamation. (3) Section 25 (c) shall be deemed to have commenced on 1 February 1984 and shall be given retrospective effect accordingly. 3. Amendment of s. 2. Definitions . (1) Section 2 of the Principal Act is amended in subsection (1) in the meaning of the expression "Marketable security", in subparagraph (c), by omitting the words "Division 5 of Part IV of the Companies Act 1961-1979" and substituting the words "Division 6 of Part IV of the Companies (Queensland) Code". (2) It is hereby declared that "Marketable security" within the meaning of section 2 of the Principal Act always did, on and from 1 July 1982, include any right or interest (whether described as a unit or subunit or otherwise) of a beneficiary under a unit trust scheme provided for in a deed that is an approved deed for the purposes of Division 6 of Part IV of the Companies (Queensland) Code. 4. Amendment of s. 31D. Returns to be lodged and duty paid. Section 31D of the Principal Act is amended in subsection (1) by- (a) in paragraph ( a), inserting after the words "of this Act applies" 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), inserting after the words "sales and purchases" the words ", other than sales and purchases made on the trading floor of a prescribed stock exchange,". S. Amendment of s. 31G. Section 31G of the Principal Act is 4a4, m3e1nEdeanddin31sFu"basnedctsioubns( ti1tu) , tiinngpthaerawgorardpsh" ( abn)db3y1Eo" m. itting the words

Stamp Act Amendment Act 1984 , No. 17 211 6. Amendment of s. 32A. Instalment Purchase Agreements. Section 32A of the Principal Act is amended in subsection (2) by omitting all words from and including the expression "Agreement":" to the end of the proviso and substituting the expression "Agreement" ". 7. A m endment of s. 35. Credit and Rental Business . Section 35 of the Principal Act is amended by- (a) in subsection (1)- (i) omitting the expression "and 35E" and substituting the expression ", 35E and 35H"; (ii) omitting the definition "Acceptable rate of interest"; (iii) omitting from the definition "Credit arrangement" all words from and including the words ", but does not include" to and including the word "outstanding"; (iv) in the definition "Discount transaction"- (A) after provision (a), inserting the word "or"; (B) omitting the word "or" occurring after provision (b); (C) omitting provision (c); (v) omitting the definition "Interest"; (vi) omitting from the definition "Loan" all words from and including the words "any loan advance" to and including the words "Order in Council or"; (vii) omitting the definition "Rate of interest"; (b) omitting subsection (2); (c) omitting subsection (3) ; (d) in subsection (4), in the first paragraph, in subparagraph (b), omitting all words from and including the words "at a discount" to the end of that subparagraph. 8. Amendment of s. 35A . Persons carrying on credit or rental business to be registered . Section 35A of the Principal Act is amended in subsection (1), in the first paragraph, by omitting the words "unless he is registered under this section" and substituting the words "unless-- (a) he is registered under this section; or (b) (i) the credit business carried on by him is comprised only of- (A) entering into credit arrangements; (B) forbearing to require payment of money owing in relation to the sale of goods or the provision of services by him; or (C) entering into credit arrangements and forbearing to require the payment of money owing in relation to the sale of goods or the provision of services by him;

212 Stamp Act Amendment Act 1984, No. 17 (ii) the sum of the total amounts debited by him pursuant to all credit arrangements and of the total amounts of all forbearances by him during the period of the last preceding 12 months did not exceed $400 000; and (iii) he does not carry on any rental business.". 9. Amendment of s. 35B. Statements to be lodged by registered persons with the Commissioner . Section 35B of the Principal Act is amended by- (a) in subsection (1)- (i) in the first paragraph, omitting paragraph (a) and substituting the following paragraph:- "(a) deliver to the Commissioner a statement in the prescribed form and verified in the prescribed manner showing- (i) the prescribed particulars in respect of and the total amount of all loans made by him during the last preceding month except short term loans and housing loans; (ii) an amount equal to 0.03 per centum of the total amount referred to in subparagraph (i) or alternatively, at the option of the registered person, where an amount of a loan to which subparagraph (i) applies exceeds $1 000 000, the amount equal to the sum of- (A) the amount calculated as prescribed in subsection (1A) in respect of that loan or, where there is more than one such loan, the sum of the amounts calculated as prescribed in subsection (1A) in respect of each such loan whereof the registered person exercises his option under this subparagraph; and (B) the amount equal to 0.03 per centum of the amount of the difference between the total amount referred to in subparagraph (i) and the amount or sum of the amounts of the loan or loans in respect of which an amount has been calculated pursuant to provision (A) of this subparagraph: Provided that in any case where an amount under this subparagraph (ii) includes a fraction of a cent the amount shall be increased by an amount equal to the difference between that fractional part of a cent and one cent; (iii) the prescribed particulars in respect of and the sum of the total amount of all short term loans (except housing loans) made by him during the last preceding twelve months, which were outstanding in whole or in part at the end of the last preceding month and the total amount of. all-such. short term--loans.-(except. housing loans).. made within the last preceding month and repaid within that month;

Stamp Act Amendment Act 1984, No. 17 213 (iv) an amount equal to 0.0025 per centum of the sum referred to in subparagraph (iii) or alternatively, at the option of the registered person, where an amount of any short term loan to which subparagraph (iii) applies exceeds $1 000 00&, the amount equal to the sum of- (A) the amount calculated as prescribed in subsection (1B) in respect of that short term loan or, where there is more than one such loan, the sum of the amounts calculated as prescribed in subsection (1B) in respect of each such loan whereof the registered person exer- cises his option under this subparagraph; and (B) the amount equal to 0.0025 per centum of the amount of the difference between the sum referred to in sub- paragraph (iii) and the amount or sum of the amounts of the short term loan or short term loans in respect of which an amount has been calculated pursuant to provision (A) of this subparagraph: Provided that in any case where an amount calculated under this subparagraph (iv) includes a fraction of a cent the amount shall be increased by an amount equal to the difference between that fractional part of a cent and one cent; (v) the total amount expended by him during the last pre- ceding month in discount transactions other than short term discount transactions and other than discount trans- actions in respect of which the registered person has, pursuant to section 4, paid the amount of duty under the heading "CONVEYANCE OR TRANSFER" in the First Schedule to this Act; (va) the prescribed particulars in respect of discount transactions referred to in subparagraph (v); (vi) an amount equal to 0.03 per centum of the amount referred to in subparagraph (v) or alternatively, at the option of the registered person, where an amount expended by him in any discount transaction to which subparagraph (v) applies exceeds $1 000 000, the amount equal to the sum of- (A) the amount calculated as prescribed in subsection (1A) in respect of that discount transaction or, where there is more than one such discount transaction, the sum of the amounts calculated as prescribed in subsection (1A) in respect of each such transaction whereof the registered person exercises his option under this sub- paragraph; and (B) the amount equal to 0.03 per centum of the amount of the difference between the amount referred to in subparagraph (v) and the amount or sum of the

214 Stamp Act Amendment Act 1984, No. 17 amounts of the discount transaction or discount trans- actions in respect of which an amount has been calculated pursuant to provision (A) of this subparagraph: Provided that in any case where an amount calculated under this subparagraph (vi) includes a fraction of a cent the amount shall be increased by an amount equal to the difference between that fractional part of a cent and one cent; (vii) the sum of total amounts expended by him in respect of short term discount transactions to the extent that they, at the end of the last preceding month, remained unrealized (whether by collection sale disposal or any other form of realization) where the book debts or other things in action purchased acquired discounted or factored by him were so purchased acquired discounted or factored during the last preceding twelve months other than short term discount transactions in respect of which the registered person has, pursuant to section 4, paid the amount of duty under the heading "CONVEYANCE OR TRANSFER" in the First Schedule to this Act and the total amount expended by him in respect of short term discount transactions entered into and completed by collection sale disposal or other form of realization within the last preceding month other than short term discount trans- actions in respect of which the registered per; on has, pursuant to section 4, paid the amount of duty under the heading "CONVEYANCE OR TRANSFER" in the First Schedule to this Act; (viia) the prescribed particulars in respect of short term discount transactions referred to in subparagraph (vii); (viii) an amount equal to 0.0025 per centum of the sum referred to in subparagraph (vii) or alternatively, at the option of the registered person, where an amount expended by him in respect of any short term discount transaction to which subparagraph (vii) applies exceeds $1 000 000, the amount equal, to the sum of- (A) the amount calculated as prescribed in subsection (1B) in respect of that = short term discount transaction or, where there is more than one such transaction, the sum of the amounts calculated as prescribed in subsection (1B) in respect of each such transaction whereof the registered person exercises his option under this sub- paragraph; and (B) the amount equal to 0.0025 per centum of the amount of the difference between the sum referred to in sub- paragraph (vii) and the amount or sum of the amounts of the short term discount transaction or short term

Stamp Act Amendment Act 1984 , No. 17 215 discount transactions in respect of which an amount has been calculated pursuant to provision (A) of this subparagraph: Provided that in any case where an amount calculated under this subparagraph (viii) includes a fraction of a cent the amount shall be increased by an amount equal to the difference between that fractional part of a cent and one cent; (ix) the prescribed particulars in respect of credit arrangements made by him- (A) under which credit in excess of $200 is obtained in the last preceding month; or (B) in respect of which the registered person exercises or has exercised his option to show an amount in accord- ance with subparagraph (x) (B) and the maximum balance outstanding during the last preceding month is in excess of $200; (ixa) the total of the maximum amounts outstanding during the preceding month in respect of credit arrangements referred to in subparagraph (ix) in respect of which the registered person exercises, or, at any time, has exercised the option to show an amount in accordance with subparagraph (x) (B); (ixb) the total of all amounts debited by him pursuant to a credit arrangement referred to in subparagraph (ix) (other than a credit arrangement referred to in subparagraph (ixa)) during the last preceding month less any amounts credited against amounts so debited in respect of goods returned or services not provided; (x) an amount equal to the sum of- (A) an amount equal to 0.03 per centum of the total amount debited by him pursuant to all credit arrangements referred to in subparagraph (ix) other than- (i) credit arrangements (if any) whereof amounts are calculated as provided in provision (B) or (C) of this subparagraph; and (ii) credit arrangements (if any) whereof the total of amounts debited by him pursuant to each such credit arrangement during the preceding month exceeded $1 000 000 and the registered person exercises his option to calculate an amount in respect of each such credit arrangement as provided in provision (D); (B) where an amount debited by him pursuant to any credit arrangement referred to in subparagraph (ix) is the

216 Stamp Act Amendment Act 1984, No. 17 first amount so debited pursuant to that credit arrange- ment, at the option of the registered person, an amount equal to- (i) in respect of each such credit arrangement, other than any credit arrangement whereof the maximum amount outstanding during the preceding month exceeded $1 000 000 and the registered person exer- cises his option under provision (ii) of this provision (B), 0.0025 per centum of the maximum amount outstanding during the preceding month; and (ii) in respect of each such credit arrangement whereof the maximum amount outstanding during the preceding month exceeded $1 000 000 and the registered person exercises his option under this provision, an amount calculated as prescribed in subsection (1B) upon the maximum amount out- standing during the preceding month; and (C) where the registered person had, for the purposes of any previous statement calculated an amount pursuant to provision (B) in respect of any credit arrangement, an amount equal to- (i) in respect of each such credit arrangement, other than any credit arrangement whereof the maximum amount outstanding during the preceding month exceeded $1 000 000 and the registered person exercises his option under provision (ii) of this provision (C), 0.0025 per centum of the maximum amount outstanding during the preceding month; and (ii) in respect of each such credit arrangement whereof the maximum amount outstanding during the preceding month exceeded $1 000 000 and the registered person exercises his option under this provision, an amount calculated as prescribed in subsection (1B) upon the maximum amount out- standing during the preceding month; and (D) in respect of each credit arrangement whereof the registered person has debited a total amount exceeding $1 000 000 during the preceding month and exercises his option under this provision, an amount calculated as prescribed in subsection (1A) in respect of that total amount: Provided that in any case where the amount calculated under this subparagraph (x) includes a fraction of a cent the amount shall be increased by an amount equal to the difference between that fractional part of a cent and one cent; (xi) the total amount received by him during the last preceding month in respect of his rental business for or in relation to the use of goods other than books;

StampAet Amendment Act 1984 , No. 17 217 (xii) the amount equal to 0.43 per centum of the amount referred to in subparagraph (xi) of this paragraph: Provided that in any case where the amount calculated under this subparagraph (xii) includes a fraction of a cent the amount shall be increased by an amount equal to the difference between that fractional part of a cent and one cent;"; (ii) in the first paragraph, in paragraph (b)- (A) omitting the words "the difference between" and the words "and the amount referred to in subparagraph (xiii) of paragraph (a) of this subsection"; (B) omitting the words "0.125 per centum of the amount of the loan" and substituting the words "one-twelfth of the amount calculated pursuant to subparagraph (ii) of paragraph (a) of this paragraph in respect of the amount of that loan"; (iii) omitting the first proviso commencing with the words "Provided that where-" and substituting the following proviso:- "Provided that where- (a) a registered person carries on rental business and does not carry on any credit business; and (b) the total amount received by him during the period of the last preceding 12 months in respect of his rental business for or in relation to the use of goods other than books did not exceed $10 000, the provisions of paragraphs (a) and (b) of the first paragraph of this subsection shall not apply to that registered person in respect of that period:"; (iv) omitting the second proviso commencing with the words "Provided further that any such election" and substituting the following proviso:- "Provided further that where- (a) a registered person carries on credit business com- prised only of- (i) entering into credit arrangements; (ii) forbearing to require payment of money owing in relation to the sale of goods or the provision of services by him; or entering into credit arrangements and forbearing to require the payment of money owing in relation to the sale of goods or the provision of services by him; and (b)- (i) he does not carry on any rental business; or (ii) the total amount received by him during the period of the last preceding 12 months in respect of the 8

218 Stamp Act Amendment Act 1984, No. 17 rental business carried on by him for or in relation to the use of goods other than books did not exceed $10 000; and (c) the sum of the total amounts debited by him pursuant to all credit arrangements and of the total amounts of all forbearances by him during the period of the last preceding 12 months did not exceed $400 000, the provisions of paragraphs (a) and (b) of the first paragraph of this subsection shall not apply to that registered person in respect of that period."; (v) omitting the paragraph commencing with the words "The Governor in Council may," and substituting the following paragraphs:- "For the purposes of subparagraphs (ix), (ixa), (ixb) and (x) of paragraph (a) of the first paragraph of this subsection, where a credit arrangement provides that no amount in excess of the cash price is or may be charged for or in relation to the sale of goods or provision of services if the cash price is paid within a period specified under the credit arrangement (not exceeding 60 days) then the amount of the cash price is not an amount debited under the credit arrangement but if at any time any amount in excess of the cash price is or may be charged the amount of the cash price that has not been paid shall be taken to be an amount debited under the credit arrangement at that time. Notwithstanding the provisions of subparagraph (x) of paragraph (a) of the first paragraph of this subsection a registered person who prior to the commencement of that subparagraph as substituted by the Stamp Act Amendment Act 1984 had pursuant to any credit arrangement debited any amount may, in the first return delivered by him pursuant to this subsection after that commencement, calculate an amount in respect of that credit arrangement pursuant to provision (C) of subparagraph (x) of paragraph (a) of the first paragraph of this subsection and, if he does so, he shall in that statement and in all subsequent statements be deemed to have calculated an amount in a previous statement pursuant to provision (B) of subparagraph (x) of paragraph (a) of the first paragraph of this subsection in respect of that credit arrangement: Provided that for the purpose of determining the maximum amount outstanding from time to time in respect of the credit arrangement during any month there shall be deducted from that amount the amount outstanding at the material time in respect of any amounts debited pursuant to that credit arrangement prior to the commencement of subparagraph (x) of paragraph (a) of the first paragraph of this subsection as substituted by the Stamp Act Amendment Act 1984 and for that purpose all amounts credited after that commencement (other than amounts credited against amounts debited after that commencement in respect of goods returned or services not provided) shall be taken

Stamp Act Amendment Act 1984, No. 17 219 to have been applied in reduction of the amount debited prior to that commencement."; (b) after subsection (1), inserting the following subsections:- "(1A) Amounts calculated for the purposes of subparagraphs (ii), (vi) and (x) (D) of paragraph (a) of the first paragraph of subsection (1) in respect of- (a) each loan to which subparagraph (i) of paragraph (a) of the first paragraph of subsection (1) applies the amount of which exceeds $1 000 000 and in respect of which loan the registered person exercises his option under subparagraph (ii) of paragraph (a) of the first paragraph of subsection (1) to calculate the amount in accordance with this subsection; (b) each discount transaction to which subparagraph (v) of paragraph (a) of the first paragraph of subsection (1) applies the amount of which exceeds $1 000 000 and in respect of which transaction the registered person exercises his option under subparagraph (vi) of paragraph (a) of the first paragraph of subsection (1) to calculate the amount in accordance with this subsection; (c) each credit arrangement to which subparagraph (ix) of paragraph (a) of the first paragraph of subsection (1) applies pursuant to which the total amounts debited by the registered person exceed $1 000 000 and in respect of which credit arrangement the registered person exercises his option under sub- paragraph (x) (D) of paragraph (a) of the first paragraph of subsection (1) to calculate the amount in accordance with this subsection, shall be calculated as- (d) $2 500; or (e) the sum of $300 and 0.015 cents for each and every dollar by which the amount of the loan, discount transaction or, as the case may be, total amounts debited exceeds $1 000 000, whichever is the less: Provided that in any case where an amount calculated under this subsection includes a fraction of a cent the amount shall be increased by an amount equal to the difference between that fractional part of a cent and one cent. (1B) Amounts calculated for the purposes of subparagraphs (iv), (viii) and (x) (B) or (C) of paragraph (a) of the first paragraph of subsection (1) in respect of- (a) each short term loan to which subparagraph (iii) of paragraph (a) of the first paragraph of subsection (1) applies the amount of which exceeds $1 000 000

220 Stamp Act Amendment Act 1984, No. 17 and in respect of which short term loan the registered person exercises his option under subparagraph (iv) of paragraph (a) of the first paragraph of subsection (1) to calculate the amount in accordance with this subsection; (b) each short term discount transaction to which subparagraph (vii) of paragraph (a) of the first paragraph of subsection '(1) applies the amount of which exceeds $1 000 000 and in respect of which transaction the registered person exercises his option under subparagraph (viii) of paragraph (a) of the first paragraph of subsection (1) to calculate the amount in accordance with this subsection; (c) each credit arrangement to which subparagraph (ix) of paragraph (a) of the first paragraph of subsection (1) applies in respect of which arrangement the registered person exercises or has exercised his option under subparagraph (x) (B) (ii) or (C) (ii) of paragraph (a) of the first paragraph of subsection (1) to calculate the amount in accordance with this subsection, shall be calculated as- (d) $208.33; or (e) the sum of $25 and 0.00125 cents for each and every dollar by which- (i) in the case of a short term loan made during the preceding 12 months, any amount of which is outstanding at the end of the month to which the statement delivered by the registered person relates, the amount of the loan; (ii) in the case of a short term loan made and repaid during the month to which that statement relates, the amount of the loan; (iii) in the case of a short term discount transaction, that part of the total amount shown on the statement delivered by the registered person in relation to subparagraph (vii) of paragraph (a) of the first paragraph of subsection (1) as relates to the short term discount transaction to which this subsection applies; (iv) in the case of a credit arrangement, the maximum amount outstanding during the month to which the statement relates, exceeds $1 000 000, whichever is the less: Provided that in any case where an amount calculated under this subsection includes a fraction of a cent the amount shall be

Stamp Act Amendment Act 1984 , No. 17 221 increased by an amount equal to the difference between that fractional part of a cent and one cent."; (c) in subsection (2), inserting after the words "paragraph (a) of" the words "the first paragraph of"; (d) in subsection (4), omitting the word "declaration" and substituting the word "statement"; (e) in subsection (5), inserting after the words "paragraph (a) of" where they twice occur the words "the first paragraph of" in each case. 10. Amendment of s. 35c . Registered persons to keep records. Section 35c of the Principal Act is amended by- (a) in subsection (1), omitting the word "total"; (b) omitting subsection (2) and substituting the following subsections:- "(2) Where the Commissioner is of the opinion that it is not reasonably practicable to calculate precisely any amount which is to be set out in the statement of a registered person he may agree to accept statements from that person in which that amount is calculated in such manner or on such basis as he thinks fit but any such agreement may be cancelled by notice in writing .under the hand of the Commissioner given to the registered person. (2A) (a) Where the Commissioner is of the opinion that it would be unreasonable to require a registered person to deliver statements- (i) within the time specified in subsection (1) of section 35B, the Commissioner may, by notice in writing, vary the time within which that registered person is required to deliver statements in pursuance of that subsection; (ii) relating to each month, the Commissioner may, by notice in writing, authorize that registered person to deliver statements relating to such periods as may be specified in the notice, and the registered person shall, while that notice remains unrevoked, deliver statements accordingly. (b) The Commissioner may, at any time, by notice in writing, revoke a notice given in pursuance of paragraph (a).". 11. Amendment of s. 35D. Penalties . Section 35D of the Principal Act is amended in subsection (1) by omitting the words. "of not more than five hundred dollars" and substituting the words "of $500, and

222 Stamp Act Amendment Act 1984, No. 17 additionally to a penalty of $50 for each and every day on which he continues the offence after he is convicted therefor". 12. Amendment of s. 35E. As to transactions with unregistered persons . Section 35E of the Principal Act is amended by- (a) in subsection (2)- (i) omitting paragraph (a) and substituting the following paragraph:- ,,(a) in the case of a note or memorandum relating to- (i) a credit arrangement or a loan where the amount of credit provided or, as the case may be, of the loan- (A) is $1 000 000 or less, at the rate of 0.03 per centum of that amount; (B) exceeds $1000000, calculated as prescribed in subsection (IA) of section 35B in respect of that amount; (ii) a discount transaction where the amount of the consideration for the purchase, acquisition, discounting or factoring of the book debts or other things in action- (A) is $1 000 000 or less, at the rate of 0.03 per centum of that amount; (B) exceeds $1000000, calculated as prescribed in subsection (1A) of section 35B in respect of that amount;"; (ii) in paragraph (b), omitting the word "one" where it twice occurs and substituting the expression "0.43" in each case; (iii) at the end of the subsection inserting the following expression and proviso:- Provided that in any case where an amount of duty calculated under this subsection includes a fraction of a cent the amount shall be increased by an amount equal to the difference between that fractional part of a cent and one cent"; (b) in subsection (6), in paragraph ( e), inserting after the words "State of the Commonwealth" the words "except a body corporate carrying on the business of banking". 13. Repeal of and new s. 35F. Power to vary rate of interest by Order in Council . The Principal Act is amended by repealing section 35F and substituting the following section:- "35F. Exemption from credit duty of certain loans by registered persons. (I) The Governor in Council may, from time to time, by Order in Council either generally or in the specific case exempt from payment duty which but for the operation of this section would be liable pursuant to section 35B to be paid in respect of a loan made or a discount transaction entered into by a

Stamp Act Amendment Act 1984, No. 17 223 registered person to the extent that the loan or discount transaction utilizes moneys borrowed by the registered person the amount of which is required- (a) by section 35B to be included in an amount to be disclosed in a statement delivered or to be delivered to the Commissioner; or (b) by section 35E to be disclosed in a note or memorandum made by the registered person. (2) Where under section 35B or 35E duty is liable to be paid or has been paid in respect of a loan made or discount transaction entered into and the Commissioner is satisfied that the whole or part of the amount of the loan or discount transaction has been utilized for the provision of housing loans (as defined in section 35B) or for business which is effected or evidenced by an instrument of the kind referred to in section 32A and that, in any case where duty is liable to be paid or has been paid pursuant to section 35B, the registered person, pursuant to the terms of the loan or, as the case may be, discount transaction, has paid or will pay the amount of the duty, the registered person may deduct from the amount to be paid pursuant to paragraph (b) of the first paragraph of subsection (1) of section 35B upon a statement lodged by him an amount equal to the duty paid or payable and attributabe to that part of the loan or discount transaction so utilized: Provided that upon that deduction being once made, no further deduction may be made in respect of that part of the loan or discount transaction. 14. Amendment of s. 35G . O rders in Council to be laid before Legislative Assembly. Section 35G of the Principal Act is amended by- (a) in subsection (1), omitting the expression "35B or"; (b) in subsection (2), omitting the expression "35B or". 15. New s. 35H. The Principal Act is amended by inserting after section 35G the following section:- "35H. Undertaking by financial institutions. (1) A financial institution that is not a registered person and is not required to be so registered may give an undertaking in accordance with the prescribed form and manner to the Commissioner to make such payments to the Commissioner in respect of such amounts of duty and at such times as it would be required to make if it were required to be registered under section 35A. (2) Where the Commissioner receives an undertaking under subsection (1), the Commissioner shall determine whether or not to accept the undertaking. (3) Where the Commissioner accepts an undertaking from a financial institution under subsection (1), the financial

224 Stamp Act Amendment Act 1984, No. 17 institution shall be deemed to be registered under section 35A during the period during which the undertaking has effect in accordance with subsection (4). (4) An undertaking accepted by the Commissioner under this section has effect from the date on which the Commissioner accepts the undertaking until- (a) the financial institution by notice in writing given to the Commissioner withdraws the undertaking; or (b) the Commissioner by notice in writing given to the financial institution, withdraws his acceptance of the undertaking.". 16. 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. In respect of bills of exchange drawn or promissory notes made out of Queensland duty shall be chargeable and payable on all such bills or notes if and when they are paid, endorsed, transferred or otherwise negotiated within Queensland, wherever payable.". 17. Amendment of s. 39. Use of adhesive stamps on bills and notes . Section 39 of the Principal Act is amended by- (a) in subsection (1), after the words "BILL OF EXCHANGE" inserting the words "OR PROMISSORY NOTE"; (b) omitting subsection (2). 18. Amendment of s. 41. Penalty for issuing , etc. unstamped bill or note. Section 41 of the Principal Act is amended by omitting subsection (2). 19. Repeal of s. 41A . Irregularity in cancelling stamp not to debar bona fide holder from recovery on bill or note . The Principal Act is amended by repealing section 41A. 20. Amendment of s. 55A. Duty relating to principal place of residence . Section 55A of the Principal Act is amended by- (a) in the note appearing in and at the beginning of the section inserting after the word " residence " the words " and first principal place of residence"; (b) in subsection (1), inserting after the definition "place of residence" the following definition:- "prescribed first principal place of residence" means a prescribed principal place of residence in respect of which the Commissioner is satisfied that the person acquiring the premises does not hold and at any time prior to his

Stamp Act Amendment Act 1984, No. 17 225 acquisition thereof has not held an estate or interest in any property that consists or consisted of or includes or included any other place of residence in Queensland or elsewhere;"; (c) omitting subsection (2) and substituting the following subsection:- "(2) Subject to subsections (3) and (3A), where ad valorem duty is chargeable under the heading "CONVEYANCE OR TRANSFER" in the First Schedule in respect of an instrument effecting the acquisition of any prescribed principal place of residence, such duty in the first instance shall be- (a) in the case of a prescribed principal place of residence that is a prescribed first principal place of residence, at the amount and rate specified as for a prescribed first principal place of residence; (b) in the case of any other prescribed principal place of residence, at the amount and rate specified as for a prescribed principal place of residence, in the First Schedule to this Act and no other."; (d) in subsection (3), in subparagraph (a), inserting after the words "prescribed principal place of residence" the words "or a prescribed first principal place of residence"; (e) after subsection (3) as amended inserting the following subsection:- "(3A) If it appears to the Commissioner that the person acquiring the premises in respect of which ad valorem duty had been paid on an instrument at the rate specified as for a prescribed first principal place of residence in the First Schedule to this Act at the time of or at any time before the acquisition by him of those premises held an estate or interest in any property that consists or consisted of or includes or included a place of residence in Queensland or elsewhere then the amount of duty chargeable in respect of the instrument effecting the acquisition of the premises shall be the amount chargeable as if the premises were not acquired as a prescribed first principal place of residence and section 80 applies as if the amount of duty assessed in the first instance has been assessed at an insufficient amount."; (f) after subsection (5), inserting the following subsection:- "(6) A person who makes a false statutory declaration for the purpose of having an instrument effecting the acquisition of any place assessed at the amount and rate specified as for an instrument effecting the acquisition of a prescribed first principal place of residence commits an offence against this Act and is liable to a penalty of $300 and liable to pay a.penalty equal to double the amount of any increase in duty that would have been payable on an instrument effecting the acquisition of the place if the false declaration had not been made.".

226 Stamp Act Amendment Act 1984, No. 17 21. Repeal of s. 58. Banknotes to be exempt subject to annual composition . The Principal Act is amended by repealing section 58. 22. Amendment of s. 68A . Trust deed in respect of debentures. Section 68A is amended in subsection (1) by- (a) omitting the first paragraph and substituting the following paragraph:- "(1) Where, in respect of the offer by a corporation of debentures to the public for subscription, a trust deed is executed in Queensland or, if executed outside Queensland, such trust deed or a copy thereof (executed or unexecuted) is brought into Queensland for the purpose of registration or other purpose associated with the offer the trust deed or, as the case may be, copy is to be charged with stamp duty at the rate specified under the heading "MORTGAGE, BOND, DEBENTURE, and COVENANT" in the First Schedule as if the trust deed were a debenture (being the only or principal or primary security) securing the payment of an amount equal to the total amount of such debentures (other than prescribed short term debentures) subscribed for from time to time by the public in Queensland."; (b) omitting the third paragraph and substituting the following paragraph:- "In the month of July in each year the trustee under such a trust deed shall forward to the Commissioner a declaration under the Oaths Act1867-1981 setting forth- (a) the total amount of debentures in respect of which it is reasonable to expect that the Commissioner would be satisfied that they are prescribed short term debentures; and (b) the total amount of all other debentures, subscribed for by the public in Queensland during the 12 months preceding that month and account for the duty thereon."; (c) in the fourth paragraph, after the word "subsection" inserting the words "or section 68B". 23. New s. 68B . The Principal Act is amended by inserting after section 68A the following section:- "68B. Prescribed short term debenture . (1) For the purposes of this section, section 68A and the provisions in the First Schedule under the heading "MORTGAGE, BOND, DEBENTURE and COVENANT", "prescribed short term debenture" means a debenture within the meaning of section 68A (2) issued by a public company within the meaning of the Companies (Queensland) Code in respect of which the Commissioner is satisfied that- (a) the payment or repayment of money is secured for a term or, if the debenture is reissued or renewed, a combined term not exceeding six months; and

Stamp Act Amendment Act 1984, No. 17 227 (b) the debenture is not part of any scheme or other arrangement the effect of which scheme or arrangement is the securing of the payment or repayment of money for a period or, where the scheme or arrangement includes a number of debentures or the reissuing or renewal thereof, a combined period (whether or not the period is continuous) exceeding six months. For the purposes of provision (a) or (b), unless, in the particular case, the Commissioner determines otherwise, debentures subscribed for or taken up (whether upon the issuing, reissuing or renewal thereof) by a corporation shall be taken to have been subscribed for by that corporation together with any debentures subscribed for or taken up (whether upon the issuing, reissuing or renewal thereof) by all other corporations (if any) that are related to the firstmentioned corporation. The question whether corporations are related to each other shall be determined in the manner in which it is to be determined under the Companies (Queensland) Code whether corporations within the meaning of the code are related to each other. (2) If it appears to the Commissioner that a debenture in respect of which no duty has been paid upon the amount secured thereunder (whether upon the debenture or the trust deed under which the debenture is or has been offered to the public) for the reason that duty is not chargeable as the debenture is a prescribed short term debenture is not in fact a prescribed short term debenture then the amount of duty chargeable in respect of the debenture upon that debenture or, as the case may be, trust deed shall be the amount chargeable as if the debenture was not a prescribed short term debenture and section 80 applies as if the amount of duty assessed in the first instance has been assessed at an insufficient amount. (3) A person who makes a false statutory declaration for the purpose of having a debenture assessed as a prescribed short term debenture commits an offence against this Act and is liable to a penalty of $1 000 and liable to pay a penalty equal to double the amount of duty or, in the case of a trust deed upon which an amount of duty has been paid, double the amount of the increase in duty that would have been payable on the debenture or, as the case may be, trust deed if the false declaration had not been made.". 24. New s. 84. The Principal Act is amended by inserting after section 83 the following section:- "84. Undertaking by exempt persons. (1) A person who is not liable to the payment of duty charged upon any instruments pursuant to this Act may give an undertaking in accordance with

228 Stamp Act Amendment Act 1984, No. 17 the prescribed form and manner to the Commissioner to make such payments to the Commissioner in respect of any such instruments and at the times as that person would be required to make if he were liable to the payment of duty. (2) Where the Commissioner receives an undertaking under subsection (1), the Commissioner shall determine whether or not to accept the undertaking. (3) Where the Commissioner accepts an undertaking under subsection (1), the person shall be deemed to be liable to the payment of duty as if he were liable to such payment for so long as the undertaking has effect in accordance with subsection (4). (4) An undertaking accepted by the Commissioner under this section has effect from the date on which the Commissioner accepts the undertaking until- (a) the person by notice in writing given to the Commissioner withdraws the undertaking; or (b) the Commissioner by notice in writing given to the person, withdraws his acceptance of the undertaking.". 25. Amendment of First Schedule . The First Schedule to the Principal Act is amended by- (a) after the provisions under the heading "AGREEMENT or any MEMORANDUM of an AGREEMENT" inserting the following heading and provisions:- Duty "AGREEMENT pursuant to Section 26 of the RetailShop Leases Act1984 and not otherwise charged with any duty except duty under the "AGREEMENT or any MEMORANDUM of an AGREEMENT" head of charge in this Schedule. For value, for every $40 and also for every fractional part of $40 .. .. (But not to exceed 50 cents on any such instrument) In any other case .. .. .. .. .05 .25"; (b) omitting the heading "BILL OF EXCHANGE (ss. 36-42)" and the provisions tinder that heading, other than the exemptions, and substituting the following heading and provisions:- "BILL OF EXCHANGE OR PROMISSORY NOTE (ss. 36-42)- (a) Payable on demand or at sight, or on presentation, or in which no time for payment is expressed (b) Of any other kind whatsoever .. .. 0.10 nil";

Stamp Act Amendment Act 1984, No. 17 229 (c) inserting at the end of exemptions in the provisions under the heading " BILL OF EXCHANGE OR PROMISSORY NOTE" ( as inserted by provision ( a)) the following exemption:- "All cheques drawn on the Health Insurance Commission Medicare Benefits Account with a bank carrying on business in Australia."; (d) in the provisions under the heading " CONVEYANCE O R TRANSFER"- (i) omitting paragraph (1) and substituting the following paragraph:- "(1) (a) Of property consisting solely of a 'Mortgage or of an interest in a- Mortgage secured on land or land and improvements thereon, whether the conveyance or transfer is absolute or by way of security- For each mortgage to which' the conveyance or transfer relates .. .. 5.00 (b) Of property (except stock or marketable security or right in respect of shares) consisting of a chose in action created in relation to a mortgage over land or land and improvements thereon which chose in action is provided for in a trust . deed, approved by the Governor in Council, which provides for the lending of money the repayment of which is secured by way of mortgage whether the conveyance or transfer is absolute or by way of security .. .. 5.00"; (ii) in paragraph ( 4), in provision (a)- (A) omitting all words from and including the words "following table " to and including the words " in excess of $500, 000." and substituting the words '1 ollowing table- Not exceeding $20 000 $1.50 for every $100 and also for any fractional part of $100 of the value of the consideration. Exceeding $20 000 but not exceeding $50 000 $300 plus $2.25 for every $100 and also for any fractional part of $100 of the ' value of the consideration in excess of $20000. Exceeding $50 000 but not exceeding $100 000 $975 plus $2.75 for every $100 and also for any fractional part of $100 of the value of the consider- ation in excess of $50 000.

230 Stamp Act Amendment Act 1984, No. 17 Exceeding $100 000 but $2 350 plus $3.25 for every not exceeding $250 000 $100 and also for any fractional part of $100 of the value of the consider- ation in excess of $100 000. Exceeding $250 000 but $7 225 plus $3.50 for every not exceeding $500 000 $100 and also for any fractional part of $100 of the value of the consider- ation in excess of $250 000. Exceeding $500 000 $15 975 plus $3.75 for every $100 and also for any fractional part of $100 of the value of the consider- ation in excess of $500 000."; (B) after the proviso thereto inserting the following expression and. words:- Provided further that where the property acquired is a prescribed first principal place of residence the duty payable shall be an amount equal to the difference between- (i) the amount of the duty that would, but for this proviso, be payable under this paragraph (a), including the foregoing proviso; and (ii) an amount equal to- (A) one-half of the amount of duty referred to in provision (i) of this proviso; or (B) $300, whichever is the less."; (iii) in paragraph (4), in provision (b), inserting after the words "paragraph (4) including the" the word "first"; (e) in the provisions under the heading "HIRING AGREEMENT", in paragraph (1) omitting all words from and including the words "can be ascertained-" to the end of the paragraph and substituting the words "can be ascertained-043 per centum of the total amount: Provided that in any case where the total duty calculated under this paragraph (1) includes a fraction of a cent the total payable shall be increased by an amount equal to the difference between that fractional part of a cent and one cent."; (f) in the provisions under the heading "INSTALMENT PURCHASE AGREEMENT" omitting the words "l-5 per centum" and substituting the words "0.43 per centum"; (g) in the provisions under the heading " MORTGAGE, BOND, DEBENTURE, and CONVENANT"- (i) in paragraph (1), omitting all words from and including the words "repayment of money-" to and including the expression "0.25"

Stamp Act Amendment Act 1984 , No. 1.7 231 where it secondly occurs and substituting the words "repayment of money- (i) where the security is a prescribed short term debenture Nil (ii) in any other case- not exceeding $100 0.40 for every additional $100 and also for any fractional part of $100 0.40"; (ii) omitting from the exemptions thereunder the expression "$35 000" where it occurs three times and substituting the expression "$50 000" in each case; (h) in the provisions under the heading "POLICIES OF INSURANCE (other than Policies of Life Assurance and Policies of Accident Insurance issued under the Workers' Compensation Act 1916-1973 ) "- (i) in paragraph (5), omitting the expression "0.05" and substituting the expression "0.07"; (ii) in paragraph (8), omitting the expression "0.05" where it twice occurs and substituting the expression "0.07" in each case; (iii) in the proviso, in provision (g), omitting the words "20 per centum" where they twice occur and substituting the words "25 per centum" in each case; (i) omitting the heading "PROMISSORY NOTE." and the words "See "Bill of Exchange," ss. 70, 71.". 26. Repeal of Third Schedule . The Principal Act is amended by repealing the Third Schedule. 27. Stamp Act 1894-19 74 to continue to apply in certain cases. The provisions of the Stamp Act1894-1974 apply in relation to any rental business, within the meaning of that expression as defined by section 35 of the Principal Act entered into prior to the date of commencement of the Stamp Act Amendment Act1975 as prescribed by section 2 (3) of that Act as if the amendments made by that Act and by this Act had not been made. 28. Repeal of s. 18 of Act No. 65 of 1975 . Section 18 of the Stamp Act Amendment Act1975