Stamp Act Amendment Act 1988 (No. 2) (Qld)

146.5 (J ueertstttrth ANNO TRICESIMO SEPTIMO ELIZABETHAE SECUNDAE REGINAE No. 160 of 1988 An Act to a m end the Stamp Act 1894- 1988 in certain particulars [ASSENTED TO 8TH DECEMBER, 1988]

1466 Stamp Act Amendment Act (No. 2) 1988, No. 100 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 . This Act may be cited as the Stamp Act Amendment Act 1988 (No. 2). 2. Principal Act and amended citation . (1) In this Act the StampAct 1894-1988 is referred to as the Principal Act. (2) The Principal Act as amended by this Act may be cited as the Stamp Act 1894-1988. 3. Commencement . (1) This Act, other than sections 4, 5, 6, 8 and 10 shall commence on the day on which it is assented to for and on behalf of Her Majesty. (2) Sections 8 and 10 (b) (i) shall be deemed to have commenced on 26 April 1988 and shall be given retrospective effect accordingly. (3) Sections 6 and 10 (a) shall be deemed to have commenced on 8 September 1988 and shall be given retrospective effect accordingly. (4) Sections 4, 5, 10 (b) (ii), 10 (b) (iii), 10 (b) (iv) and 10 (b) (v) shall commence on 1 January 1989. 4. Repeal of and new s . 48A. Assessment of duty where sum insured or premium unascertainable . The Principal Act is amended by repealing section 48A and substituting the following section:- " 48A. Assessment of duty where premium unascertainable. (1) Where it is necessary to determine the premium to calculate the duty chargeable on a policy of insurance, and the premium is not ascertainable from the policy or if ascertainable, may be varied, the insurer and the person taking out the policy shall furnish to the Commissioner an estimate of the net premium (as defined in provision (5) 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)" in the First Schedule) payable on the policy together with evidence to the Commissioner's satisfaction in support of that estimate and the Commissioner may for the purposes of making an assessment in respect of the duty chargeable on that policy calculate the duty chargeable having regard to that estimate and evidence. (2) Where in respect of a policy of insurance chargeable with duty under the heading "POLICIES OF INSURANCE (other than Policies of Life Assu- nce and Policies of Accident Insurance issued under the Worke Compensation Act 1916-1973)" or as a temporary or term policy under the heading "POLICIES OF LIFE INSURANCE" in the First Schedule- (a) the term of the policy has expired or is deemed to have expired by section 48 (or in the case of a

Stamp Act Amendment Act (No. 2) 1988, No. 100 1467 temporary or term assurance policy, the first year has expired); and (b) the premium payable in respect of the term of the policy (or in the case of a temporary or term assurance policy, the first year's premium) exceeds the premium upon which duty was calculated in respect of that policy, the policy shall then be deemed to be a new and separate policy of insurance (in this subsection called "the deemed policy") chargeable with duty calculated on the premium payable and duty paid in respect of the firstmentioned policy shall be allowed as a credit against the duty chargeable on the deemed policy.". 5. Repeal of and new s. 48B. Sum Insured or Premium Varied. The Principal Act is amended by repealing section 48B and substituting the following section:- "48B. Increase in premium . Where the premium for a policy of insurance, other than one to which section 48A applies, is increased during the term of the policy, the policy (in this section called the "original policy") shall at that time be deemed to be a new and separate policy of insurance (in this section called "the deemed policy") for the same term and commencing on the same date as the original policy and duty paid on the original policy shall be allowed as a credit against the duty chargeable on the deemed policy.". 6. Amendment of s. 55A. Duty relating to principal place of residence and first principal place of residence . Section 55A of the Principal Act is amended- (a) by omitting from subsection (5) the word "shall" and substituting the word "may"; (b) by inserting after subsection (5) the following subsection:- "(5A) The Commissioner may, in a particular case and for reasons which in his discretion he considers sufficient, reduce or waive the penalty which he has demanded or would otherwise demand under subsection (5).". 7. Amendment of s. 56B. Unit trust schemes. Section 56B of the Principal Act is amended- (a) in subsection (1)- (i) by inserting after the definition "disposition" the following definition:- "manager" means the manager of a unit trust scheme and any person authorized to 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;";

1468 Stamp Act Amendment Act (No. 2) 1988, No. 100 (ii) in the definition "public unit trust scheme", by inserting after the words "fewer persons are" the word "beneficially"; (b) by inserting in subsection (1 B) after the words "persons are" where they twice occur the word "beneficially" in each case; (c) by omitting from subsection (2) the words ", whether a sole trustee or not," and substituting the words "or manager"; (d) by inserting in the second paragraph of subsection (4) (a) after the words "payable to the unit trustee" the words "or manager"; (e) by omitting from subsection (8) the words "unit trustee" and substituting the word "person"; (f) by inserting in subsections (7), (9) and (10) after the words "unit trustee" wherever they occur the words "or manager" in each case. 8. Amendment of s. 56c. Companies involving trusts . Section 56c of the Principal Act is amended by inserting after subsection (15) the following subsection:- "(15A) Where the Commissioner is satisfied- (a) that the disponee of a share in a company to which this section applies is also acquiring as part of the same transaction a unit in a unit trust scheme of which that company is trustee; and (b) that the same amount of duty under the heading "CONVEYANCE OR TRANSFER" in the First Schedule has been paid or will be paid on the acquisition of the unit as would have been payable on the transfer of the share but for the operation of this subsection, he may determine duty not to apply under this section in respect of the disposition of the share.". 9. Amendment of s. 56FL . Corporations to which the prescribed provisions apply. Section 56FL of the Principal Act is amended by inserting in subsection (2) (a) after the words "80 per cent or more of the" the words "full unencumbered". 10. Amendment of First Schedule. The First Schedule to the Principal Act is amended- (a) in the provisions under the heading "CONVEYANCE OR TRANSFER", in the first proviso to paragraph (4) (b)- (i) by omitting from the end of provision (xv) the expression "," and substituting the expression ";";

Stamp Act Amendment Act (No. 2) 1988, No. 100 1469 (ii) by inserting after provision (xv) the word "or" and the following provision:- "(xvi) transferring from one party to a valid subsisting marriage to the other party to the marriage by way of gift an interest in a place of residence, as defined in section 55A (1), which the Commissioner is satisfied will, as the result of the conveyance, be owned only by the parties to the marriage as joint tenants or as tenants in common in equal shares and will be used by them as their principal place of residence,"; (b) 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) by omitting provision (5) and substituting the following provision:- « (5) Every policy of insurance indemnifying the insured against any liability for breach of professional duty by reason of any negligent act, error or omission on the part of the insured or any employee of the insured in any business conducted by or on behalf of the insured in his professional capacity- For every $1 or fractional part of $1 of the net premium ............................ $0.05 Provided that between 26 April 1988 and 30 April 1992 (both days inclusive) duty shall be charged as follows:- From 26 April 1988 to 30 April 1989 (both days inclusive) For every $1 or fractional part of $1 of the net premium ............................ From 1 May 1989 to 30 April 1990 (both days inclusive) For every $1 or fractional part of $1 of the net premium ............................ From 1 May 1990 to 30 April 1991 (both days inclusive) For every $1 or fractional part of $1 of the net premium ............................ From 1 May 1991 to 30 April 1992 (both days inclusive) For every $1 or fractional part of $1 of the net premium.. .......................... $0.01 $0.02 $0.03 $0.04

1470 Stamp Act Amendment Act (No. 2) 1988, No. 100 In this provision ( 5) the expression "net premium" means the amount charged or payable as premium in respect of the insurance (after deducting from the premium otherwise payable all rebates , bonuses and profit distributions made by the insurer ): the expression includes any amount paid or payable or allowed or allowable by way of discount , commission or servicing or business acquisition or other charges to an agent, broker or other person for securing or arranging that insurance for or on behalf of the insurer."; (ii) by omitting from provision ( 6) all words from and including the words " means that amount assessed " to and including the words "made by the insurer" and substituting the words " has the same meaning as in provision (5)"; (iii) by omitting from provision (6A) the words "[" net premium] has the same meaning as in provision (6)" and substituting the words ""net premium " has the same meaning as in provision (5)"; (iv) by omitting from provision (8) all words from and including the words "( a) u p on every policy" to and including the words "total amount insured $0.07" where they secondly occur and substituting the words- "For every $ 1 or fractional part of $ 1 of the net premium $0.085 In this provision (8) the expression "net premium" has the same meaning as in provision (5) . "; (v) in the proviso occurring immediately after provision (8)- (A) by omitting paragraph (a) and substituting the following paragraph:- "(a) Where a policy of insurance is dutiable under more than one provision of this heading, unless the Commissioner is satisfied that the premiums relative to the sums insured under the policy truly reflect the relative separate risks under the policy, the Commissioner may, for the purpose of calculating duty, attribute a proportion of the total net premium payable under the policy to each of the risks which attract duty under a separate provision of this heading. In this paragraph (a) the expression "net premium" has the same meaning as in provision (5)."; (B) by omitting paragraph (d); (C) by omitting from paragraph (e) the words "not exceed" and substituting the word "be"; (D) by omitting paragraph (g);

Stamp Act Amendment Act (No. 2) 1988, No. 100 1471 (E) by inserting in paragraph (h) after the expression "(5)" the expressions ", (6), (6A)"; (F) by omitting from paragraph (i) the words "total premium." and substituting the following words and paragraph:- "total net premium. In this paragraph (i) the expression "net premium" has the same meaning as in provision (5).".