Stamp Act Amendment Act 1989 (Qld)

305 STAMP ACT AMENDMENT ACT ANALYSIS OF CONTENTS 1. Short title 2. Principal Act and amended citation 3. Commencement 4. Amendment of s. 24. Persons dissatisfied may appeal 5. Amendment of s. 55A. Duty relating to principal place of residence and first principal place of residence 6. Amendment of s. 59E. Conveyance duty exemption for educational, religious and other institutions 7. Amendment of First Schedule ANNO TRICESIMO OCTAVO ELIZABETHAE SECUN D AE REGINAE An Act to amend the StampAct 1894- 1988 in certain particulars [ASSENTED TO 28TH APRIL, 1989]

306 Stamp Act Amendment Act 1989, No. 32 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 1989. 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 1894-1989. 3. Commencement . (1) This Act, other than sections 5, 7 (a) and 7 (b), shall commence on the day on which it is assented to for and on behalf of Her Majesty. (2) Sections 5, 7 (a) (i) and 7 (a) (ii) shall be deemed to have commenced on 6 February 1989 and shall be given retrospective effect accordingly. (3) Section 7 (a) (iii) shall be deemed to have commenced on 8 September 1988 and shall be given retrospective effect accordingly. (4) Section 7 (b) shall be deemed to have commenced on 17 April 1989 and shall be given retrospective effect accordingly. 4. Amendment of s. 24. Persons dissatisfied may appeal . Section 24 of the Principal Act is amended by inserting after subsection (4) the following subsection:- "(4A) Where the Commissioner is required to refund any duty, fine or penalty under subsection (4) in respect of an appeal brought under this section on or after the commencement of section 4 of the Stamp Act Amendment Act 1989, the Commissioner shall pay interest at the prescribed rate on the amount to be refunded for the period from the date of payment of the duty, fine or penalty to which the refund relates until the date the refund is made.". 5. 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 by omitting from subsection (2AB) the expression "$60 000" and substituting the expression "$80 000". 6. Amendment of s. 59E. Conveyance duty exemption for educational, religious and other institutions . Section 59E of the Principal Act is amended by inserting in subsection (1) (a) after the words "Griffith University" the words ", Queensland University of Technology".

Stamp Act Amendment Act 1989, No. 32 307 7. Amendment of First Schedule . The First Schedule to the Principal Act is amended (a) in the provisions under the heading "CONVEYANCE OR TRANSFER"- (i) by omitting from the duty column of the second proviso to paragraph (4) (a) the expression "$300" and substituting the expression "$400"; (ii) by omitting from the third proviso to paragraph (4) (a) the expression "$60,000" and substituting the expression "$80 000"; (iii) by inserting in provision (xvi) of the first proviso to paragraph (4) (b) after the word "gift" the words "(but subject to any existing mortgage)"; (b) in the provisions under the. heading "DECLARATION OF TRUST", by inserting after exemption 2 the following exemption:- "3. Any duly completed form 2 or form 4 of the Foreign Ownership of Land Register Regulations 1989. (c) in the provisions under the heading "MORTGAGE, BOND, DEBENTURE, and COVENANT",_ by omitting from exemption 4 the expression "$50 000" wherever it occurs and substituting the expression "$70 000" in each case.