Stamp Act Amendment Act 1990 (Qld)

817 STAMP AC T AMENDMENT ACT No. 40 of 1990 ANALYSIS OF CONTENTS 1. Short title 2. Principal Act and amended citation 3. Commencement 4. Amendment of s. 2. Definitions 5. New s. 2C Mining claims, leases etc. 6. Amendment of s. 4. Charge of duties 7. Amendment of s. 22. Assessment of duty by Commissioner 8. Amendment of s. 25. Evidence of parties to instruments 9. Amendment of s. 26. Liability in respect of stamp duties payable upon instruments 10. Amendment of s. 28. Instrument not to be delivered up till duty and penalty paid 11. Amendment of s. 30. Penalty for registering instrument not duly stamped 12. Amendment of s. 31A. Transfers of marketable securities and share rights 13. Amendment of s. 31B. Interpretation 14. Amendment of s. 31C. Sales and purchases to be recorded 15. Amendment of s. 31D. Returns to be lodged and duty paid 16. Amendment of s. 31E. Endorsement of transfer as to payment of duty 17. Amendment of s. 31F. Power to dealer to recover duty paid by him 18. Amendment of s. 31J. Duty on certain transactions on the Stock Exchange of the United Kingdom 19. Repeal of s. 32. Duty on agreements may be denoted by adhesive stamp 20. Repeal of s. 33. Charter-party may be stamped with adhesive stamp 21. Amendment of s. 35. Credit and Rental Business 22. Amendment of s. 35B. Statements to be lodged by required persons with the Commissioner 23. Repeal of s. 43. Bills of lading not to be stamped after execution 24. Amendment of s. 46F. Approved insurers to pay duty by return 25. Amendment of s. 48A. Assessment of duty where premium unascertainable 26. New s. 48D Establishment of true premium 27. Amendment of s. 49. Meaning of "Conveyance or Transfer" and provisions affecting the same 28. Amendment of s. 55 29. Amendment of section 55A. Duty relating to principal place of residence and first principal place of residence 30. Amendment of s. 56B. Unit trust schemes 31. Amendment of s. 56FA. Interpretation 32. Amendment of s. 59E. Conveyance duty exemption for educational, religious and other institutions 33. New s. 59F Listed companies and trusts 34. Amendment of s. 61. Where several instruments, one only to be charged with ad valorem duty 35. Amendment of s. 65. Meaning of "Mortgage" 36. Amendment of s. 66. Agreement to grant mortgage 37. Amendment of s. 66A. Caveats 38. Amendment of s. 67. Directions as to duty in certain cases 39. Amendment of s. 69A. Securities for loans to or debts of educational, charitable or religious bodies 40. New s. 72 Exemptions for charitable institutions 41. Amendment of s. 75. Allowance in certain circumstances 42. Amendment of First Schedule 43. Repeal of Second Schedule

818 oueenstana ANNO TRICESIMO NONO EL,IZABE HAE SECUNDAE REGINAE No. 40 of 1990 An Act to amend the Stamp Act 1984- 1989 in certain particulars [ASSENTED TO 21ST JUNE, 1990]

Stamp Act Amendment Act 1990, No. 40 819 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 1990. 2. Principal Act and amended citation . (1) In this Act the StampAct 1894-1989 is referred to as the Principal Act. (2) The Principal Act as amended by this Act may be cited as the Stamp Act 1894-1990. 3. Commencement . (1) This Act, other than the provisions referred to in the following subsections, commences on the day on which it is assented to for and on behalf of Her Majesty. (2) Sections 4 (a (i), 281 32, 34, 35, 36, 37, 39, 40 and paragraphs (a), (c), (f), (g), (h), (i)), (k) (ii) and (m) of section 42 are to be taken to have commenced on 1 November 1989 and are to be given retrospective effect accordingly. (3) Sections 18 (a), (b) (ii) and (c) and 25 are to be taken to have commenced on 26 June 1989 and are to be given retrospective effect accordingly. (4) Section 21 is to be taken to have commenced on 1 September 1988 and is to be given retrospective effect accordingly. (5) Sections 5 and 31 commence or are to be taken to have commenced, as the case may be, on the date of commencement of section 1.11 of the Mineral Resources Act 1989. 4. Amendment of s. 2. Definitions . Section 2 of the Principal Act is amended- (a) in subsection (1)- (i) by omitting the definitions "bill of lading" and "charter party" and inserting the following definitions in their respective appropriate alphabetical positions (determined on a letter-by-letter basis):- " "exempt charitable institution" means an institution or body or the trustees thereof which the Commissioner is, for the time being, satisfied is an institution or body of the kind to which section 59E may be applied; "qualifying exempt purpose", in respect of an exempt charitable institution, means a purpose of the kind specified in section 59E (1);"; (ii) by omitting the definition "instrument" and inserting the following definitions in their respective appropriate alphabetical positions (determined on a letter-by-letter basis):- "financial accommodation" includes- (a) an advance; (b) money paid for or on account of or on behalf of or at the request of a person; (c) a forbearance to require payment of money owing on any account whatsoever;

820 Stamp Act Amendment Act 1990, No. 40 and (d) a transaction (whatever its term or form) which- (i) in substance, effects a loan; or (ii) is, as between the parties to an arrangement or agreement, to be regarded as being, in the nature of a loan, whether that advance, money, forbearance or transaction has been or is to be made, paid, forborne or transacted; "instrument" includes- (a) a written document; (b) (i) a duplicate of an original instrument; (ii) a copy of an original instrument; and (iii) a copy of a duplicate of an original instrument, whether produced by the same process as the original instrument or by a separate process and whether executed or not; and (c) a representation (in any form whatsoever) of an i(nb)s;t"r;ument of the kind described in paragraph (a) or (b) by omitting subsection (2) and substituting the following subsections:- "(2) Where an instrument is charged with duty under this Act and duty has been paid and stamped on- (a) in the case where that instrument is the original instrument, a duplicate or a copy or a representation thereof, (b) the original of that instrument; (c) in respect of the original of that instrument, a duplicate or a copy or a representation thereof; (d) in respect of a duplicate of that instrument, a copy or a representation thereof; or (e) in respect of a copy of the original or a duplicate thereof or of that instrument, a representation thereof, that instrument is to be taken to be stamped to the extent that other instrument has been so stamped and obligations under this Act in respect of that first-mentioned instrument are to be taken to have been complied with to the extent that they have been complied with in respect of that other instrument.

Stamp Act Amendment Act 1990, No. 40 821 (2A)Where the Commissioner is unable to ascertain whether or not an instrument- (a) is the original instrument; or (b) is of a particular kind referred to in the definition "instrument", the Commissioner may determine these matters on the basis of the information known to the Commissioner and, unless the contrary is proven, these matters are in the relevant case to be taken to be as the Commissioner so determines.". 5. New s. 2C. The Principal Act is amended by inserting after section 2B the following -section:- "2C. Mining claims , leases etc . (1) In this Act, unless the contrary intention appears, property, land and real property includes- (a) mining claims; (b) mineral development licences; and (c) mining leases, as defined in the Mineral Resources Act 1989. (2) For the purposes of this Act, property, land or real property which comprises or includes a claim, licence or lease referred to in subsection (1), is to that extent to be taken to be situated where the land to which that claim, licence or lease relates is situated.". 6. Amendment of s.4. Charge of duties. Section 4 of the Principal Act is amended in subsection (3) by inserting after the words "this section", the words "and section 26". 7. Amendment of s. 22. Assessment of duty by Commissioner. Section 22 of the Principal Act is amended by omitting subsections (2), (3) and (4) and substituting the following subsections:- "(1) Where an instrument- (a) has come into the possession of the Commissioner, a Deputy Commissioner or an investigating officer; (b) has been lodged pursuant to section 26 (3); or (c) has been lodged for the Commissioner to determine whether or not, in the Commissioner's opinion, it is chargeable with duty, the Commissioner may require an abstract of the instrument and such evidence as the Commissioner considers necessary to show to the Commissioner's satisfaction whether all the facts and circumstances affecting the liability of the instrument to

822 Stamp Act Amendment Act 1990, No. 40 duty, or the amount of duty chargeable thereon, are fully and truly set forth therein. (2) (a)Where the Commissioner is of the opinion that an instrument- (i) is not chargeable with any duty, it is to be stamped with a particular stamp denoting that it is not chargeable with duty; (ii) is chargeable with duty, the Commissioner is to assess the duty with which, in the Commissioner's opinion, it is chargeable. (b) Where the instrument is an instrument which has been lodged and subsequently stamped in the manner described in paragraph (a) (i), it is not to be released to the person who lodged the instrument until the prescribed fee is paid. (3) The Commissioner may waive the prescribed fee payable under subsection (2) where the Commissioner considers it appropriate in view of the nature of the instrument and the circumstances of its lodgement. (4) Where in respect of a duplicate or a copy of an instrument the Commissioner is satisfied that the instrument represented by that duplicate or copy has been duly stamped, the Commissioner may, on request, denote that duplicate or copy in respect of that stamping and subsection (2) (b) is not to apply.". 8. Amendment of s. 25. Evidence of parties to instruments . Section 25 of the Principal Act is amended in subsection (2) by omitting all words from and including the words "an instrument (" to and including the words ") shall" and substituting the words "where an instrument is not the original instrument it is to". 9. Amendment of s. 26. Liability in respect of stamp duties payable upon instruments . Section 26 of the Principal Act is amended in subsection (3)- (a) by inserting the following paragraph after paragraph (b):- "(ba) An instrument is not required to be lodged under paragraph (b) where- (i) in the case where that instrument is the original instrument, a duplicate or a copy or a representation thereof; (ii) the original of that instrument; (iii) in respect of the original of that instrument, a duplicate or a copy or a representation thereof; (iv) in respect of a duplicate of that instrument, a copy or a representation thereof; or (v) in respect of a copy of the original or a duplicate thereof or of that instrument, a representation thereof,

Stamp Act Amendment Act 1990, No. 40 823 has been lodged."; (b) in paragraph (c), by omitting the word "this" where it first occurs; (c) by omitting paragraph (d) and substituting the following paragraph:- "(d) Where an instrument is altered, that alteration is to be taken to have been executed on the date when it was so altered by every person who executed the instrument or where the instrument is not the original instrument, who is taken to have executed that original instrument."; (d) in paragraph (j), by adding after the word "instrument" where it occurs the second and third time, the words "or part of the instrument" in each case; (e) by omitting paragraph (1) and substituting the following paragraphs:- "(1) For the purposes of paragraph (j), a part of an instrument means writing which is executed and which comprises part of the instrument. (m) It is a defence to a charge of an offence under paragraph (k)- (i) that a person did not know and could not reasonably have been expected to have known that the relevant instrument was an instrument chargeable with duty under this Act; or (ii) that the relevant instrument has been lodged in compliance with section 26 (3) or bears an endorsement entitling the person to regard it as having been duly stamped. (n) For the purposes of paragraph (m), the expectation that a person or that person's agent would comply with this Act in respect of an instrument is not a reasonable ground for the purpose of being satisfied that the relevant original instrument would have been duly stamped. (o) Where in respect of an instrument a person to whom paragraph (j) applies stores a duplicate or copy of that instrument or acts on the authority of or in reliance on or in pursuance of a duplicate or copy of that instrument, that person is entitled to regard that instrument as not having been duly stamped unless the duplicate or copy is marked by the Commissioner pursuant to section 22 (4).". 10. Amendment of s. 28. Instrument not to be delivered up till duty and penalty paid . Section 28 of the Principal Act is amended by- (a) numbering the first paragraph thereof as subsection (1);

824 Stamp Act Amendment Act 1990, No. 40 (b) numbering the last paragraph thereof as subsection (2); (c) adding at the end of the section the following subsection:- "(3) A person engaged in the administration of this Act is entitled to regard a duplicate or copy of an instrument as if the original thereof is unstamped unless that person is satisfied that the original instrument represented by that duplicate or copy has been duly stamped.". 11. Amendment of s. 30 . Penalty for registering instrument not duly stamped. Section 30 of the Principal Act is amended- (a) in subsection (1 B)- (i) by omitting the expression "(b)" and substituting the expression "(a) (ii) or (a) (iv)"; (ii) by adding after the expression "for in paragraph (a) (ii)", the words "or (a) (iv)"; (b) in subsection (2), by adding after the words "duly stamped" the words "or is exempt from duty"; (c) by inserting after subsection (2) the following subsection:- "(3) A person to whom subsection (1) applies is entitled to regard an instrument (where it is not known to that person whether or not it is charged with duty or has been duly stamped) as if it were charged with duty and is not duly stamped unless evidence appears thereon that it has been produced to a proper State officer or it purports to be endorsed pursuant to section 13A.". 12. Amendment of s. 31A. T ransfers of marketable securities and share rights . Section 31A of the Principal Act is amended- (a) in subsection (2), by omitting the words "Queensland dealer" and substituting the word "broker"; (b) in subsection (3)- (i) by omitting the words "Queensland dealer" where they twice occur and substituting the word "broker" in each case; (ii) by omitting all words from and including the words "cancel or suspend" to and including the words "under this Act" and substituting the words "order that sections 31C, 31D, 31E and 31F not apply in respect of that broker.". 13. Amendment of s. 31B . Interpretation . Section 31B of the Principal Act is amended- (a) in subsection (l )- (i) by omitting the definition "Broker's agent";

Stamp Act Amendment Act 1990, No. 40 825 (ii) by omitting the definitions "Corresponding Act" and "Dealer" and inserting the following definitions:- "Corresponding Act" means a law corresponding with this Act in a declared State; "Corresponding broker" means a broker (other than a Queensland broker) to whom provisions in a corresponding Act which correspond with sections 31C and 31D apply- (a) who has nominated a declared State to be that broker's home State pursuant to the Articles of the Australian Stock Exchange Limited; or (b) whose principal place of business is located in another State or a Territory prescribed for the purposes of this paragraph; "Dealer" means a Queensland broker or a corresponding broker; "Declared State" means a State or a Territory declared by Order in Council for the purposes of this section to be a declared State;"; (iii) by omitting the definitions "Prescribed stock exchange" and "Queensland dealer" and substituting the following definitions:- "Prescribed stock exchange" means- (a) the Australian Stock Exchange Limited; (b) any other stock exchange prescribed by Order in Council; "Queensland broker" means a member of a prescribed stock exchange- (a) who has nominated Queensland as that member's home State pursuant to the Articles of the Australian Stock Exchange Limited; (b) in any other case (other than the case of a member who has nominated a declared State to be that member's home State pursuant to those Articles)- whose principal place of business is located in Queensland."; (b) in subsection (2), by omitting the word "recognized" and substituting the word "prescribed". 14. Amendment of s. 31C. Sales and purchases to be recorded. Section 31C of the Principal Act is amended- (a) in subsection (1)- (i) by omitting the words "and (4) of this section, a Queensland dealer" and substituting the words ", (4), (4A) and (5), a broker"; 27

826 Stamp Act Amendment Act 1990, No. 40 (ii) by omitting paragraphs (a) and (b) and substituting the following paragraphs:- "(a) pursuant to an order lodged with that broker in Queensland; and (b) where that broker is a Queensland broker- (i) on that broker's own account; or (ii) pursuant to an order lodged with that broker outside Queensland and all declared States, make a record of the sale or purchase showing- (c) the date of the sale or the purchase; (d) the name of the principal (if any) for whom the sale or the purchase was effected; (e) the name of the dealer (if any) with whom the sale or the purchase was effected; (f) the quantity and full description of the marketable security or right in respect of shares; (g) the selling or purchasing price of such marketable security or right in respect of shares per unit and in total; (h) the amount of stamp duty chargeable."; (b) in subsection (2)- (i) by omitting the words "Queensland dealer" where they twice occur and substituting the word "broker" in each case; (ii) in paragraph (a), by inserting after the words "a purchase" the words "to which subsection (1) applies"; (iii) in paragraph (b), by inserting after the words "a sale" the words "to which subsection (1) applies"; (c) in subsections (3), (6), (8), (9) and (10) by omitting the words "Queensland dealer" wherever they occur and substituting the word "broker" in each case; (d) in subsection (4), by omitting all words from and including the words "Queensland;" to the end of the subsection and substituting the words "Queensland.". 15. Amendment of s. 31D. Returns to be lodged and duty paid. Section 31D of the Principal Act is amended- (a) in subsection (1)- (i) by omitting the words "Queensland dealer" and substituting the word "broker"; (ii) in paragraph (a), by omitting the words "subsection (1) of section 31C of this Act applies" and substituting the words "section 31 C (1) (a) or (b) (ii) applies";

Stamp Act Amendment Act 1990, No. 40 827 (iii) in paragraph (aa) by inserting before the word "broker" the word " Queensland"; (iv) in paragraph (b), by omitting the words "dealer, where he is a broker" and substituting the words "broker, where that broker is a Queensland broker"; (b) in subsection (lA) by omitting the words "dealer, where he is a broker," and substituting the word "broker"; (c) in subsections (2), (3) and (4), by omitting the words "Queensland dealer" wherever they occur and substituting the word "broker" in each case. 16. Amendment of s. 31E. Endorsement of transfer as to payment of duty. Section 31E of the Principal Act is amended- (a) in subsection (1), by omitting the words from and including the words "the said section 31C" to and including the words "the endorsement" and substituting the following words and paragraphs:- "section 31 C- (a) a Queensland broker or a corresponding broker may endorse the transfer with a statement that stamp duty (if any) will be paid by that broker and affix that broker's stamp and the date of the endorsement; (b) a broker (other than a Queensland broker or a corresponding broker) may endorse the transfer as specified in paragraph (a) where the Commissioner approves that broker may do so on such terms and conditions as the Commissioner considers appropriate."; (b) in subsection (2), by omitting the words "Queensland dealer" and substituting the word "broker"; (c) by adding at the end thereof the following subsection:- "(4) Where the Commissioner is not satisfied that a broker will only endorse a transfer in the manner referred to in subsection (1) or in a corresponding provision of a corresponding Act or in such other circumstances as may be prescribed- (a) the Commissioner is to notify that broker in writing not to endorse transfers in the manner referred to in subsection (1); and (b) that broker is not thereafter to endorse transfers in that manner.". 17. Amendment of s. 31F. Power to dealer to recover duty paid by him. Section 31 F of the Principal Act is amended by omitting the words "Queensland dealer" and substituting the word "broker".

828 Stamp Act Amendment Act 1990, No. 40 18. Amendment of s. 31J. Duty on certain transactions on the Stock Exchange of the United Kingdom . Section 31J of the Principal Act is amended- (a) in subsection (1), by omitting the definitions "jobber" and "London Stock Exchange" and substituting the following definitions:- "London Stock Exchange" means The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited; "market maker" means a broker who is acting as a market maker according to the rules and practices of the London Stock Exchange;"; (b) in subsection (6)- (i) by omitting paragraph (a) (i) (B); (ii) in paragraphs (d), (e) and (g), by omitting the word "jobber" wherever it occurs and substituting the words "market maker" in each case; (iii) by omitting paragraph (f) and substituting the following paragraph:- "(f) is made or effected by a person who is a Queensland broker or a corresponding broker within the meaning of section 31B; (c) in subsection (7), by omitting the word "jobber" wherever it occurs and substituting the words "market maker" in each case. 19. Repeal of s. 32 . Duty on agreements may be denoted by adhesive stamp . The Principal Act is amended by repealing section 32. 20. Repeal of s. 33 . Charter- party may be stamped with adhesive stamp . The Principal Act is amended by repealing section 33. 21. Amendment of s. 35. Credit and Rental Business . Section 35 of the Principal Act is amended- (a) in subsection (1), by inserting after the definition "Authorized dealer in the short-term money market" the following definition:- "The expression "Bank" means- (a) a bank, as defined in section 5 of the Banking Act1959 of the Commonwealth, as amended from time to time; or (b) a bank constituted under a law of a State or Territory providing for the formation of a bank."; (b) in subsection ( 3), by omitting all words from and including the words "as defined" to and including the words " time to time";

Stamp Act Amendment Act 1990, No. 40 829 (c) in subsection (4)- (i) in paragraph (a) (i), by omitting all words from and including the words "as defined" to and including the words "time to time"; (ii) in paragraph (aa) (iii), by omitting all words from and including the words ", as defined" to and including the words "time to time"; (iii) in paragraph (b) (i), by omitting all words from and including the words "as defined" to and including the words "time to time". 22. Amendment of s. 35B . Statements to be lodged by required persons with the Commissioner . Section 35B of the Principal Act is amended by adding at the end thereof the following subsection:- "(6) A required person, in calculating the total amount of all loans and short term loans (other than on accounts current) made by that required person for the purpose of subsection (1), may, in respect of each relevant loan or short term loan, disregard the amount (if any) on account of duty chargeable under- (a) this section in respect of that loan or short term loan; or (b) the heading "MORTGAGE, BOND, DEBENTURE, and COVENANT" in the First Schedule on the instrument securing that loan or short term loan.". 23. Repeal of s. 43. Bills of lading not to be stamped after execution. The Principal Act is amended by repealing section 43. 24. Amendment of s. 46F . Approved insurers to pay duty by return. Section 46F of the Principal Act is amended by inserting the following subsections after subsection (6):- "(6A) An approved insurer in accounting for duty pursuant to subsection (6) may, where the relevant rate of duty is expressed in the First Schedule as a specified amount in dollars per dollar amount (and fractional part of that dollar amount) of the net premium, pay duty calculated as the percentage of net premium represented by P in the following formula: P S x 100 where S is the specified amount. (6B) Where an amount of duty calculated pursuant to subsection (6A) includes a fraction of a cent, that amount is to be increased by an amount equal to the difference between that fractional part of one cent and one cent." 25. Amendment of s. 48A. Assessment of duty where premium unascertainable . Section 48A of the Principal Act is amended by omitting from subsection (2) all words from and including the words "the First

830 Stamp Act Amendment Act 1990, No. 40 Schedule" to the end of the subsection and substituting the following words and subsections:- "the First Schedule, the term of the policy has expired or is deemed to have expired by section 48 (or in the case of a temporary or term assurance policy, the first year has expired)- (a) in a case where 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 is 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 first-mentioned policy is to be allowed as a credit against the duty chargeable on the deemed policy; or (b) in a case where the Commissioner is satisfied that the premium payable or the first year ' s premium, as the case may be , referred to in paragraph (a) is less than the premium upon which duty was calculated and paid in respect of that policy and an application for a refund of duty is lodged within 12 months of the date of the expiration or deemed expiration of the policy - the Commissioner is, in respect of only one application , to reassess the amount of duty chargeable in respect of the policy on the basis of that premium payable or that first year ' s premium, as the case may be , and is , subject to subsection (4), to refund an amount equal to the difference between the duty paid on the policy and the duty reassessed. (3) An application under subsection (2) (b) may be made- (a) by the person who met the cost of the duty; or (b) on behalf of that person, by the person who paid the duty to the Commissioner. (4) Where an approved insurer under section 46F makes application under subsection (2) (b) and the duty on the policy was accounted for by return- (a) the approved insurer is- (i) to make the application in the manner and form; (ii) to provide such particulars, information and evidence; and (iii) to maintain such records in respect of the application, as the Commissioner may require;

Stamp Act Amendment Act 1990, No. 40 831 and (b) the Commissioner may credit against the approved insurer's liability to account for duty in respect of policies of insurance by return, an amount equal to the amount the Commissioner would have refunded under subsection (2).". 26. New s. 48D. The Principal Act is amended by inserting the following section after section 48C:- "48D . Establishment of true premium . (1) Where- (a) a number of policies is taken out with one insurer or separate insurers between whom there is an arrangement in respect of the insurance; (b) the premiums under those policies are conditional (expressly or implicitly) on other policies being taken out or are part of an arrangement that only applies if other policies are taken out; (c) one or more of those policies attracts duty at a different rate or on a different basis to the other policy or those other policies; and (d) the Commissioner is not satisfied that the premium under one of those policies truly reflects the relative risk of that policy, the Commissioner may, for the purpose of calculating duty, attribute a portion of the total premiums payable under those policies to each of the policies, as the Commissioner considers appropriate. (2) For the purposes of being satisfied or otherwise as to whether the premium under a policy reflects the relative risk or attributing a portion of total premium payable for the purposes of subsection (1), the Commissioner may require an approved insurer under section 46F to provide information in respect of such matters.". 27. Amendment of s. 49. Meaning of " Conveyance or Transfer" and provisions affecting the same. Section 49 of the Principal Act is amended- (a) in subsection (l )- (i) by omitting the word "or" where it occurs between paragraph (a) (i) and paragraph ( a) (ii); (ii) by omitting from paragraph (a) all words from and including the words "dealing in property" to the end of that paragraph and substituting the following words and subparagraphs:- dealing in property; (iii) whereby property is vested, without an instrument

832 Stamp Act Amendment Act 1990, No. 40 of conveyance, transfer or assignment , whether by operation of law or otherwise; or (iv) whereby a vesting of the kind specified in subparagraph (iii) is notified to or registered or required to be noted, registered or recorded by the Registrar or other person having the duty under an Act of noting, registering or recording vestings or dealings in property: The terms "conveyance" and "transfer" do not include an instrument referred to in subparagraph (ii), (iii) or (iv) which- (v) notifies a transmission by death; (vi) relates solely to goods, wares, livestock or merchandise; (vii) notifies a vesting of property in the Official Receiver of Bankruptcy or a registered trustee pursuant to section 58 of the Bankruptcy Act 1966 of the Commonwealth, as amended from time to time; or (viii) notifies a vesting by statute of a prescribed class or any other instrument of a prescribed class;". (b) by inserting the following subsection after subsection (1):- "(IA) Where 2 or more instruments would but for this subsection be a conveyance or transfer within the meaning of subsection (1) in respect of the same vesting of the same property in the same person and any one of those instruments has been stamped in respect of that vesting, the other instrument or instruments is or are to be taken to be stamped to that extent.". 28. Amendment of s. 55 . Section 55 of the Principal Act is amended in subsection (3) by omitting the words "any higher duty than $4" and substituting the words "further duty". 29. 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 inserting the following subsections after subsection (2E):- "(2F) Where- (a) (i) in respect ofd'~the acquisition of property (which includes land) by a person on or after 7 September 1989, ad valorem duty, without reference to the provisos under paragraph (4) (a) under the heading "CONVEYANCE OR TRANSFER" in the First Schedule, has been paid under paragraph (4); (ii) that person erects a place of residence on the land included in that acquisition;

Stamp Act Amendment Act 1990, No. 40 833 and (iii) that person takes up occupation of the residence as that person's principal place of residence within 6 months of the completion of the erection of that residence and remains in continuous occupation of that residence as that person's principal place of residence for a period of not less than 6 months thereafter; or (b) (i) in respect of the acquisition of property (which includes land) by a person ( in this subsection and subsection (2G) called the "part purchaser") with another person as co-owner on or after 7 September 1989, ad valorem duty , without reference to the provisos under paragraph ( 4) (a) under the heading "CONVEYANCE OR TRANSFER " in the First Schedule, has been paid under paragraph (4); (ii) the part purchaser (whether or not with a co-owner) erects a place of residence on the land included in that purchase; and (iii) that part purchaser takes up occupation of the residence within the period and for the duration specified in paragraph (a) (iii), the person referred to in paragraph (a) or the part purchaser referred to in paragraph (b) may, within 6 months (or such longer period as the Commissioner in the Commissioner's discretion allows) after the person or part purchaser has been in continuous occupation of the residence for a period of 6 months, apply in the prescribed form for a refund of duty. (2G) Where in respect of an application made under subsection (2F) the Commissioner is satisfied of the matters referred to in subsection (2F) (a) or (b), as the case may be, the Commissioner may refund to the applicant- (a) where the Commissioner is satisfied that the person making the application does not and has not at any time up until the date of the application held an interest in property (including property referred to in subsection (2F)) which consists or consisted of or includes or included a place of residence other than the residence to which the application relates- (i) in the case where the full unencumbered value of the whole of the property on which duty referred to in subsection (2F) (a) (i) or (b) (i) was calculated is $30,000 or less and- (A) the application is made under subsection (2F) (a)-an amount equal to FD;

834 Stamp Act Amendment Act 1990, No. 40 or (B) the application is made under subsection (2F) (b)-an amount equal to (FD x PS); (ii) in any other case- (A) where the application is made under subsection (2F) (a)-an amount equal to (FD - DL 1); (B) where the application is made under subsection (2F) (b)-an amount equal to [(FD - DL1) x PS]; (b) in any other case- (i) where the application is made under subsection (2F) (a)-an amount equal to (FD - DL2); (ii) where the application is made under subsection (2F) (b)-an amount equal to [(FD - DL2) x PS], where- FD as the case may require, is that part of the duty paid on the instrument referred to in subsection (2F) (a) (i) or (b) (i) that was attributable to the relevant land; PS is the fraction represented by the part purchaser's share in the relevant land; DL1 is an amount equal to the difference between- (a) 1% of the full unencumbered value (at the time of execution of the instrument referred to in subsection (2F) (a) (i) or (b) (i), as the case may require) of the relevant, land; and (b) half of the amount calculated in accordance with paragraph (a) or $150 whichever is the lesser; DL2 is the amount calculated in accordance with paragraph (a) of DLl. (2H) For the purposes of subsection (2G)- (a) "relevant land" means the land on which the place of residence referred to in subsection (2F) (a) (ii) or (b) (ii), as the case may require, was erected and the curtilage thereof; (b) duty attributable to relevant land is to be an amount which bears to the total amount of duty paid on the instrument referred to in subsection (2F) (a) (i) or (b) (i), as the case may require, that was attributable to land only (without regard to structural improvements thereon) (in this paragraph called "all of the land") the same proportion that the full unencumbered value of the relevant land (without regard to structural improvements thereon) bears to the full unencumbered value of all of the land.";

Stamp Act Amendment Act 1990, No. 40 835 (b) by inserting the following subsection after subsection (6):- "(7) A person who- (a) makes an application under subsection (2F) for a refund to which that person is not entitled; or (b) in making an application under subsection (2F) for a refund, makes a statement which is false or misleading in a material particular, commits an offence against this Act. Penalty: 6 penalty units and an amount equal to twice the amount of money unlawfully sought to be refunded.". 30. Amendment of s. 56B . Unit trust schemes . Section 56B of the Principal Act is amended in subsection (1)- (a) in the definition "public unit trust scheme"- (i) by inserting after the word " means " the words "a unit trust scheme the units of which are listed on a stock exchange or"; (ii) by omitting the words "or any other State" and substituting the words "of any other State"; (b) by inserting the following definition after the definition "public unit trust scheme"-- ""stock exchange" means a stock exchange within the meaning of the Securities Industry (Queensland) Code;". 31. Amendment of s. 56FA. Interpretation . Section 56FA of the Principal Act is amended in subsection (1), in the definition "land"- (a) by omitting paragraph (c) and the word "and" where it occurs between paragraphs (b) and (c); (b) by inserting the word "and" between paragraphs (a) and (b). 32. Amendment of s. 59E. Conveyance duty exemption for educational, religious and other institutions . Section 59E of the Principal Act is amended- (a) by omitting subsection (1) and substituting the following subsection:- "(1) Where the Commissioner is satisfied that a conveyance or transfer is to- (a) (i) the University of Queensland, Griffith University, Queensland University of Technology, James Cook University, the Bond University Limited or an institution declared by Order in Council for the purposes of this subparagraph to be a university; (ii) a constituent college of a university referred to in subparagraph (i);

836 Stamp Act Amendment Act 1990, No. 40 or (iii) a tertiary educational institution which is or is of a class approved by Order in Council for the purposes of this subparagraph; (b) a public benevolent institution or the trustees thereof; (c) an institution or the trustees thereof, the principal object and pursuit of which is- (i) the education of students in primary or secondary schools, or both; (ii) the conduct of a rural training school; (iii) the conduct of a kindergarten or pre-school; (iv) the relief of poverty; (v) the care of sick, aged, infirm, afflicted or incorrigible persons or of children; or (vi) more than one of those objects and pursuits specified in subparagraphs ( i), (ii), (iii), (iv) and (V); (d) an institution , or the trustees thereof, declared by the Minister in the Minister ' s discretion to be an institution to which this paragraph applies, the principal object and pursuit of which is the fulfilling of a charitable object or an object promoting the public good ( not being an object or pursuit that is a sporting , recreational , leisure or social pursuit or object or an object or pursuit declared by Order in Council for the purposes of this paragraph); or (e) an institution in Queensland determined pursuant to subsection (5) to be a religious institution or associated religious body of that institution or to the trustees of that institution or body, the Commissioner may determine the conveyance or transfer to be exempt from duty where the Commissioner is satisfied that the property conveyed or transferred, or to be conveyed or transferred, has been acquired for and is to be used solely or almost solely for- (f) educational purposes; (g) a public benevolent purpose; (h) the purpose of conducting a kindergarten or pre- school; (i) the purpose of the relief of poverty; (j) the purpose of care of sick, aged, infirm, afflicted or incorrigible persons or of children; (k) the purpose of activities of a religious nature; (1) more than one of the purposes specified in paragraphs (f) to (k) (both inclusive);

Stamp Act Amendment Act 1990, No. 40 837 or (m) in the case of an institution declared by the Minister under paragraph (d)- (i) the purpose of that charitable object or that object of public good which the Minister was satisfied was that institution's principal object and pursuit when declaring it under that paragraph; or (ii) the purpose referred to in subparagraph (i) and any one or more of the purposes specified in paragraphs (f) to (k) (both inclusive), within 6 months (or such later time as the Commissioner may in the Commissioner's discretion in a particular case allow) and for a duration of 12 months (or such longer period as the Commissioner may in the Commissioner's discretion in a particular case require for the purpose of being satisfied that the property has been acquired for that purpose); and the Commissioner is, when determining an instrument to be exempt under this subsection, to advise the institution or body of the time within and the duration for which the Commissioner was satisfied the property would be so used for that purpose when determining the exemption."; (b) in subsection (2), by omitting the words "subparagraph (i), (ii), (iii), (iv), (v) or (vi) of paragraph (b)" and substituting the words "paragraph (b) or subparagraph (i), (ii), (iii), (iv), (v) or (vi) of paragraph (c)" ; (c) by inserting the following subsection after subsection (2):- "(2A) An institution may not be approved for the purposes of subsection ( 1) (a) (iii) unless it is a public institution or its constitution by whatever name called provides for those matters set out in subsection ( 2) (a) and (b)."; (d) in subsection ( 3), by omitting the words " well being and protection." from paragraph (b) and substituting the following words and paragraph:- well-being and protection; and (c) the Minister may, in exercising discretion under subsection (1) (d), have regard to the commercial activities of the particular body."; (e) in subsection (6)- (i) by omitting the words "religious nature" and substituting the words "religious or public benevolent nature"; (c) (ii) by omitting the expression "(b)" and substituting the expression

838 Stamp Act Amendment Act 1990, No. 40 (f) in subsections (8), (9), (10) and (11), by omitting the words "(d) to (i) of subsection (1)" wherever they occur and substituting the words "(f) to (m) of subsection (1) (both inclusive)" in each case. 33. New s. 59F. The Principal Act is amended by inserting after section 59E the following section:- "59F. Listed companies and trusts . (1) This section applies to sections 56B, 56C and the prescribed provisions, as defined in section 56F. (2) In this section, "stock exchange" means a recognized stock exchange within the meaning of the Securities Industry (Queensland) Code. (3) Where- (a) (i) section 56B would apply in respect of a disposition of a unit if that unit was not listed on a stock exchange; (ii) section 56C would apply in respect of a disposition of a share if it were not listed on a stock exchange; or (iii) the prescribed provisions, as defined in section 56F, would apply to an acquisition of a share if it were not listed on a stock exchange; and (b) the Commissioner is of the opinion that the units in the relevant unit trust scheme or the shares in the relevant company, as the case may be, were listed principally in contemplation of ensuring that section 56B2 56C or the prescribed provisions, as defined in section 56F, do not apply in respect of that disposition (or the series of dispositions of which that disposition is a disposition) or acquisition, as the case may be, the Commissioner is, at any time, entitled to disregard the listing and thereupon section 56B, 56C or the prescribed provisions, as defined in section 56F, as the case may be, is to apply as if the unit or share was not listed. (4) A person contemplating a disposition or acquisition of the kind referred to in paragraph (a) of subsection (3) may apply to the Commissioner for a determination as to whether or not the Commissioner would apply subsection (3) in respect of that disposition or acquisition and the Commissioner is, to the extent that the undertakings or declarations made by the applicant are true and disclose all of the relevant facts and circumstances, bound thereby.". 34. Amendment of s. 61. Where several instruments , one only to be charged with ad valorem duty . Section 61 of the Principal Act is amended- (a) in subsection (1), by omitting the words ", and the ad valorem duty chargeable in respect of the settlement of the property exceeds one dollar";

Stamp Act Amendment Act 1990, No. 40 839 (b) in subsection (2), by omitting the words "exceeding one dollar"; (c) omitting subsection (3). 35. Amendment of s. 65 . Meaning of "Mortgage ". Section 65 of the Principal Act is amended by omitting subsection (4). 36. Amendment of s. 66 . Agreement to grant mortgage . Section 66 of the Principal Act is amended- (a) by omitting the proviso; (b) by numbering the existing provision as subsection (1); (c) by inserting the following subsection after subsection (1) as numbered by this section:- "(2) Where the Commissioner is satisfied that a mortgage has been executed in pursuance of an agreement to grant a mortgage and that agreement has been stamped with ad valorem duty, the mortgage is to be taken to be stamped to the extent that the agreement is stamped in respect of the granting of the mortgage.". 37. Amendment of s. 66A. Caveats . Section 66A of the Principal Act is amended- (a) by numbering the existing provision as subsection (1); (b) by inserting the following subsection after subsection (1), as numbered by this section:- "(2) Where the Commissioner is satisfied that a caveat chargeable with duty under subsection (1) has been stamped with ad valorem duty, a mortgage or charge under which an interest in land is claimed in that caveat is to be taken to be stamped to the extent that the caveat is stamped.". 38. Amendment of s. 67. Directions as to duty in certain cases. Section 67 of the Principal Act is amended by inserting the following subsections after subsection (4):- "(5) When calculating ad valorem duty chargeable on an instrument under the heading "MORTGAGE, BOND, DEBENTURE, and COVENANT" in the First Schedule, that part (if any) of the amount secured that represents an amount on account of duty chargeable under- (a) that heading on that instrument; or (b) section 35B in respect of the loan or short term loan (other than where it is on an account current) secured by that instrument, may be disregarded. (6) For the purposes of subsection (5), "loan" and "short term loan" have the same meanings as they have in sections 35 and 35B.".

840 Stamp Act Amendment Act 1990, No. 40 39. Amendment of s. 69A. Securities for loans to or debts of educational , charitable or religious bodies. Section 69A of the Principal Act is amended in subsection (1) by omitting from paragraph (b) the words "paragraphs (d) to (i)" and substituting the words "paragraphs (f) to (m) (both inclusive)". 40. New s. 72. The Principal Act is amended by inserting after section 71 the following section:- "72. Exemptions for charitable institutions . (1) An exemption in the First Schedule which is specified to apply to an instrument because of its connexion with an exempt charitable institution is subject to this section. (2) An application for an exemption referred to in subsection (1) is to be in a form acceptable to the Commissioner. (3) The Commissioner is not to allow- (a) exemption 5 (e) under the heading "APPLICATION for REGISTRATION or APPLICATION for TRANSFER of REGISTRATION of a motor vehicle" unless satisfied that the relevant motor vehicle is to be used for the relevant qualifying exempt purpose immediately or almost immediately upon registration or transfer of registration and then for a period of at least 12 months; (b) exemption 4 under the heading "DECLARATION OF TRUST" or the exemption under the heading "SETTLEMENT, DEED OF GIFT OR VOLUNTARY CONVEYANCE" unless satisfied that the property is to be used for a qualifying exempt purpose within 6 months (or such longer period as the Commissioner in the Commissioner's discretion allows) for a period of at least 12 months; (c) exemption 2 under the heading "HIRING AGREEMENT" or exemption 3 under the heading "INSTALMENT PURCHASE AGREEMENT" unless satisfied that the relevant goods are to be used immediately or almost immediately for a qualifying exempt purpose and then for a period of at least 12 months (or the life of the goods or the term of the hiring or instalment purchase agreement, where that life or term is a period shorter than 12 months); (d) exemption 2 under the heading "LEASE" unless satisfied that the property is to be used for a qualifying exempt purpose immediately or almost immediately and then for a period of at least 12 months (or the term of the lease where this is a shorter period); (e) exemption 3 (a) under the heading commencing with the words "POLICIES OF INSURANCE" unless satisfied the property is to be used immediately or almost immediately for a qualifying exempt purpose and then for a period of at least 12 months,

Stamp Act Amendment Act 1990, No. 40 841 and the Commissioner may when being satisfied for the purposes of paragraph (b) advise the exempt charitable institution of the time within and duration for which the Commissioner was satisfied the property would be so used for the qualifying exempt purpose when determining the exemption. (4) Where the Commissioner is not satisfied, at the time when an application for exemption referred to in subsection (1) is lodged with the Commissioner- (a) that an institution or body is an exempt charitable institution; (b) of the matters specified in subsection (3); or (c) that the property the subject of the instrument is to be used solely or almost solely or principally, as the relevant exemption may require, for a qualifying exempt purpose, the Commissioner may determine the instrument not to be exempt from duty; but may, by notice to the exempt charitable institution, specify a later time or period when the Commissioner will determine according to the facts and circumstances, known to the Commissioner at that later time, whether those facts and circumstances if known when the instrument was first lodged, would have allowed the Commissioner to determine the instrument to be exempt; and where the Commissioner at that later time so determines the Commissioner may refund, to the relevant extent, duty paid on the instrument. (5) Where the Commissioner is of the opinion that property which is the subject of an instrument which the Commissioner has determined to be exempt under an exemption specified in subsection (I)- (a) has not been used solely or almost solely or principally, as the relevant exemption may require, for a qualifying exempt purpose; or (b) has not been used solely or almost solely or principally, as the relevant exemption may require, for a qualifying exempt purpose within the time or for the duration which the Commissioner was satisifed that it would be used, when being satisfied for the purpose of subsection (3), the amount of duty chargeable in respect of the instrument is to be the amount chargeable as if the instrument were not an exempt instrument and thereupon section 80 applies as if the amount of duty assessed in the first instance had been assessed at an insufficient amount; and the Commissioner may, in addition, charge interest at the rate of 20% per annum from the date which is 60 days after the execution of the instrument until the date when payment of the duty in accordance with this section is made.

842 Stamp Act Amendment Act 1990, No. 40 (6) The Commissioner may, in the Commissioner's discretion, defer the reassessment of an instrument under subsection (5) where the Commissioner is satisfied that the property will, within a further time and for a duration nominated by the Commissioner, be used solely or almost solely or principally, as the relevant exemption may require, for a qualifying exempt purpose, and where the property is so used in that time and for that duration, the Commissioner is not to reassess the instrument under subsection (5). (7) Where an instrument has been exempted from duty under an exemption specified in subsection (1) and the exempt charitable institution- (a) does not use that property for the purpose for which the Commissioner was satisfied it would be used on the basis of representations by that exempt charitable institution when the Commissioner determined the instrument to be exempt from duty; or (b) has not used that property for the purpose within the time or for the duration within and for which the Commissioner was satisfied it would be used under subsection (3) at the time the Commissioner determined the exemption, the exempt charitable institution is, within 28 days of the occurrence described in paragraph (a) or (b) or such later time as the Commissioner in the Commissioner's discretion allows, to notify the Commissioner of that occurrence. (8) Where an exempt charitable institution fails to notify the Commissioner, in compliance with subsection (7), the Commissioner when reassessing duty payable pursuant to subsection (5), may demand and receive by way of penalty an amount equal to the total amount of duty so reassessed. (9) A reference in this section to a heading means the corresponding heading in the First Schedule.". 41. Amendment of s. 75. Allowance in certain circumstances . Section 75 of the Principal Act is amended by inserting the following subsection after subsection (5) :- "(6) Where a person is in possession of adhesive stamps that are superfluous to that person's requirements because the adhesive stamps were acquired in respect of an instrument the duty on which, because of amendments made by the Stamp Act Amendment Act 1990, no longer applies or cannot be paid adhesively, the allowance made by the Commissioner under subsection (3) may be made without the deduction referred to in subsection (3).".

Stamp Act Amendment Act 1990, No. 40 843 42. Amendment of First Schedule . The First Schedule to the Principal Act is amended- (a) by omitting the headings commencing with the words- "AGREEMENT or any MEMORANDUM of an AGREEMENT"; "AGREEMENT pursuant to Section 26 of the Retail Shop Leases Act"; "AWARD"; "BILL OF LADING OR RECEIPT"; "CHARTER PARTY"; "COMPANY AND CORPORATION CONSTITUTIONS"; "DEED"; "MERCANTILE BROKERS' CONTRACTS"; "POWER OR LETTER OF ATTORNEY OR AUTHORITY"; "RELEASE or RENUNCIATION", and any provisions, notes, exemptions and duty references under, in respect of or opposite each of those headings; (b) by omitting the headings commencing with the words- "AGREEMENT OR CONTRACT"; "AGREEMENT for a lease"; "AGREEMENT for sale"; "ANNUITY"; "APPOINTMENT"; "ASSIGNMENT"; "ASSURANCE"; "BILL OF SALE"; "BOND given as security"; "BOND, COVENANT, OR INSTRUMENT"; "BOND or recognisance"; "DEPOSIT"; "DUPLICATES OR COUNTERPARTS"; "MORTGAGE of stock or marketable security", and any provisions, notes, exemptions and duty references under, in respect of or opposite each of those headings; (c) in the provisions under the heading "APPLICATION for REGISTRATION or APPLICATION for TRANSFER of REGISTRATION of a motor vehicle", by omitting from exemption 5 all words from and including the words "a public benevolent institution" to the end of that exemption and substituting the following words:- "an exempt charitable institution where the motor vehicle is necessary to and is to be principally used for carrying out that institution's work for a qualifying exempt purpose.

844 Stamp Act Amendment Act 1990, No. 40 In this exemption , " primary producer " has the same meaning as it has in the regulations under the Main Roads Act 1920-1988."; (d) in the provision under the heading "CAVEAT", by inserting at the end thereof the following heading and exemption:- "Exemption A caveat other than a caveat- (a) claiming an interest in land as security for the payment or repayment of a loan , an annuity or an amount of money; (b) of a class prescribed by Order in Council for the purposes of this exemption."; (e) in the provisions under the heading "CONVEYANCE OR TRANSFER"- (i) by omitting paragraph (1) (b); (ii) by omitting exemption 5; (iii) by inserting after exemption 14 the following exemptions:- "15. A transfer of a marketable security or right in respect of shares to or from a company formed by- (a) the Australian Stock Exchange Limited; or (b) a member of the Australian Stock Exchange Limited, for the purpose of- (c) receiving transfers of marketable securities or rights in respect of shares in respect of which sell orders have been placed; (d) making transfers of marketable securities or rights in respect of shares to purchasers (or on their behalf to their brokers or a company of the kind described in this exemption); and (e) making transfers of marketable securities or rights in respect of shares to vendors (or on their behalf to their brokers or a company of the kind described in this exemption); (f) making or receiving transfers of marketable securities or rights in respect of shares of a kind and in such circumstances and on such conditions as may be prescribed by Order in Council for the purposes of this exemption, and not for the purpose of acting as general custodian or trustee, where the transfer is a transfer of a kind specified in paragraph (c), (d), (e) or (f) of the exemption.

Stamp Act Amendment Act 1990, No. 40 845 This exemption, in respect of transfers to or by a company formed by a member of the Australian Stock Exchange Limited, applies on and from 1 July 1989. 16. (1) A transfer of a marketable security or right in respect of shares- (a) to a member of the Australian Stock Exchange Limited or a company of the kind described in exemption 15 formed by that member for the temporary purpose of enabling that member to meet an obligation in respect of settlement of a sale of marketable securities or rights in respect of shares in which that member has acted whereby the transfer is part of a temporary arrangement where the member is to transfer marketable securities or rights in respect of shares exactly corresponding with those the subject of the first-mentioned transfer to the transferor; (b) from a member or company of the kind referred to in paragraph (a) which transfer is contemplated in an arrangement described in that paragraph. (2) Where a transfer of the kind described in paragraph (1) (a) is exempted and the arrangement referred to in that paragraph is terminated without a transfer of the kind described in paragraph (1) (b) being made, the first-mentioned transfer is to be newly dutiable as if this exemption had never applied."; (f) in the provisions under the heading "DECLARATION OF TRUST", by inserting the following exemption after exemption 3 :- "4. A declaration of trust, to the extent that it is for the benefit of an exempt charitable institution in respect of property that is to be used solely or almost solely by that institution for a qualifying exempt purpose."; (g) in the provisions under the heading "HIRING AGREEMENT"- (i) by omitting the heading "Exemption" at the end of the provisions and substituting the heading "Exemptions"; (ii) by numbering the existing exemption as exemption 1; (iii) by inserting after exemption 1, as numbered by this section, the following exemption:- "2. A hiring agreement, to the extent that the goods are hired by an exempt charitable institution and the goods are necessary to and are to be used solely or almost solely for carrying out the work of that institution for a qualifying exempt purpose."; (h) in the provisions under the heading "INSTALMENT PURCHASE AGREEMENT", by inserting the following exemption after exemption 2:- "3. An instalment purchase agreement, to the extent that the purchaser is an exempt charitable institution in respect of

846 Stamp Act Amendment Act 1990, No. 40 goods which are necessary to and are to be used solely or almost solely for carrying out the work of that institution for a qualifying exempt purpose.' ; (i) in the provisions under the heading "LEASE"- (i) by omitting the following words where they occur in the duty column- "Provided that the minimum duty chargeable in any case shall be $4.00"; (ii) by omitting the heading " Exemption " at the end of the provisions and substituting the heading " Exemptions"; (iii) by numbering the existing exemption as exemption 1; (iv) by inserting after exemption 1, as numbered by this section, the following exemption:- "2. A lease, to the extent that it is to an exempt charitable institution where the property is to be used by that institution solely or almost solely for a qualifying exempt purpose."; (j) in the provisions under the heading "MORTGAGE, BOND, DEBENTURE, and COVENANT"- (i) by omitting provisions ( 1) to (3 ) and substituting the following provisions:- "(1) Subject to provision ( 2), a security which is- (a) a mortgage or debenture that secures the payment or repayment of money; (b) an instrument ( other than one of the kind specified at paragraph (a)) that secures the payment or repayment of an amount of financial accommodation to be paid or repaid by way of an annuity or by way of a sum or sums of money at stated periods; or (c) a bond or covenant (other than one of the kind specified in paragraph ( b)) that secures the payment or repayment of an amount of financial accommodation, and which is- (d) the only, the principal or primary security; or

Stamp Act Amendment Act 1990 , No. 40 847 (e) collateral , auxiliary , additional or substituted security or security by way of further assurance, for the payment or repayment of that money or amount- (f) where the security is a prescribed short term debenture ........ Nil (g) in any other case -for every $100 and also for any fractional part of $100 secured by the instrument (2) Any security- $0.40 (a) of the kind specified in provision (1) which is collateral , auxiliary, additional or substituted security or security by way of further assurance, for the payment or repayment of money or an amount , where the principal or primary security is liable to be and the Commissioner is satisfied that it is stamped with the ad valorem duty imposed under provision (1); or (b) which is a security solely for the payment of money which represents the whole or part of the purchase price payable under an instalment purchase agreement where the instalment purchase agreement or an original instrument in relation to that agreement is liable to be and the Commissioner is satisfied that it is stamped with ad valorem duty imposed under the heading "INSTALMENT PURCHASE AGREEMENT" or that duty has been accounted for under section 32A .......... (3) An instrument that, in respect of a security of the kind specified in provision (l) or (2)- Nil (a) is a re-transfer of that security or of the benefit thereof, or of the money thereby secured; or

848 Stamp Act Amendment Act 1990, No. 40 (b) where the total amount secured by the security or recoverable under the security is not expressed in the instrument to be limited-is a release or discharge of that security or of the benefit thereof, or of the money thereby secured ..... . An amount equal to the duty with which the security to which the re- transfer, release or discharge relates is chargeable less the amount of any duty paid on that security."; (ii) by inserting after exemption 5, the following exemption :- "6. An agreement, letter or memorandum (other than an instalment purchase agreement under and within the meaning of section 32A) made for or relating to the sale in any retail establishment of any goods the value whereof does not exceed $200 and, in respect of any such transaction, any instrument guaranteeing payment of moneys at any time due and unpaid provided that the liability of the guarantor is for a specified amount not exceeding $200."; (k) in the provisions under the heading commencing with the words "POLICIES OF INSURANCE"- (i) in the proviso to provision (8), by omitting paragraph (c) (i) and the word "and" where it occurs between paragraphs (c) (i) and (c) (ii); (ii) by inserting after exemption 2 the following exemption:- "(3) A policy of insurance, to the extent that it is in respect of- (a) the property of an exempt charitable institution, where the property is or is to be solely or almost solely used for a qualifying exempt purpose; or (b) the undertaking of an exempt charitable institution to the extent only that the institution is engaged solely or almost solely in activities for a qualifying exempt purpose."; (1) by omitting the heading commencing with the word "REQUEST" and the provisions and duty references under and opposite that heading

Stamp Act Amendment Act 1990, No. 40 849 which relate to that heading and substituting the following heading and provisions:- "REQUEST- under the Real Property Act 1861-1988 and the Real Property Act 1877-1988 $1.00 Exemption A request of a type or class approved by Order in Council for the purpose of this exemption."; (m) in the provisions under the heading "SETTLEMENT, DEED OF GIFT OR VOLUNTARY CONVEYANCE",'by adding the following heading and exemption at the end thereof:- "Exemption An instrument, to the extent that it is for the benefit of an exempt charitable institution in respect of property that is to be used solely or almost solely for a qualifying exempt purpose.". 43. Repeal of Second Schedule . The Principal Act is amended by repealing the Second Schedule.