Stamp Act Amendment Act (No. 2) 1962 (WA)

No. 60.] Stamp (No. 2). [1962.

STAMP (No. 2).

11' Elizabeth II., No. LX.

No. 60 of 1962.

AN ACT to amend the Stamp Act, 1921-1961.

[Assented to 30th November, 1962.]

BE it enacted by the Queen's Most ExcellentMajesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

Short title

and citation. 1. (1) This Act may be cited as the Stamp Act

Amendment Act (No. 2), 1962.

Vol. 12	(2)	In this Act the Stamp Act, 1921-1961, is
Reprinted
Acts,

approved for

referred to as the principal Act.

reprint

let August,

amended by

1958, as	(3) The principal Act as amended by this Act may
Acts Nos.

64 of 1959,

be cited as the Stamp Act, 1921-1962.

72 of 1959,

22 of 1960,

41 of 1960 and

21 of 1961.

1962.] Stamp (No. 2). [No. 60.

2.    This Act shall come into operation on the first ZoeniTence-

clay of January, nineteen hundred and sixty-three.

3. Section ninety-six of the principal Act is Lmended. 3

amended by substituting for the words, "one pound" in lines three, five and nine, the words, "five pounds".

8.99

4. Section ninety-nine of the principal Act is amended.

amended

(a)	by substituting for the words, "one pound" in lines one and three of paragraph (c) of subsection (1), the words, "five pounds"; and
(b)	by substituting for the words, "one pound" in line one of subsection (2), the words, "five pounds".

Second

5. The Second Schedule to the principal Act is Schedule

amended amended.

(a) by substituting for the passage

where the amount or value of the

consideration-

(i) does not exceed £25 0 5 0

(ii) exceeds £25, for every £25 and also for every fractional part of £25 of the amount or value of the consideration 0 5 0

in lines three to nine of paragraph (c) of item (1) of the heading, "CONVEYANCE or TRANSFER on sale of property—", the passage

for every £50 of the amount or value of the consideration, and also for every fractional part of £50 0 12 6

(b) by substituting for the passage

where the amount or value of the

consideration-

(i) does not exceed £25 0 5 0

No. 60.] Stamp (No. 2). [1962.

(ii) exceeds £25, for every £25 and also for every fractional part of £25 of the amount or value of the consideration 0 5 0

in lines four to nine of item (2) of the heading, "CONVEYANCE or TRANSFER on sale of property—", the passage

for every £50 of the amount or value of the consideration, and also for every fractional part of £50 0 12 6

(c)	by substituting for the passage, "1 per centum of the amount" in lines seven, eight and nine of sub-item (i) of item (1) and again in lines ten, eleven and twelve of sub-item (ii) of item (1) of the heading, "HIRE-PURCHASE AGREEMENT—", the passage, "14 per centum of the amount";
(d)	by substituting for the heading, "POLICY of INSURANCE—" and all words, figures and expressions thereunder, the following heading and words, figures and expres- sions:—

POLICY OF INSURANCE.

Any policy of insurance or instrument of guarantee or indemnity by whatever name called that operates in Western Australia, in whole or in part as an insurance, whether issued in or out of Western Australia, shall be charged with a duty amounting to five per centum of the premiums payable in respect of such policy of insurance, instrument of guarantee or indemnity, except in the case of

(a)	a policy of insurance against an employer's liability to pay compensa- tion under the Workers' Compensation Act, 1912, where the policy shall be charged with a duty of three per centum on such premiums; and
(b)	a policy of insurance issued under the Motor Vehicle (Third Party Insurance) Act, 1943, where the duty charged on the policy shall be two shillings and sixpence.

The expression, "premium" means the gross

premium reckoned so as to include any commis-

sion or discount paid in respect of the premium,

1962.] Stamp (No. 2). [No. 60.

Exemption.

Policy of Life Insurance. ;

(e) by substituting for the passage

E1 or upwards but less than £25 0 0 1

£25 or upwards but less than £50	.	0	0	2
£50 or upwards but not exceeding
0	0	3
Exceeding £100, for every £100 and for

every fraction of £100 0 0 3

in lines four to eight of the heading, "RECEIPT (not being a receipt given by or to a Building Society)", the passage

£5 or upwards but not exceeding £100	0	0	3
Exceeding £100, for every £100 and for

every fraction of £100 0 0 3

and

(f) by adding after the word, "produced", being the last word in item (14) under the heading, "Exemptions" under the heading, "RECEIPT (not being a receipt given by or to a Building Society)", the passage, "and a receipt given by a person for any pay- ment, in respect of which payment that person has given a receipt on which duty has been duly paid and that receipt can be produced".