Stamp Acts Amendment Act of 1955 (4 Eliz Ii No. 44) (Qld)

STAMP DUTIES. 4 E liz . II. No. 44, 1955. Stamp Acts Amendment Act. 319 STAMP DUTIES. An Act to Amend “The Stamp Acts, 1894 to 1954,” in certain particulars, * [A ssented to 2 nd D ecember , 1955.] S tamp A cts A mendment A ct of 1955. B E it enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legis­ lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:— 1. (1.) This Act may be cited as “ The Stamp Acts short title. Amendment Act of 1955.” (2.) *“ The Stamp Acts, 1894 to 1954,” are in this Principal Act referred to as the Principal Act. Aot’ (3.) The Principal Act and this Act may be Collective collectively cited as “ The Stamp Acts, 1894 to 1955.” tltle' 2. Section thirty-five of the Principal Act is Repeal of repealed. 8'35, 3. The following section is inserted after section New s. 48 forty-seven of the Principal Act, pamely :— inserted. “ [45.] (1 .) When in the opinion of the Commissioner Policies of any person granting policies of life insurance so carries insurance, on the business of such insurance as to render it impracticable or inexpedient to require that such policies should be stamped with the stamp duty chargeable thereon the Commissioner may enter into an agreement with that person in the prescribed form for the delivery to the Commissioner during any period mentioned in the agreement of monthly accounts in respect of all such policies granted by that person. (2.) Every account in pursuance of such agreement shall be delivered to the Commissioner within seven days after the last day of the month in respect of which that account is deliverable. (3.) Every such account shall be a full and true account of all unstamped policies of life insurance granted during the month for which the same is delivered and shall contain such particulars as may be prescribed. * 58 V. No. 8 and amending Acts.

STAMP DUTIES. Stamp Acts Amendment Act. 4 E liz . II. No. 44, (4.) After an agreement has been entered into between the Commissioner and any person, and during the period for which such agreement is in force, no policy of life insurance granted by that person and covered by such agreement shall be liable to be stamped with the stamp duty chargeable thereon but, in lieu of such stamping, the duty chargeable upon each and every such policy shall become payable upon the due date for delivery of the account in respect of that policy and shall be paid to the Commissioner upon the delivery of that account. (5.) The aggregated amount of the duty upon policies paid upon the delivery of an account shall be denoted by stamps to that amount impressed upon the declaration prescribed by this section to accompany that account. (6.) Any amount of duty payable to the Commissioner upon the delivery of an account and not paid on or before the due date for delivery of that account shall be a debt due to Her Majesty from the person by or on whose behalf the account is deliverable, and may be recovered accordingly. (7.) If default is made in delivering any account or in paying any amount of duty in compliance in every respect with the requirements of this section, the person in default shall be liable to pay to Her Majesty by way of penalty a sum equal to ten pounds per centum upon the amount of duty payable, and a like penalty for every month after the first month during which default continues; and every such sum shall be a debt due to Her Majesty, and may be recovered accordingly. (8.) Every such account shall be accompanied by a declaration under the *“ Oaths Act of 1867,” verifying the particulars set out in the account, which particulars shall comprise in respect of each policy included in the said account, the number thereof, the name of the insured, the sum insured, and the amount of duty payable.” 4. The following section is inserted after section 48 a of the Principal Act, namely :— “ [45 b .] Where the mode of stamping any policies of any class of insurance to denote the stamp duty * 31 V. No. 12.

1955. STAMP DUTIES. Stamp Acts Amendment Act. 321 payable upon a policy of that class is not prescribed expressly by a provision of this Act (including the First Schedule hereto or a regulation hereunder) the Minister may in his discretion direct a policy of that class to be stamped with adhesive stamps to denote the duty thereon.” of th 5 e . PTrhinecifpoalllowAicntg, nsaecmtieolny i: — s inserted after section 51c iNneswertse.d5. 1i> unde “ r t [ h 52 is d A .] ctInupaosnseasscinognvtehyean a c d e o v r al t o r r a e n m sfedruotyf apnayylaabnlde meImffeepncrttsoevde­ by (whether in fee-simple or for some lesser estate under transferee. the Crown) whereon there are improvements claimed by the transferee to have been effected by him, or at his own expense, the Commissioner may exclude from the total amount or value to be assessed such an amount or value as seems reasonable to him in respect of the value as at the date of the execution of the conveyance or transfer of the improvements the subject of the aforesaid claim: Provided that, in respect of a conveyance or transfer— (i.) The Commissioner shall not be bound to make an exclusion as aforesaid ; (ii.) If the Commissioner makes such an exclusion, he shall be the sole judge of the amount or value thereof; and (iii.) If such an exclusion as made by the Commissioner is disputed or protested the Commissioner may revoke the exclusion and thereupon ad valorem duty shall be payable as if the exclusion had never been made.” sixty 6 -n . inTeheoffothlleowPinrigncsipecatlioAncits:— inserted after section iNneswertse.d 6 . 9 a “ [69 a .1 ( 1 .) Subject to this section, a mortgage or Eofxdemutpytiionn guarantee (including an agreement to grant or give a case of mortgage or guarantee) granted or given by or for-— certain mortgages (a) Any institution in Queensland engaged in the ganuadrantees. education of students in primary or secondary schools ; or

322 STAMP DUTIES. Stamp Acts Amendment Act. 4 E liz . II. No. 44, (6) The University of Queensland or any constituent college thereof; or (c) Any religious institution in Queensland ; or (d) Any institution in Queensland engaged in the relief of poverty, or in the care of sick, aged, infirm, afflicted or incorrigible persons or of children, shall be exempt from the stamp duties to be charged for the use of Her Majesty under this Act. (2.) The Commissioner may (and shall if thereunto required by a claimant that a document is exempt from stamp duty by virtue of this section) refer to the Minister the matter whether any claimant is entitled to the benefit of the exemption aforesaid. The Minister shall, and he is hereby authorised to decide such a reference as he in his absolute discretion deems just and without assigning any reason therefor. ( 3 .) Where upon such a reference the Minister decides that a claimant is not entitled to the benefit of the said exemption, no mortgage, or guarantee, or agreement to grant or give a mortgage or guarantee, granted, given or made (whether before or after the Minister made that decision) by or for the claimant shall be exempt from any stamp duty by virtue of this section. This subsection applies so that the decision of the Minister upon such a reference shall not make liable to any stamp duty under this Act any mortgage, guarantee or agreement in respect of which— (а) The Commissioner has previously decided that stamp duty is not chargeable ; or (б) The Minister, upon a later reference, shall decide that the claimant is entitled to the benefit of the exemption prescribed by this section.” Amendments 7 . The First Schedule of the Principal Act is Schedule, amended— (i.) By repealing the heading “ Apprenticeship, instrument of” and all provisions appearing under that heading; •

1955. STAMP DUTIES. Stamp Acts Amendment Act . (ii.) By repealing all provisions appearing under the heading “P olicies of I nsurance (other than Policies of Life Assurance and Workers’ Compensation Policies issued under *“The Workers'Compensation Act of 1916 ” or any Act amending or in substitution for that Act) ” and by inserting, in lieu of the provisions so repealed, the following provisions— “ (a) Certificate or policy of insurance for accidental bodily injury (fatal or non-fatal) to any person issued under f“ The Motor Vehicles Insurance Acts , 1936 to 1945,” and the regulations thereunder— Upon the first issue and upon every renewal £ s . d. thereof .. .. .. .. ..010 (b) For each £100 or part of £100 of the total amount insured— (i.) By marine open policies under which £ s, d. declarations are made .. .. ..004 (ii.) By all other policies save those to which provision (a) appearing under this heading applies— According to the currency of the policy on the first issue and on every renewal or continuance— £ 5 . d . Not exceeding twelve months .. .. 0 0 4 Exceeding twelve months for each six months or part of six months beyond the first twelve months .. .. .. ..004 (c) Policies of reinsurance by one insurer with another insurer .. .. .. .. ..010: Provided that— (а) In respect of any policy of insurance indemnifying the ' insured against legal liability for accidental bodily injury (fatal or non-fatal) to any person or for damage to any property, or for both such injury and damage caused by, through or in connection with a motor vehicle, the duty on the first issue or on any renewal or continuance of the policy shall not exceed one pound ; and (б) In respect of any policy of fire insurance, the duty on the first issue or on any renewal or continuance of the policy, and in respect of any policy of accident insurance, the duty on any renewal or continuance of the policy may be paid and denoted in the manner prescribed by regulations under this Act; The duty upon a marine insurance policy issued in Queensland may be denoted by adhesive stamps.” ; * 6 G. 5 No. 35. t 1 E. 8 No. 31 and amending Acts. 323

324 STAMP DUTIES. Stamp Acts Amendment Act. 4 E liz . II. No. 44, 1955. (iii.) By adding to the exemptions appearing under the heading “ Receipt ” the following exemption, namely:— “ Receipt given by any institution in Queensland engaged in the education of students in primary or secondary schools, or by the University of Queensland, or any constituent college thereof, for any payment made to it for or in respect of a student whether for tuition, board and lodging, or sporting or other activities whatsoever/*; and (iv.) By inserting, after the provisions appearing under the heading 46 Release or Renunciation of any property, or any right or interest in any property ” the following heading and provisions, namely :— “ Renunciation of a right to take up shares in any company, corporation or society, whether such renunciation is in favour of any other person or not,— For every £10 and also for any fractional part of £10 of the then value of the right £ s. d. renounced •. .. .. .. ...0 0 6”