Stamp Acts Amendment Act of 1961 (10 Eliz ll No. 21) (Qld)

680 (Quccnslm1~ ANNO DECIMO ELIZABETHAE SECUNDAE REGINAE. No. 21. An Act to Amend "The Stamp Acts. 1894 to 1959," in certain particulars. [ASSENTED TO 7TH APRIL, 1961.] 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:- Short title. 1. (1.) This Act may be cited as "Tke Stamp Acts Amendment Act of 1961." P A r c in t. cipal refer ( r 2 e . d ) t " o T a k s e th S e ta P m ri p nc A i c p t a s l , A18c9t. 4 to 1959," are in this Act Ctitollele. ctive colle ( c 3 t . i ) veTlyhecitePdrina c s i " pa T l ke A S c - t tam a p nd Act t s h , is189A4c t t o 1m9a6y1." be

1961. Stamp Acts Amendment Act. 681 2. Section two of the Principal Act is amended by .Amendment inserting, after the definition of the expression or s. 2' " Marketable Security ", the following definition :- " The expression " religious body " means such a body in Queensland appertaining to any of the following religious denominations, namely :- (a) Church of England; Roman Catholic; Presbyterian ; Methodist ; Lutheran ; Baptist ; Congregational ; Salvation Army ; Church of Christ ; and (b) Any other religious denomination to which the Governor in Council (who is hereby thereunto authorised), by Order in Council published in the Gazette, specifies that this section applies whilst such Order in Council continues in force (it being hereby declared that such an Order in Council may be revoked by the Governor in Council by Order in Council published in the Gazette)." '° 3. The Principal Act is amended by inserting after ~ew s. section 4B the following section : - mserted. " [4c.] Duty as specified in the First Schedule to Exemptions this Act shall not be chargeable for the use of Her !:.:;~uty. Majesty upon any instrument with respect to any transaction in the official short term money market." 4. The Principal Act is amended by inserting after ~ew s. 46.A. sec t 1 . 0n . J 1 : .or t y-sl. · X th e £ o 11 oW · ing sec t· 10n : - mserted, " [46A.] (1.) Any person resident in Queensland who Duty to be effects any insurance in respect of property in Queensland fe~ ~ ~ for which insurance a policy of insurance or renewal of 1 ~ s h su e e r 6 d . policy any such policy is or is to be issued outside Queensland outside shall, within one month after effecting the insurance, Quoonsland' furnish to the Commissioner a return containing such particulars and information as to the insurance as may be prescribed. (2.) Every such return shall be liable to the same duty as would have been chargeable if the insurance to which it relates had been effected under a policy of

682 Stamp Acts Amendment Act. 10 ELIZ. II. No. 21, insurance issued in Queensland. The person primarily liable for payment of the duty shall be the person who effected the insurance, and such duty shall be payable upon lodgment of the return or within such further time as the Commissioner may allow: Provided that where the policy or renewal has, before the expiration of the relevant period specified in subsection one of this section for the furnishing of the return or, where the Commissioner has allowed further time, before the expiration of that further time, been received in Queensland and duly stamped under section forty-six of this Act, no duty shall be payable under this section. (3.) Any person resident in Queensland who effects insurance of the nature referred to in subsection one of this section and who- (a) Neglects or fails to furnish a return as required by that subsection ; or (b) Accepts payment of, or agrees to have allowed to him in account, any money upon or in respect of any insurance for which a return as required by that subsection has not been furnished, shall be liable to a fine not exceeding twenty pounds, and, in addition to any fine imposed, shall be liable to pay an amount equivalent to the duty which would have been payable had the return been furnished. (4.) Any person who furnishes a return pursuant to subsection one of this section which is false or misleading shall be liable to a fine not exceeding one hundred pounds and, in addition to any fine imposed, shall be liable to pay an amount equivalent to the duty evaded. (5.) For the purposes of this section "person resident in Queensland" and "person" shall, in the case of a company, include- (a) A company which is registered under any of the provisions of" The Companies Acts, 1931 to 1960," whether incorporated in Queensland or not; and

1961. Stamp Acts Arnendrnent Act. (b) A company which carries on business in Queensland. This subsection shall not be construed as limiting the construction of any provision of this Act." 683 5. The Principal Act is amended by inserting after ~ew s. 46B secti . on 46 A, as previ . ous 1 y m . serte d b y t hi s A ct, the mserted. following section :- " [46B.] (1.) Every person- ~:=: ~ ~=fa~ (a) With whom there is effected by any person or resident in Queensland any insurance in insurances. respect of property in Queensland and who in connection therewith issues a policy of insurance or a renewal of any such policy outside Queensland; or (b) Who for or on behalf of any person resident in Queensland arranges any insurance in respect of property in Queensland for which insurance a policy of insurance or a renewal of any such policy was or is issued outside Queensland, shall furnish a return to the Commissioner giving such particulars of the policy or renewal as may be prescribed. Every such return shall be furnished in the manner and at the time or times prescribed and any such return may contain particulars of more than one policy or renewal. (2.) Any person resident in Queensland shall when required by the Commissioner by notice in writing furnish to the Commissioner written particulars of any insurance of the nature referred to in subsection one of section 46A of this Act effected by such person. Such particulars shall be furnished within the time specified in the notice. (3.) Any person who neglects or fails to furnish a return or written particulars, as the case may be, in accordance with this section or who furnishes any

684 Stamp Acts Amendment Act. 10 ELIZ. II. No. 21, return or written particulars, as the case may be, which is false or misleading shall be liable to a fine not exceeding one hundred pounds. (4.) Any return and any written particulars furnished under this section shall be admissible in evidence in any proceedings under section forty-six or section 46A of this Act and shall be prima facie evidence of the facts stated therein. (5.) For the purposes of this section "person resident in Queensland " and " person " shall, in the case of a company, include- (a) A company which is registered under any of the provisions of " The Companies Acts, 1931 to 1960,'' whether incorporated in Queensland or not; and {b) A company which carries on business in Queensland. This subsection shall not be construed as limiting the construction of any provision of this Act." Amendment 6. Section forty-eight of the Principal Act is ofs. 48. amended by adding the following subsection :- " (9.) Where pursuant to this section the Commissioner has entered into an agreement with any person, the Commissioner may, in lieu of the monthly account to be delivered to him in pursuance of such agreement, accept from such person in respect of any month a declaration under " The Oaths Acts, 1867 to 1960," in such form as the Commissioner deems fit, specifying the aggregate of the stamp duty payable in respect of policies of life insurance granted by such person during such month. The aggregated amount of stamp duty specified in any such declaration shall be denoted by stamps to that amount, impressed thereon.''

1961. Stamp Acts Amendment Act. 685 7. Section forty-nine of the Principal Act is o A f1 m :1 e . n 4 d 9. ment amended by adding the following proviso :- " Provided further that where more instruments than one are executed for the purpose of transfeuing to or vesting in any person any property, or any estate or interest in any property, pursuant to a transaction which includes any live stock or movable chattels, the conveyor or transferor or, if more than one, conveyors or transferors shall, by a declaration under " The Oaths Acts, 1867 to 1960," apportion the true consideration or value for or of such live stock or movable chattels among such instruments, or the Commissioner may make such apportionment as he deems fit and his apportionment shall be conclusive." 8 Section 49B of the Principal Act is amended by- Amendments • of B, 49B, (a) In subparagraph (i.) of paragraph (a) of subsection one, omitting the words "Prickly-pear Selection, or Prickly-pear Development Selection" and inserting in their stead, the words " Priokly- pear Selection, other than a Perpetual Lease Prickly-pear Selection, or Prickly-pear Development Selection, other than a Perpetual Lease Prickly-pear Development Selection," ; (b} In paragraph (b) of subsection one, inserting after the words " devolution of law " the words " or by purchase from the personal representative of any deceased person " ; (c} Inserting after paragraph (b) of subsection one the following paragraphs :- " (bl) 'rhis section does not apply to a conveyance or transfer of the whole or part of the estate or interest under the Crown in any land where the conveyor or transferor has held such land from the Crown for a. continuous period of seven years or longer.

686 Stamp Acts Amendment Act. 10 ELIZ. IL No. 21, For the purposes of this paragraph, additionally to the continuous period for which the tenure conveyed or transferred has been held, a conveyor or transferor shall be deemed to have held the land from the Crown- (i.) Where the estate or interest of such conveyor or transferor was acquired by him under a testamentary instrument or by devolution of law-during such time as the land was held continuously for such estate or interest prior to such acquisition by the person from whom he acquired it ; and (ii.) Where the tenure under which the conveyor or transferor holds such estate or interest was granted to him (or to a person from whom he acquired' such estate or interest under a testamentary instrument or by devolution of law) consequent on the expiration or surrender of a prior tenure under which he or such person held such land from the Crown-during such time as the land was held continuously under such prior tenure by him or such person. (b2) This section does not apply to any conveyance or transfer which the Commissioner (who is hereby thereunto authorised) exempts from the operation of this section for that he is satisfied that the parties to such conveyance or transfer are exclusively members of a partnership and that such conveyance or transfer does not affect in any way the beneficial interest of any member of the partnership (whether a party to such conveyance or transfer or not) in the estate or interest held under the Crown in the land the subject of such conveyance or transfer. (b3) Nothing in this section shall render a religious body or a trustee of a religious body liable for payment of additional duty under this section in respect of any conveyance or transfer to which it or he is a party as transferee or conveyancee.

1961. Stamp Acts Amendment Act. (b4) This section does not apply to any conveyance or transfer of a license under " The Land Acts, 1910 to 1960," to enclose a temporarily closed road, where the value of such license does not exceed one hundred poun d s. " ; (d) In paragraph (d) of subsection one inserting after the words "event or contingency" the words "and any agreement whereby an option or right of purchase of the whole or part of the estate or interest under the Crown in any land is crea,ted," ; (e) Adding to paragraph (e) of subsection one the following proviso :- " Provided that where such requirement or covenant stipulates the amount of the value or of the minimum value of the improvements to be made in performance thereof such reduction shall not exceed such amount." ; (/) In subsection five omitting the word " including " and inserting the word " excluding " ; (g) Adding to subsection five the following proviso:- " Provided that where the transaction includes any livestock or movable chattels and more instruments of conveyance or transfer than one are executed for the purpose of effecting the transaction, the conveyor or transferor shall, by a declaration under "The Oaths Acts, 1867 to 1960," apportion the true consideration or value for or of such livestock or movable chattels among such instruments, or the Commissioner may make such apportionment as he deems fit and his apportionment shall be conclusive." ; (h) Inserting after the first paragraph of subsection six the following paragraph :- " It shall be a condition precedent to the making of the election specified in subparagraph (a) of the first paragraph of this subsection, that the conveyor or transferor shall satisfy the Commissioner of the value of goodwill in the purchasing price and a conveyor or transferor shall not be entitled to make such election until he has fulfilled that condition." ; and 687

688 Stamp Acts Amendment Act. 10 Euz. II. No. 21, (i) Adding the following subsection :- " (11.) Where any contract or agreement which is stamped with additional duty under this section is afterwards rescinded, such additional duty shall be refunded upon application by the party to the contract or agreement who paid the same, provided that such application is made within twelve months from the date of the contract or agreement, or within six months from the date of rescission : Provided that additional duty under this section on any contract or agreement shall not be claimed where evidence is produced to the Commissioner satisfying him that such contract or agreement was rescinded within thirty days after its execution." New s 68.A. 9. The Principal Act is amended by inserting after inserted. section sixty-eight the following section:- '.-['rust deed " [ 68.A.] (1.) Where, in respect of the offer by a :-=r.!s~r corporation of debentures to the public for subscription, a trust deed is executed in Queensland or, if executed outside Queensland, brought into Queensland, such trust deed is to be charged with stamp dut,y at the rate of two shillings and six pence for every fifty pounds and also for any fractional part of fifty pounds of the total amount of such debentures subscribed for from time to time by the public in Queensland. In the month of July in each year the trustee under such a trust deed shall forward to the Commissioner a declaration under " The Oaths Acts, 1867 to 1960," setting forth the total amount of debentures subscribed for by the public in Queensland during the twelve months preceding the said month, and account for the duty thereon. Except as prescribed by this subsection, such a trust deed shall not be liable to duty under this Act.

1961. Stamp Acts Amendment Act. 689 .Any debenture in respect of which such a trust deed has been duly stamped as prescribed by this subsection, shall not be liable to duty under this Act. (2.) For the purposes of this section "debentures" shall include debenture stock, bonds, notes, and other securities of a corporation, whether constituting a charge on its assets or not." IO. Section eighty-one of the Principal Act is Amendment amended by omitting the word" shall" where appearing ofs.81. in the general words following paragraph (d). 11. The First Schedule to the Principal Act is A of m F e ir n o d t ments amended by- Schedule. (a) Under the heading ".AGREEMENT or any MEMORANDUM of an AGREEMENT under hand only, and not otherwise specifically charged with any duty, whether the same be only evidence of a contract or obligatory upon the parties from its being a written instrument "- (i.) In exemption (4.) omitting the words "one thousand and forty pounds '' and inserting in their stead the words " one thousand five hundred pounds " ; and (ii.} Adding the following exemption:- " (9) Any instrument to which the provisions appe9.ring under this heading are expressed to apply given or executed by a religious body, including the trustees of a religious body, as debtor."; (b) Under the heading " BILL OF EXCHANGE " - (i.) In the exemption commencing with the words "All cheques" omitting the word" savings"; and (ii.) .Adding the following exemptions :- "All cheques drawn by any religious body, including by the trustees of any religious body. Any instrument to which the provisions appearing under this heading are expressed to apply given or executed to secure a debt of a religious body.";

690 Stamp Acts Amendment Act. 10 ELIZ. II. No. 21, (c) Under the heading " BOND, COVENANT, or INSTRUMENT of any kind whatsoever ", adding the following exemption :- "Any instrument to which the provisions appearing under this heading are expressed to apply given or executed to secure a debt of a religious body." ; (d) Repealing paragraph (b) of provision (1.) appearing under the heading "CONVEYANCE or TRANSFER ", repealing in the said provision (I.) the brackets, letter and words " (c) Of any other kind- ", and adding to the said provision (1.) the following proviso:- " Provided further that- (a) Where shares are acquired with rights to further shares and ad valorem duty is paid on the transfer of the shares on the full value of the shares including the said rights ; or (b) Where shares are acquired and rights to further shares are attached to them after acquisition and ad valorem duty is paid on the value at the time of acquisition of the shares, any transfer executed to vest in the transferee such further shares shall be charged with ad valorem duty, but such duty shall not exceed ten shillings." ; (e) Adding to the exemptions appearing under the heading " CONVEYANCE or TRANSFER " the following exemptions :- "All conveyances or transfers which upon the incorporation of a principal sporting body, that is to say a body of persons exercising throughout the State a major control or influence over the conduct of a particular sport and recognised as a principal sporting body by the Governor in Council by Order in Council, are necessary or expedient for the purpose of vesting in such principal sporting body in its corporate name all property, including estates or interests in property, of which it was the beneficial owner immediately prior to its incorporation. Any conveyance or transfer of a license under " The Land Acts, 1910 to 1960," to enclose a temporarily closed road, where the value of such license does not exceed £100. Any conveyance or transfer of property to a religious body, including to trustees upon trust for a religious body." ;

1961. Stamp Acts Amendment Act. (/) Under the heading " MORTGAGE, BOND, DEBENTURE, and COVENANT"- (i.) In provision (1.) appearing under that heading inserting, after the words "repayment of money," the words and brackets " (but not being a fidelity bond issued under " The Auctioneers, Real Estate Agents, Debt Collectors and Motor Dealers Acts, 1922 to 1960 ")" ; (ii.) Renumbering provisions (3.), (4.) and (5.) appearing under that heading to be respectively provisions (2.), (3.) and (4.); (iii.} Inserting after the second paragraph of provision ( 4.} appearing under that heading (as so renumbered by this Act) the following paragraph:- " Where the money to be paid or repaid is secured wholly on property outside Queensland, duty payable shall be ten shillings." ; (iv.) Inserting after provision (4.) appearing under that heading (as so renumbered by this Act) the following provision :- " 5. Being a fidelity bond issued under " The Auctioneers, Real Estate Agents, Debt Collectors and Motor Dealers Acts, 1922 to 1960" .. 0 10 0; (v.} Omitting the subheading "Exemption" and inserting in its stead the subheading " Exemptions " ; and (vi.) Adding the following exemption:- "Any instrument to which the provisions appearing under this heading are expressed to apply given or executed to secure a debt of a religious body." ; (g) Omitting the proviso appearing under the heading " POLICIES OF LIFE INSURANCE " and inserting the following proviso :- " Provided that the duty payable on a temporary or term assurance policy shall be five pounds per centum of the first year's premium."; (h} Adding to the proviso to the provisions appearing under the heading " POLICIES OF INSURANCE (other than Policies of Life Insurance and Workers' 691

692 Stamp Acts Amendment Act. 10 ELIZ. II. No. 21, Compensation Policies issued under " The Workers' Compensation Act of 1916," or any Act amending or in substitution for that Act) " the following paragraphs:- " (e) In the case of any policy to which provision (6) appearing under this heading applies which, in any period of one year, is renewed more frequently than once at regularly recurring intervals of time, duty shall not be charged in respect of any renewal thereof effected within one year after the first issue or after any renewal on which duty shall have been paid. (/) Where there is included in or annexed to any policy of life assurance any provision for the payment of an additional capital sum on the death by accident of the assured or in the event of his suffering some disablement-- (i.) Where the premium payable in respect of the life assurance and that payable in respect of the said provision are separately stated in the policy ; or (ii.) Where the premium stated in the policy is payable in respect of the life insurance and the said provision, but the insurer endorses on the policy the part of that premium actuarily attributable to that provision, the du.ty payable annually in respect of that provision shall not exceed five per centum of the annual premium or part premium or of the annual aggregate of other periodical premiums or part premiums payable in respect of that provision. (g) The duty upon a policy in respect of a television installation which does not cover any property or risk, other than the television installation and the. legal liability of the insured for accidental bodily injury (fatal or non-fatal) to any person or for damage caused by, through or in connection with the television installation, shall be two shillings and sixpence." ; (i) Under the heading" RECEIPT "-Given for or on the payment of money "- (i.) In the exemption appearing under that heading commencing with the words " Receipts given for wages or salary " omitting the numeral and symbol " £1,040 " and inserting in their stead the numeral and symbol " £1,500 " ;

10 ELIZ. IL No. 21, 1961. Stamp Acts Amendment Act. (ii.) Adding the following exemption :- " Receipt given by any religious body, including the trustees of any religious body, for or upon any payment made to it or them."; and (j) Omitting the figures " 0 0 6 " appearing opposite and relative to the provision appearing under the heading "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" and inserting in their stead, the figures " 0 0 9 ". 693 By Authority: S. G. REID, Government Printer, Brisbane-1961