Stamp Acts Amendment Act of 1965 (Qld)

699 urgllslanb AN-NO QUARTO DECIMO ELIZABETHAE SECUNDAE REGINAE No. 46 of 1965 An Act to Amend " The Stamp Acts, 1894 to 1964 ," in certain particulars [ASSENTED TO 25TH NOVEMBER, 1965] 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: (1) Short title . This Act may be cited as " The Stamp Acts Amendment Act of 1965." (2) Principal Act. " The Stamp Acts, 1894 to 1964," are in this Act referred to as the Principal Act. (3) Collective title . The Principal Act and this Act may be collectively cited as "The Stamp Acts, 1894 to 1965." 2. Amendment of s. 2. Section two of the Principal Act is amended by omitting the second paragraph of the definition of the expression " hiring agreement " and inserting in its stead the following paragraph :- " The expression does not include any agreement, or any instrument constituting or evidencing the terms and conditions of any agreement, which is defined by section 32A of this Act to be an instalment purchase agreement for the purposes of that section or, where such an instalment purchase agreement is constituted by two or more agreements, any of such agreements or any instrument constituting or evidencing the terms and conditions of any of such agreements."

700 Stamp Acts Amendment Act of 1965. No. 46 3. Repeal of and new s . 32A. The Principal Act is amended by repealing section 32A and inserting in its stead the following section :- " [32A.] Instalment Purchase Agreements . (1) For the purposes of this section- The expression " Credit purchase agreement " means an agreement for the purchase of goods under which irrespective of the time at which the property in the goods passes or is to pass to the purchaser the purchase price or any part thereof is paid or payable by a number of instalments (not being less than six instalments) which are to be paid over a period of not less than six months and under which any of the instalments are to be paid after the goods have been delivered to the purchaser and whether such instalments are paid or payable by cash or by cheque, bill of exchange or promissory note payable on demand or otherwise but does not include any agreement for the purchase of goods together with- (i) real property; (ii) any estate or interest in real property; (iii) in the case of land held from the Crown for a leasehold estate, such leasehold estate or any lesser estate or interest in such land; or (iv) any business or interest in a business, or any agreement under which the purchaser is a person who is engaged in the trade or business of selling goods of the same nature or description as the goods to which the agreement relates ; The expression " Goods " includes all chattels personal other than money, livestock, books and things in action, and includes any fixture severable from the realty; The expression " Hire-purchase agreement " means agreement for the bailment of goods under which the bailee may buy the goods or under which the property in the goods may pass to the bailee or under which any provision for credit of payments is to be made in the event of a subsequent purchase of the goods, and where by virtue of two or more agreements (none of which by itself constitutes a hire-purchase agreement) there is such a bailment of goods the agreements shall be treated as a single agreement; but does not include any agreement under which the purchaser is a person who is engaged in the trade or business of selling goods of the same nature or description as the goods to which the agreement relates ; The expression " Instalment purchase agreement " means a credit purchase agreement, a hire-purchase agreement or a rental agreement; The expression " Purchase price " means- (a) in the case of a credit purchase agreement or a hire-purchase agreement, the total amount payable under the agreement by the purchaser on any account whatsoever in respect of the goods the subject-matter of the agreement less the amount of the deposit or other money or consideration paid or given to the vendor at or before the making of the agreement and less the total amount payable under the agreement for or by way of interest, maintenance, freight, vehicle registration fees, insurance or any other charges whatsoever included in the total amount payable; and (b) in the case of a rental agreement, the price at which the goods the subject-matter of the agreement might have been purchased for cast at the time of entering into the rental agreement; The expression " Purchaser " means the person to whom goods are bailed or sold or agreed to be bailed or sold under an instalment purchase agreement

stamp Acts Amendment Act of 1965 No. 46 701 The expression " Rental agreement " means an agreement for the bailment of goods under which the bailee may after a specified number of instalments of rent (not being less than two instalments) have been paid in respect thereof continue the bailment or from time to time renew the bailment at a nominal rent or without any further payment or on The payment of a nominal periodical or other amount: The expression " Vendor " means the person by whom goods are hailed or sold or agreed to be bailed or sold under an instalment purchase agreement. (2) Subject to this section there shall be charged and paid for the use of Her Majesty upon every instrument of instalment purchase relating to any instalment purchase agreement entered into after the commencement of " The Stamp Ac!s Amendment Act of 1965." the duty specified in the first Schedule to this Act under the heading " Instalment Purchase Aereement ". (3) Notwithstanding anything in section 4s of this Act, the stamp duty upon any instrument of instalment purchase relating to any instalment purchase agreement shall be payable by and shall constitute a debt due and owing to Her Majesty from the vendor and not from the purchaser: Provided that in any case where the vendor is not bound by the provisions of this Act, the said duty shall be payable by and shall constitute a debt due and owing to Her Majesty from the purchaser. (4) When in the opinion of the Commissioner it would be practicable or expedient he may enter into an agreement in such form as may be prescribed with any vendor for the delivery to the Commissioner during any period mentioned in the agreement of monthly accounts in respect of all instalment purchase agreements made or entered into by that vendor. Every account in pursuance of such agreement shall be delivered in duplicate to the Commissioner within fourteen days after the last day of the month in respect of which that account is deliverable. Every such account shall be a full and true account of all unstamped instalment purchase agreements made or entered into by the vendor during the month for which the same is delivered and shall contain such particulars as may be prescribed. After an agreement has been entered into between the Commissioner and any vendor, and during the period for which such agreement is in force, no instrument shall be liable to be stamped with the stamp duty chargeable in respect of any instalment purchase agreement covered by such agreement, but in lieu of such stamping the duty chargeable in respect of each and every such instalment purchase agreement shall become payable upon the due date for the delivery of the account in respect of that instalment purchase agreement and shall be paid to the Commissioner upon the delivery of that account in duplicate. The aggregated amount of the duty upon instalment purchase agreements paid upon the delivery of an account shall be denoted by stamps to that amount impressed upon the original declaration prescribed by this subsection to accompany that account. Any amount of duty payable to the Commissioner upon the delivery of any 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.

702 Stamp Acts Amendment Act o f 1965. t i. 46 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 subsection, the person in default shall be liable to pay to Her Majesty by way of penalty a sum equal to ten 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. Every such account shall be accompanied by a declaration in duplicate under " The Oaths Acts, 1867 to 1959," verifying the particulars set out in the account, which particulars shall comprise in respect of each instalment purchase agreement- (a) the name and address of the vendor; (b) the name of the purchaser; (c) the purchase price; and (d) the amount of duty payable. The declaration and account so stamped- (a) shall be returned to the person lodging same; (b) shall be retained by him for a period of at least three years; and (c) shall at any reasonable time during the said period be produced by him for inspection by the Commissioner or by an Officer authorized by the Commissioner for that purpose. Any agreement entered into by the Commissioner under the provisions of subsection (6) of section 32A of " The Stamp Acts, 1894 to 1964," prior to and in force at the date of the passing of- The Stamp Acts Amendment Act of 1965," shall be deemed to be an agreement entered into by the Commissioner under this subsection for the balance of the period thereof still to run at that date and every such agreement shall continue in force under, subject to and in accordance with the provisions of this section accordingly, and for that purpose shall be read and construed with and subject to all necessary adaptations, including by substituting for the expression " hire-purchase agreement " wheresoever appearing therein the expression " instalment purchase agreement ". (5) (a) A vendor or other person shall not add the amount of any duty or any part of the duty payable by the vendor as aforesaid to any amount payable by the purchaser of any goods (whether under the agreement or otherwise) or otherwise demand or recover or seek to recover any such amount from the purchaser. (b) In the case of a contravention of the provisions of this subsection- (s) the court by which the offender is convicted shall in addition to imposing a penalty order the defendant to refund to the purchaser any such amount which has been paid by the purchaser; or (ii) the purchaser may recover any such amount from the person to whom he paid it in a magistrates court as a civil debt recoverable summarily for money paid. (6) (a) The vendor of any goods under an instalment purchase agreement shall, where the purchase price is not less than ten pounds. at or before the time of the making of the agreement prepare an original instrument in relation to the agreement in accordance with the requirements of this section.

Stamp Acts Amendment Act of 1965, No. 46 703 (b) Such original instrument shall be- (i) if the instalment purchase agreement is in writing, the agreement as in writing; (ii) in any other case, a memorandum in writing of the agreement prepared for the purposes of this section. (c) An instrument shall not be in accordance with the requirements of this section unless- (i) it clearly and truly sets out- (A) the names of the parties thereto; (B) the full name and address of the vendor within the meaning of this section ( identified as vendor or as owner); (C) a description of the goods sufficient to indicate their nature; (D) the total amount payable under the agreement by the purchaser on any account whatsoever in respect of the goods the subject - matter of the agreement ; ( E) the amount of the deposit or other money or consideration paid or given to the vendor at or before the making of the agreement ; (F) the total amount payable under the agreement for or by way of interest , maintenance , freight , vehicle registration fees , insurance or any other charges whatsoever included in the total amount payable; (G) the purchase price within the meaning cf this section; (ii) it is boldly marked " Original Instrument " on the front or first page thereof; and (iii)- (A) it is stamped in accordance with the provisions of this Act and within the time prescribed herein; (B) where the vendor has entered into an agreement with the Commissioner for monthly accounting pursuant to the provisions of subsection ( 4) of this section , he shall have boldly marked on the front or first page thereof " Stamp Duty accounted for on monthly account by agreement with the Commissioner of Stamp Duties ". (d) The vendor or, if the vendor ' s rights under the-agreement are assigned to any other person , that other person shall keep every such original instrument readily available for inspection throughout the period during which goods are bailed or any rent or instalment of purchase price or other moneys is or are payable under the agreement and shall at any reasonable time during the said period on demand produce it for inspection by the Commissioner or by an officer authorized in writing by the Commissioner for the purpose whether generally or in a particular case. (7) Notwithstanding anything in this Act, a counterpart of an original instrument of instalment purchase , which original instrument is chargeable with duty under this section , shall not be chargeable with duty as an original instrument or counterpart of an instrument. (8) Every person who contravenes or fails to comply with any of the provisions, other than a provision of subsection (4), of this section shall be guilty of an offence and liable to a penalty of not more than one hundred pounds."

704 Stamp Acts Amendment Act of 1965, A o. 46 4. Amendment of s. 39 (1). (1) Subsection (1) of section thirty-nine of the Principal Act is amended by omitting the words " three pence " and inserting in their stead the words " six pence ". (2) This section shall come into operation on the first day of December, one thousand nine hundred and sixty-five. 5. Amendment of s. 54 . Section fifty-four of the Principal Act is amended by inserting after subsection (1) the following subsection:- " (3) Where an agreement which creates an option or right of purchase of any property provides that such property, or any part thereof, shall be conveyed or transferred to any person pending the exercise of the option or right of purchase, or where, in connection with such an agreement, such property, or any part thereof, shall be, or be agreed in any other manner to be, so conveyed or transferred, the agreement creating the option or right of purchase shall, for the purposes of this section, be deemed to be an agreement for the sale of the whole of the property the subject of the option or right of purchase. The determination of such option or right of purchase shall be deemed to be a rescission of an agreement for sale. In order to obtain a refund of the duty on the rescission of any such agreement, the application for the refund of duty may be made at any time within the time limited by subsection (7) of this section or within six months after the date of such rescission whichever period is last to expire. Where any property has been conveyed or transferred pursuant to, or in connection with, the agreement, no refund of duty shall be made pursuant to the said subsection (7) unless evidence is produced, satisfactory to the Commissioner, that the property has been reconveyed or retransferred to the person by whom it was so conveyed or transferred and there shall be deducted from any such refund of duty, the duty which would have been paid on the consideration for such option or right of purchase but for the provisions of this subsection." 6. Amendment of s. 83 . Section eighty-three of the Principal Act is amended by inserting after subsection (2) the following subsection:- " (2A) Without limit to the generality of the provisions of subsection (1) of this section, in respect of bills of exchange payable on demand or at sight, or on presentation, or in which no time for payment is expressed, regulations may be made for or in relation to- (a) the use for a specified period on and after the first day of December, one thousand nine hundred and sixty-five, of forms of bills of exchange or of any specified class, description or kind of bills of exchange, issued by banks to the public before that date ; (b) the extent to which forms of bills of exchange or any specified class, description or kind of bills of exchange mentioned in paragraph (a) of this subsection are exempted from the increase in stamp duty imposed by " The Stamp Acts Amendment Act of 1965 "; (c) (to the extent to which forms of bills of exchange, or any specified class, description or kind of bills of exchange. mentioned in paragraph (a) of this subsection are not exempted from the increase in stamp duty imposed by

Stamp Acts Amendment Act of 1965, No. 46 705 " The Stamp Acts Amendment Act of 1965,") the use, for denoting such increase, of stamps whereon amounts of money are denoted in the currency provided for by the CurrencyAct1965 of the Commonwealth notwithstanding that such amount is not the exact equivalent of such increase." 7. Amendments of First Schedule . (1) The First Schedule to the Principal Act is amended by- (a) under the heading " BILL OF EXCHANGE " omitting the numerals " 0 0 3 " where they appear opposite and relative to the words " Payable on demand or at sight. or on presentation, or in which no time for payment is expressed " and inserting in their stead the numerals " 0 0 6 "; (h) in the exemption appearing under the heading " BOND, COVENANT, OR INSTRUMENT of any kind whatsoever " and commencing with the words " Any agreement, letter or memorandum ", inserting after those words the words and brackets " (other than an instalment purchase agreement under and within the meaning of section 32A of this Act)"; (c) in the exemption appearing under the heading " DUPLICATE OR COUNTERPART of any instrument chargeable with duty ", omitting the words " hire-purchase agreement " and inserting in their stead the words " instalment purchase agreement "; (d) omitting the heading " HIRE-PURCHASE AGREEMENT " and inserting in its stead the heading " INSTALMENT PURCHASE AGREEMENT "; (e) in the exemption appearing under the heading " INSTALMENT PURCHASE AGREEMENT (being the heading inserted by paragraph (d) of this section) omitting the words " Any hire-purchase agreement in which the owner and the hirer are persons " and inserting in their stead the words " Any instalment purchase agreement in which the vendor and the purchaser are persons "; (f) adding to the exemptions appearing under the heading " MORTGAGE, BOND, DEBENTURE and COVENANT " the following exemption and provisos thereto :- "Any instrument to which the provisions appearing under this heading are expressed to apply given. or executed by a spouse or person engaged to be married in respect of the purchase or the erection of a matrimonial home where the amount or, in the case of two or more such instruments, the aggregate of the sum secured does not exceed five thousand pounds, and the whole of such sum is payable or repayable in respect of the purchase or erection of the matrimonial home and for no other purpose whatsoever: Provided that this exemption does not apply- (a) in any case of a matrimonial home situated or to be situated upon land used in the business of primary production, the area whereof exceeds two and one-half acres, unless the improved value of such land (including such matrimonial home) does not exceed ten thousand pounds ; (b) in any case other than a case mentioned in paragraph (a) of this proviso, unless the area of the land appurtenant or to be appurtenant to the matrimonial home does not exceed two and one-half acres and the improved value thereof (including such matrimonial home) does not exceed eight thousand pounds. 23

706 Stamp Acts Amendment Act of 1965, No. 46 In the case of a matrimonial home which is part of a structure which also contains a shop or a factory or other business premises, this paragraph ( b) shall apply as if the whole of such structure were the matrimonial home: Provided further that this exemption does not apply in any case where any person who is a party to such an instrument or instruments thereby bound to pay or repay the amount secured or his or her spouse or the person whom he or she is engaged to marry , as the case may be, owns or has any other estate or interest in any other dwelling - house or in any other structure part whereof is a dwelling - house for habitation by a single family unit , whether situated within or without Queensland."; (g) in paragraph (4) appearing under the heading " POLICIES OF INSURANCE ( 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) " inserting after the words " a motor vehicle " the words " or power boat "; (h) adding to the exemptions appearing under the heading " RECEIPT- Given for or on the payment of money " the following exemption:- Receipt given in respect of a settlement of accounts between brokers at a clearing house established and maintained by a recognised stock exchange.". (2) Paragraph ( a) of subsection ( 1) of this section shall come into operation on the first day of December, one thousand nine hundred and sixty-five.