Stamp Acts Amendment Act of 1968 (Qld)

82 Qilu l is [axt^ ANNO SEPTIMO DECIMO ELIZABETHAE SECUNDAE REGINAE No. 11 of 1968 An Act to Amend "The Stamp Acts, 1894 to 1966," in certain particulars [ ASSENTED TO 16TH APRIL. 1968] 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 1968." (2) Principal Act. " The Stamp Acts, 1894 to 1966," 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 1968."

Stamp Acts Amendment Act of 1968. No. 11 83 2. Amendment of s. 22 . Section twenty-two of the Principal Act .is amended by adding the following subsection:- (7) (a) Any assessment of stamp duty under this Act may- (i) be sent by post to or delivered to the person who lodged the instrument in question in the Stamp Duties Office at Brisbane, Rockhampton or Townsville; or (ii) be noted on or attached to the prescribed form of requisition for impressed duty stamps in respect of the instrument in question which accompanied that instrument when it was so lodged. (b) Subject to this paragraph, an assessment noted on or attached to a prescribed form of requisition as provided by subparagraph (ii) of paragraph (a) of this subsection shall be deemed to have been notified to the person who lodged the instrument in question as hereinbefore mentioned in this subsection on a date seven days after the date whereon the assessment was so noted or attached and accordingly, on and from that later date, that person shall be deemed to have had due notice of the assessment for all purposes of this Act: Provided that- (a) the requisition whereon the assessment was noted or whereto it is attached shall be kept available for inspection by such person at the Stamp Duties Office wherein the instrument in question was lodged at all times during which that office is open for the transaction of business during the period of thirty days next following the aforementioned later date; and (b) where such person, when he lodged the instrument in question, accompanied it with a request in writing that the assessment be sent or delivered to him, then he shall not be deemed to have notice thereof for the purposes of this Act by reason that it is noted on or attached to the requisition." 3. New s. 25 inserted . The Principal Act is amended by inserting after section twenty-four the following section:- " [25.] Evidence of parties to instruments . In every case where one or more instruments evidence a concluded agreement or comprise a memorandum of a concluded agreement, the same shall be deemed to have been signed or executed by or on behalf of each and every party to such agreement who is legally bound thereby." 4. Repeal of and new s. 26. The Principal Act is amended by repealing section twenty-six and inserting in its stead the following section:- " [26.] Liability in respect of stamp duties payable upon instruments. (1) Subject to subsection (2) of this section any stamp duty charged upon any instrument under this Act shall be payable by any and every person who signs or executes the instrument in question or by or on behalf of whom the instrument in question is by reason of section twenty-five of this Act, deemed to have been signed or executed and accordingly if, in respect of any instrument, the amount of such duty is not paid in full as prescribed any and every such person is guilty of an offence against this Act and liable, if no specific penalty is prescribed, to a penalty of not more than one hundred dollars.

84 Stamp Acts Amendment Act of 1968, No. 11 (2) Where a provision of this Act, other than subsection (1) of this section , prescribes that the stamp duty charged upon any instrument under this Act is not payable by a specified party to that instrument then, in respect of that instrument, subsection ( 1) of this section does not apply to the person who is that specified party. (3) (a) This subsection does not apply to the following instruments, namely:- (i) receipts; (ii) instruments the stamp duty charged whereon under this Act may, pursuant to a provision of this Act or of any Order in Council or regulation , be accounted for or paid to the Commissioner otherwise than by stamping the instrument for denoting the payment of the duty; (iii) bills of exchange which , pursuant to the regulations made under subsection ( 2) of section eighty - three of this Act, may be stamped with impressed stamps for denoting the stamp duty charged thereon under this Act; (iv) other instruments the stamp duty charged whereon under this Act may, pursuant to a provision of this Act or of any Order in Council or regulation be denoted by adhesive stamps and which are duly stamped with adhesive stamps denoting the duty so charged, but, except for the instruments specified in subparagraphs ( i), (ii), (iii) and (iv ) of this paragraph, this subsection applies to all instruments whereon stamp duty is charged under this Act. (b) For the purpose of the assessment of the amount of duty charged thereon every instrument charged with stamp duty under this Act, accompanied by the prescribed form of requisition for impressed duty stamps in respect of the instrument, shall be lodged in the Stamp Duties Office at Brisbane , Rockhampton or Townsville within one month after the execution thereof or , in the case of any particular such instrument, such extended time longer than one month as the Commissioner, a Deputy Commissioner , or an authorised officer may allow (it being hereby declared that the Commissioner, a Deputy Commissioner or an authorised officer may grant such an extension of time where, in respect of a particular instrument , he deems that special circumstances warrant the extension). If an instrument accompanied by the said prescribed form is not lodged in compliance with the requirements of this paragraph (b) every person by whom the stamp duty charged under this Act upon the instrument is payable shall be guilty of a continuing offence against this Act and liable to a penalty of not less than two dollars and not exceeding the aggregate of fifty dollars and an amount of ten per centum of the duty upon the instrument charged under this Act for each year or part of a year during which the offence has been continued. (c) (i) A person by whom the stamp duty charged under this Act upon any instrument required to be lodged as prescribed by this subsection is payable who fails to pay to the Commissioner or a Deputy Commissioner within one month after he has due notice thereof the amount assessed to be the stamp duty charged under this Act upon. such instrument shall be guilty of a continuing offence against this Act and shall be deemed to continue that offence until the duty and any penalty or penalties imposed pursuant to this paragraph have been paid in full.

Stamp Acts Amendment Act of 1968, No. 11 85 The penalty for which a person committing a continuing offence under this paragraph (c) shall be liable shall be not less than two dollars and where, according to the period for which the offence is continued, the amount calculated as prescribed by subparagraphs (ii), (iii) or (iv) of this paragraph (c) exceeds two dollars, not more than that amount. (ii) Where the offence is continued for less than one month, the amount mentioned in subparagraph (i) of this paragraph (c) shall be five per centum of the amount of the duty so assessed. (iii) Where the offence is continued for one month or longer, but for less than one year, the amount mentioned in subparagraph (i) of this paragraph shall be ten per centum of the amount of the duty so assessed. (iv) Where the offence is continued for one year or longer, the amount mentioned in subparagraph (i) of this paragraph shall be ten per centum of the amount of the duty so assessed for each year or part of a year during which tho offence has been continued. (d) (i) In the stead of proceedings for an offence against paragraphs (b) or (c) of this subsection, the Commissioner, a Deputy Commissioner or an authorised officer may demand and receive by way of penalty such amount as he deems just, being not less than two dollars nor more than the maximum penalty which would be recoverable pursuant to proceedings. (ii) In any case where the Commissioner deems the circumstances so warrant the Commissioner may reduce or waive the amount of any penalty which has been demanded under this paragraph. (e) The amounts of all penalties referred to in paragraphs (b) and (c) of this subsection shall be calculated to the nearest ten cents. (f) In this subsection the expression " authorised officer " means any assessor or other officer appointed pursuant to section five of this Act who is authorised in writing by the Commissioner or a Deputy Commissioner to act as an authorised officer for the purposes of this subsection." 5. Amendments of s. 32A. Section 32A of the Principal Act is amended by- (a) in subsection (1)- (i) in the definition of the expression " Credit purchase agreement " omitting all words from and including the words " but does not include any agreement " to the end of that definition; and (ii) in the definition of the expression " Hire-purchase agreement " omitting all words from and including the words " but does not include any agreement " to the end of that definition; and (b) adding to subsection (2) the following proviso:- " Provided that where, within ten months of the making of the instalment purchase agreement, the instalment purchase agreement is determined, whether by the purchaser or the vendor of the goods, a rebate of the duty charged pursuant to this section shall be made equal to one-twelfth of one per centum of the amount of the purchase price for each complete month between the determination of the instalment purchase agreement and the expiration of twelve months from the making thereof."

86 Stamp Acts Amendment Act of 1968, No. 11 6. New ss. 35, 35A, 35B, 35C, 35D and 35E inserted. (1) This section shall come into force on a date to be fixed by the Governor in Council by Proclamation published in the Gazette. (2) The Principal Act is amended by inserting after section thirty- four the following sections:- " [35.1 Credit and Rental Business . (1) For the purposes of this section and sections 35A, 3513, 35c, 35D and 35E of this Act- The expression " Acceptable rate of interest " in relation to a loan bona fide secured on any interest in land, means the rate of interest which the lender agrees to accept so long as the borrower duly observes and performs all his covenants and agreements including those relating to the prompt payment of interest; The expression " Credit business " means the business of making loans or entering into credit arrangements or discount transactions but does not include- (a) the business of a pawnbroker carried on in accordance with the provisions of " The Pawnbrokers Act of 1849 "; (b) any business which is effected or evidenced by an instrument of the kind referred to in section 32A of this Act; The expression " Credit arrangement " means any arrangement for the provision of credit in relation to the sale of goods or the provision of services where any amount in excess of the cash price is or may be charged for or in relation to the goods or services pursuant to the arrangement, but does not include any arrangement if the only amount in excess of the cash price that is or may be chargeable is an amount that does not exceed the amount that would have been chargeable if the arrangement required the payment of interest at a simple annual rate of nine per centum per annum on the amount of credit provided under the arrangement and from time to time outstanding; The expression " Discount transaction " means the purchase acquisition discounting or factoring of book debts or other things in action (not being the purchase acquisition discounting or factoring of marketable securities) for a consideration which is less than the amount of the book debt or the nominal or face value of the thing in action but does not include the purchase acquisition discounting or factoring of (a) any book debt or other thing in action from a corporation by any other corporation which is by virtue of subsection (5) of section six of " The Companies Acts, 1961 to 1964," deemed to be related to that firstmentioned corporation where the consideration is not less than ninety-six per centum of the amount of the book debts or the nominal or face value of the other thing in action; (b) any book debt or other thing in action which relates solely to an amount due to any person in the Commonwealth of Australia for goods or other chattels personal which have been exported by that person from the Commonwealth of Australia; or (c) any bill of exchange or promissory note at a discount rate not exceeding nine per centum per annum;

Stamp Acts Amendment Act of 1968, No. 11 87 The expression " Goods " includes all chattels personal other than money, livestock and things in action and includes any fixture severable from the realty or, in the case of land held from the Crown for a leasehold estate , from such land; The expression " Interest " does not include- (a) any sum lawfully agreed to be paid on account of duties or fees payable under any Act; (b) any sum payable to a legal practitioner for costs necessarily incurred by the lender in relation to a loan bona fide secured on any interest in land; (c) any sum lawfully agreed to be paid in respect of the valuation of any real property or any estate or interest in real property or, in the case of land held from the Crown for a leasehold estate , such leasehold estate or any lesser interest in such land given as security for the loan if the sum payable does not exceed the amount payable for such a valuation under the scale of fees for the time being fixed by the Real Estate Institute of Queensland, but save as aforesaid includes any amount (by whatsoever name called) in excess of the principal which amount has been or is to be paid or payable in consideration of or otherwise in respect of a loan; The expression " Loan " includes- (a) an advance; (b) money paid for or on account of or on behalf of or at the request of any person; (c) a forbearance to require payment of money owing on any account whatsoever; and (d) any transaction (whatever its terms or form) which in substance effects a loan of money, but does not include any loan advance payment forbearance or transaction at a rate of interest not exceeding nine per centum per annum; The expression " Principal " means in relation to a loan the amount actually lent; The expression " Rate of interest" in relation to a loan bona fide secured on any interest in land, means the acceptable rate of interest; The expression " Registered person " means a person who is registered under the provisions of section 35A of this Act; The expression " Rental business " means the business of granting to any person rights to use any goods other than books whether pursuant to a lease bailment or license or otherwise, but does not include the business of granting to any person the right to use goods in conjunction with a lease of or license to occupy or use any real property or, in the case of land held from the Crown for a leasehold estate, such land. (2) For the purposes of this section and sections 35A, 35B, 35c, 35D and 35E of this Act where the interest charged on a loan is not expressed in terms of a rate per centum per annum such rate shall be the maximum rate per centum per annum at which the payments required to be made by the borrower would, if duly made, extinguish his indebtedness in respect of both principal and interest on the making of the final payment.

88 Stamp Acts Amendment Act of 1968, No. 11 (3) In this section any reference to interest at a rate per centum per annum is a reference to a simple annual rate on the balance of the loan or obligation from time to time outstanding. (4) This section and sections 35A, 35B, 35c, 35D and 35E of this Act do not apply to the transaction of any credit business with a bank as defined in section five of the Banking Act1959 of the Commonwealth as amended from time to time other than to- (a) a loan which is not an overdraft on current account; or (b) a purchase acquisition discounting or factoring of bills of exchange or promissory notes at a discount rate in excess of nine per centum per annum. (5) A person is not required to register under section 35A of this Act by reason only of the fact that he acts as agent for or is the employee of a person who carries on any credit business or rental business and who is registered under section 35A of this Act. (6) In the interpretation of " Discount transaction " the reference to the amount of the book debt or the nominal or face value of the thing in action shall be read and construed as not including a reference to any amount payable as interest or appropriated to interest with respect to that book debt or thing in action. [35A.] Persons carrying on credit or rental business to be registered. (1) A person shall not in Queensland carry on any credit business or any rental business (whether or not he carries on any other business) or advertise or hold himself out in any way as carrying on any such business whether the head office or principal place of business of that person is in Queensland or elsewhere unless he is registered under this section. Any person who contravenes the provisions of this subsection is guilty of an offence against this Act and is liable to a penalty of not more than five thousand dollars, and additionally to a penalty of not more than five hundred dollars for each and every day on which he continues the offence after he is convicted therefor. (2) Any person who, in the course of any business- (a) undertakes negotiations in Queensland with the object of transacting any credit business or rental business; or (h) enters into discount transactions which relate to book debts or other things in action which are situated or enforceable in Queensland. shall be deemed to carry on credit business or rental business, as the case may be, in Queensland whether he has an established place of business in Queensland or not. (3) The Commissioner shall register any person who applies, in the prescribed form or in a form to the like effect, for registration under this section. (4) A registered person who ceases to carry on credit business and rental business in Queensland may by notice in the prescribed form given to the Commissioner cancel his registration under this section.

Stamp Acts Amendment Act of 1968, No. 11 89 [35B.] Statements to be lodged by registered persons with the Commissioner . (1) A registered person shall not later than the twenty-first day of each calendar month- (a) deliver to the Commissioner a statement in the prescribed form and verified in the prescribed manner showing- (i) the total amount of all loans made by him during the last preceding month except short term loans and housing loans; (ii) the amount equal to one per centum of the amount referred to in subparagraph (i) of this paragraph; (iii) the sum of the total amount of all short term loans (except housing loans) made by him during the last preceding twelve months, which were outstanding in whole or in part at the end of the last preceding month and the total amount of all such short term loans (except housing loans) made within the last preceding month and repaid within that month; (iv) the amount equal to one twelfth of one per centum of the sum referred to in subparagraph (iii) of this paragraph; (v) the total amount expended by him during the last preceding month in discount transactions other than short term discount transactions; (vi) the amount equal to one per centum of the amount referred to in subparagraph (v) of this paragraph; (vii) the sum of total amounts expended by him in respect of short term discount transactions to the extent that they, at the end of the last preceding month, remained unrealized (whether by collection sale disposal or any other form of realization) where the book debts or other things in action purchased acquired discounted or factored by him were so purchased acquired discounted or factored during the last preceding twelve months and the total amount expended by him in respect of short term discount transactions entered into and completed by collection sale disposal or other form of realization within the last preceding month; (viii) an amount equal to one twelfth of one per centum of the sum referred to in subparagraph (vii) of this paragraph; (ix) the total of all amounts debited by him for the sale of goods or the provision of services during the last preceding month pursuant to a credit arrangement made by him under which credit in excess of two hundred dollars is or may be obtained less any amounts credited against amounts so debited in respect of goods returned or services not provided; (x) an amount equal to one per centum of the total of the amounts referred to in subparagraph (ix) of this paragraph; (xi) the total amount received by him during the last preceding month in respect of his rental business for or in relation to the use of goods other than books; (xii) an amount equal to one-quarter of one per centum of the amount referred to in subparagraph (xi) of this paragraph;

90 Stamp Acts Amendment Act of 1968, No. 11 (xiii) the total amount paid or payable pursuant to section four of this Act under the heading " MORTGAGE, BOND, DEBENTURE and COVENANT" or the heading " BOND , COVENANT OR INSTRUMENT of any kind whatsoever " in the First Schedule to this Act- (a) in respect of any instrument executed during the preceding three months; or (b) pursuant to subsection (2) of section sixty-eight of this Act in respect of any security deemed by that subsection for the purpose of stamp duty to be a new and separate instrument and to bear a date on a day within the preceding three months, which secures any of the loans included in the total amount of loans referred to in subparagraphs ( i) or (iii) or any credit arrangements referred to in subparagraph ( ix) of this paragraph and in respect of which an amount has not been included under this subparagraph in any previous statement but to the extent only to which the amounts so paid or payable are attributable to the loans so included in the total amount of loans referred to in subparagraphs (i) or (iii) of this paragraph or to the total of debits pursuant to credit arrangements referred to in subparagraph (ix) of this paragraph; and (b) pay in cash to the Commissioner as stamp duty on that statement a sum equal to the difference between the sum of the amounts referred to in subparagraphs (ii), (iv), (vi), (viii), (x) and (xii) of paragraph (a) of this subsection and the amount referred to in subparagraph (xiii) of paragraph (a) of this subsection but where any loan has been included pursuant to subparagraph (i) of paragraph (a) of this subsection in a statement lodged with the Commissioner and that loan is repaid within ten months of the making of the loan the registered person may deduct from the amount to be paid pursuant to this paragraph an amount equal to one twelfth of one per centum of the amount of the loan so repaid for each complete month between the repayment of the loan and the expiration of twelve months from the making of the loan: Provided that where- (a) any registered person carries on rental business and does not carry on any credit business; and (b) the total amount received by him curing the last preceding twelve months in respect of his rental business for or in relation to the use of goods other than books did not exceed ten thousand dollars, he may by notice in writing given to the Commissioner elect to lodge with the Commissioner not later than the thirty-first day of March in each year a statement showing the total amount received by him in the period between the first day of February in the last preceding year and the thirty-first day of Januar' in the year in which the statement is lodged in respect of his rental business for or in relation to the use of goods other than books (other than any amount previously included in a statement lodged with the Commissioner` pursuant to paragraph (a) of

Stamp Acts Amendment Act of 1968, No. I I 91 this subsection) and to pay in cash to the Commissioner as stamp duty on that statement an amount equal to one-quarter of one per centum of such total amount but where the total amount received in that period does not exceed two thousand dollars such registered person shall not be liable to pay to the Commissioner any stamp duty on that statement: Provided further that any such election may be cancelled with effect as from and in relation to the year commencing on the first day of February next following by notice in writing under the hand of the registered person given to the Commissioner or by notice in writing under the hand of the Commissioner given to the registered person if the Commissioner is satisfied that the total amounts received by any registered person who has so elected was in excess of fifteen thousand dollars in any period of twelve months. In this subsection- The expression " Housing loan " means a loan which the borrower has declared by statutory declaration in the prescribed form to have been obtained for the purpose of defraying the whole or part of the cost of the construction or acquisition of a house or flat; The expression " short term discount transaction " means a discount transaction which the registered person has elected in the prescribed manner to treat as a short term discount transaction. The expression " short term loan " means a loan which the registered person has elected in the prescribed manner to treat as a short term loan or any loan which is a loan upon an account current other than a loan upon an account current which the registered person has declared in the prescribed manner and within the prescribed period to be a special account current. For the purposes of this subsection the amount of a loan upon an account current other than a special account current with a registered person in relation to any statement is the maximum amount of principal due to the registered person on the account at any time during the last preceding month and any such loan shall be deemed to have been made and repaid in that last preceding month and the amount of a loan upon a special account current in relation to any statement is the total amount of the loans made upon that account by the registered person in that last preceding month. (2) The amounts referred to in paragraph (a) of subsection (1) of this section include- (a) in relation to loans, the amount of loans made by or on behalf of the registered person to persons resident or domiciled in Queensland -or in respect of which any of the negotiations have taken place in Queensland; (b) in relation to discount transactions, the amount of the consideration given by the registered person for book debts or other things in action situated or enforceable in Queensland;

92 Stamp Acts Amendment Act of 1968, No. 11 (c) in relation to credit arrangements, the amount of credit provided by or on behalf of the registered person with respect to goods sold or services provided in Queensland; and (d) in relation to rental business, amounts received by or on behalf of the registered person in respect of the use of goods where- (i) the right to use the goods was granted in Queensland; (ii) any of the negotiations by or on behalf of the registered person with respect to the grant of the right to use the goods were undertaken in Queensland; or (iii) the goods were delivered in Queensland to the grantee of the right to use those goods. (3) The duty paid by the registered person shall be denoted on the statement. (4) The stamp duty payable upon delivery of any declaration referred to in subsection (1) of this section shall from and after the due date of delivery constitute a debt due and owing to Her Majesty from the person on whose account the statement is deliverable and any unpaid amount thereof shall be recoverable from such person in any court of competent jurisdiction by the Commissioner on behalf of the Crown by action or other proceedings in his official name. (5) Nothing in this section shall require a registered person to include in the statement required to be submitted to the Commissioner by subsection (1) of this section an amount in respect of- (a) any transaction entered into by him in the course of any business carried on by him in accordance with the provisions of " The Pawnbrokers Act of 1849 "; (b) any transaction effected or evidenced by an instrument to which section 32A of this Act applies; (c) any loan, discount transaction, or debit pursuant to a credit arrangement , or grant of the right to use any goods, made given or entered into before the date of the coming into force of section six of " The Stamp Acts Amendment Act of 1968 "; (d) such part of the amount of any loan which is secured upon- (i) an interest in a loan or upon book debts or other things in action acquired in a discount transaction the amount of which loan or discount transaction was included by the borrower in a statement forwarded to the Commissioner pursuant to paragraph (a) of subsection (1) of this section; or (ii) an interest in an instalment purchase agreement in respect of which, pursuant to section 32A of this Act, the duty specified in the First Schedule to this Act under the heading INSTALMENT PURCHASE AGREEMENT has been paid, as is equal to the value of the interest upon which the loan is secured;

Stamp Acts Amendment Act of 1968, No. 11 93 (e) any discount transaction to the extent that the discount transaction relates- (i) to a book debt or other thing in action the amount of which was included in a statement forwarded to the Commissioner pursuant to paragraph (a) of subsection (1) of this section; or (ii) to an instalment purchase agreement in respect of which, pursuant to section 32A of this Act, the duty specified in the First Schedule to this Act under the heading INSTALMENT PURCHASE AGREEMENT has been paid; (f) any business transacted by him outside Queensland if- (i) none of the negotiations leading to the transaction of the business took place in Queensland; and (ii) the amounts obtained or the goods obtained by the other party to the transaction were obtained for the purpose of being expended or used exclusively outside Queensland, but a registered person shall supply to the Commissioner such particulars of the matters referred to in this subsection as are prescribed or as are in any particular case required by the Commissioner. [35C.] Registered persons to keep records . (1) A registered person shall keep or cause to be kept in Queensland sufficient books and records to enable him to calculate accurately the total amounts which are to be set out in the monthly statements required to be submitted to the Commissioner under section 35B of this Act; and shall keep such books and records as well as all working papers used in such calculations available for inspection for a period of at least three years from the month to which each such return relates or for such lesser period as the Commissioner determines in any particular case. Any person who contravenes or fails to comply with any of the provisions of this subsection is guilty of an offence against this Act and liable to a penalty of not more than five hundred dollars. (2) Where the Commissioner is satisfied that- (a) it is not reasonably practicable to calculate precisely any total amount which is to be set out in the statement of a registered person he may agree to accept statements from that person in which that total amount is calculated in such manner or on such basis as he thinks fit; or (b) in the circumstances in a particular case it is not reasonable to require statements to be lodged by the registered person in each month he may agree to accept statements at such times and relating to such periods as he thinks fit, but any such agreement may be cancelled by notice in writing under the hand of the Commissioner given to the registered person.

94 Stamp Acts Amendment Act of 1968, No. I I [35D.] Penalties . (1) A registered person who fails to comply with any of the requirements of section 35B of this Act is guilty of an offence against this Act and liable to a penalty of not more than five hundred dollars and liable to pay a penalty equal to double the amount of any duty that would have been payable if that section had been complied with. (2) Any person who is guilty of an offence against subsection (1) of section 35A of this Act shall in addition to any other penalty that may be imposed, be liable to pay a penalty equal to double the amount of duty that would have been payable if he had been a registered person and had complied in all respects with the provisions of this Act. [35E.] As to transactions with unregistered persons. (1) Where any person domiciled or resident in Queensland transacts or offers to transact any business with a person carrying on any credit business or rental business (whether within or outside Queensland) who is not a registered person he shall forthwith make a note or memorandum in writing of the transaction or offer containing such particulars as are prescribed. (2) A note or memorandum made for the purposes of subsection (1) of this section shall be chargeable with duty for the use of Her Majesty- (a) at the rate of one per centum of, in the case of a note or memorandum relating to- (i) a credit arrangement, the amount of credit provided or to be provided ; (ii) a discount transaction, the amount of the consideration for the purchase acquisition discounting or factoring of the book debts or other things in action; (iii) a loan, the amount of the loan, and (b) at the rate of one-quarter of one per centum of, in the case of a note or memorandum relating to- (iv) any rental business, the amount that is or will be payable for the use of the goods but where the amount is not capable of being determined the person making the note or memorandum shall be liable in lieu of paying duty as aforesaid to pay a duty of ten cents on the note or memorandum and to pay not later than the thirty-first day of March in each year further duty on the note or memorandum of an amount equal to one-quarter of one per centum of the amount paid by him in respect of the use of the goods during the year ending on the thirty-first day of January then last past. (3) The duty referred to in subsection (2) of this section shall be paid by the person liable to make the note or memorandum within seven days of the making of the note or memorandum. (4) A note or memorandum which is not stamped as required by this section may be stamped on payment of a penalty of double the amount of duty that should have been paid and a penalty of fifty dollars.

Stamp Acts Amendment Act of 1968, No. 11 95 (5) Any person who fails to comply with subsection (1) of this section shall be liable to pay a penalty equal to double the amount of the duty that would have been payable if he made a note or memorandum in writing of the transaction or offer in compliance with the requirements of subsection (1) of this section. (6) Notwithstanding anything in this section a person domiciled or resident in Queensland need not make a note or memorandum of any business transacted or offered to be transacted- (a) if the business relates to a loan for an amount of less than twenty thousand dollars and is not secured by a mortgage or charge over property in Queensland; (b) if the business is an arrangement for the provision of credit in relation to the sale of goods or the provision of services other than a loan or a discount transaction; (c) if the business relates to the grant of a right to use any goods and the total amount that is or will be payable for the use of the goods does not exceed one hundred dollars or the grant of the right to the use of the goods is for a period of fourteen days or less; (d) with a person carrying on business outside Queensland if- (i) none of the negotiations leading to the transaction of or to the offer to transact the business were carried out in Queensland; and (ii) the amount obtained or the goods obtained by him were obtained for the purpose of being expended or used exclusively outside Queensland; (e) with the Crown or any person acting on behalf of the Crown whether in right of the Commonwealth or any State of the Commonwealth; or (f) which is not a credit arrangement, a discount transaction a loan or the grant of the right to use goods." 7. New s. 54A inserted . (1) This section shall come into force on a date to be fixed by the Governor in Council by Proclamation published in the Gazette. (2) The Principal Act is amended by inserting after section fifty-four the following section:- " [54A.] Liability to account for duty upon transfer of business. (1) A purchase or an agreement to purchase any business shall for the purposes of this section be deemed to include all goods, livestock, vehicles and other movable chattels, and all leases, tenancies and licences, and the goodwill appertaining to the business which are acquired or agreed to be acquired by the purchaser from the vendor whether same are included in the transaction whereby the business is purchased or agreed to be purchased or are the subject of a separate transaction or several separate transactions. (2) Every person who purchases or agrees to purchase any business shall, within one month after he does so, deliver to the Commissioner a statement in duplicate in the prescribed form verified in the prescribed manner, and showing the prescribed information.

96 Stamp Acts Amendment Act of 1968, No. 11 (3) Where subsequent to delivering to the Commissioner a statement under subsection (2) of this section in respect of any business the purchaser enters into any separate transaction mentioned in subsection (1) of this section , then the purchaser shall within one month after doing so deliver to the Commissioner a statement in duplicate in the prescribed form, verified in the prescribed manner and, in respect of that separate transaction, showing the prescribed information. (4) A person who fails to deliver to the Commissioner a statement in duplicate in compliance with the requirements of subsection (2) or subsection (3) of this section shall be guilty of a continuing offence against this Act and liable to a penalty of not less than two dollars and not exceeding the aggregate of fifty dollars and an amount of ten per centum of the duty payable in respect of such statement pursuant to subsection (5) of this section for each year or part of a year during which the offence has been continued. Upon convicting a person for an offence under this section the Court shall, in addition to any penalty it may impose, order him to pay the duty payable pursuant to this section in respect of the statement the subject of the conviction. (5) A statement under subsection (2) or subsection (3) of this section shall be charged with duty under this Act as if it were a conveyance or transfer of the property to which the statement relates and the person delivering that statement shall be liable accordingly. (6) The Commissioner shall set off against the duty charged upon any statement under this section any amount of that duty which has been paid in respect of some other instrument. (7) For the purposes of this section the expression " business " includes any business, profession, calling, vocation or other occupation carried on by a person on his own behalf, and whether or not in partnership with any other person (it being hereby declared that the expression includes any interest as a partner in any business within the meaning of this subsection). (8) Where, other than by reason of the purchase or agreement to purchase the whole of a business or a partnership in the whole of a business, any real property, or, in the case of any land held from the Crown for a leasehold estate, any such leasehold estate, any lease, any tenancy or any licence appertaining to a business is purchased or agreed to be purchased, then such real property, leasehold estate, lease , tenancy or licence (and if any other property appertaining to the business is purchased or agreed to be purchased therewith, such other property) shall be deemed to be a business for the purpose of this section." 8. New s. 72B inserted . (1) This section shall come into force on a date to be fixed by the Governor in Council by Proclamation published in the Gazette. (2) The Principal Act is amended by inserting after section 72A the following section:- " [ 72B.] Certain payments deemed to have been made in Queensland. Where a person resident or -carrying on business in Queensland receives outside Queensland payment for goods supplied or services rendered in Queensland or in any wise howsoever arising from or with respect to a transaction in Queensland, the payment shall for the purposes of sections seventy and seventy-one and all other provisions of this Act with respect to receipts be deemed to have been received in Queensland."

Stamp Acts Amendment Act of 1968, No. 11 97 9. Amendment of s. 83. Section eighty-three of the Principal Act is amended by inserting after subsection (2A) the following subsection:- " (23) Without limiting the generality of the provisions of subsection (1) of this section regulations may be made for and in relation to- (a) empowering the Commissioner at his discretion to permit in writing any person or persons included in any prescribed class of persons (in the stead of accounting for and paying the stamp duty charged on receipts under this Act by stamping the same) to account for and pay to the Commissioner that duty by- (i) at prescribed intervals delivering to the Commissioner a statement in the prescribed form and verified in the prescribed manner of- (a) the aggregate of the amounts of stamp duty charged under this Act upon receipts for amounts received or deemed to have been received by the person delivering the statement during the period to which the statement is prescribed to relate; and (b) (where amounts of the stamp duty charged under this Act upon receipts for amounts paid by the person delivering the statement during the period to which the statement is prescribed to relate have been deducted by him from such payments) the aggregate of the amounts so deducted; and (ii) paying in cash to the Commissioner at the time of delivering to him, and in respect of any and every such statement, the aggregates of the amounts of stamp duty charged under this Act in respect of the receipts and payments respectively to which the statement relates; (b) limiting the power of the Commissioner to grant permits under the regulations to persons included in a specified class or specified classes of persons but so that such a limitation shall not prejudice or affect in any way the power of the Commissioner to refuse to grant to any person such a permit or to cancel any such permit; (c) empowering the Commissioner at his discretion to cancel any permit granted by him under the regulations; (d) prescribing that every permit under the regulations shall be granted by the Commissioner subject to the condition that the person to whom the permit is granted will keep for the period specified by the Commissioner details as specified in the permit with respect to all receipts and payments, the duty whereon such person has accounted for and paid as prescribed by the regulations, and if the Commissioner so specifies at the address specified by the Commissioner, and will, upon demand made

98 Stamp Acts Amendment Act of 1968, No. 11 by the Commissioner or an officer thereunto authorised by the Commissioner at any time during the period for which the Commissioner has so specified that the same are to be kept, produce any such details to the Commissioner or such officer; (e) prescribing that a breach of the condition referred to in paragraph (d) of this subsection shall be an offence under this Act and prescribing a penalty not exceeding two hundred dollars for such offence." 10. Amendments of First Schedule. The First Schedule to the Principal Act is amended by- (a) adding to the exemptions appearing under the heading " BOND, COVENANT OR INSTRUMENT of any kind whatsoever " the following exemption- "Any instrument to which the provisions appearing under this heading are expressed to apply which, being made by an employer with an employee, relates solely to the employment by such employer of such employee and which does not relate in any respect to payment of any superannuation annuity. This exemption applies so as not to exempt any such instrument from any duty specified under any other heading in this Schedule."; (b) Under the heading " HIRING AGREEMENT "- (i) adding to provision (2) the following proviso:- " Provided that where, within six months of the making of an agreement mentioned in this provision (2) which was made after the coming into force of section six of " The Stamp Acts Amendment Act of 1968," that agreement is determined, a rebate of the duty charged pursuant to this provision (2) shall be made equal to the amount of the excess thereof over the amount of duty which would have been charged under provision (1) appearing under this heading if the agreement was for the period between the making and determination thereof."; and (ii) inserting after provision (2) the word and exemption:- " Exemption Any hiring agreement the amount received in respect of which is, pursuant to subparagraph (xi) of paragraph (a) of subsection (1) of section 35B of this Act required to be included in a statement prescribed by subsection (1) of that section to be delivered to the Commissioner." (c) omitting the word " Exemption " appearing under the heading " INSTALMENT PURCHASE AGREEMENT " and inserting in its stead the word " Exemptions "; (d) adding to the exemption appearing under that heading the following exemption:- " Any credit purchase agreement for the purchase of goods together with- (i) real property; (ii) any estate or interest in real property;

Stamp Acts Amendment Act of 1968, No. 11 99 (iii) in the case of land held from the Crown for a leasehold estate, such leasehold estate or any lesser interest in such land; or (iv) any business or interest in a business."; (e) adding to the exemptions appearing under the heading " RECEIPT " the following exemption:- " Receipt given in Queensland for the payment of money by a person resident or carrying on business in another State or Territory of the Commonwealth where that receipt is charged with stamp duty under a law of that other State or Territory."