Stamp Amendment Act 1985 (WA)

WES .1..N.R.N AUSTRALIA.

STAMP.

No. 84 of 1985.

AN ACT to amend the Stamp Act 1921.

[Assented to 4 December 1985.]

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

Short title

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

Amendment Act 1985.

Reprinted as

approved

9 June 1985.

(2) In this Act, the Stamp Act 1921 is referred to as the principal Act.

2. This Act shall come into operation on 1 genre-

January 1986.

No. 84.] Stamp. [1985.

Section 4

amended. 3. Section 4 of the principal Act is amended in subsection (1) in the definition of "local authority" by inserting after "1960" the following-

" and an association comprised solely of muni- cipalities constituted under that Act or councils of such municipalities ".

Section 20

amended. 4. Section 20 of the principal Act is amended

(a) by repealing subsection (1) and substitut- ing the following subsection

(1) Except when other express provision is made by this Act, any unstamped or insufficiently stamped instrument may be stamped without fine after the execution thereof if it is presented for stamping within a period of 3 calendar months after the date of first execution thereof. "; and

(b) in subsection (2), by deleting "paragraph (a) or (b), as the case may be, of ".

Section 3M

amended. 5. Section 31A of the principal Act is amended

(a) by inserting after subsection (1) the following subsections

ft (la) Where the Commissioner

creates a memorandum under subsec- tion (1) of any statement, return or other document and makes an assess- ment of an amount to be paid by any person, he shall include in the assess- ment a fine equal to the amount of the duty assessed.

(lb) The Commissioner may remit wholly or in part any fine levied under subsection (la). ";

and

1985.] Stamp. [No. 84.

(b) by inserting after subsection (4) the following subsection

'C (5) In subsections (2) and (3)

"amount" includes the amount of a fine levied under subsection (la) except so far as it is remitted under subsection (lb). ".

6.    Section 33 of the principal Act is amended amended.

by repealing subsections (5) and (6).

Section 33A.

7.

(1) After section 33 of the principal Act, the following section is inserted	inserted and transitional
provision.

rt Interest o n

33A. Where the Commissioner is required amounts

to refund any amount under section 32 (5) or by the	refunded
C o m m.is-

pursuant to an order under section 33 (4), the sion	er
Commissioner shall pay interest on the amount refunded at the prescribed rate from the date of payment of the duty or fine to which the refund relates. ".

(2) Section 33A inserted in the principal Act by subsection (1) shall have effect only in respect of objections made and appeals brought after the commencement of this section.

Section 39 of the principal Act is amended

in subsection (la) by deleting "paragraph (a) or

(b), as the case may be, of ".

8.

Section 76C

9.

Section 76C of the principal Act is amended by

repealing subsections (8) to (13) inclusive and

substituting the following subsections-

amended.

c r

(8) The licensing authority shall not accept an application for a licence or transfer in respect of a motor vehicle unless it is in writing and

(a) contains a statement of the market value of the motor vehicle, or is accompanied by a valuation in such

No. 84.] Stamp. [1985.

form as the Commissioner requires showing the market value of that vehicle; and

(b) the amount of duty payable on the licence or transfer, based on that market value, is paid with the application.

(9) If the licensing authority considers that the market value of a motor vehicle given in a statement or valuation referred to in subsection (8) is less than the market value at the time when the statement or valuation was made, the licensing authority

(a)	may call on the applicant to furnish to it such evidence or further evidence of the market value as he may wish to supply;
(b)	shall determine the market value of the motor vehicle on such evidence, including the evidence (if any) furnished by the applicant, as it thinks fit; and
(c)	shall, on the basis of that determina- tion, assess the amount of duty payable on the licence or transfer.

(10) The licensing authority shall cause an assessment of duty under subsection (9) (c) to be notified to the applicant in such form as the Commissioner requires, and the licensing authority shall not grant an application for a licence or transfer until that amount of duty has been paid.

(11) Sections 32 and 33 shall apply to an assessment under subsection (9) (c) as if it were an assessment made by the Commissioner. ".

1985.] Stamp. [No. 84.

10. After Part IVA of the principal Act the rittrer

following Part is inserted-

- PART IVAB.—PAYMENT OF DUTY ON

MARKETABLE SECURITIES TRADED BY MEMBERS

OF THE STOCK EXCHANGE OF THE

UNITED KINGDOM.

112GA. In this Part, unless the contrary frat:t.rPreta-

intention appears

"broker" means a person, firm or corporation that is a member of The Stock Exchange;

"jobber" means a person, firm or corpora- tion that is recognized as a jobber according to the rules and practices of The Stock Exchange;

"person to whom this Part applies" means a person in respect of whom a declaration under section 112GB is in force;

"relevant transaction" means a disposi- tion of marketable securities or rights in respect of shares of any local authority or other corporation, com- pany or society incorporated in Western Australia or a foreign com- pany registered in Western Australia, made or effected by a person to whom this Part applies as trustee for any person to himself as trustee for another person; and

"The Stock Exchange" means The Stock

Exchange of the United Kingdom.

published in the Government Gazette declare inlsTarts 112GB. (1) The Minister may by notice gr=r

a person who is a trustee and carries on business in Western Australia to be a person to whom this Part applies.

(2) The Minister may by notice published in the Government Gazette revoke a declara- tion made under subsection (1).

No. 84.] Stamp. [1985.

Deemed

dispositions. 112GC. Where a person to whom this Part

applies

(a)	is notified of a disposition to another person of a right or interest in a marketable security or right in respect of shares which he holds as trustee on behalf of a person; or
(b)	is directed to hold a marketable security or right in respect of shares on behalf of a person other than a person on behalf of whom he holds that security or right,

there shall be deemed to have been made or effected by the first-mentioned person a dis- position of that marketable security or right to the first-mentioned person as trustee for that other person.

Returns and

payment 112GD. (1) A person to whom this Part

of duty.

applies shall on or before the 28th day of each

month

(a)	lodge with the Commissioner a return in such form as the Commissioner requires setting out the particulars of relevant transactions made or effected, or deemed to have been made or effected, by that person during the preceding month; and
(b)	pay to the Commissioner as duty on the return an amount calculated in accordance with Item 4 (3a) of the Second Schedule.

(2) A person to whom this Part applies

who-

(a) contravenes or fails to comply with any of the provisions of subsection (1); or

1985.] Stamp. [No. 84.

(b) lodges or causes to be lodged with the Commissioner a return which is false in any material particular,

commits an offence against this Act and is liable not only to the penalty referred to in section 116 but also to pay a penalty equal to double the amount of duty that would have been payable in respect of the return con- cerned had that return been lodged in accordance with this section or that is payable in accordance with the particulars given in the return concerned after correction of any false particular therein, as the case may be.

112GE. Section 112GD does not apply to or Exemptions.

in respect of a relevant transaction where the disposition to which the relevant transaction relates

(a)	would, if that disposition had been made or effected by an instrument of transfer of marketable securities, be exempt from duty under Item 2 (1) or (9) of the Third Schedule;
(b)	is made by way of security otherwise

than to secure the rights of a pur- chaser or intended purchaser under a contemplated sale, or in conse- quence of such a security being no longer required;

(c)

is, in accordance with the rules and

practices of The Stock Exchange, a

stock loan transaction;

(d)

is made or effected to a broker who acquired the marketable securities or rights in respect of shares as prin- cipal where within 2 clear days (not including any day on which The Stock Exchange is closed for busi- ness) after acquisition, he disposed of his beneficial interest in those securities or rights;

No. 84.] Stamp. [1985.

(e) is made or effected by a broker as principal within 2 clear days (not including any day on which The Stock Exchange is closed for business),

after he acquired those marketable securities or rights in respect of shares as principal;

(f)	is made or effected by a jobber to another jobber; or
(g)	is made or effected by a person who is a dealer as defined in section 112A.

Books to be

kept and	112GF. (1) A person to whom this Part applies shall keep or cause to be kept suffi- cient books and records to give a true and complete indication of all relevant trans- actions made or effected by him and shall retain those books and records for a period of 2 years after the completion of the trans- actions to which they relate.
retained.
(2) A person to whom this Part applies who contravenes or fails to comply with the requirements of subsection (1) commits an offence against this Act.
ment.
Endorse-	112GG. (1) A person to whom this Part applies shall, on the making of a disposition of a marketable security or right in respect of shares to which this Part applies, endorse the transfer of that security or that right with a statement in the form—"No Western Australian stamp duty is payable—Item 2 (10) Third Schedule" and affix his stamp and the date he so endorsed the transfer.
(2) A person to whom this Part applies who contravenes or fails to comply with the requirements of subsection (1) commits an offence against this Act. ".

1985.1 Stamp. (No. 84.

11. The Third Schedule to the principal Act is ISVeciduie

amended— amended.

(a) in item 2, by inserting after paragraph (8) the following paragraphs-

"

(9) A transfer of the whole or any part of, or any

interest in, a corporate debt security that is a

marketable security.

10) A transfer of any marketable security or right in respect of shares to or by a person to whom Part WAD applies. ":

and

(b) in item 6-

(i)    by designating the paragraph of the existing item as paragraph (1); and

(ii)   by inserting after paragraph (1) the following paragraph

(2) Any lease or agreement for lease of land and tenements for use as a dwell- ing house, flat, apartment or other residential unit where the total ascer- tainable rent payable for the term of the lease or agreement is equivalent to an amount not exceeding $80 for each week of that term. ".