Stamp Amendment Act 1991 (Qld)

Queensland STAMP AMENDMENT ACT 1991 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amended Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Amendment of s.2B (Special directions where property comprises certain shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 Amendment of s.13A (Duty accounted for by returns) . . . . . . . . . . . . . . . . . . 2 6 Amendment of s.22A (Default assessments of duty) . . . . . . . . . . . . . . . . . . . 4 7 Insertion of new s.23D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 23D. Objection against assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 8 Amendment of s.24 (Persons dissatisfied may appeal) . . . . . . . . . . . . . . . . . 4 9 Amendment of s.46C (Insurance with no executed policy) . . . . . . . . . . . . . 5 10 Amendment of s.54A (Liability to account for duty upon transfer of business) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 11 Amendment of s.54AB (Duty payable where no dutiable instrument) . . . 6 12 Amendment of s.56FA (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 13 Amendment of s.56FH (When statement to be lodged) . . . . . . . . . . . . . . . . 7 14 Amendment of s.56FK (Statement chargeable with duty) . . . . . . . . . . . . . . 8 15 Amendment of s.56FN (Meaning of “interest”, “majority interest” and “further interest”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

ii 16 Amendment of s.59F (Listed companies and trusts) . . . . . . . . . . . . . . . . . . 10 17 Amendment of s.80 (Amendment of assessments) . . . . . . . . . . . . . . . . . . . 10 18 Insertion of new ss.83A and 83B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 83A. Commissioner’s requirements in respect of information etc. . . . 11 83B. Interest on duty delayed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 19 Amendment of First Schedule—Conveyance or Transfer . . . . . . . . . . . . . . 13 20 Amendment of First Schedule—Policies of Insurance . . . . . . . . . . . . . . . . 14

Queensland Stamp Amendment Act 1991 Act No. 99 of 1991 An Act to amend the Stamp Act 1894 [Assented to 17 December 1991]

2 Stamp Amendment No. 99, 1991 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. Short title 1 . This Act may be cited as the Stamp Amendment Act 1991. Commencement 2.(1) Section 12(1) is taken to have commenced on 26 April 1988. (2) Section 9 is taken to have commenced on 1 July 1988. (3) Section 19 is taken to have commenced on 4 November 1991. Amended Act 3. The Stamp Act 1894 is amended as set out in this Act. Amendment of s.2B (Special directions where property comprises certain shares) 4. After section 2B(2)— insert — ‘(3) Subsection (2) does not apply to shares in a corporation that were acquired before the commencement of section 1 of the StampActAmendment Act 1988 . ’. Amendment of s.13A (Duty accounted for by returns) 5.(1) Section 13A(1)— omit ‘ a person ’, insert ‘ a person or firm ’.

3 Stamp Amendment No. 99, 1991 (2) After section 13A(1)— insert — ‘(1A) In this section— “firm” means an unincorporated body of persons. ‘(1B) In this section (other than subsection (1C)) a reference to a person includes a reference to a firm. ‘(1C) If a firm is an approved person, each member of the firm at the relevant time— (a) must ensure that every obligation of the approved person under this Act is duly performed; and (b) is jointly and severally liable to pay any amount required to be paid by the approved person under this Act. ‘(1D) It is a defence to a prosecution for an offence against this Act constituted by a contravention of subsection (1C)(a) if the member concerned proves that— (a) the contravention happened without the member’s knowledge or connivance; and (b) the member took all reasonable steps necessary to ensure that the obligation concerned was duly performed. ’. (3) Section 13A(10)— omit ‘ and for which the correct duty has been or will be accounted for to the Commissioner ’. (4) After section 13A(16)— insert — ‘(17) The Commissioner may approve a Commonwealth or State Government department as an approved person, but may not require such a department to become an approved person. ‘(18) For the purposes of sections 55A and 80, an instrument in relation to which duty has been paid under this section is taken to be— (a) assessed with that amount of duty; and (b) an instrument on which that amount of duty has been paid. ’.

4 Stamp Amendment Amendment of s.22A (Default assessments of duty) 6. Section 22A(4)— omit ‘ appeal ’, insert ‘ objection or appeal ’. No. 99, 1991 Insertion of new s.23D 7. After section 23C— insert — ‘Objection against assessment ‘23D.(1) A person who is dissatisfied with an assessment of the Commissioner may, within 30 days of being notified of the assessment or within such further period as the Commissioner allows, object in writing to the Commissioner. ‘(2) The objection is to set out fully the grounds of the objection. ‘(3) The person must provide further particulars in relation to the grounds of the objection if required to do so by the Commissioner by written notice given to the person. ‘(4) The Commissioner may appoint a person to determine the objection either alone or with the Commissioner. ‘(5) Subsection (4) does not limit the powers the Commissioner has, apart from that subsection, to determine the matter. ‘(6) As soon as practicable after the objection is determined, the Commissioner must notify the person, in writing, of the Commissioner’s decision on the objection and the reasons for the decision. ‘(7) The making of an objection does not relieve the person of liability to pay the duty assessed as required by this Act. ’.

5 Stamp Amendment No. 99, 1991 Amendment of s.24 (Persons dissatisfied may appeal) 8.(1) Section 24(1)— omit, insert — ‘(1) A person who is dissatisfied with the determination of an objection may, within 30 days of being notified of the Commissioner’s decision on the objection, appeal against the assessment to the Supreme Court. ‘(1A) The appeal is not effective unless— (a) written notice of the appeal is served on the Commissioner within 30 days of the person being notified of the Commissioner’s decision on the objection; and (b) the duty assessed and $200 for costs are paid on or before the serving of notice of the appeal. ‘(1B) Notice of the appeal is to require the Commissioner to state and sign a case setting out the questions upon which the Commissioner’s opinion was required and the assessment made by the Commissioner. ’. (2) Section 24(2)— omit ‘ Full ’. Amendment of s.46C (Insurance with no executed policy) 9. After section 46C(1)— insert — ‘(1A) This section does not apply to reinsurance by one insurer with another insurer. ’. Amendment of s.54A (Liability to account for duty upon transfer of business) 10. After section 54A(4)— insert — ‘(4A) If proceedings for an offence are not taken against a person referred to in subsection (4) a penalty may be imposed by the Commissioner.

6 Stamp Amendment No. 99, 1991 ‘(4B) Subject to subsection (4C), the penalty is— (a) 3% of the duty chargeable on the statement in relation to the first month, or part of the first month, after the end of the period during which the statement was required to be lodged; and (b) 2% for each subsequent month or part of a month until the statement is lodged. ‘(4C) If, apart from this subsection, the penalty would be less than $10, the penalty is $10. ‘(4D) The Commissioner, after considering the circumstances, may reduce or waive the penalty. ’. Amendment of s.54AB (Duty payable where no dutiable instrument) 11. After section 54AB(1)— insert — ‘(1AA) This section does not apply to the following— (a) the disposition of units in a public unit trust scheme (within the meaning given by section 56B); (b) the acquisition of an interest in property by the beneficiary of a trust if the trustee, in acquiring that property for the trust, paid duty under the heading “CONVEYANCE OR TRANSFER” in Schedule 1; (c) an acquisition that is a relevant acquisition (within the meaning given by section 56FM). ’. Amendment of s.56FA (Interpretation) 12.(1) Section 56FA(1) (definition “acquire” , paragraph (d))— omit, insert — ‘ (d) that is an issue of shares to all the shareholders of a corporation if— (i) the proportions in which the shareholders hold the shares after the issue are, as near as practicable, the same as the proportions in which they held the shares before the issue;

7 Stamp Amendment No. 99, 1991 and (ii) the rights among the shareholders have not changed significantly because of the issue of the shares; (da) that is an issue of shares to a person who at the time of the issue is the only shareholder of the corporation; ’. (2) Section 56FA(1) (definition “acquire” , after paragraph (f))— insert — ‘ (g) that is an issue of shares by a corporation if— (i) the issue is to a person in consideration of the transfer of land to the corporation by that person; and (ii) duty under the heading “CONVEYANCE OR TRANSFER” in Schedule 1 has been paid or is payable in relation to the acquisition of the land by the corporation; and (iii) the land is the only land held by the corporation; and (iv) the person is the only shareholder of the corporation. ’. (3) Section 56FA(1) (definition “land” )— omit, insert — ‘ “land” includes— (a) any estate in land; and (b) anything fixed to the land that is or may be taken to be the subject of ownership separate from the ownership of the land; but does not include— (c) the interest of a mortgagee in land; or (d) units relating to land in a public unit trust scheme (within the meaning given by section 56B); ’.

8 Stamp Amendment No. 99, 1991 Amendment of s.56FH (When statement to be lodged) 13.(1) Section 56FH(1)— omit ‘ acquisition. ’, insert ‘ acquisition within 30 days of the acquisition. ’. (2) Section 56FH(2)— omit ‘ shall ’, insert ‘ must, within 30 days of the acquisition of a majority interest or further interest, ’. Amendment of s.56FK (Statement chargeable with duty) 14. After section 56FK(5)— insert — ‘(6) If an issue of shares by a corporation to a person is a relevant acquisition and— (a) the issue is to a person in consideration of the transfer of land to the corporation by the person; and (b) duty under the heading “CONVEYANCE OR TRANSFER” in Schedule 1 has been paid or is payable in relation to the acquisition of the land by the corporation; and (c) the land is not the only land held by the corporation; and (d) the person is not the only shareholder of the corporation; the dutiable value is to be calculated having regard only to land and property to which the corporation is entitled other than the land mentioned in paragraph (a). ‘(7) The duty chargeable under this section is reduced by the duty paid under section 56C on a disposition of a share in a corporation to which section 56C applies if— (a) land held in trust by the corporation, or by a corporation in which the corporation has an interest under section 56C(2), has been included in calculating the dutiable value under this section; and (b) the land was held by the corporation, or by a corporation in which the corporation has an interest under section 56C(2), at the time of the disposition.

9 Stamp Amendment No. 99, 1991 ‘(8) The reduction of duty mentioned in subsection (7) applies only to the extent that the duty relates to— (a) land held in trust by the corporation, or by a corporation in which the corporation has an interest under section 56C(2), at the time of the disposition; and (b) the land that was included in calculating the dutiable value. ‘(9) The duty chargeable under this section is reduced by the duty paid under section 56B on a disposition of a unit in a trust to which section 56B applies if— (a) the land held by the trustee as trustee of a unit trust scheme has been included in calculating the dutiable value under this section; and (b) the land was held by the trustee as trustee for a unit trust scheme at the time of the disposition. ‘(10) The reduction in duty mentioned in subsection (9) applies only to the extent that the duty relates to— (a) land held by the trustee as trustee of the unit trust scheme at the time of the disposition; and (b) the land that was included in calculating the dutiable value. ‘(11) If land to which the corporation is entitled at the time of a relevant acquisition includes land being purchased under an agreement for sale that is subsequently rescinded, the land being purchased is to be disregarded— (a) in determining whether the corporation is a landholder within the meaning of section 56FL; and (b) in the calculation of the dutiable value; and the Commissioner must make the necessary reassessments and refunds of duty. ’.

10 Stamp Amendment No. 99, 1991 Amendment of s.56FN (Meaning of “interest”, “majority interest” and “further interest”) 15.(1) After section 56FN(1)— insert — ‘(1A) For the purposes of the prescribed provisions, a person is taken to have acquired an interest in a corporation at the time a person enters into an agreement to acquire the interest. ‘(1B) If the transfer of shares under an agreement mentioned in subsection (1A) cannot proceed, the interest is then taken not to have been acquired. ‘(1C) If subsection (1A) has applied and subsection (1B) then applies, the Commissioner must make the necessary reassessments and refunds of duty. ’. (2) Section 56FN(2)— omit ‘ all of ’. Amendment of s.59F (Listed companies and trusts) 16. Section 59F(3)(a)(iii)— omit, insert — ‘ (iii) the prescribed provisions (within the meaning given in section 56F) would apply to an acquisition of a share if it were not listed on a stock exchange; or (iv) a unit in a unit trust scheme holding land would be included as land for the purposes of an acquisition under the prescribed provisions (within the meaning given in section 56F) if the unit was not listed on the stock exchange; and ’. Amendment of s.80 (Amendment of assessments) 17.(1) Section 80(4)— omit, insert— ‘(4) Despite this section an assessment may be amended if there is a current objection or appeal. ’.

11 Stamp Amendment No. 99, 1991 (2) Section 80(9)— omit ‘ section 24 ’ , insert ‘ an objection or appeal ’. (3) Section 80(11)— omit ‘ to appeal ’, insert ‘ to object ’. (4) Section 80(11)(a)— omit ‘ appeal (in accordance with the requirements of section 24) ’, insert ‘ objection ’. (5) Section 80(11)(b)— omit , insert — ‘ (b) the previous assessment is the subject of an objection or appeal or, in the case of a previously amended assessment, the original assessment is the subject of an objection or appeal. ’. Insertion of new ss.83A and 83B 18. After section 83— insert — ‘Commissioner’s requirements in respect of information etc. ‘83A.(1) If the Commissioner considers that it is necessary or desirable for the purpose of enabling the Commissioner to exercise the Commissioner’s powers under this Act, the Commissioner may issue written requirements, not inconsistent with this Act, to be complied with by persons in relation to the administration of this Act. ‘(2) Without limiting subsection (1), a requirement may— (a) require a person who lodges an instrument or statement, or is a party to an instrument lodged, to give to the Commissioner specified information, in a specified form or way, at a specified place and within a specified reasonable time; or (b) require a person seeking the Commissioner’s exercise of a power to give to the Commissioner specified information, in a specified form or way, at a specified place and within a specified

12 Stamp Amendment No. 99, 1991 reasonable time; or (c) require a person who is required to give notice under this Act, but the form and way in which the notice is given is not specified, to give the notice in a specified form or way. ‘(3) A requirement may include provision for the Commissioner to waive or otherwise reduce the burden of a requirement. ‘(4) A person who contravenes a requirement of the kind mentioned in subsection (2)(a) commits an offence against this Act. Maximum penalty—20 penalty units and 1 penalty unit for every day the contravention continues. ‘(5) If a person contravenes a requirement of the kind mentioned in subsection (2)(c), the person is taken to have failed to give the notice concerned. ‘(6) Section 28A of the ActsInterpretationAct1954 applies to a requirement under this section as if it were a regulation. ‘Interest on duty delayed ‘83B.(1) Subject to this section, if— (a) a person fails to provide any information required by the Commissioner under this Act, or under a requirement made under section 83A; and (b) the Commissioner is unable to make an assessment of duty because of the failure; the person is liable to pay interest by way of penalty— (c) at the rates set out in section 26(3)(e); and (d) on the duty subsequently assessed; and (e) from the day the information should have been lodged until it is lodged. ‘(2) If the person is liable to pay an amount under another provision of this Act (other than by way of a penalty for an offence) in respect of the failure to provide the information, the person is not liable to pay interest under this section.

13 Stamp Amendment No. 99, 1991 ‘(3) If the person is prosecuted under this Act for an offence of failing to provide the information, the person is not liable to pay the interest under this section unless and until the prosecution is withdrawn. ‘(4) The Commissioner, after considering the circumstances of the matter, may waive or reduce any interest payable under this section. ’. Amendment of First Schedule—Conveyance or Transfer 19. First Schedule, Conveyance or Transfer, exemption 16— omit, insert — ‘16.(1) A transfer of a marketable security or a right in respect of a share listed on a stock exchange to carry out obligations under— (a) a securities loan within the meaning of section 1097 of the Corporations Law as modified from time to time by declaration of the Australian Securities Commission; or (b) a securities lending scheme within the meaning of section 1097 of the CorporationsLaw as modified from time to time by declaration of the Australian Securities Commission; if the transfer is endorsed by— (c) a member of the Australian Stock Exchange Limited; or (d) the Australian Stock Exchange Limited. ‘(2) If a transfer to effect a securities loan is exempted, and the loan arrangement is subsequently terminated without the borrower making available to the lender securities or rights of the quantity and class lent, the transfer is to be newly dutiable as if this exemption had never applied. ’.

14 Stamp Amendment No. 99, 1991 Amendment of First Schedule—Policies of Insurance 20.(1) First Schedule, Policies of Insurance, Clause (7)— omit. (2) First Schedule, Policies of Insurance— after exemption 3— insert — ‘4. Policies of reinsurance by one insurer with another insurer. ’. The State of Queensland 1991