Stamp Amendment Act (No. 2) 1984 (WA)

WESTERN AUSTRALIA.

STAMP (No. 2).

No. 109 of 1984.

AN ACT to amend the Stamp Act 1921.

[Assented to 19 December 1984.]

RE 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

Amendment Act (No. 2) 1984. Act.

(2) In this Act the Stamp Act 1921 is referred to Reprinted as

25 March

as the principal Act.

980 and

amended by

Acts Nos. 47

of 1979. 63 of

1980, 81 and

106 of 1981,

1. 30, 15, 45,

93, 99 and

112 of 1982

and 14 and 61

of 1983.

No. 109.] Stamp (No. 2). [1984.

Commence-

ment. 2. This Act shall come into operation on

1 January 1985.

References

to Treasurer	3. The principal Act is amended by deleting
replaced.

"Treasurer" wherever it occurs in

(a) section 112B (3);

(b) section 112C (5) and (5a);

(c) section 112EIA (3b);

(d) section 112N (1) (fa);

(e)	section 112N (la) and (lb);
(f)	section 119 (1), (2) and (3); and
(g)	Third Schedule, Item 2 (1),

and substituting in each case the following-

" Minister ".

Section 70

amended. 4. Section 70 of the principal Act is amended by

deleting "annuity or other right not before in exist- ence, such annuity or other right" and substituting the following-

" right not before in existence, other than an annuity, such right ".

Section 73D

amended. 5. Section 73D of the principal Act is amended by repealing subsection (4) and substituting the following subsections

if

(4) Subject to subsections (4a), (4b), (5), (5a) and (6), a transfer of a unit and an instrument effecting or evidencing a disposi- tion in relation to a unit shall each be charge- able with duty as if it were separately

(a) a conveyance or transfer free of encumbrances of an undivided share, equivalent to the proportion of the

1984.] Stamp (No. 2). [No. 109.

total issued units under the unit trust scheme represented by the unit, in land or any interest, including any beneficial interest, in land held by the unit trustee as trustee of the unit trust scheme; and

(b) a conveyance of the unit.

(4a)

The value of the unit, for the purpose of assessing duty under paragraph (b) of sub- section (4), shall be the value of the unit reduced by the value of the land or interest in land (if any) determined for the purpose of assessing duty under paragraph (a) of that subsection.

(4b) Subject to subsections (5) and (5a), the duty chargeable on a transfer of a unit or an instrument effecting or evidencing a disposition in relation to a unit shall not in any event be less than the amount of duty determined under Item 4 (1) of the Second Schedule on the amount or value of the consideration for the transfer or the disposi- tion. ".

6.	Section 83 of the principal Act is amended in	Section 83
amended.

subsection (6) by inserting after "cancelled" the

following-

" or by endorsement under section 112V ".

7.    After section 83 of the principal Act, the T=kad8.4

following section is inserted-

CC 84. (1) Where money to be paid or repaid Shc-tirrgeer on

under an instrument of security is secured rifogggut

both on property in Western Australia and on (Aft,•=?Ln

property out of Western Australia, duty shall

be payable under this Part in respect of the

No. 109.] Stamp (No. 2). [1984.

part of the amount of that money which bears the same proportion to the total amount of that money as the value of the property in Western Australia bears to the aggregate of the values of both the property in and the property out of Western Australia.

(2) Where money to be paid or repaid under an instrument of security is secured wholly on property out of Western Australia, duty shall be payable on the instrument under item 8 of the Second Schedule as if that instrument were a deed. ".

Section 87

amended. 8. Section 87 of the principal Act is amended in

subsection (1) by inserting after "Commissioner"

the following-

" or a person approved under section 112V ".

Section 112K

amended. 9. Section 112K of the principal Act is amended

in subsection (1)-

(a) in paragraph (a)-

(i)   by inserting after "rental business" in subparagraph (i) the following-

" other than rental business to which subparagraph (iii) applies "; and

(ii)

by inserting after subparagraph (ii)

the following subparagraphs

(iii)  the total amount received by him during the last preceding month in respect of his rental business in respect of which stamp duty or duty of a similar nature has been paid on the hiring

1984.] Stamp (No. 2). [No. 109.

arrangement concerned in accordance with the provi- sions of any law of the Com- monwealth or of any other State or Territory such duty being paid at a rate that is less than the rate specified in subparagraph (ii); and

(iv) an amount determined by deducting the stamp duty or duty of a similar nature paid elsewhere in Australia on the rental business referred to in subparagraph (iii) from the sum equal to 1.8 per centum of the sum arrived at by deducting service costs from the total amount referred to in sub- paragraph (iii) as set out in the statement; and "; and

(b) in paragraph (b) by deleting "amount referred to in subparagraph (ii)" and substituting the following-

" amounts referred to in subparagraphs

(ii) and (iv) ".

10. Section 112N of the principal Act is amended Leafdnea."N

in subsection (1) by deleting "of the Common- wealth" in the second place where it occurs in para- graph (f) and substituting the following-

" at a rate that is not less than the rate specified

in section 112K (1) (a) (ii) ".

No. 109.] Stamp (No. 2). [1984.

Section 112V

amended. 11. Section 112V of the principal Act is

amended

(a) by repealing subsection (4) and substitut- ing the following subsection

(4) A person whose application for permission has been granted by the Commissioner under subsection (2) is, while that permission is in force, an approved person for the purposes of this section. ";

(b) in subsection (8) by inserting after "112V" the following

et and in the case of an instrument which

is to be charged with duty pursuant to section 83 (2) and (3), he shall endorse on every such instrument details of the total amount secured or to be ultimately recoverable, or of any advance or loan made or indebtedness increased in excess of that amount, as the case may be, "; and

(c) in subsection (9), by inserting after "instru- ment" the following

t t bearing an endorsement made under

subsection (8) details of which are to

be ".

Third

Schedule	12. The Third Schedule to the principal Act is
amended

amended

(a) in item 3—

(i) by inserting the paragraph designa-

tion "(1)" before "Any"; and

1984.] Stamp (No. 2). [No. 109.

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

tt

(2) Any instrument or undertak- ing given by a building society registered under the Building Societies Act 1976 to the Treasurer where the instrument is associated with a guarantee given by the Treasurer securing advances to the building society. ";

and

(b) in item 7 by inserting after paragraph (8) the following paragraphs

(9) Any hire purchase agreement or

credit purchase agreement.

(10) Any instrument of annuity.

(11) Any instrument charging the assets of a building society registered under the Building Societies Act 1976 in favour of the Treasurer where the instrument is associated with a guarantee given by the Treasurer securing advances to the building society. ".