Stamp Amendment Act (No. 5) 1982 (WA)

WESTERN AUSTRALIA.

STAMP (No. 5).

No. 99 of 1982.

AN ACT to amend the Stamp Act 1921-1982.

[Assented to 24 November 1982.]

BE it enacted by the Queen's Most ExcellentMajesty, 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:—

1. (1) This Act may be cited as the Stamp Shorttitle e and citation.

Amendment Act (No. 5) 1982.

(2) In this Act the Stamp Act 1921-1982 Reprinted as	approved 25
March 1980

is referred to as the principal Act.

and

amended by

Acts Nos. 47

(3) The principal Act as amended by this Act of 1979,63

and 106 of

may be cited as the Stamp Act 1921-1982.

/981

and /, 10, 15,

and 95 of

No. 99.] Stamp (No. 5). [1982.

Commence-

ment.

2. This Act shall come into operation on 1

January 1983.

Section 112B

amended.

3. Section 112B of the principal Act is amended

by

(a) inserting after the section designation "112B." the subsection designation "(1)";

and

(b) inserting after subsection (1) the following subsections

CC' (2) For the purposes of this Part and

of item 4 of the Second Schedule to this

Act

(a) a marketable security that is sold or purchased is, subject to subsection (3) of this section, short-dated if on the day of its sale or purchase-

(i)  having been issued for a fixed term which has not expired, it is, at or after the expiration of that term, repayable less than 24 months after its sale or pur- chase without notice or at the request of the purchaser, or sub- sequent holder, of the marketable security;

(ii)  having been issued for a fixed term which has expired, it is repayable without notice but has not been repaid; or

1982.] Stamp (No. 5). [No. 99. 1227

(iii) having been issued for a fixed term which has expired or not having been issued for a fixed term, it is repayable at the request of the pur- chaser, or subsequent holder, of the market- able security;

(b)	"fixed term" in relation to a marketable security, means the period commencing on the day of its issue and ending on the day specified in the terms of its issue as the day on which it matures or, if there is more than one such day specified in the terms of its issue, the last such day;
(c)	a marketable security that is repayable at the request of its holder shall be deemed to be repayable at the expiration of the period, if any, during which the person liable to repay would be entitled to delay repayment if the holder of the marketable security requested repayment or, if there is no such period, on the day of request; and
(d)	a marketable security that is short-dated as referred to in subparagraph (ii) of para- graph (a) of this subsection, or a marketable security that, having been issued for a fixed term which has expired or not having been issued for a fixed term, is repayable forthwith upon the request of the pur- chaser, or subsequent holder,

No. 99.] Stamp (No. 5). [1982.

of the marketable security shall be deemed to be repay- able one month after its sale or purchase.

(3) The Treasurer may, by instru- ment in writing published in the Government Gazette, declare that a class of marketable security is not short-dated for the purposes of this Part and item 4 of the Second Schedule to this Act. " .

Section 11 2N

amende d. 4. Section 112N of the principal Act is amended

in paragraph (e) of subsection (1)-

(a) by deleting "paid;" at the end of subpara- graph (ii) and sustituting the following-

" paid; or " ; and

(b) by inserting after subparagraph (ii) the following subparagraph

(iii) to a loan that is secured by a mortgage or charge of real pro- perty where the loan is of a kind that, before the coming into operation of the Stamp Amend- ment Act (No. 5) 1982, would not have been available in the ordinary course of business from a person carrying on credit busi- ness unless the loan was secured by a mortgage or charge of real property; " .

Second

Schedule 5. The Second Schedule to the principal Act is

amended. amended

(a) in item 4-

(i) by deleting

where the amount or value of

the consideration is less than

$100 for every $25 and also

for every fractional part of $25 0.15

1982.] Stamp (No. 5). [No. 99.

where the amount or value of the consideration is $100 or more for every $100 and also for any fractional part of $100 0.60 "

in sub-item (3) and substituting the

following-

" (a) subject to paragraph (b) of

this sub-item,—

(i)  where the amount or value of the consider- ation is less than $100 for every $25 and also for every fractional part of $25 0.15

(ii) where the amount or value of the consider- ation is $100 or more for every $100 and also for any frac- tional part of $100 0.60

(b) where the marketable secu- rity transferred is sold for a consideration in money or money's worth for not less than market value and is a marketable security which is, on the day of its sale, short-dated-

in respect of each month and also for any frac- tional part of a month of the period commencing on the day on which the marketable security is sold and ending-

(i)  where the market- able security was issued for a fixed term which has not expired—on the earliest day on which it is repay

-able at or after the expiration of the fixed term; or

(ii)  where the market- able security was issued for a fixed term which has expired or where the marketable security was not issued for a fixed

No. 99.1 Stamp (No. 5). [1982.

term—on the earli- est day on which it is repayable	0.025 for every 5100 and also far every frac- tional part of $100 of the consideration
for the
sale. " ;

(ii)   by inserting after "section 112C relates" in sub-item (4) the following-

" , other than in respect of a sale

and purchase of a marketable security which is short- dated, " ;

and

(iii)   by inserting after sub-item (4) the following sub-item-

The broker. (4a) Conveyance or transfer of

any marketable security sold and purchased which is short-dated and to which a return lodged with the Commissioner pursuant to section 112C relates

in respect of each month and also for any fractional part of a month of the period commencing on the day on which the marketable security is sold or pur- chased and ending

(a)	where the mar- ketable security was issued for a fixed term which has not expired— on the earliest day on which it is repayable at or after the expira- tion of the fixed term; or
(b)	where the mar- ketable security was issued for a fixed term which has expired or where the market- able security was not issued for a

1982.] Stamp (No. 5). [No. 99.

fixed term—on the earliest day on which it is repay-

able •••• 0.0125 for

every $100 and also for every fractional part of $100 of the consideration

for the

sale. "

and

(b) in item 13, by deleting

"(a) by way of sale See Schedule. 4 of Transferee."

this .

in sub-item (3) and substituting the

following

(a) by way of sale for a Transferee.

consideration in money or

money's worth for not

less than market value .... 10.00

(aa) by way of sale, other See item 4 of Transferee.	than a sale to which this Schedule.
paragraph (a) of this sub-item applies .... ...

IP