Stamp Duties (Amendment) Act 1940 (NSW)

450                  Stamp Duties (Amendment) Act.

STAMP DUTIES (AMENDMENT) ACT.

Act No. 50, 1940.

No*5ô *i9M amend the Stamp Duties Act, 1920­ 1939, in certain respects; to exempt certain estates from death duty; and for purposes connected therewith. [Assented to, 10th December, 1940.]

' ~ '

T )E it enacted by the King's Most Excellent Majesty, I f by and witli the advice and consent of the Legis­ lative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows :—

Short tltlo

and citation. 1. (1) This Act may be cited as the “ Stamp Duties”

(Amendment) Act, 1940.”

(2) The Stamp Duties Act, 1920-1939, as amended by this Act, may be cited as the Stamp Duties Act, 1920­ 1940.

Amendment

of Act No. 2. The Stamp Duties Act, 1920-1939, is amended by

47, 1920.	inserting after section IOIe the following new section:—
New sec.

lOlP. lOlp. No death duty shall be payable in respect of

Exemption	the estate of a member of the Naval, Military or Air
of estates of	Forces of the Commonwealth of Australia, or of any
members of
Naval,	part of the King’s dominions or of any Ally of
Milit.ary and	Great Britain who, during the present war between
Air Forces.	His Majesty the King and Germany and her Allies or witliin one year after its termination dies on active service or as a result of injuries received or disease contracted on active service.

Further 3. The Stamp Duties Act, 1920-1939, is further

amendment, amended—

Ibid.

Sec. 102 (a) by omitting subparagraph (g) of paragraph (2)

( l ) ( g ) . of section one hundred and two;

Sec. 102a.	(b) by omitting section 102a ;
Sec. 105(1).	(c) by omitting the proviso to subsection one of section one hundred and five;
Sec. 105a.	(0) by omitting section 105a ;

(e)

stamp Duties (Amendment) Act. 451

(c)

by omitting from subsection one of section one death duty separately assessed in respect of non-aggregated property)

(f)	by omitting section 114a ; Sec. i i 4a.
(g)

l)y omitting from subsection one of section one See. ii5. death duty separately assessed in respect of non-aggregated property)

(h) by omitting section 115a ; Scc. i i 5.a.

(i) (i) by omitting from subsection one of section Seo. 120.

one hundred and tAventy the words “ (other than death duty separately assessed in respect of non-aggregated property)” ;

(ii)   by omitting from subsection two of the same section the Avords “ (including non-aggre­ gated property) ” ;

(iii)   by omitting from subsection three of the same section the AA’ords “ (including death duty separately assessed in respect of non- aggregated property)” ;

(j) (i) by inserting at the end of subsection one of Soc. 123. ■

section one hundred and tAventy-three the

folloAving AVOrds:—

‘ ‘ The deductions under this subsection in respect of any property shall not exceed the ad A a lo r e m duty paid under Part III of this Act on the instrument effecting the disposition of that property” ;

(ii)   by omitting subsections (1a) and (In) of the same section;

(k) by omitting section one hundred and forty-fiA’c. Scc. 145.

4. The Stamp Duties Act, 1920-1939, is further rm-tiicr

a m e n d e d ---

Amendment

of Act No.

47,1920.

(a)

by inserting after subparagraph (b) of See. 102.

paragraph (3) of section one hundred and tivo

the following noAv subparagraph:—

(c) the value of an annuity or pension payable to the AvidoAv or dependant of the deceased person under any scheme of superannua­ tion or pension;

(b)

452                  Stamp Duties (Amendment) Act.

No. 50, 1940. (b) (i) by omitting from subsection one of section “ prescribed by this Act” and by inserting in lieu thereof the words “ on that portion of the final balance of the estate which consists of property of one or more of the following classes:—

Sec. 112b. 1 1 2 b all words following the words

(a)	property which devolves by the intestacy on, or passes under the will of the deceased to his widoAV or any of his children who, at the time of his death, were under the age of twenty- one years;
(b)	property of any class not falling Avithin paragraph (a) of this subsec­

, tion, Avhich, or the value of A hich, is included in the dutiable estate of the deceased, where the beneficial inter­ est in that property on the death of the deceased is  ested in or passes to his AA’idow or any of his children Avho, at the time of his death, Avere under the age of twenty-one yea'rs” ;

(ii)   by omitting from subsection tAvo of the same section the words “ such property exceeds one thousand pounds but” and by inserting in lieu thereof the words “ that portion of the final balance referred to in subsection one of this section.”

Further	5. (1) The Stamp Duties Act, 1920-1939, is further
amendment

of Act No.	amended—
47, 1920.

Sec. 15. (a) by inserting in subsection one of section fifteen,

after the A\mrds “ in lieu thereof” the AA’ords

“ cash to the face A'alue of or” ;

Sec. 61(1). (b) by inserting at the end of subsection one of sec­

tion sixty-one the AAmrds “ or elseAvhere” ;

Sec. 63(1). (c) by inserting at the end of subsection one of sec­

tion sixty-three the Avmx’ds “ or elscAÂ here” ;

Second (d) by inserting at the end of paragraph (g) of the

Schedule. exemptions appearing in the Second Schedule

.

under the heading “ Bill of Exchange and

Promissory

stamp Duties (Amendment) Act. 4,̂ 3

Promissory Notes” the words “ the promotion	_1_	'
of education or for any purpose directly or indirectly connected Avith defence or the ameli­ oration of the condition of past or present members of the Naval, Military or Air Forces of the Commonwealth or their dependants, or for the promotion of any other patriotic object” ;

(e) (i) by inserting in the same Schedule at the end

of paragraph (a) of the exemptions appear­ ing under the heading “ Contract note for or relating to the sale or purchase of any stock or marketable security” the Avords “ or elsewhere” ;

(ii)   by inserting in the same Schedule at the end of the exemptions appearing under the heading “ Contract note for or relating to the sale or purchase of any stock or market­ able security” the folloAAung paragraph:—

(c) Any contract note for or relating to the sale or purchase of any debenture issued by the Metropolitan Water,

SeAÂ erage and Drainage Board.

(f) by inserting at the end of paragraph three of the matter appearing in the same Schedule under the heading “ Declaration of Trust” the Avords—

“ or (c) the same trusts are declared as ha e been declared by a will in respect of the same property and any death duty pay­ able in respect of that property by reason of the death of the testator Avho made such will has been paid” ;

(g) by inserting after paragraph (f) of the exemp­ tion appearing in the same Schedule under the heading “ Lease or Promise of or Agreement for Lease or Hire” the following new paragraph

(g)	A lease of a public watering place from a controlling authority Avithin the mean­ ing of Part V of the Pastures Protection Act, 1934” ;
(h)	by inserting in the same Schedule after paragraph (i) of the exemptions appear­ ing under the heading “ Policies of

Insurance ’ ’

454                  Stamp Duties (Amendment) Act.

No. 50, 1940.

Insurance” tlie following new para­

graph :—■

(j) any jjolicy issued to the original insured or his personal representa­ tive for war risks in respect of the specific consignment of goods where a policy of marine insurance in respect of the same consignment of goods was issued and duly stamped and where the goods ard shipped to or from a Biitish port.

(i)  by omitting from paragraph (r) of the exemptions appearing under the heading “ Eeceipt or Discharge” in the same Schedule, all words following the word “ connected” and by inserting in lieu thereof the words “ with defence or the amelioration of the condition of past or present members of the Naval, Military or Air Forces of the Commonwealth or their dependants or for the promotion of any other patriotic object” ;

(j) by inserting in the same Schedule after paragraph (v) of the exemptions appearing under the heading “ Receipt or Discharge” the following new paragraphs:—

(w) Any receipt for an instalment of endowment under the Family Endowment Act, 1927, as amended by subsequent Acts.

(x)  Any receipt for an instalment of pension under the Widows’ Pensions Act, 1925, as amended by subsequent Acts.

(k) by inserting in the same Schedule in paragraph (a) of the exemptions, appearing under the heading “ Transfer of Shares” after the word “ Australia” the words “ or of a debenture issued by the iMetropolitan Water, Sewerage and Drainage Board” ;

(1)

Unemployment Belief Tax (Further Provisions) Act. 455

. , , Ko, 50, 1040«

{]) (i) by inserting after paragraph (3) of the matter appearing in the same Schedule under the iieading “ General Exemptions from Stamp Duty under Part 111“ the following new pai’agraph:— —

(3a) Any bond given to a conti'ol- ling authority within the meaning of Part V of the Pastures Protectiou Act, lh34, in respect of a lease of a ]>ublie watering place at a I’cntal of less than seventy-five pounds per annum “

(ii)  by inserting in paragraph (7) of the matters appearing in the same Schedule under the same heading, after the word “ terminating,” the words “ or permanent.”

(2) (a) The Stamp Duties (Amendment) Act, Amendment

1933, is amended by inserting in subparagraph (i) of 1 2

paragraph (f) of section three, after the words “ two sw.Z(t).

pounds” the words “ whore firstly occurring.”

(b) This subsection shall be deemed to have commenced at the comnieneernent of the Stamp Duties (Amendment) Act, 1933.