Stamp Duties (Amendment) Act 1967 (NSW)

STAMP DUTIES (AMENDMENT) ACT.

Jgehj OTaleief

ANNO SEXTO DECIMO

ELIZABETHiE II REGINiE

Act No. 23 ,1967.

An Act to make certain provisions with respect to the payment of stamp duty on instruments and death duty upon estates of deceased persons; for these and other purposes to amend the Stamp Duties Act, 1920-1967; and for purposes connected therewith. [Assented to, 23rd March, 1967.]

O E it enacted by the Queen’s Most Excellent Majesty, by

^ and with the advice and consent of the Legislative

Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows ; —

Short title	1. (1) This Act may be cited as the “Stamp Duties
and

citation. (Amendment) Act, 1967”.

(2)

Stamp Duties {Amendment).

(2) The Stamp Duties Act, 1920, as amended by No. 23,1967

subsequent Acts, is in this Act referred to as the Principal Act.

(3) The Principal Act, as amended by this Act, may

be cited as the Stamp Duties Act, 1920-1967.

2. The Principal Act is amended- Amendment of Act No. 47, 1920.

(a)	(i)	by inserting in subsection one of section three Sec. 3.
at the end of paragraph (b) of the definition
of “Marketable security” the following word ’
and new paragraph :—

; and

(c) any right or interest (whether described as a unit or sub-unit or otherwise) of a beneficiary under a unit trust scheme.

(ii)   by inserting in the same subsection next after the definition of “Stamped” the following new definition :—

“Unit trust scheme” means any arrange­ ments made for the purpose, or having the effect, of providing, for persons having funds available for investment, facilities for the participation by them, as beneficiaries under a trust, in any profits or income arising from the acquisition, holding, management or disposal of any property whatsoever pursuant to that trust.

(iii)   by inserting in subsection two of the same section in the definition of “Share” after the word “society” the words “and any right or interest (whether described as a unit or sub­ unit or otherwise) of a beneficiary under a unit trust scheme” ;

(b)

Stamp Duties (Amendment).

No. 23, 1967 (b) by omitting subsections one, two and three of

Sec. 25.	section twenty-five and by inserting in lieu thereof
(Terms on	the following subsections ;—
which instru­
ments may

be stamped	(1)	Except where other express provision is
after

execution.) made by this or any other Act, every person primarily liable with respect to any instrument chargeable with duty shall cause it to be duly stamped—

(a)	within two months after it has been first executed in this State or after it has been first received in this State where it was first executed at any place out of this State; or
(b)	within two months after its receipt in this State where it is first executed in this State and is sent out of the State for execution by another party.

(2) Where an instrument to which subsection

one of this section applies is not duly stamped in accordance with that subsection, it shall be charged with and become subject to, in addition to the duty with which it is chargeable,—

(a)	where it is duly stamped within three months after its execution or receipt, as referred to in that subsection—a fine of twenty per centum on the amount of the duty;
(b)	where it is not duly stamped in accordance with paragraph (a) of this subsection but is duly stamped within four months after its execution or receipt, as so referred to— a fine of twenty-five per centum on the amount of the duty; and
(c)	where it is not duly stamped in accordance with paragraph (a) or (b) of this subsection ■—a fine of one hundred per centum on the amount of the duty.

( 3)

Stamp Duties (Amendment).

( 3 ) Every such fine shall, immediately upon the No. 23,1967

instrument becoming subject thereto, become a debt due and payable to Her Majesty by every person liable to the payment of the duty on the instrument and may be recovered from that person by action or suit in any court of competent jurisdiction.

(3a) The Commissioner may remit the whole or any part of any fine incurred under this section.

(3b ) The payment of any fine incurred under

this section may be denoted on the instrument by

a particular stamp.

(3c) This section shall extend to cases where an instrument has been marked “interim stamp only” under the provisions of subsection five of section forty-one, subsection seven of section forty-two, or subsection five of section 7 8 d , but with the following modification, that is to say, for the words “after its execution or receipt, as referred to in that sub­ section” in paragraph (a) of subsection two and for the words “after its execution or receipt, as so referred to” in paragraph (b) of the same sub­ section, there shall be substituted the words “after the instrument was marked ‘interim stamp only’ ”.

(c) (i) by inserting in paragraph (b) of subsection sec. 41.

four of section forty-one after the word “afore- (Agreements said” the words “, or on production of the ^nveyanM conveyance and on his being satisfied that the to be *' chflrpcsDift

agreement or agreements are duly stamped” ; asconvey-

(ii)   by omitting from paragraph (a) of subsection seven of the same section the word “three” and by inserting in lieu thereof the word “twelve” ;

(iii)

Stamp Duties {Amendment).

No. 23, 1967 (iii) by omitting paragraph (c) of the same subsec­ tion and by inserting in lieu thereof the follow­ ing paragraph :—

(c) This subsection shall not apply if the

Commissioner is of the opinion that a subse­ quent sale of the property is a transaction within the meaning of a subsale notwithstand­ ing that the subsequent conveyance or transfer is executed by the person who was the vendor in the cancelled contract.

New

sec. 47a.	(d) by inserting next after section forty-seven the following new section :—
Stamping a

demand bill	47a. (1) Where a bill of exchange which has accepted as a bill payable otherwise than on demand the bill shall upon its acceptance be deemed for the purposes of this Act to be a bill of exchange payable otherwise than on demand and every holder, whether in due course or for collection only of the bill so accepted shall, before he presents it for pay­ ment, or indorses, transfers, or in any manner uses, negotiates or pays it, cause it to be duly stamped as a bill of exchange payable otherwise than on demand, unless it has already been so stamped.
of exchange	been drawn as a bill payable on demand has been
as a term
bill.
(2) Where a bill of exchange which has been drawn as a bill payable on demand has been indorsed and the indorsement has the effect of limiting the indorsee as a holder of the bill to require payment otherwise than on demand, the bill shall, upon its indorsement, be deemed for the purposes of tins Act to be a bill of exchange payable otherwise than on demand and every holder, whether in due course or for collection only of the bill so indorsed shall, before he presents it for payment, or indorses, transfers, or in any manner uses, negotiates or pays

it.

Stamp Duties {Amendment).

it, cause it to be duly stamped as a bill of exchange No. 23,1967

payable otherwise than on demand, unless it has

already been so stamped.

(3) Where a bill of exchange payable on demand has been drawn in New South Wales and the drawer of the bill or any other person has expressly or by implication signified that the bill may be accepted as a bill payable otherwise than on demand the bill shall for the purposes of this Act be deemed to be a bill of exchange payable otherwise than on demand and shall be duly stamped accordingly.

(4) Where a biU of exchange purporting to be payable on demand is drawn or accepted under any agreement expressed or implied that payment thereof is not to be required or made on demand the bill shall for the purposes of this Act be deemed to be a bill of exchange payable other­ wise than on demand and shall be duly stamped accordingly.

( e ) by omitting section 49a and by inserting in lieu Subst

thereof the following section :— sec. 49a.

49a. The duty upon a bill of exchange other Adhesive

than a cheque and upon a promissory note drawn

or made in New South Wales may be denoted by exchange,

adhesive stamps which shall be cancelled in the chequw °̂

manner provided by this Act. and pro- mjssory notes.

(f)

by omitting from the definitions of “Credit arrange- Sec. 75a.

ment” and “Credit purchase agreement” in sub- (interpreta-

section one of section 75a the words “one hundred duty o"n

and fifty” wherever occurring and by inserting in instalment

lieu thereof the words “two hundred” ; arrange-*

ments.)

(g)	by omitting from section one hundred and one the Sec. 101.
words “The minimum amount of death duty payable ”
under any assessment shall be twenty cents.” ; pereons

dying

, after the

t x . \ passing of this Act.)

P 86115—9

Stamp Duties {Amendment).

No. 23, 1967	(h)	by inserting next after section lOlG the following
New sec.	new section :—
lOlH.

Duty on lO lH . The Commissioner may defer the payment

estates.

of death duty where the amount payable is less than

one dollar.

Sec. 102.	(i) (i) by inserting at the end of subparagraph (a)
(Property

subject to	of paragraph three of section one hundred and
duty as part	two, the following new provisos :—
of the estate
person.)
of deceased	Provided that this subparagraph shall not apply to the estate of a deceased person where but for this paragraph the dutiable estate would have included two or more such industrial policies and the aggregate of the amounts payable on such policies including bonuses (if any) exceeds two hundred dollars :
Provided further that in such a case in computing the final balance of the estate of such deceased person an allowance shall be made to the extent of two hundred dollars.

(ii)   by omitting from the same paragraph the definition of an “industrial policy” and by inserting in lieu thereof the following definition :—

In this paragraph an “industrial policy” means an industrial policy for the purposes of the Life Insurance Act 1945 of the Parliament of the Commonwealth of Australia or any Act passed in amendment of or substitution for that Act.

Sec. 107. (j) (i) by omitting from subsection three of section

(Allowance

one hundred and seven the word “three”

to be made

for debts. 1

wherever occurring and by inserting in lieu

thereof the word “six” ;

(ii)

Stamp Duties {Amendment).

(ii)   by inserting next after subsection four of the No. 23,1967 same section the following new subsection :—

(5) (a) This subsection shall apply in the

case of every person who dies after the commencement of the Stamp Duties (Amend­ ment) Act, 1967.

(b) In computing the final balance of the estate of a deceased person allowance shall be made for Federal income taxes assessed in respect of any amount which is included in the assessable income of the trust estate of the deceased person in accordance with the provi­ sions of section 101a of the Income Tax Assessment Act 1936 of the Parliament of the Commonwealth of Australia or any Act passed in amendment of or substitution for that Act, and which is included in the dutiable estate for the purposes of this Act.

( k )	by omitting section 124a ;	Sec. 1 24a. (Reference to local
land board in certain cases.)

(l) by omitting from subsection one of section one Sec. 128. hundred and twenty-eight the word “three” and by (Further inserting in lieu thereof the word “six”. bê madê '̂

in case of

payment of

too little

duty.)

3. The Second Schedule to the Principal Act is Further

amendment

amended—

of Act No.

47,1920.

(a) by inserting next after the matter relating to second “Cheque” under the heading “Bill of Exchange, Promissory Note and Cheque” the following words Exchange, and figures :—

Bill of Exchange payable on demand 0.05 The drawer or

acceptor	of
the bill.

(b)

Stamp Duties (Amendment).

No. 23, 1967	(b)	by inserting next after paragraph (iii) under the
Second	heading “Companies” the following paragraph,
Schedule—	figures and words :—
Companies.

(iv)  Memorandum of appointment or power of attorney executed by or on behalf of a foreign company to comply with section 346 (I) (e) of the Companies

Act, 1961, as amended .......... 3.00 The company.

(Adhesive stamp may be used in

each case.)

Second	(c) by inserting in the first column immediately after
Schedule—

Duplicate or

the words “Duplicate or Counterpart of an agree­

Counterpart

ment for the hire of a motion picture film.” the

of an

agreement

words “ (Adhesive stamp may be used.)”.

for the

hire of a

motion

picture film.

STATE