Stamp Duties (Amendment) Act 1971 (NSW)
STAMP DUTIES (AMENDMENT) ACT.
iSetD ^outf) Males^
ANNO VICESIMO
elizabethtE n begins
A ct No. 75 , 1971.
An Act to vary the rates of stamp duty on certain instruments; to make provisions with respect to the reduction of death duty upon estates of certain deceased persons; to specify a basis for the valuation of certain debts; for these and other purposes to amend the Stamp Duties Act, 1920; and for purposes connected therewith. [Assented to, 21st December, 1971.]
Stamp Duties {Amendment).
No. 75, 1971 I J 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 |
melwSent. (Amendment) Act, 1971”.
(2) This section and sections two and three of this Act commence on the day upon which this Act receives the Royal assent.
(3) Sections four, five and six of this Act commence on the first day of January, one thousand nine hundred and seventy-^wo.
| Amendment | 2. | The Stamp Duties Act, 1920, is amended— |
| of A ct N o . 47 ,1 9 2 0 . |
| Sec. 1. | (a) | (i) | by omitting from the matter relating to Division |
| (Short | |||
| title and | 1 of Part IV in section one the figures and | ||
| division.) | letter “112a” and by inserting in lieu thereof | ||
| the figures and letter “112f” ; |
(ii) by inserting in the same section next after the matter relating to Division 1 of Part IV the following new matter :—
| D iv isio n | 1a .— Primary | producers— | ss. |
112(3-1 12l .
(iii) by omitting from the matter relating to Part V in the same section the figures “144” and by inserting in lieu thereof the figures “145” ;
Stamp Duties (^Amendment).
| (b) | by inserting next after Division 1 of Part IV the No. 75, 1971 following new Division :— |
D ivision 1a .— Primary producers.
| 112 g . | ( 1 ) | Except to the extent that the context interpre- |
or subject-matter otherwise indicates or requires, in
this Division—
“Animals” includes poultry and bees but does not include animals maintained for the purpose of selling them as domestic pets.
“Family company” in relation to a person and a time means a corporation tibat, at that time—
| (a) | was a proprietary company incor porated under the Companies Act, 1961; or |
| (b) | was a proprietary company incor porated under the law of another State, |
being a corporation in which a person other than the first-mentioned person, or a relative of that person, did not beneficially own at that time shares that carried between them the right to receive more than five per centum of any distribution of capital of the corporation in the event of the winding up, or of a reduction in the capital, of the corporation.
“Farm produce” means produce resulting directly from the cultivation of land or the maintenance of animals and includes timber.
“Gross income” in relation to a person for a period means the aggregate of—
| (a) | the total income (without deduction of any expenses incurred in deriving that income) derived by the person during that period (otherwise than |
Stamp Duties {Amendment).
| No. 75, 1971 | by reason of the carrying on of a business by a partnership of which the person is a member) directly or indirectly from all sources whether in or out of Australia; and |
| (b) | where the person is a member of a partnership— the amount that bears to the amount that would, in accord ance with paragraph (a) of this definition, be the gross income of the partnership in relation to that period if the partnership were a single person the same proportion as the amount of the interest of that person in the net income of the partnership for that period (or, where the partnership suffered a net loss for that period, the amount of the liability of that person in respect of the loss) bears to the net income or, as the case may be, the net loss, of the partnership for that period, |
but does not include income received by that person as a trustee or income derived by him by virtue of any limited interest.
‘Gross property” in respect of a deceased person
means—
| (a) the | dutiable | estate | of | that |
person (other than non-aggregated
property);
| (b) | real property situate outside New South Wales in which that person had a beneficial interest at the date of death: |
Stamp Duties {Amendment).
| (c) | real property so situate over which No. 75, 1971 that person had a general power of appointment at that date; and |
| (d) | the beneficial interest held by that person immediately prior to his death in a joint tenancy or joint ownership with another person or persons in real property situate outside New South Wales. |
“Gross property (non-aggregated)” in respect of a deceased person means—
| (a) the | non-aggregated | property |
included in the dutiable estate of
that person; and
| (b) | property, whether real or personal, which was situate outside New South Wales at the date of death of that person which, if it had been situate in New South Wales at that date would have formed part of the dutiable estate of that person by virtue of subparagraph (g) of para graph (2) of section one hundred and two of this Act. |
“Partnership” includes an association of persons in receipt of income jointly but does not include a body corporate.
“Primary production” means production resulting directly from—
(a) the cultivation of land;
| (b) | the planting or tending in a plantation or forest of trees intended for felling; or |
(c) the maintenance of animals, for the purpose of selling them or their bodily produce, including natural increase.
,
“Relative”
Stamp Duties {Amendment).
| No. 75, 1971 | ‘Relative” in relation to a person means— |
(a) the spouse of the person;
| (b) | a parent, step-parent or other hneal ancestor of the person or of the spouse of the person; |
| (c) | a child or other lineal descendant of the person, or of the spouse of the person; |
| (d) | a brother or sister (including a half brother or half-sister) of the person or of the spouse of the person; |
| (e) | a child of a person to whom para graph (d) of this definition applies; |
| (f) | the spouse of a person to whom paragraph (c), (d) or (e) of this definition appUes, |
whether or not that person or any person referred to in paragraph (a), (b), (c), (d), (e) or (f) of this definition is illegiti mate or adopted or traces a relationship so referred to through a person who is illegitimate or adopted.
‘Relevant period” in respect of a deceased person means the period comprising—
| (a) | the year of income of the person that ended during the period of one year that ended on the date of his death; and |
| (b) | the four years of income immediately preceding that year of income. |
“Rural
Stamp Duties (Amendment).
“Rural property” in relation to a deceased person No. 7 5 ,1 9 7 1
means property or an interest in property,
in Australia, consisting of—
| (a) | land that, at the time of the death of the person, was used wholly and exclusively for the purpose of carrying on a business of primary production; |
(b) animals or farm produce—
(i) used, or held for use, at the time of the death of the person in a business of primary production; or
(ii) raised or produced in the course of the carrying on of a business of primary production by the deceased person or by a partnership of which he was a member;
| (c) | a right to income other than income that is included in the gross income of the person in relation to the relevant period, being a right arising from the delivery to any person of farm produce produced in the course of the carrying on of a business of primary production by the deceased person or by a partner ship of which he was a member; |
| (d) | shares in a rural society registered under the Co-operation Act, 1923, or exempted from registration by the Registrar under that Act; or |
(e)
Stamp Duties (Amendment).
| No. 75, 1971 | (e) | plant, machinery, goods or articles that, at the time of the death of the person were used, or held for use, in a business of primary production, |
but does not include non-aggregated
property or property that consists of—
| (f) | motor vehicles designed primarily and principally for the transport of persons; |
| (g) | household furniture, furnishings or appliances; |
| (h) | wireless receivers or transmitters or television receivers or antennae. |
‘Rural property (non-aggregated)” in relation to a deceased person means non-aggregated property that would be rural property—
| (a) | if it were not non-aggregated property; and |
| (b) | if a reference in the definition of “Rural property” in this subsection to the carrying on of a business of primary production by the deceased person or by a partnership of which he was a member included a refer ence to the carrying on of such a business by a trustee. |
‘‘Year of income” in relation to a person means—
| (a) | where the person has adopted an accounting period under the Income Tax Assessment Act 1936 of the Parliament of the Commonwealth, or any Act amending or replacing that Act, being a year ending on a day that is not the thirtieth day of |
| , | June— that accounting period; or |
(b)
Stamp Duties (Amendment).
| (b) | in any other case, the year ending No. 75, 1971 |
on the thirtieth day of June.
| (2) | For the purposes of this Division, the |
gross farm income of a deceased person for a period
is the aggregate of—
| (a) | so much of the gross income of that person for that period as was derived by that person (otherwise than as a member of a partner ship or as a beneficiary in a trust estate) directly from the carrying on by him of a business of primary production in Australia ; |
| (b) | where that person during that period derived income from a partnership of which he was a member—the amount ascertained in respect of each such partnership in accordance with the formula— |
a X b
X
c
where—
x” represents that amount;
| “a” | represents so much of the gross income of the partnership for that period as was derived directly from the carrying on by the partnership of a business of primary production in AustraUa; |
b” represents the amount of the interest of that person in the net income of the partnership for that period or, where the partnership suffered a net loss for that period, the amount of the liability of that person in respect of the loss;
c” represents the net income or, as the case may be, the net loss, of the partnership for that period; and
(c)
Stamp Duties {Amendment).
| No. 75, 1971 | (c) | where that person, during that period derived income from a trust estate in which he was a beneficiary—the amount ascer tained in respect of each such trust estate in accordance with the formula— |
a X b
X
c
where—
“x” represents that amount;
“a” represents so much of the gross
income of the trust estate for that period as was derived directly from the carrying on by the trustees of the trust estate of a business of primary production in Australia;
“b” represents the gross income of that person for that period as a beneficiary in the trust estate;
“c” represents the gross income of the trust estate for that period,
but does not include any gross farm income
(limited interest) of that person for that period.
| (3) | For the purposes of this Division, the |
gross farm income (limited interest) of a deceased
person for a period is the aggregate of—
| (a) | where that person had a limited interest in gross property (non-aggregated) and the limited interest extended to the whole of the income or benefits of that property—so much of the gross income from that property for that period as was attributable to the carrying on of a business of primary production in Australia; and |
| (b) | where that person had a limited interest in gross property (non-aggregated) and the limited interest extended to less than the |
whole
Stamp Duties {Amendment).
whole of the income or benefits of that No. 75, 1971
property— the amount ascertained in respect
of each such limited interest in accordance
with the formula—
a X b
X = -------------
c
where—
“x” represents that amount;
“a” represents so much of the gross
income represented by “c” as was attributable to the carrying on of a business of primary production in Australia;
“b” represents the gross income (limited interest) of that person for that period;
“c” represents the total income (without deduction of any expenses incurred in deriving that income) from that property for that period.
| (4) | For the purposes of paragraph (b) |
of subsection three of this section, the gross income (limited interest) for a period of a person who had a limited interest in gross property (non- aggregated) that extended to less than the whole of the income or benefits of that property is—
| (a) | where the limited interest provided for an income of a fixed amount—the amount of that income in respect of that period; or |
| (b) | in any other case—such amount as bears to the total income (without deduction of any expenses incurred in deriving that in come) from that property for that period the same proportion as the amount of the interest of that person in the net income from that property for that period bears to that net income for that period. |
(5)
Stamp Duties {Amendment).
| No. 75, 1971 | (5) | For the purposes of this Division, the |
expression “limited interest” shall be deemed to extend to property referred to in paragraph (b) of the definition of “Gross property (non-aggregated)” in subsection one of this section as if the property so referred to were non-aggregated property.
| (6) | For the purposes of the definition of |
“Family company” in subsection one of this section, shares in a corporation shall be treated as having been beneficially owned by a person at the time of his death if the shares are included in his dutiable estate.
(7) Where—
| (a) | income consisting of dividends, salary, wages, bonuses or directors’ fees is derived from a corporation by a person (other than a corporation); |
| (b) | the person was, at the time when he derived the income, the beneficial owner of one or more shares in the corporation; |
| (c) | the corporation was a family company of the person at all times during— |
(i) the year of income of the corpora tion during which the income was derived by the person; or
(ii) if the person died during that year of income—the part of that year of income that ended on the date of his death; and
| (d) | the gross farm income of the corporation for that year of income constituted more than one-half of the gross income of the corporation for that year of income. |
Stamp Duties (Amendment).
the income so derived by the person shall be deemed No. 75, i97l
for the purposes of this Division to be income
derived by the person directly from the carrying on
by the person of a business of primary production
in Australia.
| (8) | For the purposes of this Division, |
rural property of a family company of a person js property that would be rural property if the company were that person.
| 1 1 2 h . | ( 1 ) | Where any rural property is included Reduction of |
| or is deemed to be included in the dutiable estate | duty— |
of a person who dies after the commencement property,
of section two of the Stamp Duties (Amendment)
Act, 1971, and the Commissioner is satisfied—
| (a) | that, as at the death, the rural property was vested in, or, on the death, the rural property passed to or devolved upon, the widow, widower, child, parent, brother or sister of the deceased; and |
| (b) | that, as at the death the person, in whom the rural property was vested or to or upon whom the rural property passed or devolved— |
(i) was wholly or mainly dependent for support on the deceased;
(ii) was ordinarily employed by the deceased in the business of primary production to which the rural property relates; or
(iii) was wholly or mainly dependent for his livelihood on income derived from the rural property or, where an election has been made under section 1 1 2 k of this Act, was so
dependent
Stamp Duties {Amendment).
| No. 75, 1971 | dependent on income derived from the family company to which the election relates, whether the income was derived as an employee, a shareholder or otherwise. |
the amount of death duty payable on the death of the deceased in respect of the rural property shall, subject to this section, be reduced as provided by subsections two and three of this section.
| (2) | Subject to subsection three of this |
section, the extent of the reduction of death duty
referred to in subsection one of this section is—
| (a) | where the yalue of the gross property of the deceased does not exceed $150,000—thirty per centum; |
| (b) | where the value of the gross property of the deceased exceeds $150,000 but does not exceed $160,000— t̂wenty-five per centum; |
| (c) | where the value of the gross property of the deceased exceeds $160,000 but does not exceed $170,000— t̂wenty per centum; |
| (d) | where the value of the gross property of the deceased exceeds $170,000 but does not exceed $180,000—fifteen per centum; |
| (e) | where the value of the gross property of the deceased exceeds $180,000 but does not exceed $190,000—ten per centum; |
| (f) | where the value of the gross property of the deceased exceeds $190,000 but does not exceed $200,000—five per centum. |
( 3)
Stamp Duties {Amendment).
(3) Notwithstanding subsection two of No. 75,1971
this section, the amount of the reduction ascer tained pursuant to that subsection shall, where necessary, be increased so that it is not less than the amount ascertained—
| (a) | by calculating the reduction referred to in subsection one of this section as if it were to be made at the rate per centum specified in subsection two of this section as the rate per centum next higher than that which, but for this subsection, would be applicable; and |
| (b) | by subtracting from the amount so calcu lated the amount by which the value of the gross property of the deceased exceeds the maximum value of gross property to which that next higher rate per centum applies. |
(4) For the purposes of subsections one and five of this section, where shares in a family company in respect of which an election is made under section 1 1 2 k of this Act are included in the dutiable estate of a deceased person, there shall be deemed to be included in that estate rural property of a value that bears to the value of those shares as determined under the provisions of section
112l of this Act the same proportion as the gross
value of the rural property of the company bears to the gross value of the whole of the property of the company.
(5) Subsection one of this section does
not apply unless—
| (a) | the deceased person referred to therein was domiciled in New South Wales at the date of his death; |
(b)
Stamp Duties (Amendment).
| No. 75, 1971 | (b ) | the gross farm income of that person for the relevant period was more than one-half of his gross income for that period; and |
| (c) | the value of the rural property included or deemed to be included in the dutiable estate of that person was more than one-half the value of his gross property. |
| Reduction | 112i. (1) Where any rural property (non- |
| o f death |
| duty— rural | aggregated) is included or is deemed to be included |
| property | in the dutiable estate of a person who dies after the |
| (non- | |
| aggregated). | commencement of section two of the Stamp Duties (Amendment) Act, 1971, and the Commissioner is satisfied— |
| (a) | that, as at the death, the rural property (non-aggregated) was vested in or, on or at a time determined by reference to the death, the rural property (non-aggregated) passed to, the widow, widower, child, parent, brother or sister of the person who created the limited interest; and |
| (b) | that as at the death the person in whom the rural property (non-aggregated) was vested or to whom the rural property (non-aggregated) passed— |
(i) was wholly or mainly dependent for support on the deceased;
(ii) was ordinarily employed by the deceased in the business of primary production to which the rural property (non-aggregated) relates;
(iii) was wholly or mainly dependent for his livelihood on income derived from the rural property (non- aggregated) or, where an election has been made under section 112k
of
Stamp Duties (^Amendment).
of this Act, was so dependent on No. 75,1971
income derived from the family
company to which the election
relates whether the income was
derived as an employee, a
shareholder or otherwise,
the amount of death duty payable on the death of the deceased in respect of the rural property (non-aggregated) shall, subject to this section, be reduced as provided by subsections two and three of this section.
| (2) | Subject to subsection three of this |
section, the extent of the reduction of death duty
referred to in subsection one of this section is—
| (a) | where the value of the gross property (non-aggregated) of the deceased does not exceed $150,000—-thirty per centum; |
| (b) | where the value of the gross property (non- aggregated) of the deceased exceeds $150,000 but does not exceed $160,000— twenty-five per centum; |
| (c) | where the value of the gross property (non- aggregated) of the deceased exceeds $160,000 but does not exceed $170,000— twenty per centum; |
| (d) | where the value of the gross property (non- aggregated) of the deceased exceeds $170,000 but does not exceed $180,000— fifteen per centum; |
| (e) | where the value of the gross property (non- aggregated) of the deceased exceeds $180,000 but does not exceed $190,000— ten per centum; |
P 63469—43
Stamp Duties {Amendment).
| No. 75, 1971 | (f) | where the value of the gross property (non- aggregated) of the deceased exceeds $190,000 but does not exceed $200,000— five per centum. |
| (3) | Notwithstanding subsection two of |
this section, the amount of the reduction ascertained pursuant to that subsection shall, where necessary, be increased so that it is not less than the amount ascertained—
| (a) | by calculating the reduction referred to in subsection one of this section as if it were to be made at the rate per centum specified in subsection two of this section as the rate per centum next higher than that which, but for this subsection, would be applicable; and |
| (b) | by subtracting from the amount so cal culated the amount by which the value of the gross property (non-aggregated) of the deceased exceeds the maximum value of gross property (non-aggregated) to which that next higher rate per centum applies. |
| (4) | For the purposes of subsections one |
and five of this section, where shares in a family company in respect of which an election is made under section 112k of this Act are included as non-aggregated property in the dutiable estate of a deceased person, there shall be deemed to be included in that estate rural property (non- aggregated) of a value that bears to the value of those shares as determined under the provisions of section 112l of this Act the same proportion as the gross value of the rural property of the company bears to the gross value of the whole of the property of the company.
(5 )
Stamp Duties (Amendment).
| (5) | Subsection one of this section does N o. 75, 1971 |
not apply unless—
| (a) | the deceased person referred to therein was domiciled in New South Wales at the date of his death; |
| (b) | the gross farm income (limited interest) of that person for the relevant period was more than one-half of his gross income (limited interest) for that period; and |
| (c) | the value of the rural property (non- aggregated) included or deemed to be included in the dutiable estate of that person was more than one-half of the value of his gross property (non-aggregated). |
112j . For the purposes of sections 112h and Ascertain-
| 112i of this Act the value of any property is— | ^ S e o f |
| (a) |
in the case of property included in the^^”^"^^' value at which it is included therein; and
| (b) | in any other case, the value of the property as at the time of the death of the deceased person referred to in those sections. |
| 112k. (1) Where— | Election with |
| (a) |
the dutiable estate of a deceased person respect to person;
| (b) | the property of the family company at the date of death of the deceased included rural property; and |
| (c) | the gross value of the rural property of the family company exceeded one-half of the gross value of the whole of the property of the family company. |
the
Stamp Duties (^Amendment).
| N o. 75, 1971 | the administrator of the estate or other person liable to the payment of death duty may elect to have the shares taken into account in determining the rural property included in the dutiable estate. |
| (2) An election under subsection one of this section shall be in writing and shall be lodged with the Commissioner within sixty days after the affidavit of value referred to in subsection one of section one hundred and seventeen, the application referred to in subsection five of section one hundred and seventeen, or the account referred to in subsec tion two of section one hundred and twenty, of this Act, as the case may be, is received by the Commis sioner, or within such further time as the Commissioner allows. | |
| (3) An election under subsection one of this section may be withdrawn by the person who made the election by notice in writing lodged with the Commissioner at any time prior to the assess ment of duty or within sixty days after notice of the assessment has been given to the administrator or other person liable to the payment of duty or within sixty days after the determination of an appeal under section one hundred and twenty-four of this Act, whereupon the provisions of this Act shall have effect as if the election had not been |
| . | made. |
| Valuation | 1 1 2 l . Notwithstanding the provisions of section |
| o f shares |
| in certain | one hundred and twenty-seven of this Act, where |
| cases. | an administrator or other person has made an election under section 1 1 2 k of this Act, the value of the shares in the family company to which the election relates shall, for the purposes of Parts IV and V of this Act, be the amount that the holder of the shares would have received or been entitled to receive in respect of the shares if the company had been voluntarily wound up on the date upon which the value of the shares is to be ascertained |
for
Stamp Duties (Amendment).
for the purposes of this Act, no account being taken No. 75, 1971
of any costs that would have been incurred in the
winding up of the company, or of any liability to
income tax that would have been incurred by the
company, by reason of the winding up.
(c ) by inserting next after section 125a the following N ew sec.
| new section; — | 125aa. |
1 2 5 aA. ( 1 ) Subject to subsection two of th is Ascertain-
section, where it is necessary for the purpose of Ĵ ^Ceof
assessing death duty under this Act to ascertain debts,
the value of a debt (whether or not the debt is a
debt which is, or the value of which is, included
in the dutiable estate of a deceased person) the
value shall be ascertained as if the amount thereof
outstanding had become due and payable on the
date on which the value of the debt is to be
ascertained.
(2) Subsection one of this section does
not apply—
| (a) | to a marketable security that, on the date referred to in that subsection, is quoted in a stock or share market in or out of New South Wales; or |
| (b) | where the terms on which the debt so referred to is repayable are such as would be expected in a normal commercial trans action and the Commissioner is satisfied that it would not be just and reasonable in the circumstances that the subsection should apply. |
(3) In this section “debt” means a debt of any kind whatsoever, whether secured or unsecured and whether under seal or otherwise, and includes a bill of exchange or promissory note, whether negotiable or otherwise.
Stamp Duties {Amendment).
| No. 75, 1971 | 3. | The Second Schedule to the Stamp Duties Act, 1920, |
| FurtheT̂ | is amended by omitting from the matter appearing in |
| amendment | paragraph (1) under the heading “ C o n v e y a n c e s o f a n y |
| 4 7 ,^ 9 2 a ° | P r o p e r t y ” in the first column, and from the matter opposite |
| ’ | thereto in the second column, the following matter :— |
Second
Schedule.
| E x ceed s | $ 1 0 0 | and | d o es | n o t | ex ceed | $ 2 0 0 | . . | . . | 2 .5 0 |
| E x ceed s | $ 2 0 0 | but | d o es | n o t | ex ceed | $ 1 4 ,0 0 0 , | fo r | every |
| $ 2 0 0 | and | also | fo r | any rem ain ing fractional part | o f | $ 2 0 0 |
| o f | su ch | am oun t | . . | . . | . . | . . | . . | . . | 2 .5 0 |
| E xceed s | $ 1 4 ,0 0 0 — F or | every | $ 2 0 0 | o f | the | first | $ 1 4 ,0 0 0 |
| o f | su ch | am oun t | . . | . . | . . | . . | . . | . . | 2 .5 0 |
| A n d | in | add ition | thereto , | fo r | every | $ 2 0 0 | and | a lso | fo r |
| an y | rem ain ing | fraction a l | part | o f | $ 2 0 0 | in | ex cess | o f | the |
| first | $ 1 4 ,0 0 0 | ................................................................................... | 3 .0 0 |
| a n d | b y in s e r t in g | in | l ie u | t h e r e o f t h e f o l lo w in g | m a t t e r :— |
| E x ceed s | $ 1 0 0 but does | n o t ex ceed | $ 1 4 ,0 0 0 — |
| F o r every | $ 1 0 0 and | also fo r any | rem ain ing fractional |
| part | o f | $ 1 0 0 | o f | such | am ount | . . | . . | . . | 1 .2 f |
| E x ceed s | $ 1 4 ,0 0 0 | b u t d o es | n o t | ex ceed | $ 3 0 ,0 0 0 — |
| F o r every | $ 1 0 0 | o f th e first | $ 1 4 ,0 0 0 | o f su ch am oun t | . . | 1 .25 |
A n d in add ition thereto fo r every $ 1 0 0 and a lso fo r any rem ain ing fractional part o f $ 1 0 0 in ex cess o f the first
| $ 1 4 ,0 0 0 | .................................................................................................... | 1 .50 |
| E x ceed s | $ 3 0 ,0 0 0 | b u t d o es | n o t | ex ce ed | $ 5 0 ,0 0 0 — |
| F o r | every | $ 1 0 0 | and | also | fo r | an y | rem ain ing | fraction a l |
| part | o f | $ 1 0 0 | o f su ch am ount | . . | . . | . . | . . | 1 .75 |
| E x ceed s | $ 5 0 ,0 0 0 | but | d o es | n o t | ex ceed | $ 1 0 0 ,0 0 0 — |
| F o r | ev ery | $ 1 0 0 | and | also | fo r | an y | rem ain ing | fraction a l |
| part | o f | $ 1 0 0 o f su ch | am ount | . | . | . . | . . | . . | 2 .0 0 |
| E x ceed s | $ 1 0 0 ,0 0 0 but | does | n ot | ex ceed | $ 2 5 0 ,0 0 0 — |
| F o r | every | $ 1 0 0 | and | also | fo r an y | rem ain ing fraction a l |
| part | o f | $ 1 0 0 | o f such am ount | . | . | . . | . . | . . | 2 .2 5 |
| E x ceed s | $ 2 5 0 ,0 0 0 — |
| F o r | every | $ 1 0 0 | and | also | fo r | any rem ain ing fractional |
| part | o f | $ 1 0 0 | o f su ch am ount . . | . . | . . | . . | 2 .5 0 |
Stamp Duties (Amendment).
| 4. (1) The | Stamp Duties Act, | 1920, is further No. 7 5 , 197i |
| amended— | Further amendment o f A ct N o. |
| 47,1920. |
| (a) | by omitting from paragraph (b) of subsection one Sec. 97ab. |
of section 97ab the word “five” and by inserting in
lieu thereof the word “seven” ;
| (b) | by omitting from the same paragraph the word “twenty” and by inserting in lieu thereof the word “thirty”. |
(2 ) Notwithstanding the provisions of subsection one of this section, the amount payable as stamp duty under section 97ab of the Stamp Duties Act, 1920, in respect of sales and purchases made or deemed to have been made before the first day of January, one thousand nine hundred and seventy-two, shall be at the rate or rates payable under that section immediately before that day.
5. The Second Schedule to the Stamp Duties Act, 1920, Further
| is | further amended— | o f A c t N a * |
| 47, 1920. ' |
| (a) by omitting from the second column the figures f̂ cond̂ | Schedule. |
“0.05” opposite the word “Cheque” under the
heading “ B i l l o f E x c h a n g e , P r o m i s s o r y N o t e AN D C h e q u e — ” in the first column and by
inserting in lieu thereof the figures “0.06” ;
| (b) | by omitting from the second column the figures “0.04” opposite paragraph (1) under the heading “ T r a n s f e r o f S h a r e s — ” and by inserting in lieu thereof the figures “0.06” ; |
| (c) | by omitting the figure and letter “4c” from the matter in the second column opposite paragraph |
(4) under the heading “ T r a n s f e r o f S h a r e s — ’
| and by inserting in lieu thereof the figure and letter “6c”. |
Stamp Duties {Amendment).
| No. 75,1971 | 6. |
(1) Cheque forms which have before the first day of printed to the order of a bank under license issued under the provisions of the Stamp Duties Act, 1920, and are impressed with five cents stamp duty and are either in the possession of the printer or of the bank upon the first day of January, one thousand nine hundred and seventy-two, and are unused shall be deemed to be duly stamped with six cents stamp duty.
| Tran^nal | 0̂ 1® thousand nine hundred and seventy-two, been |
| provisions, |
(2) Any bank which upon the first day of January, one thousand nine hundred and seventy-two, is in possession of cheque forms referred to in subsection one of this section upon which stamp duty of five cents on each such form has been paid shall, within one month after that day, furnish to the Commissioner a statement in a form approved by him giving particulars and numbers of those forms and pay to the Commissioner additional duty of one cent on each such form.
(3) Any bank which upon the first day of January, one thousand nine hundred and seventy^two, is in possession of cheque forms referred to in subsection one of this section upon which no stamp duty has been paid shall, when making payment of the stamp duty on these forms in accordance with the provisions of the Stamp Duties Act, 1920, and the regula tions thereunder, pay to the Commissioner the amount of six cents duty on each such form.
| (4) | Where cheque forms referred to in subsection one |
of this section are upon the first day of January, one thousand nine hundred and seventy4;wo, in the possession of a printer and are subsequently delivered to a bank, the bank shall, when making payment of the stamp duty on these forms in accord ance with the provisions of the Stamp Duties Act, 1920, and the regulations thereunder, pay to the Commissioner the amount of six cents duty on each such form.
(5)
Stamp Duties (Amendment).
| (5) | Where on or after the first day of January, one No. ?5 ,1 9 7 1 |
thousand nine hundred and seventy-two, a cheque is drawn on an unused cheque form that, on that day, is in the posses sion of a person other than a bank or a printer referred to in this section, the cheque form shall be deemed to be duly stamped with six cents stamp duty if it is impressed with five cents stamp duty or is deemed, by the operation of the Stamp Duties (Amendment) Act, 1966, to be duly stamped with five cents stamp duty and—
| (a) | the cheque form was one of more than three hundred such cheque forms in the possession of a person on the first day of January, one thousand nine hundred and seventy-two, and that person, before the issue of the cheque form— |
(i) furnished to the Commissioner, for the purposes of this subsection, a statutory declaration in a form approved by the Commissioner giving the particulars and numbers of those cheque forms; and
(ii) paid to the Commissioner a further amount of duty equal to six cents for each such form so in his possession, less the amount of stamp duty already paid thereon;
| (b) | an adhesive duty stamp, sufficient in value to bring to six cents the value of the stamps on the cheque form, is affixed to the cheque form and duly cancelled before the cheque form is issued; or |
| (c) | the cheque form is, before its issue, impressed at the Stamp Duties Office with such further amount of duty as is sufficient to bring to six cents the value of the stamps on the cheque form. |
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