Stamp Duties (Amendment) Act 1973 (NSW)
STAMP DUTIES (AMENDMENT) ACT.
iSeiD ^outfi Wales
ANNO VICESIMO SECUNDO
ELIZABETHS II BEGINS
Act No. 79, 1973.
An Act to make further provisions with respect to exemptions from, and concessional rates applicable to, death duties; to make provisions with respect to the reduction of death duty upon estates of certain persons; for these purposes to amend the Stamp Duties Act, 1920; and for purposes connected
| therewith. | [Assented to, 20th December, 1973.] |
BE
Stamp Duties (Amendment).
T>E it enacted by the Queen’s Most Excellent Majesty, by No. 79, 1973
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: —
1. This Act may be cited as the “Stamp Duties short title.
(Amendment) Act, 1973”.
| 2. | The Stamp Duties Act, 1920, is amended- | Amendment of Act No. |
| 47, 1920. |
| (a) | by inserting at the end of section lOlo (4) (c) the Sec. loio. | |
|
—local
(viii) This paragraph shall, in the case of every estates of
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| of the Stamp Duties (Amendment) Act, 1973, whether in New South Wales or elsewhere and who was at the date of his death domiciled in New South Wales, be read and construed as if— |
| (a) | the words “one thousand pounds” and “two thousand five hundred pounds” wherever occurring in subparagraphs (i) and (ii) of this paragraph were omitted therefrom and the words “two thousand doUars” and “the prescribed amount” were respectively inserted instead; |
(b) (i) in subparagraph (i) of this paragraph there were inserted after the words “twenty-one years” the words “or were
| wholly | dependent | adult |
children, or to the wholly
dependent
Stamp Duties (Amendment).
| No. 79, 1973 | dependent widower father or the wholly dependent widowed mother”; |
(ii) in the same subparagraph there were inserted after the words “such child” the words “or
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| father or wholly dependent widowed mother”; |
(iii) in subparagraph (ii) of this paragraph there were inserted after the words “twenty-one years” the words “or were
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| children, or to the wholly dependent widower father or the wholly dependent widowed | |||
|
| (c) | subparagraphs (iii), (iv), (v), (vi) and (vii) of this paragraph were omitted therefrom. |
| (b) | by inserting next after section IOId (4) the following new subsection :— |
(4a) The reference in paragraph (a) of subparagraph (viii) of paragraph (c) of subsection (4) of this section to the prescribed amount is a reference—
| (a) | except as provided in paragraph (b) of this subsection, to fifty thousand dollars; or |
| (b) | where the deceased leaves surviving two or more persons, being the widow or widower of the deceased, or a child of the deceased who, at the time of death of the deceased, was under the age of twenty-one years or |
was
Stamp Duties (Amendment).
was a wholly dependent adult child, or the No. 79, 1973
wholly dependent widower father, or the
wholly dependent widowed mother, of the
deceased, to the aggregate of fifty thousand
dollars and the difference between—
(i) the product obtained by multiplying four thousand dollars by the number of such persons; and
(ii) four thousand dollars.
| (c) | by inserting next after section 112c (3e) the Sec. il2c. | |
|
| (3 f ) This section shall, in the case of every | certain |
person who dies after the commencement of the Stamp Duties (Amendment) Act, 1973, be read and construed as if—
| (a) | the words “seven thousand five hundred pounds” wherever occurring in subsections (1) and (2) of this section were omitted therefrom and the words “sixty-eight thousand dollars” were inserted instead; |
| (b) | in subsections (1) and (2) of this section there were inserted after the words “twenty- one years” wherever occurring the words “or wholly dependent adult children, or to the wholly dependent widower father or the wholly dependent widowed mother” ; |
| (c) | subsection (3) of this section were omitted therefrom and the following subsections were inserted instead :— |
(3) The proportions referred to in sub sections (1) and (2) of this section shall be as follows :—
Where the value of that portion of the
final balance referred to in subsection (1)
of this section or the value of the property
passing
Stamp Duties (Amendment).
| No. 79, 1973 | passing to the persons referred to in subsection (2) of this section does not exceed $52,000, one-tenth prescribed rate. |
Exceeds $52,000 but does not exceed
$54,000, two-tenths prescribed rate.
Exceeds $54,000 but does not exceed
$56,000, three-tenths prescribed rate.
Exceeds $56,000 but does not exceed
$58,000, four-tenths prescribed rate.
Exceeds $58,000 but does not exceed
$60,000, five-tenths prescribed rate.
Exceeds $60,000 but does not exceed
$62,000, six-tenths prescribed rate.
Exceeds $62,000 but does not exceed
$64,000, seven-tenths prescribed rate.
Exceeds $64,000 but does not exceed
$66,000, eight-tenths prescribed rate.
Exceeds $66,000 but does not exceed
$68,000, nine-tenths prescribed rate.
(3aa) Notwithstanding the provisions of subsections (1), (2) and (3) of this section, each amount of money specified in those subsections shall, where the deceased leaves surviving two or more persons, being the widow or widower of the deceased, or a child of the deceased who, at the time of the death of the deceased, was under the age of twenty-one years or was a wholly dependent adult child, or the wholly dependent widower father, or the wholly dependent widowed mother, of the deceased, be increased by the difference between—
| (a) | the product obtained by multiplying four thousand dollars by the number of such persons; and |
(b) four thousand dollars; and
(d)
Stamp Duties (Amendment).
| (d) | subsections (3a), (3b), (3c), (3d) and No. 79,1973 (3e ) of this section were omitted therefrom. |
(d) (i) by omitting from section 112d the word Sec. i i 2d.
“Where” and by inserting instead the matter
| “(1) Where”; | p ? S y _ |
| exemption |
| (ii) |
by omitting from section 11 2d the words from duty inserting instead the matter “ (2) Subsection
(1) of this section”;
(iii) by omitting from section 11 2d the words “This section” where secondly occurring and by inserting instead the matter “ (3) Subsection (1) of this section”;
(iv) by omitting from section 1 12d the words “This section” where thirdly occurring and by inserting instead the matter “ (4) Subsection (1) of this section” ;
(v) by omitting from section 11 2d the words “This section” where fourthly occurring and by inserting instead the matter “(5) Subsection (1) of this section”;
(vi) by omitting from section 11 2d the words
“This section” where fifthly occurring and by inserting instead the matter “ (6) Subsection (1) of this section”;
(vii) by inserting at the end of section 11 2d the following new subsection ;—
(7) Subsection (1) of this section shall, in the case of every person who dies after the commencement of the Stamp Duties (Amend ment) Act, 1973, be read and construed as if—
| (a) | the words “seven thousand five hundred pounds” were omitted therefrom and the words “sixty-eight thousand dollars” were inserted instead; and |
| P 23793— 43 | ( b ) |
Stamp Duties (Amendment).
| No. 79, 1973 | (b) | the words “or grandchildren” were omitted therefrom and the words | |
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| widower father or wholly dependent widowed mother” were inserted instead. |
| Sec. 112h. | (e) by inserting next after section 112h (2) the |
| (Reduction |
| of death | following new subsection :— |
| duty— | |
| rural | |
| property.) | (2a) This section shall, in the case of every person who dies after the commencement of the Stamp Duties (Amendment) Act, 1973, be read and construed as if the words “thirty”, “twenty-five”, “twenty”, “fifteen”, “ten” and “five” in subsection (2) of this section were omitted therefrom and the words “fifty”, “forty-one and two-thirds”, “thirty- three and one-third”, “twenty-five”, “sixteen and two-thirds” and “eight and one-third” were respectively inserted instead. |
| Sec. 112i. | (f) by inserting next after section 112i (2) the |
| (Reduction |
| of death | following new subsection :— |
| duty— | |
| rural | |
| property | (2a) This section shall, in the case of every Stamp Duties (Amendment) Act, 1973, be read and construed as if the words “thirty”, “twenty-five”, “twenty”, “fifteen”, “ten” and “five” in subsection (2) of this section were omitted therefrom and the words “fifty”, “forty-one and two-thirds”, “thirty- three and one-third”, “twenty-five”, “sixteen and two-thirds” and “eight and one-third” were respectively inserted instead. |
| (non- | person who dies after the commencement of the |
| aggre | |
| gated).) |
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