Stamp Duties (Amendment) Act 1980 (NSW)

STAMP DUTIES (AMENDMENT) ACT, 1980, No. 93

ANNO VICESIMO NONO

ELIZABETH/E II REGIN/E

Act No. 93, 1980.

An Act to amend the Stamp Duties Act, 1920, to provide for a concessional rate of stamp duty on certain kinds of marketable securities. [Assented to, 1st May, 1980.]

Act No. 93, 1980.

Stamp Duties {Amendment).

BE 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 ;—■

1.     This Act may be cited as the “Stamp Duties (Amendment) short title.

Act, 1980”.

2.      The Stamp Duties Act, 1920, is amended in the manner set Amendment

forth in Schedule 1. 47 , 1920.

SCHEDULE 1. Sec. 2.

A m e n d m e n t s t o t h e S t a m p D u t i e s A c t , 1920.

(1) Section 9 5 a—

After section 95, insert :—•

9 5 a . (1) For the purpose of this Act— Marketable

. securities

(a)

a marketable security that is sold or purchased maybe short-dated if, on the date 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 on a

Act No. 93, 1980.

Stamp Duties (Amendment).

SCHEDULE 1—continued.

Amendments to the Stamp D uties Act, 1920— continued.

date less than 24 months after the date of its sale or purchase without notice or at the request of the purchaser, or subsequent 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

(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 purchaser, or subsequent holder, of the marketable security;

(b)	“fixed term”, in relation to a marketable security, means the period commencing on the date of its issue and ending on the date specified in the terms of its issue as the date on which it matures or, if there is more than one such date specified in the terms of its issue, the last .such date;
(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 date of request; and

Act No. 93, 1980.

Stamp Duties (Amendment).

SCHEDULE 1—continued.

Amendments to the Stamp D uties Act, 1920—continued.

(d) a marketable security that is short-dated as referred to in paragraph (a) (ii) of this sub­ section 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 purchaser, or subsequent holder, of the marketable security shall be deemed to be repayable 1 month after the date of its sale or purchase.

(2) A marketable security that is sold or

purchased is not short-dated if it is of a prescribed class of

marketable security.

(2) Section 97aa (1) (iv) —

After “thereto", insert “including, if the amount of stamp duty is calculated under section 97ab ( 1 a ) of this Act, details of how the marketable security was short-dated on the date of the sale or purchase”.

(3) (a) .Section 9 7 ab (1) (b) —

Omit “subsection (2)", insert instead “subsections

(1a) and (2 )”.

Act No. 93, 1980.

Stamp Duties {Amendment).

SCHEDULE continued.

A m e n d m e n t s t o t h e S t a m p D u t i e s A c t , 1920—continued.

(b) Section 97ab (1a)—•

After section 97ab (1) , insert :—

(1a) In respect of each sale and each purchase, referred to in subsection (1) (a) of this section, of a marketable security which is, on the date of its sale or purchase, short-dated, a New South Wales dealer shall pay, instead of the stamp duty provided for by subsection (1) (b) of this section, as stamp duty for each month and also for any remaining fractional part of a month of the period commencing on the date on which the marketable security is sold or purchased and ending—

(a)	where the marketable security was issued for a fixed term which has not expired—on the earliest date on which it is repayable at or after the expiration of the fixed term; or
(b)	where the marketable security was issued for a fixed term which has expired or where the marketable security was not issued for a fixed term—on the earliest date on which it is repayable.

an amount calculated on the consideration for the sale or purchase at the rate of 1.25 cents for every $100 and also for any remaining fractional part of $100 of the sale price or purchase price as the case may be.

(4) Section 97ad—

After “subsection ( 1 ) ” , insert “or ( 1 a )'

Act No. 93, 1980.

Stamp Duties {Amendment).

SCHEDULE 1—continued.

Amendments to the Stamp Duties Act, 1920— continued.

(5) Second Schedule, paragraph (1) of the matter appearing

under the heading “Transfer of Shares— ”—

Before “Eor every $10”, insert ;—

(a) Where the shares transferred are marketable securities which are, on the date of their sale, short-dated- -

In respect of each month and also of any fractional part of a month of the period commencing on the date on which the shares are sold and ending—

(i) where the shares WP''" ' . for a fixed

term which ha < i . .r;. on the

earliest date r . i ,. , vable

atoraftcrtl'	. : ■•.n	- : (_.term;
or

(ii) where the • • . s ' ■ a fixed

term whit t , where the

shares wer . ■ ,ed term—on; the earlic . uate on w.. .1 they are re­ payable,

for every $100 and also fgr any fractional part of

$100 of the consideration for the sale .. .. 0.025

(b) In any other case- -