Stamp Duties (Further Amendment) Act 1956 (NSW)
STAMP DUTIES (FURTHER AMENDMENT) ACT.
| Act No. | 2 5 ,1 9 5 6 . |
An Act to increase the rate of stamp duty Elizabeth ii,
chargeable on certain hire-purchase agree ments and to amend the law relating to stamp duties upon instruments; for those purposes to amend the Stamp Duties Act, 1920, and certain other Acts in certain respects; and for purposes connected there
| with. | [Assented to, 24th October, 1956.] |
EE
198 Stamp Duties (Further Amendment) Act.
No, 25, 1956. T3E it enacted by tiie Qiic'en's iViost Excellent Majesty,
by and with tlie aclvice and consent of the Logia-
lative Council and Legislative Assembly of New South
Wales in Parliament assembled, and by the authority of
the same, as follows ;—
| Short | 1. (1) This Act may be cited as the | ‘Stamp Duties |
title and
| citation. | (Further Amendment) Act, 1956” . |
| (2) | The Stamp Duties Act, 1920, as amended by |
subsequent Acts and by this Act, may be cited as the
Stamp Duties Acts, 1920-1956.
Amendment
| of Act | 2 . The Stamp Duties Act, 1920-1956, is amended- |
| No. 47, 1920. |
| Sec. 22. | (a) by omitting’ from subsection one of section |
| (General |
| direction | twenty-two the word “ An” and by inserting in |
| as to the | lieu thereof the Avords ‘‘Subject to section 75a |
| cancellation | |
| of adhesive | of this Act and to paragraph (1) of the matter |
| stamps.) | appearing under the heading ‘Transfer of Shares’ in the Second Schedule to this Act, an” ; |
| Subst. sec. | (b) by omitting section 75a and by inserting in lieu |
| 75a. | thereof the following secliou:— |
| Duty on |
| hire- | 75a. (1) For the purposes of this section and |
| purchase | of the matter appearing under the heading |
| agreements. | ‘‘Ilire-purehase Agreements” in the Second Schedule to this Act— |
“ Goods” includes all chattels personal other
than money or things in action.
The expression “ goods” also includes any fixture Avhich is comprised in a hire- purchase agreement Avherc any party to the hire-purchase agreement has authority to sever such fixture from the really.
“ nirc-purcliase
| Stamp Duties (Further Ameudment) Act. | 199 |
‘Hire-purchase agreement” means an agree-**®' 2^95#.
ment for the bailment of goods undei' Avhich the bailee may buy the goods or under which the property in the goods %vill or may pass to the bailee, and where, by virtue of two or more agreements, none of which by itself constitutes a hire- purchase agreement, there is a bailment of goods and either the bailee may buy the goods, or the property therein will or may pass to the bailee, the agreements shall be treated as a single agreement made at the time wdien the last agreement wms made.
The expression “ hire-purchase agree ment” also includes an agreement for the purchase of goods by instalments (whether the agreement describes the instalments as rent or hire or otherwise); but—
| (a) | does not include any agreement under which the property in the goods comprised therein passes absolutely at the time of the agreement to the person who agrees to purchase them; |
| (b) | except in subsections two and three of this section and in paragraph (2) of the matter appearing under the heading “ Hire-purchase Agree ments” in the Second Schedule to this Act, does not include any agreement under which the pur chaser is a person wdio is engaged in the trade or business of selling |
goods
| 200’ | Stamp Duties (Farther Amen^mcKt) Act. |
| No. 25, 1956. | goods of the same nature or description as the goods referred to in the agreement. |
“ Purchaser” means the person who takes or has taken goods from a vendor under a hire-purchase agreement.
“ Vendor” means the person who lets or has
let or sells or has sold goods to a pur
chaser under a hire-purchase agreement.
(2) Any instrument constituting, or evidencing the terms and conditions of, a hire- purchase agreement shall be charged wdth duty as a hire-purchase agreement, and such instru ment shall not be deemed an agreement or memorandum under hand made for or relating to the sale of any goods, wares, or merchandise within the exemption contained in the Second Schedule to this Act under the heading “ Agree ment or Memorandum of an Agreement, and not otherwise specifically charged with any duty” .
(3) AVhere a hire-purchase agreement is constituted, or the terms and conditions of a hire purchase agreement are evidenced, by two or more instruments—
| (a) | it shall be sufficient if one of such instruments is stamped rvith duty as aforesaid; |
| (b) | tlie fact that such instruments collec tively are liable to duty as aforesaid shall not operate to exempt any such instrument individually from any other dutv to which it is liable under this Act. |
| (4) | In any case where the vendor under |
a liiio-vmrcliase agreement is not bound by the ptocisions of tliis Act, the liability to duty on
the
| Slamp Baties (Ftrther AKieadfflytnO Act. | 201 |
| the iiislrwnicut coiislituting', or evidencing the | 25, 1956. |
| terms and conditions of, the hire-purchase agreement shall fall upon the other party to the agreement. | |
| (o) A covenant or stipulation in a hdrc- purchase agreement, or an agreement or arrangement, whereby the })erson primarily liable for the payment of the duty on an instru ment constituting, or evidencing the terms and conditions of, a hire-purchase agreement recovers or seeks to recover or obtains or seeks to obtain payment of the duty, or any j)art of the dutjg on the instrument from any other person, or which has or purports to have the purpose or effect of imposing on any other person the oldigation of paying the duty, or any part of the duty, on tlie instrument, shall be absolutely void. | |
| (()) The duty chargeable uiidi'r this Act on an instrument referred to in subsection two of this section may be denoted by an adhesive stani]) which is to bo affixed and cancelled by the vendor at the time Avhen the hire-purchase agreement concerned is deemed by subsection seven of this section to be executed by him. | |
| (7) For the iiurjioses of this Act a hire- purchase agreement shall, notwithstanding any thing contained in section twenty-six of this Act, be deemed— |
| (a) | to be first executed at the time when tl:c hire-purchase agreement is made or, where the hire-purchase agreement is made by the communication to the vendor of the acceptance of an offer, on the acceptance coming to his know ledge; and |
(b) to bo first executed by the vendor.
(c)
202 Duties (Furtlier Anendmest) Act.
| Np. 25, 1956. | (c) | by omitting all matter in the Second Schedule |
| Second | under the heading “ Hire-purchase Agreements” | |
| Schedule. | and by inserting in lieu thereof the following | |
| purchase | ||
| (Hire- | m atter:— | |
| agreements.) |
(1) Any instrument constituting, or evidencing the terms and conditions of, a hire-purchase agreement where the difference between the deposit or initial payment under the agreement and the cash price of the goods comprised in the agroe- raeat—
| Amounts to £10 or more but does not amount to £20.......... | 0 2 O' | ||
| Amounts to £20 or more but does not amount to £30 ....... | 0 4 0 | ||
| Amounts to £30 or more but does not amount to £40 ....... | 0 6 0 | ||
| Amounts to £40 or more but does not amount to £60 ....... | 0 8 0 | ||
| Amounts to £50 or more but | |||
| 0 10 0 | |||
| Amounts to £60 or more but docs not amount to £70 ....... |
| ||
| Amounts to £70 or more but does not amount to £80 ....... | 0 14 0 | ||
| Amounts to £80 or more but does not amount to £90 ...... | 0 16 0 | ||
| Amounts to £90 or more but does not amount to £100 ... | 0 18 0 | ||
| Amounts to £100 ...................... And for every additional £25 or part thereof of that difference................................. | 1 0 0 | ||
| 0 5 0_ | |||
| (Adhesive stamp may bo used.) |
| Exemption.—Any | instrument |
constituting, or evidencing the terms and conditions of, a Uire-purchaso agreement where the difference between the deposit or initial payment under the agreement and the cash price of the goods comprised in the agreement is loss than £10.
| (2) Any instrument constituting, or evidenoing the terms and conditions of, a hire-purchase agreement under which the purchaser is a person engaged in the trade or business of solUng goods of the same nature or description ns the goods referred to in the agreement .......................... 0 | 1 | G The person to or by whom the goods are supplied. |
(Adhesive stamp may bo used.)
| Stamp Disties (Further Amendment) Act. | 203 |
| 3 , (1) The Stamp Duties Act, 1920-1956, is furtlier | 25,̂ 956. |
| amended— | ,, | ,, |
]' urtlicr
.'imenclnieDt
of Act
No. 47,
-1920.
Second
| . | Scliccliilp. |
| (a) | of paragraph (c) of the exemptions appearing under the heading “ Bill of Exchange and P/omis&ory |
by inserting in the Second Schedule at the end (nnisof Savings Bank to Avhich an authority has been granted under section eight of the Banking Act 1945-1953 of the Parliament of the Oommon- wealth ’ ’;
(b) (i) by omitting all words in the first column (PoUcIcb
of the same Schedule in subparagraph (c) insurance.)
of paragraifii (1) of the matter appearing
under the heading “ Policies of Insurance”
and by inserting in lieu thereof the Avords
“ Upon every policy and every rencAval of
a policy of insurance against liability for
injury to the property or persons of third
persons (Avhether included in any other
liolicy of insurance or not)” ;
(ii) by inserting in subparagraph (d) of the same paragrajih after the Avord “ re
insurance” the Avords “ and every reucAval
thereof’ ’;
(iii) by inserting in subparagraph (e) of the same paragraph after the word “ para graph” the Avords “ and every rencAval thereof” ;
| (c) | by inserting in the same Schedule at the end of (Receipt paragraph (h) of the exemptions appearing cigeharge.) under the heading “ Eeceipt or Discharge” the |
Avords from any other Savings Bank to
Avhich an authority has been granted under
| section eight of the Banking Act 1945-1953 of the Parliament of the CommonAveallli” ; |
{'!)
204 Stamp Doties (Further Amendment) Act.
| No. 25, 1956, | (d) | by inserting in the first column of the same |
| (Transfer | Schedule after the word “ transfer” where | |
| of | lastly occurring in paragraph (1) of the matter | |
| Shares.) | appearing under the heading “ Transfer of Shares” the words— | |
| Where the shares or the right to the shares comprised in the transfer are listed on the Sydney Stock Exchange, adhesive stamp may be used, which stamp shall be affixed and can celled by the transferee as provided by this Act. |
(2) The amendments made by paragraphs (a) and (c) of subsection one of this section shall be deemed to have eommenecd on the nineteenth day of January, one thousand nine hundred and fifty-six.
This subsection does not invalidate any act or thing done before the commencement of this Act that would have been valid had this subsection not been enacted.
| Amendment | 4. (1) The Stamp Duties (Amendment) Act, 1955, is |
| Nô so, | amended- |
| 1955. | , | . | . | . |
| (a) | by omitting from subsection one of section three the word.s “ is further amended” and by inserting in lieu thereof the words “ as amended by section two of this Act, is amended” ; |
| (b) | by omitting from subparagraph (ii) of para graph (a) of the same subsection the figures and symbol “ 1” and by inserting in lieu thereof the figures u iu l symbol “ O-D’. |
(2) The amendments made by subsection one of this section shall be deemed to have commenced on the third day of October, one thousand nine hundred and fifty-five.
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