State Revenue Legislation Amendment Act 1995 (NSW)
New South Wales
State Revenue Legislation
Amendment Act 1995 No 17
Contents
Page
| 1 | Name of Act | 2 |
| 2 | Commencement | 2 |
| 3 | Amendment of Stamp Duties Act 1920 No 47 | 2 |
4 Amendment of Business Franchise Licences
| (Tobacco) Act 1987 No 93 | 2 |
5 Application of amendment to Business Franchise
| Licences (Tobacco) Act 1987 | 2 |
Schedules
| 1 | Amendment of Stamp Duties Act 1920 | 3 |
2 Amendment of Business Franchise Licences
| (Tobacco) Act 1987 | 5 |
New South Wales
State Revenue Legislation
Amendment Act 1995 No 17
Act No 17, 1995
An Act to amend the Stamp Duties Act 1920 to halve the stamp duty on transfers of securities listed on the Australian Stock Exchange and to amend the Business Franchise Licences (Tobacco) Act 1987 to increase tobacco licence fees. [Assented to 15 June 1995]
| Clause 1 | State Revenue Legislation Amendment Act 1995 No 17 |
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the State Revenue Legislation Amendment Act 1995.
2 Commencement
| (1) | This Act commences on 1 July 1995, except as provided by this section. |
| (2) | Sections 4 and 5 and Schedule 2 are taken to have commenced on 28 May 1995. |
3 Amendment of Stamp Duties Act 1920 No 47
| The Stamp Duties Act 1920 is amended as set out in Schedule | 1. |
4 Amendment of Business Franchise Licences (Tobacco) Act 1987 No 93
The Business Franchise Licences (Tobacco) Act 1987 is amended as set out in Schedule 2.
5 Application of amendment to Business Franchise Licences (Tobacco) Act 1987
The amendment made by this Act to the Business Franchise
Licences (Tobacco) Act 1987 applies to and in respect of a fee for
a licence taking effect on or after 28 June 1995.
State Revenue Legislation Amendment Act 1995 No 17
| Amendment of Stamp Duties Act 1920 | Schedule 1 |
| Schedule 1 | Amendment of Stamp Duties Act 1920 |
(Section 3)
[1] Section 91 Duty on certain transfers of units in unit trust schemes
Insert after section 91 (3):
| (4) | However, if the units transferred are quoted on the market operated by Australian Stock Exchange Limited, the duty is payable at half the rate specified in subsection (3). |
[2] Section 94D Liability to duty of SCH-regulated transfers
| Omit “ 60 cents'' from section 94D (1). Insert instead “ 30 cents” . |
[3 ] Section 96B
Insert after section 96A:
96B Duty on transfers of listed shares
Notwithstanding any other provision of this Act, if duty is chargeable on a transfer of shares or of the right to any shares to which this Subdivision applies and the shares are quoted on the market operated by Australian Stock Exchange Limited, the rate of duty is the rate specified in the Second Schedule but as if a reference in that Schedule to 60 cents were a reference to 30 cents.
[4] Section 97AB Returns to be lodged and duty paid
Omit section 97AB (1) (b).
State Revenue Legislation Amendment Act 1995 No 17
| Schedule 1 | Amendment of Stamp Duties Act 1920 |
Insert instead:
| (b) | subject to subsection (2), pay to the Chief Commissioner as stamp duty in respect of the sales and purchases included in the return an amount calculated on the consideration for each such sale and each such purchase at the rate of 15 cents for every $100, and also for any remaining fractional part of $100, of the sale price or the purchase price, as the case may be: |
[5 ] Sections 97ADC, 97ADF and 97ADI
| Omit “ 29.75 cents” wherever occurring. Insert instead “ 14.75 cents” . |
[ 6 ] Section 97E Duty payable in relation to relevant transactions
| Omit “ 60 cents” from section 97E (1) (b). Insert instead “ 30 cents” . |
[7 ] Tenth Schedule Savings, transitional and other provisions
Insert after Part 11:
| ||
| 40 Application of amendments |
| (1) | A provision of this Act as in force before the amendment of the provision by the State Revenue Legislation |
| Amendment Act 1995 continues to apply to an instrument | |
| referred to in the provision that was executed, or a transaction referred to in the provision that was entered into, before 1 July 1995. | |
| (2) | An amendment made to this Act by the State Revenue |
| Legislation Amendment Act 1995 does not apply to an instrument that was executed, or a transaction that was entered into, before 1 July 1995. |
State Revenue Legislation Amendment Act 1995 No 17
| Amendment of Business Franchise Licences (Tobacco) Act 1987 | Schedule 2 |
| Schedule 2 | Amendment of Business Franchise Licences (Tobacco) Act 1987 |
(Section 4)
Section 41 Fees
Omit “ 75 per cent” wherever occurring.
Insert instead “ 100 per cent” .
[Minister's second reading speech made in —
Legislative Assembly on 6 June 1995
Legislative Council on 8 June 1995]
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