Succession Act Amendment Act 1977 (Qld)

382 Quanslan^ ANNO VICESIMO SEXTO ELIZABETHAE SECUN DAE REGINAE No. 39 of 1977 An Act to amend the Succession Act 1867-1974 in certain particulars [ASSENTED TO 23RD SEPTEMBER, 1977] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled , and by the authority of the same, as follows:- 1. Short title and citation . (1) This Act may be cited as the Succession Act Amendment Act 1977. (2) In this Act the Succession Act 1867-1974 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Succession Act 1867-1977. 2. New s. 61A . The Principal Act is amended by inserting after section 61 the following section:- "61A. Effect of provisions in Wills referring to values placed on property for Probate Duty, Succession Duty or other death duty purposes . (1) Where the effect of a provision in a will of a person who has died, whether before or after the passing of the Succession Act Amendment Act 1977, is, by the terms of that will, however expressed made to depend upon the value placed upon property- (a) in the assessment of Probate Duty, Succession Duty or some other death duty; or (b) in any valuation obtained for the purposes of Probate Duty, Succession Duty or some other death duty,

Succession Act Amendment Act 1977, No. 39 383 but a value is not required to be placed thereon for those purposes the will shall take effect as if it directed the personal representative of the deceased to have a valuation of the property made by a duly qualified person (whether employed by him or not) and the valuation so made shall be taken to be the value on which the effect of the provision in the will was made to depend: Provided that where the property is assessed for duty pursuant to the EstateDuty Assessment Act1914 of the Commonwealth (or any other Commonwealth Act providing for the assessment of death duty) the personal representative of the deceased may elect, instead of having a valuation made as aforesaid, that the valuation placed upon the property for the purposes of that assessment shall be taken to be the value on which the effect of the provision in the will was made to depend. (2) On the application of the personal representative or of any other person having a proper interest in respect of such provision in the will, the Court may, if it considers it desirable in all the circumstances, direct that the provisions of subsection (1) shall not take effect but that the provisions of the will of the deceased in regard to the property shall be varied in such manner as the Court considers would give the most nearly practical effect to the intentions of the deceased and may in addition or in the alternative make any other order that it thinks desirable. (3) In this section- " Court " means the Supreme Court of Queensland or any Judge thereof; " death duty " means a duty or tax which by the law of any place is-or may be payable consequent upon the death of a person in respect of any property.".