Succession and Gift Duties Abolition Act 1976 (Qld)

1,053 QuuitS Ictxtbr ANNO VICESIMO QUINTO ELIZABETHAE SECUNDAE REGINAE No. 93 of 1976 An Act to provide for the abolition of the liability to pay duty in respect of certain successions and gifts, to provide for the construction of certain Acts of Queensland in relation to those successions and gifts and for related purposes [ASSENTED TO 17TH DECEMBER, 1976] 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:- PART I-PRELIMINARY 1. Short title . This Act may be cited as the Succession and Gift Duties Abolition Act 1976.

1,054 Succession and Gift Duties Abolition Act 1976, No. 93 2. Arrangement . This Act is divided into Parts as follows:- PART I-PRELIMINARY; PART II-ABOLITION OF SUCCESSION AND GIFT DUTIES; PART III-AMENDMENTS OF THE STAMP ACT 1894-1976. PART II-ABOLITION OF SUCCESSION AND GIFT DUTIES 3. Meaning of terms. (1) In this Part- (a) the term "succession" has the meaning assigned to it by section 4 of the Succession Duties Act 1892-1975 and includes a succession that by any Act is deemed to be conferred on a person by a disposition of property; (b) the term " successor " has the meaning assigned to it by section 4 of the Succession Duties Act 1892-1975; (c) the term " gift " has the meaning assigned to it by section 2 of the Gift Duty Act 1926-1975. (2) In this Part- (a) a reference to `duty in respect of a succession shall be taken to be a reference to duty provided for in the Succession Duties Act 1892-1975 or in the Succession Duties Act 1892 Amendment Act 1895-1975; and (b) a reference to duty in respect of a gift shall be taken to be a reference to duty provided for in the Gift Duty Act 1926-1975. 4. No duty on successions vesting in possession on or after 1 January 1977. (1) No duty shall be levied by or paid to the Crown in right of Queensland in respect of a succession deemed to be conferred on a successor where the entitlement or interest of the successor vests in him in possession on or after 1 January 1977. (2) Subsection (1) shall be given full force and effect in every case to which it applies irrespective of whether the liability to pay duty consists of a liability imposed by or under an Act or of an obligation assumed by way of an agreement or undertaking. 5. Provision concerning duty paid before 1 January 1977. No person shall be entitled to a refund from the Crown of an amount of duty paid before i January 1977 in respect of a succession such that by reason of subsection (1) of section 4 no duty is to be levied or paid in respect of it.

Succession and Gift Duties Abolition Act 1976, No. 93 1,055 6. No duty on gifts made on or after 1 January 1977. No duty shall be levied by or paid to the Crown in right of Queensland in respect of a gift made on or after 1 January 1977 and such a gift shall not be taken into consideration for the purpose of assessing gift duty or determining a rate of gift duty with respect to gifts made before that date. 7. Effect of this Act on application of other enactments and laws. (1) The provisions of any Act, regulation, other enactment or law that provide for the payment to the Crown in right of Queensland of duty in respect of successions or gifts shall be read and construed subject to this Act. (2) A provision of any Act, regulation, other enactment or law that permits or requires a court or any person to do or refrain from doing an act or that permits or requires a specified course of conduct to be pursued with a view to- (a) securing payment to the Crown in right of Queensland of duty in respect of successions or gifts; (b) informing the Commissioner of Stamp Duties of any death or other matter with a view to his assessing, enforcing the payment of or collecting duty in respect of successions or gifts; or (c) protecting the revenue of the Crown in respect of duty payable in respect of successions or gifts, shall not apply where the succession or successions or gift or gifts in respect of which duty would otherwise be payable is or are such that by reason of this Act no duty is to be levied, or paid in respect of it or them. PART III-AMENDMENTS OF THE STAMP ACT 1894-1976 8. Citation . The Stamp Act1894-1976 as amended by this Part may be cited as the Stamp Act1894-1976. 9. Amendment of First Schedule . The First Schedule to the StampAct1894-1976 is amended by- (a) in the provisions appearing under the heading " CONVEYANCE OR TRANSFER ", in subparagraph (c) of paragraph (1) omitting the words or under The Gift Duty Acts 1926 to 1963,";' (b) in the provisions appearing under the heading " SETTLEMENT, ,DEED OF GIFT, Or VOLUNTARY CONVEYANCE " omitting all words from and including the words " ad valorem duty " to and including the words

1,056 Succession and Gift Duties Abolition Act 1976, No. 93 66 contained in this Schedule " and substituting the words " the same duty that would be payable if the property therein were the subject of a conveyance or transfer chargeable with duty under the heading " CONVEYANCE OR TRANSFER " contained in this Schedule".