Succession and Probate Duties Acts Amendment Act 1973 (Qld)

5 85 6I A O V ICESIMO SEC V ELIZABETHAE SECU N DA E GIIN No. 67 197 3 An Act 1 ? the Successio uccessic_ 11 f` et r Act 1895-1 - p t--= - mces,. Act 190 - a" - - - g each in cert. repeal certain enactments cc rm_-Ing tla^! of succession and probate [ASSENTED 10 19TH DECEMBER, 1973] 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 Probate Duties Acts Amendment Act 1973.

586 Succession and Probate Ditties Acts A mend nerit Act 1973, No. 67 . 2. Arrangement of Act. This Act is arranged in Parts as follows:- PART 1--PRELIMINARY (SS. 1-3); PART I1--AMENDMENT OF SUCCESSION AND PROBATE DUTIES ACT 1892-1972 (ss. 4-18); PART 111--AMENDMENT OF SUCCESSION AND PROBATE DUTIES ACT .1892 AMENDMENT ACT 1895-1969 (ss. 19-23); PART IV-AMENDMENT OF SUCCESSION AND PROBATE DUTIES ACT 1904-1969 (ss. 24-30); PART V-REPEALS (s. 31). 3. Application of amendments . (1) The Acts amended by this Act shall apply, as so amended, in respect of duties payable in relation to estates of persons dying after the commencement of this Act. (2) The Acts amended by this Act shall continue to apply, as in force immediately before the commencement of this Act, in respect of duties payable in relation to estates of persons who died before the commencement of this Act. PART 11-AMENDMENT OF SUCCESSION AND PROBATE DUTIES ACT 1892-1972 4. Citation . (1) The Succession and Probate Dirties Act 1892-1972 is in this Part referred to as the Principal Act. (2) The Principal Act as amended by this Part may be cited as the Succession Ditties Act 1892-1973. 5. Amendment of long title . The Principal Act is amended by, in the long title appearing before the preamble thereto, omitting the words " and Probate Duties ". 6. Amendment of s. 1 . Section 1 of the Principal Act is amended by omitting the words " and Probate ". 7. Repeal of s. 108 . The Principal Act is amended by repealing section 10B. 8. Repeal of and new s. 10E. The Principal Act is amended by repealing section 1OE and substituting the following section:- 10E. Duty en succession to principal place of residence. (1) In this section the expression " principal place of residence " means- (a) a dwelling-house; or (b) in the case of a block of flats, a double-unit dwelling- house or other multiple unit dwelling-house, a flat, unit or part for human habitation by a single family unit therein; or (c) in the case of a structure containing shop or factory premises, a part of such structure for human habitation by a single family unit, that immediately before the death of the predecessor was used by him and one or more of the successors to his estate or interest therein as their principal place of residence and, subject to this section, includes the land appurtenant to the principal place of residence.

Succession and Probate Duties Acts Amendment Act 1973, No. 67. 587 (2) Where the Commissioner is satisfied that payment within the time prescribed by this Act of duty in respect of a succession to the predecessor's estate or interest in the principal place of residence would cause undue hardship he may, by writing under his hand, upon application duly made to him, determine the time or tirries at which and the manner in which such duty shall become payable and be paid whereupon such duty shall become payable and be recoverable as so determined in lieu of as prescribed by this Act. Without limiting the discretion of the Commissioner in his exercise of the authority conferred on him by this subsection, he may determine that the whole or any part of such duty shall become payable upon a successor to such estate or interest- (a) disposing in a manner specified of his estate or interest in the principal place of residence; or (b) ceasing to reside in the principal place of residence; or (c) marrying. (3) An application for a determination under subsection (1)- (a) shall be in writing; (b) shall state the grounds thereof; (c) shall be made before the time when interest would, under section 8 of the Succession Duties Act 1904-1973, commence to be payable on the duty to which the application relates, or within such extended time as the Commissioner, in his discretion, permits. (4) Where a succession to which subsection (2) refers is included in and forms part of a succession to- (a) a block of flats, a double-unit dwelling-house or other multiple unit dwelling-house, or a structure containing shop or factory premises; or (b) land used as a principal place of residence and for other purposes, then, for the purposes of this section, the duty payable under this Act in respect of the principal place of residence shall be an amount that bears to the total duty payable under this Act in respect of the whole of the succession the same proportion as the value of the principal place of residence (including, in the case mentioned- in provision (b) of this subsection, so much of the land, as in the Commissioner's opinion, is appurtenant to its use as such) bears to the value of the whole of the succession.". 9. Amendment of s. I IB. Section 1 I a of the Principal Act is amended by, in subsection (1), omitting the words " one hundred pounds and also to a further penalty of ten pounds per eentuii on the amount of all probate and succession duty " and substituting the words " $200.00 and also to a further penalty of 10 dollars per centum on the amount of all succession duty ". 10. New s . 11C. The Principal Act is amended by -inserting after section I lu the following section:- " 11C. Value of certain mark etable secur i ties for d uty purposes. (1) Where- (a) the estate of a predecessor domiciled in Queensland at his death includes marketable securities listed on a recognized Stock Exchange in Australia; and

588 Succession and Probate Duties Acts Amendment Act 1973, No. 67 (b) all or part of the marketable securities included in the predecessor's estate, or of marketable securities acquired by the estate by reason of its including those marketable securities or any of them, are sold within twelve months immediately following the predecessor's death; and (c) the gross proceeds of sale of the marketable securities so sold or, in the case where part of the marketable securities included in the predecessor's estate are not so sold, the aggregate of such gross proceeds and the value (at the expiration of twelve months immediately following the predecessor's death) of the marketable securities not so sold is less than the value (at the predecessor's death) of the marketable securities included in the estate at the date of death or, in the case where marketable securities are acquired by the estate by reason of. its including those marketable securities or any of them, is less than the aggregate of that value and the amount paid by way of consideration for the acquisition of those marketable securities so acquired, the Commissioner shall, upon a claim therefor made by the executor or administrator of the estate, determine the amount of the deficiency and if that amount exceeds 10 per centum of the total value of the estate in or out of Queensland of the predecessor he shall, for the purpose of assessing succession duty imposed by this Act, allow the amount by which the deficiency exceeds such per centum as a deduction from the value of such marketable securities at the date of death of the predecessor. (2) Where the deficiency referred to in subsection (1) arises from the sale of two or more parcels of marketable securities the deduction allowed pursuant to that subsection shall be apportioned among those parcels in the proportion that the amount of the deficiency attributable to the sale of each parcel bears to the total deficiency. (3) In determining the deduction to be allowed pursuant to subsection (1) the Commissioner shall have regard to all factors that, to his knowledge, have affected the value of the marketable securities in question between the death of the predecessor and the expiration of twelve months immediately following his death including within those factors (but without limiting the duty of the Commissioner in that regard)- (a) new issues of marketable securities, whether or not for consideration; (b) payments of dividends or interest; (c) reduction or return of capital consequent upon company reconstruction ; (d) calls made by a company on shareholders. Where the effect caused by factors to which the Commissioner has had such regard (or any of them) on the value of any marketable securities has, in the Commissioner's opinion, been wholly or partly compensated for by an increase or decrease in the aggregate value of other property in the estate of the predecessor caused by such factors (or any of them) the Commissioner shall- (a) in the case of an increase in such aggregate value, reduce; or

Succession and Probate Duties Acts Amendment Act 1973, No. 67. 589 (b) in the case of a decrease in such aggregate value, increase the deduction that would otherwise be allowed pursuant to subsection (1) by the amount by which such aggregate value has, in his opinion, been so increased or decreased at the expiration of twelve months immediately following the death of the predecessor. (4) Where marketable securities or any class or description included in the estate of a predecessor have been exchanged for marketable securities of another class or description listed on a recognized Stock Exchange in Australia as the result of- (a) an amalgamation of companies; (b) the acquisition of the first-mentioned marketable securities by a company under a takeover arrangement; (c) any action that affects generally all holders of marketable securities of the class or description of the first-mentioned marketable securities, the marketable securities received in exchange shall, for the purposes of subsection (1), be deemed to have been included in the estate of the predecessor at his death in lieu of the marketable securities for which they were exchanged and their value as at the date of death shall be taken to be the value, as at that date, of the marketable securities for which they were exchanged adjusted upwards or downwards, as the case may require, having due regard to any amount paid or received on behalf of the predecessor's estate in respect of the exchange. (5) For the purposes of subsection (1) the gross proceeds of sale of any class of marketable securities included in the estate of a predecessor that are sold otherwise than by way of a bona fide transaction on a recognized Stock Exchange in Australia or as the result of an offer made to all holders of marketable securities of that class shall be taken to be- (a) the gross proceeds of sale actually received; or (b) the value of those marketable securities at the death of the predecessor if he had died on the date when they were sold or, where the sale is pursuant to an option, the date on which the option was granted, whichever is the greater amount. (6) A claim in respect of a loss on sale of marketable securities-- (a) shall be made to the Commissioner in writing within 14 months immediately following the death of the predecessor in whose estate were the marketable securities; (b) shall specify- (i) the dates of sale; (ii) the gross proceeds of sale; (iii) all factors, known to the claimant, that have or may have affected the value of the marketable securities between the predecessor's death and the date of sale of those securities;

590 Succession. and Probate Duties Acts Amendment Act 1973, No. 67 (c) shall be accompanied or supported by such further information as the Commissioner requires (generally or in a particular case ) to enable him to determine the deficiency referred to in subsection (1). (7) In this section the expression " marketable securities " means- (a) any stock or share of any Local Authority or corporation, company or society; (b) any debenture, debenture stock, bond, note or other security of a Government, Local Authority, corporation, company or society, whether or not it creates a charge on assets; (c) any right or interest, whether described as a unit, subunit or otherwise, of a beneficiary under a unit trust scheme; (d) any right or option in respect of any of the foregoing securities.". 11. Amendment of s. 12 . Section 12 of the Principal Act is amended by- (a) in the provision numbered (1), (i) omitting the words " five hundred pounds " and substituting the expression " $ 3 000.00 "; (ii) omitting the table of duties commencing with the words " If the same amounts to £500 " to and including the words "shall not exceed 20 per cent." and substituting the following table of duties:- " If the same exceeds $3 000 but does not exceed $ 5 000, 3 per cent. If the same exceeds $5 000 but does not exceed $ 8 000, 4 per cent. If the same exceeds $8 000 but does not exceed $10 000, 4.5 per cent. If the same exceeds $10 000 but does not exceed $12 000 , 5 per cent. If the same exceeds $12 000 but does not exceed $ 14 000, 5.5 per cent. If the same exceeds $14 000 but does not exceed $16 000, 6 per cent. If the same exceeds $16 000 but does not exceed $ 18 000, 6.5 per cent. If the same exceeds $18 000 but does not exceed $20 000 , 7 per cent. If the same exceeds $20 000 but does not exceed $ 25 000 , 7.5 per cent. If the same exceeds $25 000 but does not exceed $ 30000 , 8 per cent. If the same exceeds $30 000 but does not exceed $ 35000 , 8.5 per cent. If the same exceeds $35 000 but does not exceed $40 000, 9 per cent. If the same exceeds $40 000 but does not exceed $ 45 000, 9.5 per cent. If the same exceeds $45 000 but does not exceed $ 50 000 , 10 per cent. If the same exceeds $50 000 but does not exceed $55 000, 10.5 per cent. If the same exceeds $55 000 but does not exceed $60 000, 11 per cent. If the same exceeds $60 000, 11 per cent., together with an additional percentage of the amount or principal value of 0.5 per cent. for every $10 000, or part thereof, of the excess over $60 000, but so that the total percentage shall not exceed 20 per cent."; (b) in the provision numbered (3), omitting from paragraph (d) the words ", and also probate or administration duty paid in this State "; (c) in the provision numbered (4), omitting paragraph (b); (d) in paragraph (c) of provision numbered (4), (i) omitting the words " two thousand five hundred pounds " and substituting the expression " $6 000.00 ";

Succession and Probate Duties Acts Amendment Act 1973, No. 67. 591 (ii) omitting the words " five thousand pounds " and substituting the expression " $10 000.00"; (iii) omitting the words " wife or "; (e) in paragraph (d) of the provision numbered (4), (i) omitting the words " one thousand five hundred pounds " and substituting the expression " $6 000.00 "; (ii) omitting the words " the wife or (iii) omitting the words " probate or administration or "; (f) in the provision numbered (4), omitting paragraph (g); (g) in paragraph (h) of the provision numbered (4), (i) omitting the words " two thousand five hundred pounds " and substituting the expression " $6 000.00"; (ii) omitting the words " five thousand pounds " and substituting the. expression " $10 040.00 "; (iii) omitting the words " wife or "; (h) in paragraph (i) of the provision numbered (4), omitting the words " five thousand pounds " and substituting the expression $10000:00"; (i) in the provision numbered (4), omitting paragraph (j); (j) in paragraph (a) of the provision numbered (5), (i) omitting the expression " $20,000 " wherever it occurs and substituting the expression " $50 000.00 " in each case; (ii) omitting all words from and including the words " and the proportion " to the end of the paragraph (a); (k) in paragraph (b) of the provision numbered (5), (i) omitting the, words " and of a proportion of probate or administration duty "; (ii) omitting the formula and substituting the following formula:- " 50,000+ A - B 50,000 X A" (1) in the provision numbered (6), (i) omitting the first paragraph; (ii) omitting from the second paragraph the words "And provided further " and substituting the word " Provided ". (iii) omitting from the second paragraph the words " fifty pounds ", where they occur in provision (a), and substituting the expression $100.00"; (iv) omitting from the second paragraph the words " one hundred pounds ", where they occur in provision (b), and substituting the expression " $200.00''. 12. Repeal of s. 12B. The Principal Act is amended by repealing section 12n. 13. Amendment of s. 12E. Section 12E of the principal Act is amended by omitting subsection (1) and substituting the following subsection:- (1) Subject to this section, there shall be allowed in manner hereinafter provided, in respect of duty payable under this Act attributable to rural property, a rebate of duty to any successor who is a person related to the predecessor by blood or marriage and who is domiciled in the Commonwealth.".

592 Succession and Probate Duties Acts Amendment Act 1973, No. 67 14. Amendment of s. 18 . Section 18 of the Principal Act is amended by omitting the words " probate or " 15. Amendment of s. 47A. Section 47A of the Principal Act is amended by omitting the words " or probate ". 16. Repeal of ss . 55 and 55A. The Principal Act is amended by repealing sections 55 and 55A. 17. Repeal of schedule . The Principal Act is amended by omitting all words comprising the schedule thereto. 18. Amendments relating to decimal currency . The Principal Act is amended as follows:- Section 11B (2) Section 40 Section 48 Section 49 .. Section 49A (1) Section 49B (2) Section 49c (1) Section 56 .. (a) two hundred pounds .. (b) one thousand five hundred pounds (c) two hundred pounds four pounds per centum (a) five pounds per centum (firstly occurring) (b) five pounds per centum (secondly occurring) (a) one hundred pounds (b) five pounds one hundred pounds fifty pounds one hundred pounds one hundred pounds (a) $400.00 (b) $3 000.00 (c) $400.00 4 dollars per centum (a) 5 dollars per centum (b) 5 dollars per centum (a) $200.00 (b) $10.00 $200.00 $100.00 $200.00 $200.00 PART Ill-AMENDMENT OF SUCCESSION AND PROBATE DUTIES ACT 1892 AMENDMENT ACT 1895-1969 19. Citation. (1) The Succession and Probate Duties Act 1892 Amendment Act 1895-1969 is in this Part referred to as the Principal Act. (2) The Principal Act as amended by this Part may be cited as the Succession Duties Act 1892 Amendment Act 1895-1973. . 20. Amendment of long title . The Principal Act is amended by, in the long title, omitting the words " and Probate ". 21. Amendment of s. 1 . Section 1 of the Principal Act is amended by omitting the words " and Probate ". 22. Amendment of s. 2. Section 2 of the Principal Act is amended by- (a) omitting the reference " " The Succession and Probate Duties Acts, 1892 to 1930 " " and substituting the reference " the Succession Duties Act 1892-1973 ";

Succession and Probate Duties Acts Amendment Act 1973, No. 67. 593 (b) omitting the table of duties, commencing with the words " Does not exceed £ 500 " to and including the words " shall not exceed 15 per cent ", and substituting the following table of duties:- " Does not exceed $1 000 .. 2 per cent. Exceeds $1 000 but does not exceed $2 000 3 per cent. Exceeds $2 000 but does not exceed $4 000 .. 4 per cent. Exceeds $4 000 but does not exceed $ 6 000 .. 5 per cent. Exceeds $6 000 but does not exceed $ 10 000 .. 6 per cent. Exceeds $10 000 but does not exceed $ 15 000 .. 7 per cent. Exceeds $15 000 but does not exceed $ 20000 .. 8 per cent. Exceeds $20 000 but does not exceed $ 30 000 .. 9 per cent. Exceeds $30 000, 9 per cent ., together with an additional 1 per cent. on the total value for every $10 000 or part of $10 000 in excess of $30 000, but so that such rate shall not exceed 15 per cent.". (c) omitting from the proviso to the Table of Duties the words " probate and succession duty have been paid " and substituting the words " succession duty has been paid 23. A cr`° of s. 3. Section 3 of the Principal Act is amended by- (a) in subsection (2), omitting the reference " " The Succession and Probate Duties Acts, 1892 to 1962 " " and substituting the reference " the Succession Duties Act 1892-1973 "; (b) in subsection (3), omitting the words " and probate ". PART IV-AMENDMENT OF SUCCESSION AND PROBATE DUTIES ACT 1904-1969 24. Citation. (1) The Succession and Probate Duties Act 1904-1969 is in this Part referred to as the Principal Act. (2) The Principal Act as amended by this Part may be cited as the Succession Duties Act 1904-1973. 25. Amendment of long title. The Principal Act is amended by, in the long title appearing before the preamble thereto, omitting the words " and Probate ". 26. Repeal of and new s. 1 . The Principal Act is amended by repealing section 1 and substituting the following section:- " 1. Short title and construction of Act. This Act may be cited as the Succession Duties Act 1904 and shall be read as one with The Succession Duties Act, 1892 (herein called the Principal Act). The Principal Act and The Succession Duties Act 1892 Amendment Act of 1895 and this Act may be cited collectively as The Succession Duties Acts, 1892 to 1904.".

594 Succession and Probate Duties Acts Amendment Act 1973, No. 67 27. amendment of s. 4. Section 4 of the Principal Act is amended by omitting the words " two years " wherever they occur and substituting the words " three years " in each case. 28. Decimal currency amendment of s. 5 . Section 5 of the Principal Act is amended by omitting the words " fifty pounds " and substituting the expression " $100.00 ". 29. Amendment of s. 8 . Section 8 of the Principal Act is amended by omitting the words " four pounds per centum " and substituting the words " 4 dollars per centum ". 30. New s. 8B. The Principal Act is amended by inserting after section 8A the. following section:-- " 8B. Duty attributable to principal place of residence not to bear interest . (I) Notwithstanding the provisions of section 8 interest under that section shall not be payable- (a) upon the duty payable in respect of a succession to the predecessor's estate or interest in the principal place of residence; or (b) where the duty is payable by instalments and the Commissioner so determines, upon the amount of a specified instalment only, during such period as may be determined by the Commissioner (subject to subsection (2)) and specified in writing under his hand in any case where the Commissioner is satisfied that payment of the duty within the time prescribed by the Principal Act for payment of the duty would cause undue hardship. (2) A period determined by the Commissioner shall not in any case extend beyond- (a) the expiration of ten years from the time when, but for this section, the duty or, as the case may be, the instalment would have commenced to bear interest in accordance with section 8; or (b) the time when the whole of the duty then outstanding in respect of the succession referred to in subsection (1) becomes due and payable as required by the Commissioner in accordance with a determination made by him as provided for in section 1OE of the Principal Act. (3) In this section the expression " principal place of residence " has the meaning assigned to that expression by section l0E of the Principal Act. (4) The powers conferred by this section are in addition to and not in limitation of the powers conferred on the Commissioner by section 8 of this Act.".

Succession and Probate Duties Acts Amendment Act 1973, No. 67. 595 PART V-REPEALS 31. Repeal of enactments . The enactments hereunder set out are repealed- 26 Geo. 5 No. 27. . The Succession and Probate Ditties Acts Declaratory' and Amendment Act of 1935 4 Geo. 6 No. 22 The Income Tax and Succession and Probate Dirties (Sailors, Soldiers, and Members of the Air Force) Exemption Act of 1940 6 Geo. 6 No. 28 .. The Income Tax and Succession and Probate Ditties (Sailors, Soldiers, and Members of the Air Force) Exemption Act Amendment Act of 1942 8 Geo. 6 No. 10 .. The Income Tax and Succession and Probate Duties (Sailors, Soldiers, and Members of the Air Force) Exemption Acts Amendment Act of 1944 1 Eliz. 2 No. 15 Part IV of The Gift Duty Acts and Other Acts (Part IV) Amendment Act of 1952