Succession Duties Acts Amendment Act 1975 (Qld)

672 (,=jttk`EttS [lltxt1 ANNO VICESIMO QUARTO ELIZABETHAE SECUNDAE REGINAE No. 67 of 1975 An Act to amend the Succession Duties Act 1892-1973 in certain particulars and to amend the Succession Duties Act 1892 Amendment Act 1895-1973 and the Succession Duties Act 1904-1973 each in a certain particular [ASSENTED To 12TH DECEMBER, 19751 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the L egislative 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 Duties Acts Amendment Act 1975. 2. Arrangement of Act. This Act is divided into Parts as follows:- PART I-PRELIMINARY (ss. 1-3); PART II-AMENDMENT OF SUCCESSION DUTIES ACT 1892-1973 (ss. 4-12);

Succession Duties Acts Amendment Act 1975, No. 67 673 PART III-AMENDMENT OF SUCCESSION DUTIES ACT 1892 AMENDMENT ACT 1895-1973 (ss. 13-14); PART IV-AMENDMENT OF SUCCESSION DUTIES ACT 1904-1973 (ss. 15-16). 3. C t of Act. (1) The provisions of sections 6 and 9 shall be deemed to have come into operation on 25 September 1975. (2) Save as is prescribed by subsection (1), this Act shall come into operation on the date on which it is assented to for and on behalf of the Crown. PART II --AMENDMENT OF SUCCESSION DUTIES Acr 1892-1973 4. Citation . (1) In this Part the Succession Duties Act 1892-1973 is referred to as the Principal Act. (2) The Principal Act as amended by this Part may be cited as the Succession Duties Act 1892-1975. 5. New s. 4B. The Succession Duties Act 1892-1973 is amended by inserting after section 4A the following section:- " 4B. Disposition by way of extinguishment of right. The extinguishment, by means of a testamentary instrument or to take effect upon or after the death of a deceased person, at the expense of the deceased person of a debt or other right shall be deemed to be a disposition of property made by the deceased person to the beneficial entitlement of the person for whose benefit the debt or right is extinguished and in relation to such a disposition the term " property " includes the benefit conferred by the extinguishment of the debt or right. This section applies in respect of an extinguishment of a debt or other right that took effect before the commencement of the Succession Duties Acts Amendment Act 1975 as well as to an extinguishment of a debt or other right that takes effect after such commencement.". 6. Amendment of s. 10H. Section 10H of the Principal Act is amended by- (a) in subsection (3), inserting after the words " time of his death, the words " then, for the purpose of determining the rate of succession duty payable under this Act there shall be allowed as prescribed by this Act as a deduction from the aggregated value of property ascertained for the purpose of provision (2) of section 12 the value of successions or parts of successions hereinafter in this subsection defined and, in addition,"; (b) omitting from subsection (8) the second paragraph and substituting the following paragraph:- " Where nioneys referred to in the last preceding paragraph are received by a legal personal representative of a predecessor under a bona fide superannuation scheme, it shall be deemed that the legal personal representative has . resorted to those moneys

674 Succession Duties Acts Amendment Act 1975, No. 67 (in the case of each monetary succession from a predecessor who was domiciled in Queensland at the time of his death up to the value which, in the case of the successor in question, is prescribed by paragraph (a), (b), (c) or (d) of subsection (3) of this section to be the value not to be exceeded) firstly in payment of a monetary succession to the successor to a monetary succession whose succession is, apart from an exemption prescribed by this section, exempt from duty, secondly in payment of a monetary succession to the successor entitled to a monetary succession whose succession would, apart from the exemption aforesaid,- attract the lowest rate of duty, thirdly in payment of a monetary succession to the successor entitled to a monetary succession whose succession would, apart from the exemption aforesaid, attract the next lowest rate of duty and so on until the moneys so received have been exhausted.". 7. Amendment of s. 11. Section 11 of the Principal Act is amended by- (a) omitting from the note appearing in and at the beginning of the section the words " deemed stamp duties, and to be "; (b) omitting the words " considered as stamp duties, and shall be ". 8. Amendment of s. 11C. Section l lc of the Principal Act is amended by- (a) -omitting from subsection (1) paragraphs (b) and (c) and substituting the following paragraph- (b) the value (at the expiration of twelve months immediately following the predecessor's death) of the marketable securities or, in the case where the marketable securities are sold within twelve months immediately following the predecessor's death, the gross proceeds of sale or, in the case where part of the marketable securities are so . sold, the aggregate of the gross proceeds of sale 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 or, in the case where marketable securities are acquired by the estate by reason of its including the marketable securities or any of them, is less than the aggregate of that value (at the predecessor's death) and the amount paid by way of consideration for the acquisition of the marketable securities so acquired,"; (b) in subsection (2), (i) omitting the words " from the sale of " and substituting the words " in respect of "; (ii) omitting the words " the sale of "; (c) in subsection (6), (i) omitting the words " loss on sale " and substituting the words " loss in value ";

Succession Duties Acts Amendment Act 1975, No. 67 675 (ii) omitting from paragraph (a) the. words " in whose estate were the marketable securities " and substituting the words " in whose estate the marketable securities are or, as the case may be, were "; (iii) in paragraph (b)- A. omitting from provisions (i) and (ii) the word " sale " and substituting in each case the words " all sales "; B. omitting from provision (iii) the words " and the date of sale of those securities " and substituting the words " and as respects marketable securities sold the date of sale of those securities or as respects marketable securities not sold the expiration of twelve months immediately following that death ". 9. Amendment of s. 12. Section 12 of the Principal Act is amended by- (a) omitting from paragraph (i) of provision (4) the words " the wife or husband or ''; (b) in provision (5), (i) omitting the words " the wife or husband or "; (ii) omitting the words " wife or husband or " where they occur in paragraphs (a) and (b); (iii) omitting from paragraph (b) the words " B is the total value of the estate of the deceased;" and substituting the following words:- " B is the total value of the estate of the deceased: Provided that where, in the estate of the deceased, a succession comes or successions come to the wife or husband of the deceased, the amount of the deduction calculated on the aforesaid formula shall be reduced by an amount which bears to it the same proportion as the value of such succession or successions bears to the sum of the values of such succession or successions and of the succession or successions coming to a child under the age of twenty-one years."; (c) adding at the end of the exemptions specified in the proviso following provision (5) the following words and exemption:- it or (d) In respect of any succession coming to the wife or husband of a predecessor domiciled in the Commonwealth at his death ". 10. Amendment of s. 12A. Section 12A of the Principal Act is amended by omitting subsection (1) and substituting the following subsection:- (1) Where in the case of a person dying after the passing of the Succession Duties Acts Amendment Act 1975 succession duty as payable under section 12 has been paid in relation to personal property situated outside Queensland at the death of such person and it is shown to the satisfaction of the Commissioner that in consequence of the death of such person duty (not being duty or tax payable under an Act of the Commonwealth) has been lawfully paid in relation to that personal property and in respect of the death to the Country or State in which the property

676 Succession Duties Acts Amendment Act 1975, No. 67 was situated at the death of such person the Commissioner shall refund to. the person who has paid the succession duty payable under section 12 in relation to the personal property an amount equivalent to- (a) the duty so paid to the Country or State in which the property was situated at the death of such person; or (b) the succession duty paid in relation to the property, whichever amount is less.". 11. Amendment of s. 43. Section 43 of the Principal Act is amended by omitting from the paragraph commencing with the words " When a successor," the words " unless such person produces " and substituting the words " unless it is clear that such successor is the sole successor to the land, estate or interest and is the spouse of the predecessor or unless such successor or other person produces ". 12. Amendment of s. 43A. Section 43A of the Principal Act is amended by- (a) in subsection (1), (i) inserting after the words " before the registration thereof " the words " save where it is clear that the sole successor to that property is the spouse of the predecessor "; (ii) inserting before the words " such officer may " the words, " save as aforesaid,"; (b) in subsection (2), inserting after the words " registering such document," the words " save where it is clear that the sole successor to that property or interest is the spouse of the predecessor ". PART III--AMENDMENT OF SUCCESSION DUTIES ACT 1892 AMENDMENT Ac-r 1895-1973 13. Citation . (1) In this Part the Succession' Duties Act 1892 Amendment Act 1895-1973 is 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 1895-1975. 14. Amendment of s. 3 . Section 3 of the Principal Act is amended by omitting from subsection (1) the words " No probate " and substituting the words " Save where it is clear that the sole successor under the will or upon the intestacy of a deceased is the spouse of the deceased no probate ". PART IV-AMENDMENT OF SUCCESSION DUTIES ACT 1904-1973 15. Citation . (1) In this Part the Succession Duties Act 1904-1973 is referred to as the Principal Act. (2) The Principal Act as amended by this Part may be cited as the Succession Duties Act 1904-1975.

Succession Duties Acts Amendment Act 1975, No. 67 677 16. Amendment of s. 4 . Section 4 of the Principal Act is amended by omitting all words from and including the words " Every disposition of property " to and including the words " or otherwise " and substituting the words " Every gift within the meaning of the Gift Duty Act 1926-1975 made by a person less than three years before his death ".