Australian Capital Territory Stamp Duty (No. 2)
No. 94 of 1972
An Act relating to the Imposition of Stamp Duty on Transfers of certain Marketable Securities.
[Assented to 18 October 1972]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Australian Capital Territory Stamp Duty Act (No. 2) 1972.
(2.) The Australian Capital Territory Stamp Duty Act 1969, as amended by the Australian Capital Territory Stamp Duty Act 1972, is in this Act referred to as the Principal Act.
(3.) Section 1 of the Australian Capital Territory Stamp Duty Act 1972 is amended by omitting sub-section (2.).
(4.) The Principal Act, as amended by this Act, may be cited as the Australian Capital Territory Stamp Duty Act 1969–1972.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
First Schedule.
3. The First Schedule to the Principal Act is amended by omitting from item 8 the words—
“5 cents for every $12.50, and for any fractional part of $12.50, of the unencumbered value of the marketable security”
and inserting in their stead the words—
“15 cents for every $25, and for any fractional part of $25, of the unencumbered value of the marketable security”.
Application of amendment.
4.—(1.) The amendment made by the last preceding section has effect in relation to transfers of marketable securities executed on or after the first day of November, One thousand nine hundred and seventy-two.
(2.) For the purposes of the last preceding sub-section, a transfer shall be deemed to have been executed on the date on which the last party to the transfer appears to have executed it.
Overview
The Australian Capital Territory Stamp Duty Act (No. 2) 1972 was enacted to amend the existing stamp duty rates on transfers of marketable securities within the Australian Capital Territory. This Act was introduced to address the need for a revised rate structure that better aligned with the economic context of the time. Enacted by the Commonwealth of Australia's Parliament, the policy objective of this Act was to ensure that the stamp duty on marketable securities reflected the current market values and transaction norms, thereby maintaining an equitable revenue stream for the Territory. By increasing the stamp duty rate from 5 cents to 15 cents for every $25 of the unencumbered value of marketable securities, the Act aimed to adjust for inflation and changing economic conditions since the initial enactment of the Australian Capital Territory Stamp Duty Act 1969.
Scope and Application
The Australian Capital Territory Stamp Duty (No. 2) Act 1972 applies to the imposition of stamp duty on transfers of certain marketable securities within the Australian Capital Territory. This Act amends the Australian Capital Territory Stamp Duty Act 1969 by adjusting the rate of stamp duty on such transfers, specifically modifying the charge from 5 cents for every $12.50 to 15 cents for every $25 of the unencumbered value of the marketable security. The amendment applies to transfers executed on or after 1 November 1972, with a transfer considered executed on the date when the last party appears to have signed it. The legislation does not specify any exclusions or exemptions, and its application is confined to the Australian Capital Territory, thereby delineating a clear jurisdictional reach within this region. The Act’s provisions are implemented through its amendments to the Principal Act, with no further extensions or restrictions noted through subordinate instruments.
Key Provisions
The Australian Capital Territory Stamp Duty (No. 2) Act 1972 amends the Australian Capital Territory Stamp Duty Act 1969, specifically concerning the imposition of stamp duty on transfers of marketable securities. The main operative sections of this Act include the amendment of the stamp duty rate for such transfers (sections 1 and 3). The amendment increases the stamp duty rate from 5 cents to 15 cents for every $25, and for any fractional part of $25, of the unencumbered value of the marketable security (section 3). This change is effective for transfers executed on or after 1 November 1972 (section 4(1)).
The Act imposes certain obligations on the parties involved in the transfer of marketable securities. Primarily, it requires that the new stamp duty rate be applied to all transfers executed on or after the specified date (section 4(1)). Additionally, the Act mandates that the stamp duty be calculated based on the unencumbered value of the marketable security, as stated in the amended section of the Principal Act (section 3). Parties must ensure that the appropriate stamp duty is paid upon the execution of such transfers to comply with the legislative requirements.
Breaches of the Act, such as failure to pay the correct stamp duty on transfers of marketable securities, can result in civil and criminal consequences. The specific penalties for non-compliance are not detailed within the provided text of the Act. However, under the general principles of Australian law, penalties for such breaches could include fines, interest on unpaid duties, and potential legal action to recover the unpaid amounts. The exact penalties would depend on the specific circumstances and any additional legislative provisions that may apply.