Australian Capital Territory Stamp Duty Regulations
Statutory Rules 1969 No. 156 as amended
made under the
Australian Capital Territory Taxation (Administration) Act 1969 and the Australian Capital Territory Stamp Duty Act 1969
This compilation was prepared on 11 January 2001
taking into account amendments up to Act No. 154 of 1986
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
Contents
Page
1 Citation [see Note 1]
2 Commencement
3 Exemptions from stamp duty
The Schedules
First Schedule Prescribed classes of instruments exempt from stamp duty
Second Schedule Exempt Authorities
Notes
1 Citation [see Note 1]
These Regulations may be cited as the Australian Capital Territory Stamp Duty Regulations.
2 Commencement
These Regulations shall be deemed to have come into operation on the first day of July, 1969.
3 Exemptions from stamp duty
For the purposes of subsection (3) of section 6 of the Australian Capital Territory Stamp Duty Act 1969:
(a) a class of instruments specified in the First Schedule to these Regulations is a prescribed class of instruments; and
(b) an authority of the Commonwealth or of a Territory specified in the Second Schedule to these Regulations is a prescribed authority of the Commonwealth or of a Territory.
The Schedules
First Schedule Prescribed classes of instruments exempt from stamp duty
(regulation 3)
Item No. | Classes of Exempt Instruments |
1 | Bill of exchange or promissory note drawn or made by an authority of the Commonwealth or of a Territory specified in Part A of the Second Schedule to these Regulations or drawn or made by a banker specified in Part B of that Schedule for its own purposes |
2 | Hire-purchase agreement under which the owner is an authority of the Commonwealth or of a Territory specified in the Second Schedule to these Regulations |
3 | Conveyance (other than a Crown lease) to an authority of the Commonwealth or of a Territory specified in the Second Schedule to these Regulations |
4 | Transfer of a marketable security to an authority of the Commonwealth or of a Territory specified in the Second Schedule to these Regulations |
Second Schedule Exempt Authorities
(regulation 3 )
Part A
Australian Atomic Energy Commission
Australian Broadcasting Commission
Australian Coastal Shipping Commission
Australian Institute of Aboriginal Studies
Australian National Airlines Commission
Australian Stevedoring Industry Authority
Australian Tourist Commission
Board of Trustees of the Australian War Memorial
Trustees of the Canberra Public Cementery
Commonwealth Banking Corporation
Commonwealth Bureau of Roads
Commonwealth Railways Commissioner
Commonwealth Scientific and Industrial Research Organization
Commonwealth Serum Laboratories Commission
Export Payments Insurance Corporation
Housing Loans Insurance Corporation
Joint Coal Board
The Minister of State of the Commonwealth of Australia administering the Aboriginal Enterprises (Assistance) Act
National Capital Development Commission
National Library of Australia
Overseas Telecommunications Commission (Australia)
Parliamentary Retiring Allowances Trust
Snowy Mountains Hydro-electric Authority
Part B
Commonwealth Development Bank of Australia
Commonwealth Savings Bank of Australia
Commonwealth Trading Bank of Australia
Reserve Bank of Australia
Notes to the Australian Capital Territory Stamp Duty Regulations
Note 1
The Australian Capital Territory Stamp Duty Regulations (in force under the Australian Capital Territory Taxation (Administration) Act 1969 and the Australian Capital Territory Stamp Duty Act 1969) as shown in this compilation comprise Statutory Rules 1969 No. 156 amended as indicated in the Tables below.
The Australian Capital Territory Stamp Duty Regulations were amended by the Taxation Laws Amendment Act (No. 4) 1986. The amendments are incorporated in this compilation.
For application, saving or transitional provisions relating to those amendments see sections 5 and 6 of Act No. 154, 1986.
Table of Statutory Rules
Year and
number | Date of notification
in Gazette | Date of
commencement | Application, saving or
transitional provisions |
1969 No. 156 | 2 Oct 1969 | 1 July 1969 | |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
Provision affected | How affected |
First Schedule.......... | am. Act No. 154, 1986 |
Overview
The Australian Capital Territory Stamp Duty Regulations, Statutory Rules 1969 No. 156 as amended, were enacted to provide for the administration of stamp duty in the Australian Capital Territory, thereby filling a gap in the taxation framework of the territory. These regulations were made under the authority of the Australian Capital Territory Taxation (Administration) Act 1969 and the Australian Capital Territory Stamp Duty Act 1969. They aim to outline the specific instruments and authorities exempt from stamp duty to streamline tax compliance and administration. The regulations came into effect on 1 July 1969, and have been amended over the years to reflect changes in the regulatory landscape, including an amendment by the Taxation Laws Amendment Act (No. 4) 1986. The regulations identify certain classes of instruments and authorities exempt from stamp duty, providing clarity and reducing the burden on specified entities.
Scope and Application
The Australian Capital Territory Stamp Duty Regulations, compiled under the Australian Capital Territory Taxation (Administration) Act 1969 and the Australian Capital Territory Stamp Duty Act 1969, establish specific exemptions from stamp duty within the Australian Capital Territory (ACT). These regulations apply to particular classes of instruments and certain authorities, as outlined in the schedules of the Regulations. Instruments specified in the First Schedule, such as bills of exchange, promissory notes, hire-purchase agreements, conveyances, and transfers of marketable securities, are exempt from stamp duty if they involve prescribed authorities listed in the Second Schedule, which includes Commonwealth entities and certain Australian territories. The Regulations have been in effect since 1 July 1969, with amendments incorporated as of the Taxation Laws Amendment Act (No. 4) 1986. The application, saving, and transitional provisions of these amendments are detailed in sections 5 and 6 of Act No. 154, 1986. Subordinate instruments may further extend or restrict the application of these Regulations.
Key Provisions
The Australian Capital Territory Stamp Duty Regulations (Statutory Rules 1969 No. 156) outline the classes of instruments and authorities exempt from stamp duty under the Australian Capital Territory Stamp Duty Act 1969. The regulations were amended by the Taxation Laws Amendment Act (No. 4) 1986. Section 3 of the regulations specifies the classes of instruments exempt from stamp duty and the authorities whose instruments are exempt. These include bills of exchange or promissory notes drawn or made by specified Commonwealth or Territory authorities (regulation 3(a)(i)), hire-purchase agreements where the owner is a specified authority (regulation 3(a)(ii)), conveyances (other than Crown leases) to specified authorities (regulation 3(a)(iii)), and transfers of marketable securities to specified authorities (regulation 3(a)(iv)). The specified authorities are listed in the First and Second Schedules to the regulations.
The regulations impose obligations on the parties involved in transactions covered by these instruments to ensure compliance with the exemption provisions. Parties must verify that the instruments fall within the exempted classes and that the involved authorities are indeed those listed as exempt. Failure to adhere to these provisions may result in the imposition of stamp duty where it would otherwise be exempt. The onus is on the parties to ensure that the instruments comply with the regulations to avoid any unintended tax liabilities.
The Australian Capital Territory Stamp Duty Regulations do not explicitly outline offences or penalties for non-compliance. However, non-compliance with stamp duty laws generally can result in significant legal and financial consequences. Under the Australian Capital Territory Stamp Duty Act 1969, penalties for non-payment of stamp duty can include fines and interest on the unpaid duty. In severe cases, the authorities may pursue civil action to recover the unpaid stamp duty, potentially leading to court-ordered payments and additional legal costs. Additionally, persistent non-compliance might attract the attention of tax authorities, leading to further scrutiny and potential penalties.