Stamp Duties (Amendment) Act 1914 (NSW)

George V,

^ c t to impose certain stamp, probate, and other

No. 3.

duties ; to amend the Stamp Duties Act, 1898, the Stamp Duties Am endm ent Act, 1900, the Companies (Dcatli Duties) Act, 1901, the Stamp Duties (Am endm ent) Act, 1904, and the Stamp Duties (Deductions) Act, 1904 ; to repeal tlie Probate Duties (Am end­ m ent) Act, 1899 ; and for purposes consequent thereon or incidental thereto . [Assented to, 14th April, 1914.]

P A llT

I.

Short title.

1. This A ft may he cited as the “ Stamp Duties

3. 'J'liis Act

into Pavts as follows ;—

George V,

PA R T I .— P jiecimixaui’—ss.

1-4.

Division into

I ’lirls.

■

“ Conveyance on sale ” includes every instrum ent

and everv decree or order of anv court whercl)v

t

•

»

PA RT

II .

S t a m p

D u t i e s .

No. 3.

Act, and to form part of the Consolidated llevenue Dund, for and in respect of the instrum ents and m atters mentioned in this Part of this Act and in Schedule One hereto, duties of the several amounts and at the several rates therein specified.

he separately

“ If more than one instrument ho written upon instruments is to he separately and distinctly stamped with the duty with which it is chargeable.”

stam ped.

*i4 and 55 Vic.,

the sam(' piece of material, every one of the

e. 30, s. 3 (2).

New section.

7 .

to be charged

9a . Except where express proAusion to the

w ith

separate

duty.

contrary is made—

I h id, s. 4.

(a) an instrument containing or relating to several distinct matters is to he separately and distinctly charged as if it Averc a st'parate instrument Avith duty in respect of each of tlie matters ;

A niondnicnt of

(2)

Tlie folloAvim; new subsection is added to

H. 1.5 uf Principal

Act.

section fifteen of the Principal Act : —

Secondary

evidence of

In proceedings in any court secondary evi­ dence of a document may, saA'ing all just exceptions on other grounds, he admitted notwitlistanding that such document is subject to stamp duty and has not been duly stamped, if the amount of the stamp duty or the amount of the deficiency of tlie stamp duty and any fine imposed hy this Act arc paid to an officer of the court.

unstamped

documents.

J

greements

stamp Duties (Amendment) Act.

11

Aqreements.

George V,

goods, wares, or niereliandise, or stock, or nmrkt'tahle

’

securities, or any slii]) or A essel, or part intertrst, share, and tiio

’

or ])roj)crty of or in any ship or vessel, shall I k * charged w ith the same ad A'alorem duty, to be paid hy the purchaser, as if it were tin actual conveyance on salt' of the estate, interest, or property contracted or agreed to he sold.

(2) W here tlie purchaser has ]>aid the said ad valorem duty and liefore having obtained a convi'yancc or transfer of tin* jiroperty, enters into a contract or agreem ent for tlu' sale of the same, the contract or agreement shall be charged, it the consideration for tha t sah' is in excess of th(> consideration of tin' original sale, with the ad valonnu duty ])ayable in I’cspect of such excess consid(>ration, and in any other case' with the fixed duty of one ])ound or of one shilling as the case may require.

‘

for

No. 3.

tliereon, and a fixed duty of one pound is paid on the conveyance or transfer w ithin the period of six months after tlie first execution of the contract or agreement, or w ithin sncli lonu'cr period as the Commissioner may th ink reasonahle in tlie circumstances of the case, the conveyance or transler shall he stamped accordingly, and the same, and the said contract or agreement, shall he deemed to be duly stamped. Nothing in this proviso shall alter or alTect the provisions as to the stamping of a conveyance or ti’ansfer alti'r the execution thereof :

(0) Provided also, that the ad valorem duty paid upon any such contract or agri'ement shall he returned hy the Commissiomu’ in case the contract or agreement he afterwards rescinded or annulled, or for any other ri'ason he not sulistantially ])crformed or carried into elfect, so as to ojierate as or he followed hy a conveyance or transfer.

Repeal of

(7) Scctioii

fourteen of the

Stamp Duties

liuties

(Amendment) Act, IhOi, is repealed.

' '

om itting the rvords “ Contract or agreement to sell, ('xchange, or transfer any gold-mining or mineral claim or lease or mineral conditional ]mrchas(‘. The same duty on the amonnt or value of the consideration for the sale, exchange, or transfi'r, as on the consideration for a conveyanci' or transfer on sale or inxchauge of such claim or lease.”

Schedule Two to the same Act is amended hy om itting “ Contract or atriaanncnt to sell or transfer a claim or lease,” ami inserting, in lieu tlu'reof, the words “ Contract or agreennent lor the sale or exchange of any estate or interest in any property.”

A(Ili(‘sive

9.

Tin* ad valorem duties upon hills of exchange and

stamps for

torul^Di bills.

])romissory-not('s di'awn or made out of New South

Principal

Wales may he denoted hy adhesive stamps ; and every

Act, s. 2S.

holder of any unstampc'd hill of exchange or jrromissory note drawn out of New Soulh Wales shall, before he prc'sents it for payment, or indorses, transfers, or in any m anner uses, negotiatc's, or pays the same, cause it to he

stamp Duties (Amendment) Act,

13

note comes into 11i(‘ hands of any hona-lldc' liolder

3.

th(‘r(‘of, tlieri' is afUx('d tln'roto an adliesiv(' stamp a])])earimi’ to lx* dnly cancelh'd, sneh stam]i sliatl, so far as relates to sneh holder, he denam'd to he dnly cancdled, although it may not appear to have heen so atllxed or canedled hy the 2)ro])cr person ;

Provided, also, th a t if, a t the time Avhen any sueli hill or note conies into the hands of any hona-fide holder thereof, there is alllxed thereto an adhesive stamp not duly cancelled, such holder shall fortlnvith canced such stain]), and n])on his so doing, such hill or not(' shall he deemed duly stamped, and he as valid and availahle as if the stamp had heen cancelled hy the person hy whom it was affixed : if ht' fails so to canced such stamp h(‘ shall he llalile to a ])enalty not excec'ding twenty ])ounds.

('Xchange or ])i'omissory-note liahle to duty and not duly '

’

stam])cd, shall he liahle to a ])enalty not exceeding

twemty ])Ounds.

(2 ) AVhosoever takes or rc'ceives from any other ])(M'sonany hill of exchange or promissory-note not duly stain[)ed, eitlu'i' in ])ayment, or as a security, or hy ])ur- cliase, oi' otherwise, w ithout causing tlu; same to he duly stamj)ed within fourteen days aft(‘r recidving it, shall he liahle to a ])enalty not exceeding twenty pounds, and shall not he entitled to recover thereon, or to make the sanie av:)ilahh' for any ])ur])ose Avhatever until the same is duly stain])cd.

(3)

Pi'ovided th a t no hill of exchange or ])ro-

George V,

1 2 .

Any numbt'r of bills of oxcbangc or promissory-

No. 3.

notes drawn in or forming part of one set or series,

bills drawn

according to the custom of merebants or bankers, shall

in sets.

be held to be one such bill or note for the purposes of

Principal

this Act, provided tliat one of the num ber is duly

Act, s. .‘U.

stamped.

Exemptions

13.

The exemptions in the second schedule to the

of certain

bonds.

Principal Act are amended by om itting “ any bond to the Crown for the safe custody of an insane person,” and by inserting the words “ any bond or agreement to or Avith the Crown I’or the safe custody or maintenance of an insane person or insane patbuit.”

Memorandum

14.

A memorandum or articles of association of a

ami articles

to

be

stamped.

unless duly stampi'd.

Charge of

1 5 .

(1) A statem ent of the am ount Avhich is to form

du ty on

ca])ital of

the nominal share capital of any company to be registered

limited-

under Part I or P art I I of the Companies Act, 1899,

liability

companies.

shall be delivered to the Registrar-General, and a state­

54 k 55 Vic.,

m ent of the amount of any increase of registered capital

c. 39, s. 112.

of any company now registered or to be registiua'd as aforesaid shall be delivered to the Registrar-General, and CA'ery such statem ent shall before delivery as afore­ said be charged AAutb an ad A'alorcni stamp duty of two shillings for every one hundred pounds and any fraction of one hundred pounds OA'er any m ultiple of one hundred pounds of the amount of such capital or increase of capital, as the case may be.

Eevenue Act,

(2) Such statement of the amount of any increase of registered capital shall be delivered, duly stamped, Avith the duty charged thereon Avithin hftcen days after passing of the resolution by Avhich the registered capital is increased, and in default of that delivery, the duty,

1903, s. 5.

stamp Duties (Amendment) Act.

1 5

annum from the jiassing- of the resolution, shall he a

No. 3.

debt to His Majesty, rccoverahle from the eompanv.

16.

(1) "When', hy virtue of any letters-patiait

on

hy the corporation or company to the

C o n u u i s s i c i n e r , J).'’

George V,

as l)i'()ker or a^cnt for a principal and is liimsclf a

No. 3.

nn'inlxa- of a stock excliaim'c in the Commonwealth of

Australia.

(2) "WIkm-c a contract note advises the sale or purchase of more than one descrijdion of stock or marketable security, the note shall be detuned to be as many contract notes as tbere are descriptions of stock or marketabli' securities so ld or purchased,

(.‘1) "Where a contract note is a continuation or caiayin^-over note made for the purpose of continuing or canying'ovt'r any transaction for the sale or purchase of stock or marketable securities, the contract note, althou^'hit is made in respect of both a sale and pur<diase, shall be charc'i'd u ith duty under Sehednh' One to this Act .as if it related to one of those transactions only, and, if dilTerent amounts are chargt'able as duly in respect of tluxe transactions, to that one of thos(' transactions wliich would rf'inh'r tin' contracd note (diargeable with the "a'catest .amoutit of duty.

Adhesive

I S . fl) Th(' duty on a contract note may be denoted

stamjts may

be iistul.

by tin adhesive stamp.

S e e

(2) fivery adhesive stamp on a contract note

Act. 1010,

shall be cancelled by the person by whom the note is

.A

;s i,4u

Peiwity for

1 9 . (1) Aliy pcrsoii who cITects a stile or purchase

not making .a

gpi(.p q,- mtirketablc security as a broker or airent

stamped note.

'

-

-

*■

^

‘

(3)

stamp Duties (Amendment) Act.

17

(3) No broker, a^ent, or other person shall hnve George V, any le»’al claim to any charge for hrokerage, commission,

No. 3.

or agency with reference to the sale or y)urchase of any

stock or marketable s('curity mentioned or referred to

in any contract note, nnh'ss the note is duly stamped.

(4) The duty upon a contract note may he added to the charge for l)rokerage or agency, and shall he rc'covcrahle as part of such charge.

George V,

22. (1) The Second Schedule to tlic Principal Act

No. 3.

is amended hy inserting at the end of the paragraph

No. 27.

r"i'c(pai Act said)” the following proviso :—

a.

s follows :—

for the sale does nut exceed £ 5

...

...

0

0

G

Exceeds £5 and does not exceed £10

...

...

0

1

0

of s. (j(j.

sixty-six ol' the Principal A c t ;—■

I )jafts

24.

The duty on a draft payable on demand may he

jtayable on

demand.

denoted hy an adhesive stamp, to he affixed thereto by

I ’l-incipal

the maker or holder thereof. Such duty shall he

Act, .s. 32.

payable on any such draft made after the commence­

ment of this Act.

stamp Duties (Amendment) Act.

19

Leases.

George V,

_

No. 3.

George V,

'Partition.

Amendment

2 8 . Th(' part of the Second Schedule to the Principal A ct which fixes the duties ou policies for or against loss by lire is amended by altering the rate of duty from six]jcnc(' to fourpence in respect of the issue of any such policy for any term or period exceeding six months, and by altering the rate of duty from threepence to fourpence in respect of a renewal or continuance of any such 2:)olicy.

of duties on

policies.

Duty, liow

29. (1) The duty upon a recei])t may be denoted by

denoted.

]^rinci[)al

an adhesive stamp, which shall be cancelh'd by the person

A ct, s. 4().

by whom the receipt is given before lie delivers it out

of bis hands.

Penalty.

(a) gives any receipt liable to duty and not duly

lU d . s. 47.

stamped ; or

(b)

refuses to give a la'ceipt duly stamped in any case where a recei])t would he liable to duty ; or

(c)

upon a ])aymcnt to the amount of two j)ounds or upwards gives a receipt for a sum not am ounting to two pounds, or separates or dividc's the am ount ])aid with intent to evade the duty,

Provisions

30.

ny person i\ lio issues or delivers out any

re. scri])

certificate.

document chargeable with duty as a scrip certilicate or

r>4 k .M Vic.,

as scrip. b('fore the sanu' is duly stamped, shall be liable

c. 3't, s. 70.

to a penalty not exceeding twenty pounds.

Settlem ent, deed o f g ift, or colimtarg convegonce.

George V,

31. The last para^Taph of Schedule One to the Stamp

Ameinliiieiit

Duties (iVraendmeiit) Act, 1904, is amended as follows;— ;

)t JScliciliile

(a)

Aiiiouiit ('!• \a!ue.

Kate I'cr <-eiit

N o t cxci'c'ding £ 1,000

.

Excrediiig .£l,UOO Init no t

y>

2,000

,,

3;

"

;3,00()

...

• ) “

p '

5 )

.■!,0(U)

„

n

4,000

...

-1,000

5,000

33

•yoon

,,

(),000

...

n

G,000

„

3 3

7,000

...

7,000

„

33

S.OOO

S,000

„

3 3

0,000

(h)

Omit “ th(' Prohate Jiuties (Amendment) Act, ]899 ,” insert “ P art I I I of the Stamp Duties (Anumdment) Act, 1914.”

(c)

At end of paragraph add “ or declaration of tru st.”

32. Subsection one of section seventeen of the Siam]) Aimiuimriit

■

Ol s. 1 7 of ihf

Duties (Amendment) Act, 1904, is amended as follows:— ’’

A ct of 1UU4.

(a)

At tlie end of paragiaph (a) insert “Providi'd th a t a declaration under a marine policy shall, unless it is w ritten u])on duly stamped material, he duly stamped with the jiroper duty before tlie expiration of ten days after it has lieeu first executed ”

(h)

At the end of paragraph (h) insert “ And if in such cas(> application for the assessment is not made within two months after the instrinmmt was first executed or within two months after it has been first received in the State, in case it was lirst exeeuti'd at any place out of th(> State, the ])crsou in that- hehalf sjieeilled in the said Schi'dule shall he liahle to a jienalty not exceeding twenty-live pounds.”

George V,

Appea I fro m

assessment.

Amendment

33.

Suhspction one of section

one 01 section eighteen of tlie

of s. 18 of

Principal Act is repealed, and the following is inserted (1) Any person dissatisfied with the assessment of the Commissioner may within th irty days after the date thereof, and on paym ent of duty in conformity therewith, appeal against such assess­ m ent to the Supremi' Court, and may for th a t purpose require tlie Commissioner to state and sign a case setting forth tlie grounds upon which his assessment was made.

Principal

in its place :—

Act.

Saving.

34. iS’othing in this Part of this Act shall affect

P A P T

I I I .

Amendment

35. Suliscctioii two ( a ) of scctioii foi’ty-nine of the

Act.

(a)

In paragraph (h) omit “ twelve months ” insert “ three yivars.”

Such amendment shall apply only in respect of A'oluntary dispositions made hy persons after the commencement of this Act.

(h)

At the end of the suhsection add the following paragrajihs :—

"iven a power of appointm ent, unless it is

No. 3.

proved th a t—

Principal Act is amended—

of

(a)

liy omitting tlie words “ hy contract or other- A\is('” and inserting the words “ of what- soc'ver kind and in any way w Iiatsoevei',"’ and

(h)

hy adding at the end of tin* subsection the following jiaragraph : —

All real ('state (inelnding chattels real) passing under a deed of gift or A’ohiiitary conveyance, Avhenever made hy any person dying after the com­ mencement of the Stamp Duties (Amendment) Act, 1914, of Avhich hona-fide possession and enjoyment has not heen assumed hy the donee or person to Avhom sneh conA cyance has heen made immediately upon tlie gift or conveyance, and thenceforth retained to the entire ('xclusion of the donor or the m aker of tlu' conv(\vanc(' or of any henefit to him of AA'hatsoevc'r kind or in any Avay Avliatsoever.

.

No. 3.

of any pi'rsons, or are payable or changeable upon or in respect of any estates the subject of any settlement, trust, disposition, conveyance, transfer, vesting, pur- chas(‘, investment, or U'ift, such duties shall as to the estate of any ])(nson dying after the commencement of tliis Act, and as to any estate the subject of any setth'- ment, trust, disposition, conveyance, transfer, vesting, ])urcbase, invcsstnunit, or gift, made or caused to be made, Ixd'ore or aftt'r tbe commencement of this Act, by any person so dying, be Icvit'd, collected, paid, charged and chargeable under the said Acts, according to the duties mentiom'd in Schedule Two to this Act.

Such duties shall b(' in lieu of the duties meutioiu'd in the Scheduh' to the Proliate Duties (Amendment) Act, ] 81)'.), aud in the Si'cond Sidiedule to the Companies (Death Duties) Act, 1901.

Duty tf̂ l»e

(2) Subject to till' pi'ovisions h('reinafter con­

unit'unii.

tained, the rat(' ])cr centum at wbich duty shall be jiayabh' and chargeable on the estate of any ]>erson so dying or on any (‘state tbe subject of any settlement, trust, disposition, conveyance, transfer, vesting, ])ur- chase, investment or gift maih' or causcal to lie made by tbe said jierson shall be uniform.

A j^gre^Ljation

(3) Dor the purpose of determining such rate,

of estates.

such (‘states shall be aggregatc'd, and such rate shall be the rate prescribed by Schedule two to this Act in respect of an estate rvhose value is the total value of the estates so aggregated.

A batem ent in

( M

Drovidctl that whci'c the value of the estates

favour of

SO aggi't'gated does not excei'd t(>n thousand pounds, the

widow and

cliildren.

duty shall be calculated at one-half tlu' said rate ou any property devolving by the intestacy on, or passing untha* the will of any such person to his Avidow or any of his children, and ou any ])rop(U’ty which under any such settlement, trust, disposition, conv(‘yance, transfer, V(‘sting, purchase', investment, or gift is for the benelit of such widow or child.

This proviso shall not apj)ly where the pr'rson so dying is a t the tim e of his dc'atli domiciled at some place outside Xew' South 'Wales.

stamp Duties (Amendment) Act.

25

and sections twenty-tliree and twenty-four of the Stamp

No. 3.

40. Section fifty-three

of the Principal Act is Amendment

nf s. .“)3 of

amended as follows :—

Principal

(a)

Omit “voluntary debts” insert the words “ debts wbich were not created bona fide in consideration of money or money’s worth, and Avhich Avere ”

(b)

Add at the emd of the section the following new sulisection :—

George V,

Wales) owed a debt secured by mortgage or charge

No. 3.

over property situate outside New Soutli Wales and also secured by mortgage or charge over property situate within New South Wales, there shall be dt'ducted from his estate such j>art only of such debt as exceeds the value of the said pro­ perty which is situate outside New South Wales.

Where a mortgagor dies after such commence­ ment, no interest on the mortgage shall be deducted from his estate except that due and payable at the time of his death.

Amcmiment

41. (1) Sectioii fifty-four of the Principal Act is

rriiiclpai

amended as follows :—

(a)

In paragraph (a), of subsection one, after “ estates for years ” insert “ and including any rents, dividends, interest, and other income due, or accruing due, or payable after the death of the said person and before grant of probate or letters of administration and forming part of the estate to ho administered by the executor or administrator ”

(b)

In paragraph (b) of the same subsection omit “ the estate of the deceased and the value thereof ” insert “ sucli estate and valuations thereof made by competent valuators ”

Amendment

42. Subsection one of section fifty-eight of the

of s. oS (1).

Principal Act is amended as follows :—

(a)

After “ trustee thereof ” omit “ or ” and insert

(b)

At the end of the subsection add the words “ if such trustee or any such person fails to so lodge such notice and declaration, he shall be liable to a penalty not exceeding fifty pounds.”

on

43. Except wliere probate or administration is

of duty payable on or in respect of the estate of any

George V,

person dying after the commencement of this Act, and

No. 3.

in respect of any settlem ent, trust, disposition, convey­ ance, transfer, vesting, purchase, investment, or gift made or caused to be made by any person so dying shall be paid to the Commissioner by the executor or adminis­ trator of such estate. Such interest shall be calculated from the date of the expiration of the said six months.

B ili . of I'Nch-Wok ok B romissokv N oti-. no t being a

d ra f t

I’riiK-ipal Act_

payable on

d em an d —■

Second

Schedule.

p a r t of

£ 2 5 . . .

...

...

...

. . .

...

() 0 (i

articles of

association

.. .

.. .

.. .

1

0

0

M em orandum of Association n o t

accompanied

by articles of association

...

. . .

...

2 0 0

A rtic les of association

.. .

...

. ..

...

1 0 0

Certificate of Incorpora tion

...

.. .

...

5 0 0

CoNTK.vcT N ote for or re la ting to th e sale or purchase of

See Finance

any' stock oi' m ark e tab le secur ity—

Act,. lillO,

s. 7V.

F o r each £100 ,

and

also

for any fractional p a r t

of £ 1 0 0 of such value

...

. ..

. ..

...

0 0 c

D raft payable on d em and

...

...

. ..

...

...

0 0 1 I’l'iiiciijal Act.

Exemptilon :— Draft or cheque payable on demand drawn

Second

on the Government Savings Bank or the Savings

Schedule.

Bank o f Neiv South Wedes in respect o f a deposit in any such bank

L

e tt e r

SCHEDULE

continued.

£ s. d.

No. 3.

L etter oit L ower of A ttorney or otlier in s tru m en t in the

See 54 & 55

n.Ttiire of ;—

V ic., c. 50.

(1)

F o r tlie sole piirjiose of appo in t ing or author is ing

Schedule.

a ]u'Oxv to Mite a t any one meeting at which voles may be given hv proxy, for each person

(2) Eor the receipt of

th e tliviilends or in te res t of any

W h e re made for the receipt of one pay m en t only ...

0

1

l n a n y o t h e r c a . s e

...

...

.. .

...

...

0

(•3)

lo ir the receipt of anv sum of monev, or any hill of exchange or proniissorv-note for anv sum of money, not exceeding £211, or any ]>eriodicid |ia vnients not

Principal Act

R eceipt given for or upon th e p av n ien to f anv sum of money

Second

am oun t ing

to £ 2

or ti jiwards

...

. ..

...

0 0 2

.Schedule.

Exemption:— Receipts for refunds made by the Gocernment or a Department o f the Oovernineiit o f the State, and any receipt fo r money deposited with a broker or agent fo r the pajchase of stjck or market­ able securities.

iSee 54 & .55

S c R i P

C e r t if ic .vtk , scriji

or o th e r do cu m en t—

V ie., c. 30

(Sclied.), and

(1) entitling anv* person to become the proprietor of ]imposed compant' ...

Revenue Act,

any share or part of a share in any company or

...

...

...

...

0 0 6

place outside New South Wales ...

...

...

0 0 6

SCHEDULE TWO.

George V,

of Instate.

Itate per (■

‘cnlinii

of dnt\h

No. 3.

Exceeding

£ 1 ,0 0 0

but

not

exceeding

£ .0 ,0 0 0

. . .

. . .

2

•o.OoO

(i,000

...

...

2-1-

5 J

5

55

G.OOO

7 . 0 0 0

. . .

. . .

s '

))

*5

7 ,0 0 0

8,000

...

...

3.1

1 ?

5?

55

S ,0 0 0

9 , 0 0 0

. . .

. . .

4

9 ,0 0 0

,,

1 0 ,0 0 0

. . .

. . .

41

,,

1 0 ,0 0 0

1-2,000

. ..

. . .

.5

j;

1-2,000

U

5 5

1 4 .0 0 0

. . .

. . .

5 1

1 4 ,0 0 0

1 0 ,0 0 0

. . .

. . .

6

55

1 0 ,0 0 0

1 8 .0 0 0

. . .

. . .

01

55

55

Is .O O o

20,000

. . .

. . .

55

5 5

•20,000

2 0 , 0 0 0

. ..

5 5

55

one

per c e i i t i i t i i

for everv