Stamp Duties Act 1931

Stamp Duties Act 1931

An Act to consolidate and amend the law relating to Stamp Duties

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART I - [Part I Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ]Preliminary

1.   Short title

[Section 1 Amended by 23 Geo. V No. 5, s. 2 ]This Act may be cited as the Stamp Duties Act 1931 .

2.   Repeal

[Section 2 Inserted by No. 67 of 1968, s. 2 ]The enactments that are specified in Schedule 1 are repealed.

3.   Interpretation

[Section 3 Amended by 26 Geo. V No. 62, s. 2 and s. 3 ][Section 3 Amended by No. 13 of 1954, s. 2 ][Section 3 Amended by No. 58 of 1954, s. 2 ][Section 3 Amended by No. 60 of 1956, s. 2 ][Section 3 Amended by No. 45 of 1957, s. 2 ][Section 3 Amended by No. 14 of 1958, s. 2 ][Section 3 Amended by No. 56 of 1959, s. 2 ][Section 3 Amended by No. 50 of 1965, s. 2 ][Section 3 Amended by No. 94 of 1987, s. 5 ][Section 3 Amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 3 Amended by No. 67 of 1986, s. 5 and s. 18 and Sched. 2 ][Section 3 Amended by No. 94 of 1987, s. 5 ]

(1)  [Section 3 Subsection (1) amended by No. 13 of 1954, s. 2 ][Section 3 Subsection (1) amended by No. 56 of 1959, s. 2 ][Section 3 Subsection (1) amended by No. 38 of 1960, s. 2 ][Section 3 Subsection (1) amended by No. 15 of 1965, s. 2 ][Section 3 Subsection (1) amended by No. 3 of 1967, s. 2 ][Section 3 Subsection (1) amended by No. 26 of 1967, s. 2 ][Section 3 Subsection (1) amended by No. 51 of 1968, s. 2 ][Section 3 Subsection (1) amended by No. 67 of 1968, s. 7 ][Section 3 Subsection (1) amended by No. 46 of 1971, s. 2 ][Section 3 Subsection (1) amended by No. 45 of 1974, s. 2 ][Section 3 Subsection (1) amended by No. 9 of 1982, s. 7 and Sched. 10 ][Section 3 Subsection (1) amended by No. 65 of 1982, s. 4 ][Section 3 Subsection (1) amended by No. 39 of 1983, s. 4 ][Section 3 Subsection (1) amended by No. 71 of 1983, s. 4 ][Section 3 Subsection (1) amended by No. 86 of 1983, s. 4 ][Section 3 Subsection (1) amended by No. 29 of 1984, s. 3 and Sched. 1 ][Section 3 Subsection (1) amended by No. 68 of 1984, s. 5 ][Section 3 Subsection (1) amended by No. 67 of 1986, s. 5 ][Section 3 Subsection (1) amended by No. 94 of 1987, s. 5 ][Section 3 Subsection (1) amended by No. 55 of 1989, s. 4 ][Section 3 Subsection (1) amended by No. 46 of 1991, s. 5 and Sched. 3 ][Section 3 Subsection (1) amended by No. 45 of 1994, s. 4 ][Section 3 Subsection (1) amended by No. 82 of 1995, s. 16 ][Section 3 Subsection (1) amended by No. 103 of 1995, s. 8 ]In this Act, unless the contrary intention appears –

assessor means an assessor of stamp duties appointed under this Act;

borrower, in relation to a credit arrangement, means the person for whom credit is or is agreed to be provided under the arrangement;

Commissioner means the Commissioner of Stamp Duties;

credit arrangement means an arrangement, or an offer to enter into an arrangement, for or in connection with the provision of credit in relation to the purchase of goods (whether the goods to be purchased pursuant to the arrangement or offer are or are not identified or specified in the arrangement or offer), being an arrangement or offer under which –

(a) when goods are purchased, or where subsequent to the purchase of the goods, the purchaser is or is to be entitled to exercise an option to pay by instalments the whole or any part of the money to be paid by him in respect of the purchase of the goods; and

(b) the purchaser is or may be required to pay, in respect of the provision of that credit or the exercise of that option, any sum of money by way of interest or by way of any other charge;

credit purchase agreement means an agreement, or an offer to enter into an agreement for or relating to the purchase of goods under which, irrespective of the time at which the property in the goods passes or is to pass to the purchaser –

(a) the purchase-price or any part thereof is or is to be paid or payable not before the expiration of a period of 6 months after the date of the making of the agreement or offer by a number of instalments (being not less than 2 instalments); and

(b) any instalment is to be or may be paid after the delivery of the goods to the purchaser or to the order of the purchaser –

whether or not any instalment is paid or payable in cash, or by cheque, bill of exchange payable on demand, or otherwise;

dealer means a dealer as defined in the Securities Industry (Tasmania) Code ;

debenture means a debenture as defined in the Companies (Tasmania) Code ;

de facto spouse means a person who lives with another person of the opposite sex as the spouse of that other person although not legally married to that other person;

duty means the stamp duty payable under this Act in respect of the instrument, matter, or thing in relation to which the term is used;

dwelling includes house, flat, unit, caravan, houseboat, or other place of residence together with any land, buildings, or improvements appurtenant to the dwelling and used wholly or principally for household purposes;

execution means, in relation to an instrument, the signing of such instrument by any party thereto; or, if such party is a corporation, the affixing of its seal thereto;

face value, in relation to a lucky envelope, means the maximum price that may be charged for a chance sold pursuant to a permit issued under section 88AB of the Racing and Gaming Act 1952 ;

farmer means a person who is engaged in farming operations otherwise than as the employee of another person;

farming company means a company –

(a) the shares of which are not listed on a stock exchange; and

(b) which has assets including farming property;

farming operations means agriculture, pasturage, horticulture, viticulture, apiculture, poultry farming, dairy farming, or any other business or operations consisting of the cultivation of the soil, the gathering in of crops, or the rearing of livestock;

farming property means –

(a) land used solely or principally in the business of primary production; or

(b) personal property used solely or principally in connection with the business of primary production;

goods includes –

(a) all chattels personal other than livestock, money, and things in action; and

(b) fixtures that are severable from the realty;

hirer means a person to whom goods are let, hired or agreed to be sold under a hire-purchase agreement and includes a person to whom the hirer's rights or liabilities pass by assignment or by operation of law;

hire-purchase agreement includes a letting of goods with an option to purchase and an agreement for the purchase of goods by instalments (whether the agreement describes the instalments as rent or hire or otherwise) but does not include an agreement –

(a) under which the property in the goods comprised in it passes at the time of the agreement or on or at any time before delivery of the goods; or

(b) under which the person by whom the goods are being hired or purchased is a person who is engaged in the trade or business of selling goods of the same nature or description as the goods comprised in the agreement;

impressed means impressed by any die, plate, type, tool, or other instrument used under the direction of the Commissioner for denoting any duty or the fact that any duty or penalty has been paid;

industrial policy means a policy of life assurance in respect of which premiums are contracted to be paid at intervals of less than 2 months and contracted to be received, or are usually received, by means of collectors, and includes –

(a) a policy that has at any time been such a policy; and

(b) a paid-up policy (not being a policy that is expressed to be an ordinary policy) granted in lieu of such a policy or of a policy referred to in paragraph (a) ;

instrument means a deed, writing, or document –

(a) coming within a category specified in Schedule 2 ; or

(b) on which duty is charged by this Act –

and where any such instrument bears an endorsement or addition of such a nature that if it were in a separate writing duty would be charged on that writing by this Act it shall be deemed to be a separate instrument in respect of that endorsement or addition;

insurance business means –

(a) the granting or issuing of any fire, fidelity, guarantee, livestock, plate glass, marine, or other insurance policy (being a policy that is subject to duty);

(b) the acceptance, whether directly or indirectly, of a premium, renewal premium, or consideration for or in respect of the granting, issuing, or keeping alive or in force of any policy mentioned in paragraph (a) (including a policy that was issued before the commencement of the Stamp Duties Act 1954 );

(c) the receiving of a letter or declaration of interest attaching to a policy mentioned in paragraph (a) , whether the policy was issued in this State or elsewhere and whether before or after the commencement of the Stamp Duties Act 1954 ; and

(d) the carrying out, by means of insurance effected out of this State of any written, verbal, or implied contract or undertaking to effect insurance (being insurance of such a kind that any policy granted or issued pursuant to the contract or undertaking would be subject to duty);

insurer means a person who carries on insurance business, and includes an association of underwriters whether carrying on business as an association or through a managing underwriter or an insurance broker;

lease, in relation to land or premises, includes an agreement for a lease thereof, or any licence or other written document for or relating to the occupancy or tenancy thereof;

lender, in relation to a credit arrangement, means the person by whom credit is provided or agreed to be provided under the arrangement;

licensed supplier means a person who holds a licence in force under section 17A ;

lottery ticket means any ticket, coupon, or other document evidencing that the holder thereof has acquired a share in any lottery authorized by licence under section 85 of the Racing and Gaming Act 1952 ;

lucky envelopes means beer tickets and cash tickets;

marketable securities includes any –

(a) shares, stock, or debentures of a society or of a corporation (within the meaning of the Companies (Tasmania) Code );

(b) debentures or Treasury Bills of a Government or debentures of the corporation of a municipality or of any other body corporate that is incorporated within the Commonwealth and is a public authority or an agency or instrumentality of the Crown;

(c) stock or other securities (other than such a right or interest as is referred to in paragraph (d) ) of such a kind as can be bought or sold through the agency of a member of a stock exchange in this State or in another State or in a Territory of the Commonwealth;

(d) right or interest (whether described as a unit or sub-unit or otherwise) of a beneficiary under a unit trust scheme;

(e) other securities that are prescribed as marketable securities for the purposes of this Act; and

(f) right in respect of marketable securities;

marriage includes a purported marriage that is void;

matrimonial home means the dwelling that is or was used habitually or from time to time by the parties, or either of the parties, to a marriage as the only or principal family residence;

matrimonial property means property of the parties, or either of the parties, to a marriage and includes any estate or interest in any such property;

odd lot, in relation to the sale or purchase of marketable securities, means a parcel of marketable securities that is, under the rules or regulations of the stock exchange on which the sale or purchase is effected, required to be bought or sold through an odd lot specialist;

odd lot specialist means a broker who is declared by the Commissioner by notice in the Gazette, on the recommendation of the stock exchange of which the broker is a member, as an odd lot specialist for the purposes of this Act;

owner, in relation to a hire-purchase agreement, means an owner as defined in the Hire-Purchase Act 1959 ;

personal property includes an estate or interest in personal property;

policy of insurance means any instrument whereby any contract of insurance is made or agreed to be made or is evidenced, whether the same is called insurance or assurance;

policy of accident insurance means a policy of insurance for a payment agreed to be made on the death of a person only from accident or violence or otherwise than from natural cause or as compensation for personal injury;

policy of life assurance means a policy of assurance or insurance on a life or lives or on an event or a contingency relating to or depending on a life or lives, but does not include a policy of accident insurance or an industrial policy;

primary production means production from –

(a) the cultivation of land for the purpose of selling the produce of the cultivation; or

(b) the maintenance of animals for the purpose of selling them or their natural increase or bodily produce; or

(c) the keeping of bees for the purpose of selling their honey; or

(d) a nursery; or

(e) the propagation for sale of mushrooms or flowers; or

(f) a forestry undertaking within the meaning of the Land and Income Taxation Act 1910 ; or

(g) horse breeding;

[Section 3 Subsection (1) amended by No. 13 of 1997, Sched. 4, Applied:01 Jul 1997] private hospital means any place (not being a hospital maintained and operated by or on behalf of the State) in which medical or surgical or lying-in cases are, or are intended to be, received and lodged for any treatment, attendance, or care for which a charge is made;

purchase-price means –

(a) in relation to a credit purchase agreement, the total amount payable under the agreement by the purchaser on any account in respect of the goods that are the subject-matter of the agreement, less –

(i) the amount of the deposit or other money or consideration paid or provided by the purchaser at or before the time of the making of the agreement; and

(ii) the total amount payable under the agreement for or by way of interest or by way of any other charge; and

(b) in relation to a hire-purchase agreement, the total amount payable under the agreement by the hirer to entitle the hirer to acquire the property in the goods that are the subject-matter of the agreement less –

(i) the amount of the deposit or other money or consideration paid or provided by the hirer to the owner at or before the time of the making of the agreement; and

(ii) the total amount payable under the agreement by way of interest or by way of any other charge;

purchaser, in relation to a credit purchase agreement, means the person to whom goods are sold or agreed to be sold pursuant to the agreement;

real property includes an estate or interest in real property;

the regulations means regulations made and in force under this Act;

relative, in relation to a person, means –

(a) a lineal descendant of the person; or

(b) an adopted or illegitimate child or step-child of the person; or

(c) a lineal ancestor of the person; or

(d) a brother, sister, nephew, niece, aunt or uncle of the person; or

(e) the spouse or de facto spouse of the person or of a person referred to in paragraph (a) , (b) , (c) or (d) ;

rental agreement means an agreement for valuable consideration for the hire of goods with the right to use them, including any agreement for services in connection with the goods;

residential lease means a licence or lease made by any agreement, deed, or other document in respect of the tenancy or occupancy of premises solely as a private dwelling-house;

right in respect of marketable securities means a right (whether actual, prospective, or contingent) of a person to have marketable securities issued or allotted to him, whether or not on the payment or giving by him of any money or other consideration for or in respect of the issue or allotment thereof;

settlement means any instrument, other than a testamentary instrument, by virtue of which any property, or any estate or interest therein, is limited to or in trust for any person in any manner whatsoever, and includes every written declaration of use or trust affecting any property otherwise than by will;

stamped means, when used in relation to any instrument, that the duty payable in respect thereof has been paid and the payment thereof denoted as required by this Act;

Tasmanian dealer means a broker or a broker's agent;

unit trust scheme means any arrangements made for the purpose or having the effect of providing, for persons having funds available for investment, facilities for the participation by them, as beneficiaries under a trust, in any profits or income arising from the acquisition, holding, management, or disposal of any property pursuant to that trust;

Valuer-General means the person appointed as Valuer-General under the Land Valuation Act 1971 ;

vendor, in relation to a credit purchase agreement, means the person by whom the goods that are the subject-matter of the agreement are sold or agreed to be sold.

(2)  [Section 3 Subsection (2) added by No. 56 of 1959, s. 2 ]For the purposes of this Act, where by virtue of 2 or more agreements, none of which by itself constitutes a hire-purchase agreement, there is a bailment of goods and either the bailee may buy the goods or the property in the goods will or may pass to the bailee –

(a) those agreements shall be deemed to constitute a single hire-purchase agreement made at the time when the last of those agreements was made; and

(b) the aggregate of the sums payable by way of purchase-price under all of those agreements shall be deemed to be the amount of the purchase-price under that hire-purchase agreement.

(2A)  [Section 3 Subsection (2A) inserted by No. 51 of 1968, s. 2 ]Nothing in this Act requires a servant or agent of the Crown, acting as such, to pay any duty.

(2B)  [Section 3 Subsection (2B) inserted by No. 20 of 1995, s. 3 and Sched. 1 ]For the purposes of this Act, a Government Business Enterprise, within the meaning of the Government Business Enterprises Act 1995 –

(a) is not the Crown; and

(b) is not taken to be acting on behalf of the Crown only because it is a Government Business Enterprise.

(3)  [Section 3 Subsection (3) substituted by No. 51 of 1968, s. 2 ]For the purposes of this Act 2 or more instruments that constitute credit arrangements or credit purchase agreements and give effect to what is in substance a single transaction shall be deemed to constitute a single instrument and duty shall be paid on one only of them at the rate applicable to that single transaction.

(4)  [Section 3 Subsection (4) omitted by No. 94 of 1987, s. 5 ].  .  .  .  .  .  .  .  

(5)  [Section 3 Subsection (5) inserted by No. 26 of 1967, s. 2 ]For the purposes of this Act, where by virtue of 2 or more agreements or offers none of which by itself constitutes a credit purchase agreement there is a transaction that is in substance or effect a credit purchase agreement –

(a) those agreements or offers shall be deemed to constitute a single credit purchase agreement made at the time when the last of those agreements or offers was made; and

(b) the aggregate of the sums payable by way of purchase-price under all of those agreements or offers shall be deemed to be the amount of the purchase-price under that single credit purchase agreement.

(6)  [Section 3 Subsection (6) inserted by No. 26 of 1967, s. 2 ]For the purposes of this Act, where by virtue of 2 or more arrangements, agreements, or offers none of which by itself constitutes a credit arrangement there is a transaction that is in substance or effect a credit arrangement –

(a) those arrangements, agreements, or offers shall be deemed to constitute a single credit arrangement made when the last of those arrangements, agreements, or offers was made; and

(b) the total amount of credit provided under all of those arrangements, agreements, or offers shall be deemed to be the amount of credit provided under that single credit arrangement.

(7)  [Section 3 Subsection (7) omitted by No. 94 of 1987, s. 5 ].  .  .  .  .  .  .  .  

(8)  [Section 3 Subsection (8) inserted by No. 26 of 1967, s. 2 ]Where a credit purchase agreement or a credit arrangement is, or the terms and conditions of such an agreement or arrangement are, evidenced by 2 or more instruments –

(a) it is sufficient for the purposes of this Act if one of those instruments is stamped; and

(b) the fact that duty is payable in respect of those instruments collectively under item 8 or item 9 in Schedule 2 does not operate so as to exempt any one of them individually from any other duty payable in respect of it under any other provision of this Act.

(9)  [Section 3 Subsection (9) inserted by No. 26 of 1967, s. 2 ]For the purposes of the definition of "credit purchase agreement" in subsection (1) , a deposit or part thereof made by the purchaser (including any amount that, by virtue of subsection (10) , is deemed to be a deposit or part thereof) shall not be regarded as an instalment.

(9A)  [Section 3 Subsection (9A) inserted by No. 39 of 1983, s. 4 ]For the purposes of the definition of "lucky envelopes" in subsection (1) –

(a) beer tickets means chances in a disposition of prizes made pursuant to a permit under section 88AB of the Racing and Gaming Act 1952 where each of the prizes disposed of is beer, ale, or any other malt liquor;

(b) cash tickets means chances in a disposition of prizes made pursuant to a permit under that section where each of the prizes disposed of is an amount of money; and

(c) tickets, in relation to beer tickets or cash tickets, includes cards and envelopes.

(10)  [Section 3 Subsection (10) inserted by No. 26 of 1967, s. 2 ]For the purposes of this Act, any amount allowed by way of a discount or trade-in allowance under or for the purposes of a credit purchase agreement shall be deemed to be a deposit or part thereof payable by the purchaser or hirer under the agreement.

(11)  [Section 3 Subsection (11) inserted by No. 65 of 1982, s. 4 ]In this Act, a reference to a party to a marriage includes a reference to a person who was a party to a marriage that has been dissolved or annulled, whether in Australia or elsewhere.

3A.   Undertakings by certain persons

[Section 3A Inserted by No. 71 of 1983, s. 5 ]

(1)  A person who is not otherwise bound by this Act may, notwithstanding any other provision of this Act, give an undertaking in writing to the Commissioner to lodge any returns with, and to make any payments to, the Commissioner that he would have been required to lodge with or make to the Commissioner if he had been liable to pay duty under this Act.

(2)  Where the Commissioner receives an undertaking under subsection (1) , the Commissioner shall determine whether or not to accept the undertaking.

(3)  Where the Commissioner accepts an undertaking from a person under subsection (1) , the person shall be deemed to be bound by this Act, notwithstanding section 3 (2A) , during the period during which the undertaking has effect in accordance with subsection (4) .

(4)  An undertaking accepted by the Commissioner under this section has effect on and from the date on which the Commissioner accepts the undertaking until –

(a) the person giving the undertaking, by notice in writing given to the Commissioner, withdraws that undertaking; or

(b) the Commissioner, by notice in writing given to that person, withdraws his acceptance of the undertaking.

PART II - [Part II Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ]Administration

4.   Commissioner of Stamp Duties and Deputy and Acting Commissioners

[Section 4,  Inserted by No. 13 of 1954, s. 3 ][Section 4,  Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ][Section 4,  Amended by No. 29 of 1984, s. 3 and Sched. 1 ]

(1)  [Section 4,  Subsection (1) substituted by No. 5 of 1990, s. 3 and Sched. 1 ]The Minister administering the Tasmanian State Service Act 1984 may appoint a person employed under that Act to be Commissioner of Stamp Duties and a person employed under that Act to be Deputy Commissioner of Stamp Duties, and those persons shall hold office in conjunction with their positions or offices under that Act.

(2)  [Section 4,  Subsection (2) substituted by No. 5 of 1990, s. 3 and Sched. 1 ]An employee, within the meaning of the Tasmanian State Service Act 1984 , who is appointed as Commissioner or Deputy Commissioner may be paid, in addition to the salary payable to that employee, such additional allowance (if any) as the Commissioner for Public Employment may determine.

(3)  The Commissioner of Stamp Duties –

(a) shall supervise and direct the work of the assessors;

(b) may give to the assessors, or any of them, such directions (either generally or in a particular case) as he thinks expedient for securing the due administration of this Act or for preventing evasions of the provisions of this Act;

(c) may require an assessor to furnish him with such returns and other information as the Commissioner may at any time think necessary; and

(d) may exercise such other powers and functions, and shall perform such other duties, as are conferred or imposed upon him by or under this Act.

(4)  An assessor who is required by the Commissioner to furnish him with any return or information shall furnish that return or information within such time as the Commissioner may direct in that behalf.

5.   Appointment of assessors

(1)  [Section 5 Subsection (1) substituted by No. 5 of 1990, s. 3 and Sched. 1 ]The Secretary of the Department may –

(a) appoint persons employed in the Department; and

(b) with the approval of the Head of another Agency, within the meaning of the Tasmanian State Service Act 1984 , appoint persons employed in that Agency –

to be assessors of stamp duties and those persons shall hold office in conjunction with their positions or offices under the Tasmanian State Service Act 1984 .

(1A)  [Section 5 Subsection (1A) inserted by No. 13 of 1954, s. 4 ]An assessor is responsible for assessing the duty that is payable, in accordance with the provisions of this Act, on instruments submitted to him for that purpose.

(2)  [Section 5 Subsection (2) amended by No. 13 of 1954, s. 4 ]The signature of any such assessor to any certificate given by him in pursuance of this Act shall be judicially noticed in all courts and by all tribunals.

(3)  [Section 5 Subsection (3) added by No. 13 of 1954, s. 4 ]The Commissioner, by virtue of his office and without further appointment, is an assessor, and has, and may exercise, all or any of the powers and functions conferred upon assessors by this Act; and a reference in this Act to an assessor shall be construed accordingly as including a reference to the Commissioner.

6.   Provision of stamps and licences to sell stamps

(1)  [Section 6 Subsection (1) amended by No. 41 of 1992, s. 4 ]All stamps required for the purposes of this Act are to be provided by the Commissioner, and the value of each stamp shall be expressed on the face thereof.

(2)  [Section 6 Subsection (2) amended by 26 Geo. V No. 62, s. 3 ][Section 6 Subsection (2) amended by No. 55 of 1965, s. 3 and Sched. 1 ][Section 6 Subsection (2) amended by No. 67 of 1986, s. 19 and Sched. 3 ][Section 6 Subsection (2) amended by No. 55 of 1989, s. 5 ][Section 6 Subsection (2) amended by No. 41 of 1992, s. 4 ]The Commissioner may grant a licence in an approved form to any person, authorizing such person to sell stamps issued under this Act, and may allow to any such person a discount or commission at such rate as the Treasurer may determine.

(3)  [Section 6 Subsection (3) omitted by No. 41 of 1992, s. 4 ].  .  .  .  .  .  .  .  

(4)  [Section 6 Subsection (4) omitted by No. 41 of 1992, s. 4 ].  .  .  .  .  .  .  .  

7.   Refund of value of spoiled or unused stamps

[Section 7,  Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 7,  Subsection (1) amended by No. 13 of 1954, s. 10 ]Where the Commissioner is satisfied by affidavit or other sufficient evidence that from any cause –

(a) any stamp has been accidentally spoiled;

(b) any stamped document has been accidentally rendered unfit for use; or

(c) any stamped document has not been, and cannot be, used for any purpose for which it was intended –

he may allow credit, at any time within 60 days after the happening of any such cause, for the value of any such spoiled or ineffective stamp, and may refund such value in money or stamps to the holder or give a receipt for equivalent stamp duty in respect of some other instrument, and the Commissioner shall retain any such spoiled or ineffective stamp until the destruction or other disposition thereof has been approved by the Auditor-General.

(1A)  [Section 7,  Subsection (1A) omitted by No. 55 of 1989, s. 6 ].  .  .  .  .  .  .  .  

(2)  [Section 7,  Subsection (2) amended by 23 Geo. V No. 5, s. 2 ][Section 7,  Subsection (2) amended by No. 55 of 1965, s. 3 and Sched. 1 ]Where a refund is made as provided by this section in respect of unused impressed stamps, other than stamps impressed on any deed, such refund shall be of an amount less by 10 per cent than the face value of such stamps.

8.   Exchange of information

[Section 8 Inserted by No. 67 of 1968, s. 8 ]

(1)  The Commissioner or any person authorized by him may communicate to the Commissioner, Second Commissioner, or a Deputy Commissioner under any law of the Commonwealth relating to taxation or to any person authorized by any such Commissioner, Second Commissioner, or Deputy Commissioner any information respecting the affairs of any person disclosed or obtained under the provisions of this Act.

(1A)  [Section 8 Subsection (1A) inserted by No. 39 of 1983, s. 5 ]The Commissioner or a person authorized by him may communicate to the Chairman of the Tasmanian Racing and Gaming Commission or a person authorized by the Chairman any information relating to lucky envelopes.

(2)  [Section 8 Subsection (2) amended by No. 39 of 1983, s. 5 ][Section 8 Subsection (2) amended by No. 43 of 1991, s. 5 and Sched. 1 ]The Commissioner or any other person who is or has been employed in the administration of this Act shall not, either while he is, or after he ceases to be, so employed –

(a) either directly or indirectly, except in the performance of any function or duty in relation to this Act or in accordance with subsection (1) or (1A) , make a record of, or divulge or communicate to any person, any information acquired by him respecting the affairs of any other person in the course of that employment; or

(b) be required to produce in court any document in his custody in the course of his employment or to divulge or communicate to any court any matter or thing coming under his notice in the course of his employment, except where it is necessary to do so for the purpose of carrying into effect the provisions of this Act or of any corresponding previous enactment.

Penalty:  Fine not exceeding 100 penalty units and imprisonment for a term not exceeding 2 years.

PART III - [Part III Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ]General Provisions

Division 1 - Imposition and appropriation of duty

9.   Imposition of duties

[Section 9 Amended by 26 Geo. V No. 62, s. 3 ][Section 9 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 9 Subsection (1) amended by No. 86 of 1983, s. 5 ]There shall be raised, levied, and paid for and towards the Consolidated Fund in respect of the several instruments enumerated in Schedule 2 duty at the rates set forth in figures against the same respectively or otherwise specified in that Schedule.

(2)  Such duty shall be calculated and assessed, and such rates applied, in accordance with the rules set forth in Schedule 4 where the same are applicable and subject to the exemptions specified in Schedule 3 .

(3)  [Section 9 Subsection (3) inserted by No. 86 of 1983, s. 5 ]In addition to the duty referred to in subsection (1) , there shall be raised, levied, and paid for and towards the Consolidated Fund duty as provided in sections 60C , 60D , and 71B .

10.   Appropriation

[Section 10 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 10 Subsection (1) amended by No. 31 of 1977, s. 2 ]Except as otherwise provided, all duties, instalments of loans and other money paid to the Commissioner under section 18B , and penalties under this Act shall be paid into the Consolidated Fund.

(2)  [Section 10 Subsection (2) amended by 26 Geo. V No. 62, s. 3 ]The Treasurer may pay out of any such amounts for the time being in his hands, any sums authorized by this Act to be paid by way of refund.

Division 1A - Evasion of duty

[Part III, Div. 1A Inserted by No. 94 of 1985, s. 4 ]

10A.   Default assessments

[Section 10A Inserted by No. 94 of 1985, s. 4 ]

(1)  Where –

(a) a person fails or neglects to furnish or lodge any statement, return, or other document when required to do so under this Act;

(b) the Commissioner is not satisfied with any statement, return, or other document furnished or lodged under this Act; or

(c) the Commissioner has reason to believe or suspect that a person is liable to pay any fee, duty, or other matter under this Act –

the Commissioner may cause an assessment to be made of the amount of duty which, in his judgment, that person is liable to pay.

(2)  Where an assessment is made under this section the Commissioner shall cause notice in writing of the assessment and the duty payable to be served on the person liable to pay it.

(3)  The amount of duty specified in a notice of assessment served under subsection (2) is payable on or before the date specified in the notice, being not less than 30 days after the date of service of the notice.

(4)  The failure of the Commissioner to serve a notice of assessment under this section shall not invalidate the assessment and calculation made by him.

(5)  Where an amount of duty specified in a notice of assessment under this section is not paid on or before the date specified in the notice, the person liable shall pay to the Commissioner, in addition to that duty, a penalty of a sum equivalent to the amount of the duty together with interest at the rate of 20 per cent per annum on the duty from the date for payment specified in the notice until the duty is paid.

(6)  The Commissioner may reduce or remit any penalty payable under this section.

10B.   Evasion of payment of duty

[Section 10B Inserted by No. 94 of 1985, s. 4 ]Where the Commissioner is satisfied that a person has evaded or has attempted to evade the payment of a duty payable by that person under this Act, that person is liable, in addition to any additional duty that may be levied, or any penalty that may be imposed, on him, to a further penalty of a sum equivalent to twice the amount of the duty so evaded or attempted to be evaded.

10C.   Evasion of duty with respect to property in State

[Section 10C Inserted by No. 94 of 1985, s. 4 ]Where an instrument which relates to property in Tasmania or to any matter or thing done or to be done in any part of Tasmania is executed and held in some place outside Tasmania the provisions of this Act shall extend and apply to the instrument, notwithstanding that the instrument is not in Tasmania, in all respects as if the instrument were executed in Tasmania.

10D.   Penalty deemed to be assessment

[Section 10D Inserted by No. 94 of 1985, s. 4 ][Section 10D Amended by No. 45 of 1994, s. 6 ]A penalty imposed under section 10A or section 10B –

(a) is deemed to be an assessment of duty for the purposes of this Act; and

(b) is recoverable in accordance with the provisions of this Act; and

(c) does not affect any liability for an offence under this Act.

Division 2 - [Part III, Div. 2 Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ][Part III, Div. 2 Heading amended by No. 31 of 1977, s. 3 ]Payment of duty generally

11.   Denoting of duties

[Section 11 Amended by No. 13 of 1954, s. 5 ][Section 11 Amended by No. 55 of 1965, s. 5 ][Section 11 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ][Section 11 Amended by No. 88 of 1980, s. 4 ][Section 11 Amended by No. 86 of 1983, s. 6 ][Section 11 Amended by No. 67 of 1986, s. 19 and Sched. 3 ][Section 11 Amended by No. 94 of 1987, s. 6 ][Section 11 Amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 11 Amended by No. 46 of 1971, s. 3 ][Section 11 Amended by No. 55 of 1989, s. 7 ][Section 11 Amended by No. 41 of 1992, s. 5 ][Section 11 Amended by No. 67 of 1968, s. 5 and Sched. 4 ]

(1)  [Section 11 Subsection (1) substituted by No. 13 of 1954, s. 5 ]Except as otherwise expressly prescribed, all duties shall be denoted by impressed stamps only.

(1A)  [Section 11 Subsection (1A) inserted by No. 39 of 1983, s. 6 ]The duty that is payable in respect of a lucky envelope shall be denoted only by the endorsement by printing on the envelope of the words "TAS. STAMP DUTY PAID".

(2)  [Section 11 Subsection (2) substituted by No. 3 of 1967, s. 3 ] Subsection (1) does not apply to or in relation to the duty payable on any –

(a) any instrument included in a return under section 12A ; or

(b) .  .  .  .  .  .  .  .  

(c) .  .  .  .  .  .  .  .  

(d) .  .  .  .  .  .  .  .  

(e) instrument for effecting a transfer of marketable securities through the agency of a person who is the holder of a subsisting licence under section 64 .

(f) .  .  .  .  .  .  .  .  

(2A)  [Section 11 Subsection (2A) inserted by No. 13 of 1954, s. 5 ]Where the duty that is payable on an instrument is required by this Act to be denoted by impressed stamps, those stamps shall be impressed, by an officer authorized by the Treasurer for that purpose, upon the substance whereon that instrument is written.

(3)  [Section 11 Subsection (3) omitted by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

(4)  [Section 11 Subsection (4) substituted by No. 13 of 1954, s. 5 ]An adhesive stamp that is used to denote the duty that is payable in respect of an instrument or any part thereof shall be cancelled by the person using the stamp by writing in words or figures across the face thereof the day of the month, the month, and the year when the stamp is used, and the cancellation shall be of even date with the instrument.

(4A)  [Section 11 Subsection (4A) inserted by No. 13 of 1954, s. 5 ]An instrument that is of the nature referred to in section 12 (1) shall, within the appropriate time prescribed in section 15 (1) (a) , be produced to an assessor for certification in accordance with subsection (4B) of this section.

(4AB)  [Section 11 Subsection (4AB) inserted by No. 55 of 1989, s. 7 ] Subsection (4A) , in relation to instruments referred to in paragraphs (d) , (e) , (ea) and (eb) of section 12 (1) , only applies to such instruments which are executed on or after 1st January 1990.

(4B)  [Section 11 Subsection (4B) inserted by No. 13 of 1954, s. 5 ]Where, upon an instrument being produced to him pursuant to subsection (4A) , an assessor is satisfied that the full amount of the duty that is payable in respect thereof is denoted thereon, he shall endorse thereon a certificate in a form approved by the Commissioner and shall sign that certificate and set forth the date on which he signs it.

(4C)  [Section 11,  Subsection (4C) inserted by No. 13 of 1954, s. 5 ]If an assessor to whom an instrument is produced pursuant to subsection (4A) is of the opinion that the full amount of the duty that is payable in respect thereof has not been denoted thereon, he shall require the full amount of duty, as assessed by him, to be denoted thereon before endorsing his certificate on the instrument in accordance with subsection (4B) .

(4D)  [Section 11 Subsection (4D) inserted by No. 13 of 1954, s. 5 ]An instrument that is of the nature referred to in section 12 (1) (f) shall, until the certificate of an assessor has been endorsed thereon in accordance with subsection (4B) , be deemed for all purposes, to be unstamped.

(5)  Except where otherwise specially provided, every instrument shall be deemed to be unstamped if the full amount of the duty payable in respect thereof is not denoted thereon as provided by this Act.

12.   Cases in which duty may be denoted by adhesive stamps

[Section 12 Inserted by No. 13 of 1954, s. 6 ][Section 12 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ][Section 12 Amended by No. 46 of 1969, s. 2 ]

(1)  [Section 12 Subsection (1) amended by No. 58 of 1954, s. 3 ][Section 12 Subsection (1) amended by No. 60 of 1956, s. 3 ][Section 12 Subsection (1) amended by No. 50 of 1965, s. 3 ][Section 12 Subsection (1) amended by No. 55 of 1965, s. 5 ][Section 12 Subsection (1) amended by No. 3 of 1967, s. 4 ][Section 12 Subsection (1) amended by No. 26 of 1967, s. 3 ][Section 12 Subsection (1) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 12 Subsection (1) amended by No. 46 of 1969, s. 2 ][Section 12 Subsection (1) amended by No. 115 of 1976, s. 2 ][Section 12 Subsection (1) amended by No. 39 of 1985, s. 5 ][Section 12 Subsection (1) amended by No. 67 of 1986, s. 19 and Sched. 3 ][Section 12 Subsection (1) amended by No. 94 of 1987, s. 7 ][Section 12 Subsection (1) amended by No. 55 of 1989, s. 8 ][Section 12 Amended by No. 67 of 1968, s. 5 and Sched. 4 ]Subject to subsection (2) , the duty that is payable under this Act in respect of any –

(a) .  .  .  .  .  .  .  .  

(b) .  .  .  .  .  .  .  .  

(c) .  .  .  .  .  .  .  .  

(d) policy of insurance or other instrument granted or issued by an insurer;

(e) hire-purchase agreement;

(ea) credit purchase agreements;

(eb) credit arrangement;

(ec) .  .  .  .  .  .  .  .  

(f) other instrument –

(i) that is not subject to the payment of ad valorem duty; or

(ii) in respect of which the ad valorem duty does not exceed the sum of $100; or

(g) other instrument or class of instruments that is specified in the regulations as an instrument or class of instruments to which this section applies –

may, notwithstanding anything to the contrary in section 11 , be denoted by adhesive stamps.

(2)  [Section 12 Subsection (2) inserted by No. 3 of 1967, s. 4 ] Subsection (1) does not apply to or in relation to the duty payable on any instrument for effecting a transfer of marketable securities.

12A.   Payment of duty by return in certain cases

[Section 12A Inserted by No. 67 of 1986, s. 6 ]

(1)  Any person may apply to the Commissioner in a form approved by him for approval to pay duty in respect of any class of instruments in accordance with the provisions of this section.

(2)  The Commissioner may approve or refuse an application made under subsection (1) but shall not approve of such an application if the instruments of the class in respect of which it is made are instruments in respect of which the Commissioner or Treasurer may, under any other provision of this Act, grant the applicant a licence or an approval to pay duty as an approved person under that provision.

(3)  Where the Commissioner approves an application made under subsection (1) , he shall in the approval specify the date upon which the approval comes into force and the class of instruments to which the approval relates.

(4)  A person whose application under subsection (1) has been approved by the Commissioner is, while the approval is in force, an approved person for the purposes of this section.

(5)  Except as provided in this section, an approved person is not liable to pay duty in respect of any instrument of a class to which his approval relates.

(6)  An approved person shall make a record at such times and of such particulars relating to an instrument of a class to which his approval relates as the Commissioner may, by notice in writing given to him, require.

(7)  An approved person shall –

(a) lodge with the Commissioner a return in respect of any instrument of a class to which his approval relates at such times, in respect of such periods, in such form and containing such particulars as may be notified to him in writing by the Commissioner; and

(b) when he lodges that return, pay to the Commissioner as stamp duty an amount equal to the amount of stamp duty that would, but for the provisions of subsection (5) , have been payable in respect of each instrument to which the return relates.

(7A)  [Section 12A Subsection (7A) inserted by No. 94 of 1987, s. 8 ]Notwithstanding subsection (7) (b) , an approved person may pay an amount equal to the amount of the duty that would, but for the provisions of subsection (5) , have been payable in respect of any credit arrangement, credit purchase agreement, or hire-purchase agreement by way of equal monthly instalments over the term of the credit arrangement, credit purchase agreement, or hire-purchase agreement.

(7B)  [Section 12A Subsection (7B) inserted by No. 94 of 1987, s. 8 ]Where an approved person is paying duty by equal monthly instalments on any credit arrangement, credit purchase agreement, or hire-purchase agreement in accordance with subsection (7A) and the arrangement or agreement is terminated or otherwise ceases to have effect prior to the full amount of duty payable in respect of the arrangement or agreement being paid, an amount equal to the duty outstanding at the date on which the arrangement or agreement is terminated or otherwise ceases to have effect becomes immediately due and payable.

(7C)  [Section 12A Subsection (7C) inserted by No. 94 of 1987, s. 8 ]Where an approved person is paying duty by equal monthly instalments over the term of any credit arrangement, credit purchase agreement, or hire-purchase agreement and that person's rights are assigned to another person (in this subsection referred to as "the assignee"), an amount equal to the duty outstanding becomes immediately due and payable by the first-mentioned person unless the Commissioner allows the assignee to continue to pay an amount equal to the duty by way of equal monthly instalments.

(7D)  [Section 12A Subsection (7D) inserted by No. 55 of 1989, s. 9 ]Where an approved person does not lodge a return and pay stamp duty in accordance with subsection (7) , a penalty of an amount of 20 per cent of the amount due is payable by that person to the Crown in addition to any other penalty payable under this Act.

(7E)  [Section 12A Subsection (7E) inserted by No. 55 of 1989, s. 9 ]The Commissioner may remit in whole or part any penalty payable under this section.

(8)  An approved person shall endorse on any instrument of a class to which his approval relates the words "Tasmanian Stamp Duty Paid" together with such other matter as may be required by the Commissioner in respect of instruments of that class, followed by the serial number of the notice of approval issued to him by the Commissioner under this section.

(9)  An instrument endorsed in accordance with subsection (8) shall be deemed to be duly stamped.

(10)  A person making any record in accordance with subsection (6) shall retain the record for a period of 3 years.

(11)  [Section 12A Subsection (11) amended by No. 55 of 1989, s. 33 and Sched. 1 ]A person who contravenes subsection (6) , (7) , or (10) is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

(12)  [Section 12A Subsection (12) amended by No. 55 of 1989, s. 33 and Sched. 1 ]Any person, not being an approved person, who endorses on an instrument any words or numbers suggesting or implying that the instrument is duly stamped under the provisions of this section is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

(13)  The Commissioner may, by notice in writing, cancel any approval granted under this section –

(a) on application by the person to whom the approval was granted; or

(b) for any reason he deems sufficient –

and shall in any such notice specify the date on and from which the approval ceases to be in force.

(14)  An approval cancelled pursuant to subsection (13) shall cease to be in force on and from the date specified in the notice by which the approval is cancelled.

13.   Method of stamping instruments with impressed stamps

[Section 13 Inserted by No. 13 of 1954, s. 6 ][Section 13 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ][Section 13 Amended by No. 67 of 1986, s. 18 and Sched. 2 ]

(1)  [Section 13 Subsection (1) amended by No. 41 of 1992, s. 6 ]Where the duty that is payable in respect of an instrument is required to be denoted by impressed stamps, that instrument, before being stamped, shall be submitted to an assessor for the assessment of the duty payable in respect thereof, and, upon assessing the duty, the assessor shall endorse upon the instrument a certificate, in a form approved by the Commissioner, certifying the amount of the duty.

(1A)  [Section 13 Subsection (1A) inserted by No. 46 of 1971, s. 4 ]Where pursuant to subsection (1) a person submits to an assessor an instrument effecting a settlement, gift, or declaration of trust of or in relation to real property (being a settlement, gift, or declaration to which item 25 of Schedule 2 applies) that person shall also submit to the assessor, with that instrument, a certificate under section 41 of the Land Valuation Act 1971 specifying the value of that property as at the date of the making of the settlement, gift, or declaration.

(2)  [Section 13 Subsection (2) amended by No. 67 of 1968, s. 5 and Sched. 4 ]No officer who is authorized by the Treasurer under section 11 (2A) shall impress on an instrument the stamps required to denote the duty that is payable in respect thereof unless the instrument has first been endorsed with the certificate of an assessor in accordance with subsection (1) of this section.

14.   Accidental loss or removal of stamps

[Section 14 Amended by No. 13 of 1954, s. 7 ][Section 14 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  Where the Commissioner is satisfied, by evidence upon oath, that a stamp which has been affixed to any instrument has been severed or lost therefrom accidentally and that such stamp had been duly cancelled, the Commissioner may allow such instrument to be restamped without penalty.

(2)  The Commissioner shall certify on such instrument as aforesaid that the same has been restamped.

15.   Late stamping of instruments

[Section 15 Amended by 25 Geo. V No. 78 ][Section 15 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ][Section 15 Amended by No. 39 of 1985, s. 6 ]

(1)  [Section 15 Subsection (1) amended by No. 13 of 1954, s. 8 ][Section 15 Subsection (1) amended by 24 Geo. V No. 39, s. 2 ][Section 15 Subsection (1) amended by No. 45 of 1961, s. 2 and s. 9 and Sched. 1 ][Section 15 Subsection (1) amended by No. 55 of 1965, s. 5 ][Section 15 Subsection (1) amended by No. 67 of 1986, s. 7 ][Section 15 Subsection (1) amended by No. 55 of 1989, s. 10 ][Section 15 Subsection (1) amended by No. 41 of 1992, s. 7 ][Section 15 Amended by No. 13 of 1954, s. 8 ]Where an instrument at the time of its first execution has not been stamped or has been insufficiently stamped, the same may be stamped or sufficiently stamped, as the case may be –

(a) within 60 days after first being executed, without penalty; or

(b) .  .  .  .  .  .  .  .  

(c) in any other case, upon payment of a penalty of an amount equal to the amount of unpaid duty or $20, whichever is the greater –

and every such penalty shall be in addition to payment of the duty payable and unpaid in respect of such instrument, but where any instrument is executed by more than one person, and an assessor is satisfied that delay in stamping such instrument has occurred in good faith owing to any reasonable difficulty in obtaining the execution of any necessary party thereto, within the period hereinbefore prescribed, that instrument may be stamped or sufficiently stamped, as the case may require, without penalty.

(2)  [Section 15 Subsection (2) inserted by No. 55 of 1989, s. 10 ]The Commissioner may remit in whole or in part any penalty payable under this section.

(3)  [Section 15 Subsection (3) omitted by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

(4)  [Section 15 Subsection (4), formerly (3) renumbered by 25 Geo. V No. 78 ]In any case where an assessor's assessment is disputed the person chargeable with the duty may pay under protest the amount of such assessment, and the instrument may be stamped without penalty upon the determination of such dispute under this Act.

(5)  [Section 15 Subsection (5) substituted by No. 13 of 1954, s. 8 ]Where, after an instrument has been stamped as required by this Act, it is found that insufficient duty has been paid in respect thereof, the instrument, upon the certificate of an assessor that the instrument has been so stamped but that further duty is payable thereon, may, without penalty, be impressed with an amount equal to the unpaid duty thereon.

15A.   Duty payable on copy of instrument

[Section 15A Inserted by No. 94 of 1985, s. 5 ]

(1)  Duty is payable on a copy of an original instrument as if that copy were executed in the same way and at the same time as the original instrument unless the Commissioner is satisfied –

(a) that the original instrument has been duly stamped; or

(b) that the copy of the original instrument has been duly stamped.

(2)  Where a copy of an original instrument is duly stamped, the original instrument is deemed to have been duly stamped.

16.   

[Section 16 Repealed by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

17.   Special provision for duty on tickets in authorized lottery

[Section 17 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 17 Subsection (1) amended by No. 13 of 1954, s. 15 and Sched. 2 ]The Treasurer may authorize an officer of his Department to accept from any person authorized by law to conduct a lottery prepayment of the duty payable in respect of all tickets proposed to be issued by such person in respect of any particular lottery, and thereupon such tickets may be issued with the appropriate duty denoted on each ticket by a printed statement that the same has been so paid.

(2)  [Section 17 Subsection (2) amended by No. 13 of 1954, s. 15 and Sched. 2 ]Where such person satisfies such officer as aforesaid that any tickets in respect of which duty has been prepaid as aforesaid have not been used, such person, upon delivery of such unused tickets to such officer, shall be given credit for the amount of duty paid in respect thereof, and such amount may be applied by way of prepayment in respect of other tickets.

(3)  [Section 17 Subsection (3) added by 24 Geo. V No. 39, s. 3 ]When duty has once been paid on any ticket, no further duty shall be payable in respect of any share in, or portion of, such ticket into which the same may be divided.

17A.   Provisions relating to payment of duty on lucky envelopes

[Section 17A Inserted by No. 39 of 1983, s. 7 ]

(1)  [Section 17A Subsection (1) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person shall not –

(a) print any lucky envelopes endorsed with the words "TAS. STAMP DUTY PAID"; or

(b) sell any lucky envelopes so endorsed to another person for the purpose of their resale by that other person –

unless he holds a licence in force under this section authorizing him to print lucky envelopes and to sell them to another person.

Penalty:  Fine not exceeding 50 penalty units.

(2)  [Section 17A Subsection (2) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person shall not purchase any lucky envelopes endorsed with the words "TAS. STAMP DUTY PAID" for the purpose of reselling them to the holder of a permit under section 88AB of the Racing and Gaming Act 1952 unless he –

(a) holds a licence in force under this section authorizing him to purchase lucky envelopes for that purpose; and

(b) purchases those lucky envelopes from a person who holds a licence in force under this section authorizing him to print those lucky envelopes and to sell them to another person.

Penalty:  Fine not exceeding 50 penalty units.

(3)  A person who seeks a licence under this section shall make an application to the Commissioner in a form approved by the Commissioner.

(4)  An application under subsection (3) shall be verified by statutory declaration made by the applicant.

(5)  On receipt of an application under subsection (3) , the Commissioner may grant the application or may refuse to grant the application.

(6)  Where the Commissioner –

(a) grants an application under subsection (3) , he shall, as the case requires, grant to the applicant a licence authorizing him –

(i) to print lucky envelopes endorsed with the words "TAS. STAMP DUTY PAID" and to sell them to another person for the purpose of their resale by that other person; or

(ii) to purchase, for the purpose of their resale to the holder of a permit under section 88AB of the Racing and Gaming Act 1952 , lucky envelopes from a licensed supplier who holds a licence to which subparagraph (i) relates; or

(b) refuses to grant such an application, he shall, immediately, by notice in writing served on the applicant, inform him of the refusal and of the ground on which the refusal is based.

(7)  A licence under this section –

(a) is in force until revoked by the Commissioner; and

(b) is subject to such conditions as the Commissioner determines and as are specified in the licence.

(8)  If it appears to the Commissioner that a person to whom a licence under this section has been granted has –

(a) contravened, or failed to comply with, a condition to which the licence is subject; or

(b) contravened, or failed to comply with, or has evaded or attempted to evade, any of the provisions of this Act –

the Commissioner may, in his absolute discretion, by notice in writing delivered or posted to that person, revoke the licence.

(9)  A notice for the purpose of subsection (8) shall specify the date on which the revocation to which it relates is to take effect, being a date not earlier than 14 days after the date on which the notice has been delivered or posted to the person to whom it relates.

17B.   Monthly returns and payments by licensed suppliers

[Section 17B Inserted by No. 39 of 1983, s. 7 ]

(1)  [Section 17B Subsection (1) amended by No. 71 of 1983, s. 6 ]A licensed supplier shall –

(a) subject to subsection (2) , within 10 days after the end of each month, make out and lodge with the Commissioner a return in a form approved by the Commissioner setting out the particulars required by the form in respect of the lucky envelopes endorsed "TAS. STAMP DUTY PAID" that have been –

(i) printed and sold by him; or

(ii) purchased and sold by him –

pursuant to a licence under section 17A during that month; and

(b) when he lodges that return, except in the case of lucky envelopes that he has sold to another licensed supplier, pay to the Commissioner as duty in respect of those lucky envelopes an amount calculated in accordance with item 38A in Schedule 2 .

(2)  Where the Commissioner is of the opinion that it would be unduly onerous to require a person to lodge returns –

(a) within the time specified in subsection (1) , he may, by notice in writing, vary the time within which that person is required to lodge returns in pursuance of that subsection; or

(b) relating to each month, he may, by notice in writing, authorize that person to lodge returns relating to such other periods as may be specified in the notice –

and the person shall, while that notice remains unrevoked, lodge returns accordingly.

(3)  The Commissioner may, at any time, by notice in writing, revoke any notice given in pursuance of subsection (2) .

(4)  A return under subsection (1) (a) shall be verified by a statutory declaration made by the licensed supplier by whom the return is lodged or by a person in his employment.

(5)  [Section 17B Subsection (5) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A licensed supplier who fails to comply with subsection (1) is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

17C.   Offences by licensed supplier in relation to sale of lucky envelopes

[Section 17C Inserted by No. 39 of 1983, s. 7 ]

(1)  [Section 17C Subsection (1) substituted by No. 41 of 1992, s. 8 ]A licensed supplier must not, without the approval of the Commissioner, sell any lucky envelopes endorsed with "TAS. STAMP DUTY PAID" unless the licensed supplier has received the duty payable in respect of those lucky envelopes.

(1A)  [Section 17C Subsection (1A) inserted by No. 41 of 1992, s. 8 ]A licensed supplier who contravenes subsection (1) is guilty of an offence and is liable on summary conviction to a fine not exceeding 10 penalty units.

(2)  Subsection (1) does not apply to a licensed supplier who sells lucky envelopes to another licensed supplier.

18.   

[Section 18 Repealed by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

Division 2A - Loans in connection with payment of duty on instruments relating to the purchase of first homes

[Part III, Div. 2A Inserted by No. 31 of 1977, s. 3 ]

18A.   Interpretation: Division 2A

[Section 18A Inserted by No. 31 of 1977, s. 3 ]In this Division –

building includes a part of a building, a building attached to or conjoined with another building, and a flat or home unit;

dwelling means a building intended for use as a single dwelling;

loan means a loan by the Commissioner under section 18B (3) ;

long-term interest, in relation to land, means an estate in fee simple or an interest of a lessee under a lease that could reasonably be expected to give him reasonable security in his occupation of the land for the remainder of his life.

18B.   Loans in connection with duty on instruments relating to purchase of first homes

[Section 18B Inserted by No. 31 of 1977, s. 3 ]

(1)  [Section 18B Subsection (1) amended by No. 94 of 1985, s. 6 ][Section 18B Subsection (1) amended by No. 60 of 1994, s. 9 ][Section 18B Subsection (1) amended by No. 82 of 1995, s. 17 ]Subject to this section, a person may obtain a loan from the Commissioner under subsection (3) to enable him to pay duty on an instrument dutiable under Schedule 2 that is made to, by, or with that person in respect of land purchased by him or money borrowed by him to finance the purchase of that land, if –

(a) a dwelling is constructed on that land that is, or will be, the first to be established as a residence –

(i) by that person; or

(ii) by that person jointly with another person –

(whether in this State or elsewhere) on land purchased or held by him for a long-term interest;

(b) that dwelling is, or will be, used as that person's usual place of residence and is not being, or will not be, used by him as a means of providing him with a source of income; and

(c) the value of that land (including the dwelling) does not exceed $120 000.

(2)  [Section 18B Subsection (2) amended by No. 39 of 1985, s. 7 ][Section 18B Subsection (2) amended by No. 94 of 1985, s. 6 ]For the purposes of paragraph (c) of subsection (1) , value, in relation to land purchased by a person referred to in that subsection, means –

(a) the purchase price paid by that person for the land and the chattels included in that sale of that land; or

(b) the capital value of the land determined by the Valuer-General as at the date on which the land was purchased together with the value of any chattels included in the purchase of the land, being a value determined by a person who is considered by the Commissioner to be competent to value those chattels –

whichever is the greater.

(3)  A person who wishes to obtain a loan to enable him to pay the duty on an instrument or instruments referred to in subsection (1) shall make a written application for that purpose to the Commissioner and, if he satisfies the Commissioner that he is a person who is entitled under that subsection to obtain such a loan, the Commissioner shall, subject to his entering into an agreement with the Commissioner, make a loan to that person of an amount equal to the amount of duty payable by him on that instrument or those instruments.

(4)  Except as provided in subsection (7) , a loan is not subject to the payment of interest.

(5)  The Commissioner may require an applicant under subsection (3) to furnish him with such evidence as the Commissioner deems necessary in order to show to the Commissioner's satisfaction whether or not the applicant is a person who is entitled under subsection (1) to obtain the loan for which he has applied.

(6)  [Section 18B Subsection (6) amended by No. 45 of 1994, s. 7 ]For the purposes of subsection (3) , an agreement relating to a loan –

(a) shall provide that –

(i) the amount of the loan shall be repaid to the Commissioner by instalments of such amount as is specified in the agreement over a period of 2 years commencing on the date of the agreement; and

(ii) the instalments referred to in subparagraph (i) are payable at such intervals as are specified in the agreement; and

(b) shall be subject to such other terms and conditions as the Commissioner thinks fit and as are specified in the agreement.

(7)  [Section 18B Subsection (7) amended by No. 17 of 1996, Applied:22 May 1998] Without limiting the generality of subsection (6)(b) , an agreement by a person under subsection (3) may be subject to a condition that if he makes a late payment of an instalment under the agreement he is liable to pay to the Commissioner, within the time specified in the agreement, interest on the instalment at a rate of interest that is 5 per cent higher than the rate of interest payable for the longest period of the last preceding loan sought by the Commonwealth from the public of this State, along with others, for cash.

(8)  Notwithstanding section 9 (1) , no duty is payable under Schedule 2 in respect of an agreement under subsection (3) .

(9)  Where a person fails to comply with a term or condition of an agreement entered into by him with the Commissioner under subsection (3) , the agreement thereupon ceases to have effect and the whole of the duty or the whole of the duty outstanding, as the case may be, on the relevant instrument or instruments and any interest owing under the agreement become payable immediately by that person to the Commissioner and are recoverable in accordance with section 32 .

18C.   Appropriation

[Section 18C Inserted by No. 31 of 1977, s. 3 ]Loans made by the Commissioner for the purposes of section 18B shall be paid out of the Consolidated Fund (which, to the necessary extent, is appropriated accordingly).

Division 3 - [Part III, Div. 3 Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ]Assessment of duty

19.   General powers of assessors

[Section 19 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 19 Subsection (1) amended by No. 13 of 1954, s. 15 and Sched. 2 ]An assessor at any time may require the production of such evidence, by affidavit or otherwise, as he may think necessary to satisfy him that all the facts and circumstances affecting the question, whether and to what extent any instrument is chargeable with duty, are fully and truly set forth in such instrument.

(2)  [Section 19 Subsection (2) amended by No. 13 of 1954, s. 15 and Sched. 2 ]It shall not be competent for an assessor to receive or admit any evidence not contained in the instrument to which such evidence relates which tends to reduce the amount of duty payable in respect of such instrument.

(3)  No oath, affidavit, or statutory declaration made by any person in pursuance of the provisions of this section shall be used against such person in any proceeding whatever other than an inquiry as to the duty payable in respect of the instrument to which the same relates, and such person, on payment of the full amount of duty payable in respect of such instrument, shall be exempt from any penalty, forfeiture, or disability to which he may have been subject owing to any omission to state any facts or circumstances relating to such instrument.

(4)  [Section 19 Subsection (4) omitted by No. 45 of 1957, s. 6 ].  .  .  .  .  .  .  .  

20.   Assessment of duty by the Commissioner

[Section 20 Substituted by No. 13 of 1954, s. 11 ][Section 20 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  Subject to the regulations, a person may require the Commissioner to express his opinion with reference to an executed instrument upon the following questions, namely:

(a) whether it is subject to duty;

(b) to what amount of duty it is subject.

(2)  The Commissioner may require the instrument to be produced to him or a copy thereof to be furnished to him, and also require to be furnished with such evidence as he may deem necessary, in order to show to his satisfaction whether all the facts and circumstances affecting the liability of the instrument to duty or the amount of duty that is payable in respect thereof, are fully and truly set forth therein.

(3)  If the Commissioner is of opinion that the instrument is not subject to duty, it may be stamped with a particular stamp denoting that it is not subject to duty.

(4)  If the Commissioner is of opinion that the instrument is subject to duty, he shall assess the duty that is, in his opinion, payable in respect thereof, and, when the instrument is stamped in accordance with the assessment, it may be stamped with a particular stamp denoting that it is duly stamped.

(5)  An instrument that is stamped with a particular stamp, denoting either that it is not subject to duty or is duly stamped, is admissible in evidence and available for all purposes, notwithstanding any objection relating to duty.

(6)  Notwithstanding the foregoing provisions of this section –

(a) an instrument upon which the duty has been assessed by the Commissioner shall not, if it is unstamped or insufficiently stamped, be stamped otherwise than in accordance with the assessment; and

(b) nothing in this section extends to an instrument that is subject to the payment of ad valorem duty and made as a security for a sum of money without limit, or for the transfer or retransfer of a debenture, or authorizes the stamping after the signing thereof of an instrument that by law cannot be stamped after the signing of the instrument.

21.   Objections to assessments

[Section 21 Inserted by No. 13 of 1954, s. 11 ][Section 21 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 21 Subsection (1) substituted by No. 41 of 1992, s. 9 ]A person who objects to an assessment of duty under this Act may forward to the Commissioner a written statement specifying full details of the grounds of the objection –

(a) within 60 days after the date of the assessment; and

(b) after paying the duty that is so assessed.

(2)  The Commissioner shall, with as little delay as possible, consider and determine an objection that is made to him under this section, and may, as he thinks fit, confirm or modify the assessment in respect of which the objection is made.

(3)  If an assessment is not confirmed by the Commissioner, the amount of the duty to be ultimately retained shall be such amount as may be assessed by the Commissioner and notified in writing to the person by whom the objection was made, and the difference shall be refunded to that person.

(4)  [Section 21 Subsection (4) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 21 Subsection (4) amended by No. 41 of 1992, s. 9 ]If, upon the confirmation or modification of an assessment, the person by whom the objection was made is still dissatisfied, he may, within 30 days after the Commissioner's decision is communicated to him, appeal to a judge as provided by section 22 .

22.   Procedure on appeal to a judge

[Section 22 Inserted by No. 13 of 1954, s. 11 ][Section 22 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ][Section 22 Amended by No. 68 of 1994, s. 3 and Sched. 1 ]

(1)  [Section 22 Subsection (1) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 22 Subsection (1) amended by No. 41 of 1992, s. 10 ]An appeal to a judge under section 21 shall be brought by summons served upon the Commissioner.

(1A)  [Section 22 Subsection (1A) inserted by No. 41 of 1992, s. 10 ]The onus of proof in an appeal lies on the appellant.

(1B)  [Section 22 Subsection (1B) inserted by No. 41 of 1992, s. 10 ]Unless the judge otherwise orders, the grounds of an appeal under section 21 (4) are limited to the grounds specified in an objection made under section 21 (1) .

(1C)  [Section 22 Subsection (1C) inserted by No. 41 of 1992, s. 10 ]If a judge admits grounds of appeal other than those specified in an objection made under section 21 (1) the judge is to adjourn the hearing of the appeal for a period of at least 30 days to enable the Commissioner to consider those grounds.

(1D)  [Section 22 Subsection (1D) inserted by No. 41 of 1992, s. 10 ]After due consideration, the Commissioner may –

(a) confirm the assessment which is the subject of the appeal; or

(b) vary that assessment.

(2)  Upon the hearing of the summons the judge may make an order confirming or varying the assessment, as he may think just, and may make such order with respect to the costs of the appeal as he may think just.

(3)  If the judge considers that the assessment was erroneous, he shall order any excess of duty that may have been paid in accordance with the erroneous assessment, together with any penalty that may have been paid in consequence thereof, to be repaid by the Commissioner to the appellant, and the Commissioner shall repay it accordingly.

23.   

[Section 23 Repealed by No. 55 of 1989, s. 11 ].  .  .  .  .  .  .  .  

24.   Special provision relating to notices of acquisition

[Section 24 Substituted by No. 24 of 1993, s. 3 and Sched. 1 ]

(1)  In this section, acquiring authority, clerk, Crown and notice of acquisition have the same meaning as in the Land Acquisition Act 1993 .

(2)  Before lodging a notice of acquisition with the Recorder of Titles for registration, an acquiring authority other than the Crown must produce to an assessor –

(a) that notice; and

(b) a certificate of valuation issued under section 41 of the Land Valuation Act 1971 specifying the capital value of the land as at the date of gazettal of that notice.

(3)  Where an acquiring authority has paid duty in respect of a notice of acquisition, the authority, within 3 months after all compensation payable in respect of the land to which the notice relates has been finally determined, must provide the Commissioner with a statutory declaration of the clerk of the authority stating the total amount of that compensation.

(4)  If the total amount of compensation referred to in subsection (3) –

(a) exceeds the value of the land upon which the duty referred to in that subsection was paid, the acquiring authority must pay to the Commissioner, or as the Commissioner directs, such additional duty as would have been payable had the land been purchased for a consideration equal to that total amount; or

(b) is less than the value of the land upon which the duty referred to in that subsection was paid, the Commissioner must cause to be refunded to the acquiring authority the difference between the duty paid and the duty that would have been payable had the land been purchased for a consideration equal to that total amount.

25.   Assessment and payment of duty on certain instruments where consideration inadequate

[Section 25 Substituted by No. 48 of 1982, s. 4 ][Section 25 Amended by No. 41 of 1992, s. 11 ]

(1)  [Section 25 Subsection (1) amended by No. 39 of 1985, s. 8 ][Section 25 Subsection (1) amended by No. 55 of 1989, s. 12 ][Section 25 Subsection (1) amended by No. 41 of 1992, s. 11 ]Where the Commissioner is of the opinion that the amount of the consideration shown in –

(a) an agreement for the sale, conveyance, transfer, or exchange of any real property;

(b) an assignment of a purchaser's rights under an agreement referred to in paragraph (a) ; or

(c) any other instrument that effects the conveyance or transfer of, or that otherwise deals with, any real property –

is inadequate with respect to the value of that real property, the Commissioner may –

(d) in the case of an agreement referred to in paragraph (a) , assess the duty payable on the agreement by treating the unencumbered value of the relevant real property as the consideration for the sale, conveyance, transfer, or exchange of that property;

(e) in the case of an assignment referred to in paragraph (b) , assess the duty payable on the assignment by treating the unencumbered value of the relevant real property as the consideration for the assignment of those rights; or

(f) in the case of an instrument referred to in paragraph (c) , assess the duty payable on the instrument by treating the unencumbered value of the relevant real property as the consideration for the conveyance or transfer of, or for the other dealing with, that property.

(1A)  [Section 25 Subsection (1A) inserted by No. 41 of 1992, s. 11 ]For the purposes of subsection (1) , the unencumbered value of the relevant real property is the value calculated by multiplying the capital value of the real property by the last adjustment factor determined before the date of the agreement, assignment or similar instrument relating to that real property.

(1B)  [Section 25 Subsection (1B) substituted by No. 45 of 1994, s. 8 ]If –

(a) the Commissioner is unable to determine the value of real property as provided by subsection (1A) ; or

(b) a party to an agreement, assignment or similar instrument so requests –

the Commissioner may assess the duty payable on the unencumbered value of the relevant real property determined by the Valuer-General as at the date on which the agreement, assignment or other instrument was made.

(2)  [Section 25 Subsection (2) substituted by No. 55 of 1989, s. 12 ]Where, for the purposes of subsection (1B) , the Valuer-General determines the unencumbered value of relevant real property and charges the Commissioner a fee for that determination, the Commissioner may recover that fee from the person who is liable to pay duty in respect of any instrument referred to in this section.

(3)  Where the Commissioner is of the opinion that the amount of the consideration shown in an instrument that effects the transfer of, or that otherwise deals with, any personal property is inadequate with respect to the value of that personal property, the Commissioner may –

(a) in the case of an instrument that effects the transfer of, or that otherwise deals with, any marketable securities, assess the duty payable on the instrument by treating the value of those securities, as determined in accordance with paragraphs (a) to (e) of section 63 , as the consideration for the transfer of, or for the other dealing with, those securities; or

(b) in the case of any other instrument, assess the duty payable on the instrument by treating the market value of the relevant personal property, as determined by a person who is considered by the Commissioner to be competent to value personal property of the kind to which the instrument relates, as the consideration for the transfer of, or for the other dealing with, that property.

(4)  [Section 25 Subsection (4) substituted by No. 41 of 1992, s. 11 ]In this section –

adjustment factor means a factor determined by the Valuer-General by which the capital value of real property is to be multiplied if the adjusted capital value of the land is to accord with the level of value generally prevailing in the area in which the real property is situated;

capital value means the capital value as determined under the Land Valuation Act 1971 .

(5)  [Section 25 Subsection (5) omitted by No. 55 of 1989, s. 12 ].  .  .  .  .  .  .  .  

26.   

[Section 26 Repealed by No. 48 of 1982, s. 5 ].  .  .  .  .  .  .  .  

26A.   

[Section 26A Repealed by No. 48 of 1982, s. 6 ].  .  .  .  .  .  .  .  

26B.   

[Section 26B Repealed by No. 48 of 1982, s. 7 ].  .  .  .  .  .  .  .  

27.   Calculation of amounts included in returns

[Section 27 Inserted by No. 67 of 1968, s. 9 ]

(1)  Where the Commissioner is satisfied that it is not reasonably practicable to calculate precisely any amount which is to be set out in a return or statement to be forwarded by a person to him for the purposes of this Act, he may agree to accept returns or statements from that person in which that amount is calculated in such manner or on such basis as he thinks fit.

(2)  An agreement under this section may be cancelled by notice in writing under the hand of the Commissioner given to that person.

Division 3A - Powers of authorized officers

[Part III, Div. 3A Inserted by No. 55 of 1989, s. 13 ]

27A.   Interpretation: Division 3A

[Section 27A Inserted by No. 55 of 1989, s. 13 ]In this Division, unless the contrary intention appears –

authorized officer means –

(a) an employee within the meaning of the Tasmanian State Service Act 1984 who is authorized in writing by the Commissioner, either generally or in a particular case, to exercise the powers conferred on an authorized officer by this Division; or

(b) a person appointed as an assessor under section 5 (1) ;

books includes any accounts, document, instrument, register or other record of information or accounting however compiled, recorded or stored.

27B.   Powers of Commissioner and authorized officers

[Section 27B Inserted by No. 55 of 1989, s. 13 ]

(1)  The Commissioner or an authorized officer, at any reasonable time and where there are reasonable grounds for suspecting that in or on premises there are books that are relevant to the assessment and payment of duty, may –

(a) enter and remain in or on those premises for a reasonable period; and

(b) inspect any such books.

(2)  [Section 27B Subsection (2) amended by No. 68 of 1994, s. 3 and Sched. 1 ]The Commissioner or an authorized officer in the exercise of the powers referred to in subsection (1) , may require any person –

(a) to produce any books which relate to, or which the Commissioner or authorized officer reasonably suspects relate to, the assessment and payment of duty and which, at the time of the request, are in the possession or under the control of that person; and

(b) to produce a statement, written in the English language, setting out the particulars contained in any of those books that are not written in the English language; and

(c) to answer any question with respect to any of those books or that statement; and

(d) who was party to the compilation of the books to make a statement providing any explanation that the person concerned is able to provide as to any matter relating to the compilation of books or to any matter to which the books relate.

(3)  Where any books are produced under this section, the Commissioner or an authorized officer –

(a) may take and retain possession of the books for such period as is necessary to enable the books to be inspected and copies of, or extracts from, the books to be made or taken by or on behalf of the Commissioner; and

(b) while those books are in their possession, shall permit a person who would be entitled to inspect the books if they were not in their possession, to inspect the books at any reasonable time.

(4)  [Section 27B Subsection (4) amended by No. 68 of 1994, s. 3 and Sched. 1 ]Where a person takes and retains possession of any books under this section, that person shall give a receipt with respect to the books to the person from whom they were so taken.

(5)  Where a person has a lien on any books to which this section applies, nothing done under this section in relation to the books prejudices the lien.

(6)  It is not lawful for an authorized officer to enter or remain in or on any premises without producing, when requested to do so by a person apparently in charge of those premises, an authority in writing by the Commissioner stating that the authorized officer is authorized to enter and remain in those premises.

27C.   Power to impound instruments

[Section 27C Inserted by No. 55 of 1989, s. 13 ]

(1)  Where an instrument that is required to be stamped under this Act is produced to an authorized officer for the purposes of inspection under section 27B or an assessment or reassessment under this Act and the instrument is not stamped or is insufficiently stamped, the authorized officer may impound the instrument and deliver it to the Commissioner.

(2)  The Commissioner –

(a) may retain any instrument produced under section 27B or lawfully in the Commissioner's possession that is chargeable with duty and is not stamped or is insufficiently stamped until it is stamped or sufficiently stamped; and

(b) while an instrument is in the possession of the Commissioner, shall permit a person who would be entitled to inspect the instrument if it were not in the possession of the Commissioner to inspect it at any reasonable time.

(3)  Where an instrument has been retained under subsection (2) , the Commissioner may require the person by whom the duty on the instrument was payable to have it stamped or sufficiently stamped in accordance with section 15 within such period of not less than 15 days as the Commissioner may specify.

(4)  Where a person fails or neglects to comply with a requirement under subsection (3) , the unpaid duty, together with any penalty payable under section 15 , is recoverable from that person in accordance with section 32 .

(5)  Upon payment of duty and penalty under subsection (4) , the instrument shall be stamped or sufficiently stamped.

(6)  Where an authorized officer impounds an instrument under subsection (1) , the authorized officer shall give a receipt with respect to that matter to the person from whom it was so impounded.

27D.   Evidence

[Section 27D Inserted by No. 55 of 1989, s. 13 ]

(1)  A certificate purporting to be signed by the Commissioner certifying any or all of the following matters:

(a) that a person specified in the certificate was an authorized officer at a time or during a period so specified;

(b) that any specified assessment or reassessment of duty has been made in accordance with this Act;

(c) that the amount of any specified duty payable under this Act has not been paid on the date on which it was due to be paid and, where appropriate, that the duty had not been paid at the time when the certificate was issued;

(d) that a person specified in the certificate is liable to pay a specified duty in respect of a specified period;

(e) that an application was or was not received from or on behalf of a specified person;

(f) that a person specified in the certificate was required to furnish specified information and failed or neglected to do so –

is admissible in any proceedings under this Act and is evidence of the matters so certified.

(2)  The production of a document signed by the Commissioner purporting to be a copy of or extract from any notice of assessment or reassessment, document, instrument, return, statement or licence is evidence, where applicable –

(a) that an assessment or reassessment was made; and

(b) that the notice of assessment or reassessment, document, instrument, return, statement or licence was issued by the Commissioner; and

(c) of the matters specified in the notice of assessment or reassessment, document, instrument, return, statement or licence –

and is admissible in any proceedings under this Act without production of the original.

27E.   Offences

[Section 27E Inserted by No. 55 of 1989, s. 13 ]

(1)  Any person who –

(a) prevents, obstructs or hinders or attempts to prevent, obstruct or hinder the Commissioner or an authorized officer from exercising any power conferred under this Division; or

(b) fails to provide reasonable assistance to the Commissioner or an authorized officer in the exercise of any such power; or

(c) fails to comply with a requirement made under section 27B (2) –

is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units, and, in the case of an offence under paragraph (c) , to an additional fine not exceeding 5 penalty units for every day during which the offence continues.

(2)  A person is not guilty of an offence under subsection (1) (c) by reason of failing to answer any question referred to in section 27B (2) (c) if that person proves to the satisfaction of the court that he or she did not know, and could not with reasonable diligence have ascertained, the answer to the question.

(3)  A person is not excused from answering any question if required to do so under section 27B (2) (c) on the ground that the answer might tend to incriminate that person or make that person liable to a penalty, but the information provided shall not be admissible against that person in any civil or criminal proceedings except in proceedings for an offence under section 76 .

Division 4 - [Part III, Div. 4 Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ]Enforcement and recovery of duty

28.   Instruments inadmissible in evidence unless stamped

[Section 28 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 28 Subsection (1) amended by 25 Geo. V No. 78 ]No instrument shall be admissible or receivable in evidence in any court, or by any tribunal or person having by law or by consent of parties authority to receive and examine evidence, unless it is stamped as required by this Act, except in the case of proceedings in respect of an indictable offence or in any proceeding in respect of an offence against this Act in relation to such instrument.

(2)  [Section 28 Subsection (2) inserted by No. 41 of 1992, s. 12 ] Subsection (1) does not apply to an instrument produced on behalf of a person who is not liable to pay duty in respect of that instrument if there is evidence that –

(a) a copy of the instrument was lodged with the Commissioner; and

(b) the Commissioner was advised of the name of the person who is liable to pay the duty in respect of that instrument.

(3)  .  .  .  .  .  .  .  .  

29.   Unstamped instruments not to be registered, &c.

[Section 29 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]No instrument in respect of which duty is payable shall be registered, recorded, enrolled, or accepted for any purpose by any public officer unless the same is stamped.

30.   Instruments to show true consideration

[Section 30 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 30 Subsection (1) amended by 25 Geo. V No. 78 ]Every instrument in respect of which duty is imposed by this Act, according to the amount of the purchase-money or other consideration for or in respect of which such instrument is executed or made, shall have set forth therein, in words, the full and true amount and nature of such consideration, whether the same is payable or receivable directly or indirectly or presently or at some future time or has been paid or received at the time of the making of such instrument.

(2)  [Section 30 Subsection (2) amended by 24 Geo. V No. 39, s. 2 ]Where the consideration for the making of any conveyance or sale consists wholly or in part of money payable periodically during any life or lives, duty shall be assessed in respect thereof upon the greatest amount of such payments which could become payable within a period of 12 years after the date of the instrument.

(3)  Where the whole or any part of such consideration as aforesaid comprises a debt due to the person to whom any property passes under the instrument or consists of the payment or transfer, either certain or contingent, of any money or stock, whether or not the same constitutes a charge or encumbrance upon such property, the whole of such debt, money, or stock shall be chargeable with duty under this Act.

31.   Purchaser entitled to recover undisclosed purchase-money, &c.

[Section 31 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  If in any instrument chargeable with ad valorem duty the true consideration is not expressed as required by this Act, the person in whose favour such instrument is made may recover from the maker of such instrument the amount or value of the consideration passing from him to or for such maker less such amount, if any, as is expressed in such instrument as the consideration therefor.

(2)  Any amount recoverable as aforesaid may be recovered by action for money had and received to the use of the person entitled to recover the same or upon an action of debt in the Supreme Court.

32.   Recovery of duties and penalties

[Section 32 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 32 Subsection (1) amended by No. 13 of 1954, s. 15 and Sched. 2 ]All duties payable under, and all penalties imposed by, this Act shall constitute debts due to the Crown, and the same may be recovered summarily or in any court of competent jurisdiction by the Commissioner or by an officer appointed by the Treasurer.

(2)  [Section 32 Subsection (2) inserted by No. 45 of 1961, s. 4 ]The court before which a person is convicted of an offence under this Act involving his failure to pay duty payable under this Act may order payment of –

(a) any duty payable and unpaid; and

(b) the amount of the penalty that would be payable if the relevant instrument were to be stamped or sufficiently stamped under section 15 –

on the date of the conviction.

(3)  [Section 32 Subsection (3) added by No. 45 of 1961, s. 4 ]On the satisfaction of a judgment or order under this section the instrument giving rise to it shall be stamped to denote the duty and penalty paid.

(4)  [Section 32 Subsection (4), formerly (5) added by No. 3 of 1967, s. 9 ]Nothing in this section affects the operation of the provisions of section 76 (7) to (9) .

PART IV - [Part IV Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ]Special Provisions

Division 1 - Duty on relevant acquisitions in land-holding corporations and unit trusts

[Part IV, Div. 1 Substituted by No. 55 of 1989, s. 14 ]

33.   Interpretation: Division 1 of Part IV

[Section 33 Substituted by No. 55 of 1989, s. 14 ]

(1)  In this Division, unless the contrary intention appears –

acquire, in relation to an interest in a corporation, includes acquire an interest by virtue of –

(a) the allotment or issue of any share which is not the initial allotment of shares to a subscriber to a memorandum of the corporation; or

(b) the redemption, surrender or cancellation of any share by the corporation or by any other person; or

(c) the variation, abrogation or alteration of a right pertaining to any share –

but does not include an acquisition –

(d) that occurs solely as the result of –

(i) the appointment of a receiver or trustee in bankruptcy; or

(ii) the appointment of a liquidator; or

(iii) the making of a compromise or arrangement under Part VIII of the Companies (Tasmania) Code which has been approved by the court; or

(iv) the distribution of the estate of a deceased person; or

(v) an arrangement to obtain finance (whether by renewal or otherwise); or

(vi) an arrangement to obtain an extension of the period for which finance was obtained under an earlier arrangement; or

(vii) an arrangement to enforce or terminate an arrangement for the provision of finance;

associated person, in relation to a corporation, means, subject to subsection (2) –

(a) a related corporation; or

(b) a related person; or

(c) a director or secretary of the corporation or a related corporation; or

(d) a person who is entitled to any shareholding in the corporation or a related corporation; or

(e) a relative of any person referred to in paragraph (b) , (c) or (d) ; or

(f) a corporation in which the corporation or any person referred to in paragraph (c) , (d) or (e) is entitled to any shareholding –

but excludes a person to whom subsection (2) applies;

corporation has the same meaning as in the Companies (Tasmania) Code ;

director has the same meaning as in the Companies (Tasmania) Code ;

discretionary trust means a trust under which the vesting of the whole or any part of the capital of the trust property, or the whole or any part of the income from that capital, or both –

(a) is required to be determined by a person either in respect of the identity of the beneficiaries, or the quantum of interest to be taken, or both; or

(b) will occur in the event that a discretion conferred under the trust is not exercised –

but does not include a trust that is solely a charitable trust;

entitled means beneficially entitled;

further interest, in relation to a corporation, means an interest in the corporation which is in addition to a majority interest in the corporation;

interest, in relation to a corporation, means a shareholding in the corporation that entitles the holder to participate (otherwise than as a creditor or other person to whom the corporation is liable) in the distribution of the property of the corporation on the winding up of the corporation and includes a majority interest and a further interest;

land-holding corporation means a corporation as described in section 35 ;

majority interest, in relation to a corporation, means a shareholding in the corporation that entitles the holder to participate (otherwise than as a creditor or other person to whom the corporation is liable) in the distribution of the property of the corporation on the winding up of the corporation to an extent greater than 50 per cent of the value of property distributable to all the shareholders in the corporation;

majority shareholder, in relation to a corporation, means a person who has a substantial shareholding in the corporation in accordance with section 136 of the Companies (Tasmania) Code as if the reference in that section to the prescribed percentage were a reference to 50 per cent;

private unit trust scheme means a unit trust scheme if, at the time of the acquisition of a unit, the deed relating to the scheme –

(a) has not been approved for the purposes of Division 6 of Part IV of the Companies (Tasmania) Code or the corresponding provisions of the law in force in another State or Territory; or

(b) has been so approved but –

(i) no units have been issued to the public; or

(ii) fewer than 50 persons are beneficially entitled to units under the scheme; or

(iii) 20 or fewer persons are beneficially entitled to 75 per cent or more of the total issued units under the scheme;

related corporation means a related corporation within the meaning of section 7 (5) of the Companies (Tasmania) Code ;

related persons means, subject to subsection (3) –

(a) natural persons who are spouses of each other or between whom the relationship is that of parent and child; and

(b) related corporations; and

(c) a trustee and another trustee if there is any beneficiary common to the trusts of which they are trustees, whether the beneficiary has a vested share or is contingently entitled or may benefit from a discretionary trust; and

(d) a natural person and a corporation if the natural person is a majority shareholder, director or secretary of the corporation or a related corporation; and

(e) a natural person and a trustee if the natural person is a beneficiary under the trust of which the trustee is a trustee, whether the person has a vested share or is contingently entitled or may benefit from a discretionary trust; and

(f) a corporation and a trustee if –

(i) the corporation, a majority shareholder, director or secretary of the corporation is a beneficiary of the trust of which the trustee is a trustee; or

(ii) a related corporation to the corporation is a beneficiary of the trust of which the trustee is a trustee –

whether any such beneficiary has a vested share or is contingently entitled or may benefit from a discretionary trust; and

(g) persons who acquire interests in a land-holding corporation by virtue of acquisitions that together form or arise from substantially one transaction or one series of transactions;

relative of a person means –

(a) a child or remoter lineal descendant of the person or the spouse of the person; and

(b) a parent or remoter lineal ancestor of the person or the spouse of the person; and

(c) a brother or a sister of the person or the spouse of the person; and

(d) the spouse of the person and a spouse of any person referred to in paragraph (a) , (b) or (c) ;

relevant acquisition means an acquisition as described in section 36 ;

share means a share in the share capital of a land-holding corporation and includes stock and an interest in a share or stock and shareholding has a corresponding meaning;

spouse includes a de facto spouse;

subsidiary means –

(a) a subsidiary corporation within the meaning of section 7 of the Companies (Tasmania) Code ; or

(b) the trustee of any trust if the corporation or a subsidiary corporation of the corporation –

(i) is entitled to a share or interest in the trust, whether vested or contingent; or

(ii) in the case of a discretionary trust, may benefit from that trust –

and, at the time of the relevant acquisition, the corporation or subsidiary corporation is entitled to more than 50 per cent of the value of the property held by the trustee as trustee of the trust (being the value determined on the basis of a distribution of the property at that time); or

(c) any other corporation, if the trustee of a trust to which paragraph (b) applies in which the corporation or a subsidiary corporation –

(i) is entitled to a share or interest, whether vested or contingent; or

(ii) in the case of a discretionary trust, may benefit from that trust –

is entitled to participate (otherwise than as a creditor or other person to whom the other corporation is liable) in a distribution of the property of the other corporation on the winding up of the corporation to an extent greater than 50 per cent of the value of the property distributable to all the shareholders in the other corporation; or

(d) any other corporation or the trustee of any other trust that is a subsidiary of a corporation that is a subsidiary of another corporation;

unit means any right or interest of a beneficiary under a unit trust scheme, and includes an interest in a unit;

unit trustee means a trustee of a private unit trust scheme.

(2)  In relation to a loan of money by a corporation or subsidiary, a person is not an associated person in relation to the corporation if the Commissioner is satisfied that the money was not lent to the person for the purpose of defeating the object of this Division.

(3)  In relation to an acquisition of an interest in a corporation, persons are not related persons if the Commissioner is satisfied that the persons were not acting in concert in relation to that acquisition.

(4)  For the purpose of determining the number of persons beneficially entitled to units in a private unit trust scheme, the following units are deemed to be held by one person:

(a) units to which –

(i) a land-holding corporation is entitled; or

(ii) a person who is entitled to more than 50 per cent of the issued share capital of the corporation is entitled; or

(iii) a related corporation is entitled; and

(b) units to which –

(i) a trustee of a trust (including a unit trust scheme) is entitled; or

(ii) if the trust is a discretionary trust, a person who has an entitlement on the distribution of that trust is entitled; or

(iii) a person whose share or interest in the trust, whether vested or contingent, constitutes more than 50 per cent of the trust property or of the issued units in the trust is entitled.

(5)  This Division applies to a private unit trust scheme as if –

(a) the private unit trust scheme were a corporation; and

(b) a unit in a private unit trust scheme were a share in the corporation; and

(c) the acquisition of units in a private unit trust scheme were the acquisition of shares in the corporation; and

(d) a reference to the memorandum and articles of association of a corporation were a reference to the constituent documents of a private unit trust scheme; and

(e) a reference to a winding up of a corporation were a reference to a termination of a private unit trust scheme.

34.   Entitlement on distribution of property of a corporation or trust

[Section 34 Substituted by No. 55 of 1989, s. 14 ]

(1)  Subject to subsections (2) , (3) and (4) , the entitlement of a person to participate (otherwise than as a creditor or other person to whom the corporation is liable) in the distribution of the property of the corporation on a winding up of the corporation shall be determined as if the winding up were carried out in accordance with the memorandum and articles of association of the corporation and any law relevant to the winding up.

(2)  Where the Commissioner is of the opinion that, in order to defeat the purposes of this Division –

(a) the memorandum or articles of association for a corporation have been or may be altered; or

(b) the rights conferred by shares in the corporation have been or may be varied; or

(c) shares in the corporation have been or may be substituted or replaced with other shares in the corporation –

the entitlement of a person pursuant to this section shall be determined in accordance with subsection (3) or (4) .

(3)  Where any of the actions or events referred to in subsection (2) have occurred, the entitlement of a person under this section shall be determined –

(a) as if the action or event did not occur; and

(b) as if the person had, immediately prior to the winding up, exercised all powers and discretions exercisable by the person by reason of having acquired an interest in the corporation in such manner as to maximize that amount –

(i) to effect or compel an alteration to the memorandum or articles of association; or

(ii) to vary the rights conferred by shares in the corporation; or

(iii) to effect or compel the substitution or replacement of shares in the corporation with other shares in the corporation.

(4)  Where the Commissioner is of the opinion that any of the actions or events referred to in subsection (2) may occur, the entitlement of a person under this section shall be determined as if the person had, immediately prior to the winding up, exercised all powers and discretions exercisable by the person by reason of having acquired an interest in the corporation in such manner as to maximize that amount –

(a) to effect or compel an alteration to the memorandum or articles of association; or

(b) to vary the rights conferred by shares in the corporation; or

(c) to effect or compel the substitution or replacement of shares in the corporation with other shares in the corporation.

(5)  The entitlement of a person on the distribution of a trust is the greatest entitlement that the person could derive at any time from the trust whether by the fulfilment of any condition, the outcome of any contingency or the exercise of any power or discretion or otherwise.

(6)  For the purpose of subsection (5) , a person who may benefit from, or the trust property of another trust that may comprise or be augmented by a benefit from, a discretionary trust is entitled to –

(a) the property subject to the discretionary trust unless the Commissioner determines otherwise; or

(b) such part of that property as the Commissioner determines.

35.   Land-holding corporations

[Section 35 Substituted by No. 55 of 1989, s. 14 ]

(1)  In this Division, a reference to a land-holding corporation is a reference to a corporation –

(a) whose shares in the capital of which are not listed on a recognized stock exchange within the meaning of the Securities Industry (Tasmania) Code ; and

(b) which, at the date of a relevant acquisition, it and any of its subsidiaries –

(i) are together entitled to real property in Tasmania and the unencumbered value of the real property is not less than $1 000 000; and

(ii) the value of all real property to which the corporation and any of its subsidiaries are entitled, whether in Tasmania or elsewhere, is 80 per cent or more of the value of all property to which they are entitled excluding property referred to in subsection (2) .

(2)  The following property of a land-holding corporation or of any of its subsidiaries is not included for the purpose of calculating the value of property under subsection (1) (b) :

(a) cash or money in an account at call;

(b) negotiable instruments, and money on deposit with any person;

(c) money lent by the corporation or a subsidiary to –

(i) an associated person; or

(ii) any person at call or in terms that require or allow full repayment to the company within 12 months after the money is lent;

(d) any share or interest in a subsidiary;

(e) any prescribed property unless it is shown to the Commissioner's satisfaction that a reason for the corporation's ownership is not for the purpose of defeating the object of this Division.

(3)  A corporation is entitled to real property or property at the date of a relevant acquisition to the extent that a subsidiary is entitled to that real property or property.

36.   Relevant acquisitions

[Section 36 Substituted by No. 55 of 1989, s. 14 ]

(1)  A relevant acquisition by a person or a person and a related person is an acquisition occurring on or after 1st January 1990 –

(a) of an interest that alone constitutes a majority interest in a land-holding corporation; or

(b) of an interest that together with any other acquisitions of interests in the corporation during the 3 years immediately preceding the day on which the acquisition occurs, constitutes a majority interest in the corporation, whether or not those other acquisitions occurred –

(i) before 1st January 1990; or

(ii) at a time when the corporation was not a land-holding corporation; or

(c) of a further interest in the corporation by a person or a person and a related person who already has a majority interest in that corporation.

(2)  For the purposes of subsection (1) (b) , where a person who acquires an interest in a land-holding corporation –

(a) becomes entitled to a right to acquire a further shareholding in the corporation within a period of 3 years of that acquisition; and

(b) exercises that right –

that person is deemed to acquire that further shareholding within that period notwithstanding that the right is exercised after the expiration of that period.

(3)  Where the acquisition of an interest in a land-holding corporation is evidenced by a transfer of shares, the acquisition is deemed to occur on the date on which it is first executed.

37.   Lodgment of returns relating to relevant acquisitions

[Section 37 Substituted by No. 55 of 1989, s. 14 ]

(1)  Where a person acquires a relevant acquisition, that person shall lodge with the Commissioner a return in respect of that acquisition.

(2)  Where a person and a related person acquire a relevant acquisition, one of those persons shall lodge with the Commissioner a return in respect of that acquisition.

(3)  A return referred to in subsections (1) and (2) shall be –

(a) in a form approved by the Commissioner; and

(b) lodged within 30 days after the occurrence of the relevant acquisition.

(4)  A return lodged under this section is deemed to be an instrument executed on the day on which the relevant acquisition occurs.

38.   Duty chargeable on returns

[Section 38 Substituted by No. 55 of 1989, s. 14 ]

(1)  Subject to subsection (5) , a return lodged under section 37 is chargeable with duty as provided by this section.

(2)  If a person acquires, or a person and a related person acquire, a relevant acquisition in a land-holding corporation and at the date of that acquisition the real property to which it is entitled under section 39 (3) does not exceed $1·5m, the duty chargeable on the return shall be calculated in accordance with the following formula:

where –

A is the value of the real property in Tasmania to which the corporation is entitled as provided in section 39 (3) at the time of the relevant acquisition; and

B is the duty calculated under item 7 (a) of Schedule 2 on the dutiable value determined under section 39 (1) ; and

C is the duty calculated under item 36 (a) of Schedule 2 on the value of the shares comprised in the relevant acquisition had the acquisition been effected by an instrument chargeable under that item.

(3)  If a person acquires, or a person and a related person acquire, a relevant acquisition in a land-holding corporation and at the date of that acquisition the value of the real property to which it is entitled under section 39 (3) exceeds $1·5m, the duty chargeable on the return shall be calculated on the dutiable value of the relevant acquisition determined under section 39 (1) at the rate provided under item 7 (a) of Schedule 2 .

(4)  There shall be deducted from the duty chargeable on a return, any duty paid under item 36 (a) of Schedule 2 in respect of any instrument effecting or evidencing the acquisition of any interest, except any duty previously deducted under this subsection in respect of a return previously lodged under section 37 .

(5)  [Section 38 Subsection (5) amended by No. 17 of 1996, Applied:22 May 1998] Where a person who is exempted from the payment of duty under item 7 of Schedule 3 or from all duties under Schedule 2 acquires a relevant acquisition, a return lodged under section 37 , in respect of that acquisition is not chargeable with duty under this section.

(6)  [Section 38 Subsection (6) inserted by No. 82 of 1995, s. 18 ]If a person is entitled to an exemption or partial exemption under paragraph (cb) of item 36 of Schedule 3 the duty otherwise chargeable under this Division is to be reduced by the amount of duty attributable to the farming property.

39.   Dutiable value of relevant acquisitions

[Section 39 Substituted by No. 55 of 1989, s. 14 ]

(1)  The dutiable value of a relevant acquisition is calculated in accordance with the following formula:

(a) where it is a relevant acquisition within the meaning of section 36 (1) (a) –

(b) where it is a relevant acquisition within the meaning of section 36 (1) (b) and that relevant acquisition was acquired on or before 1st January 1993 –

(c) where it is a relevant acquisition within the meaning of section 36 (1) (b) and that relevant acquisition was acquired after 1st January 1993 –

(d) where it is a relevant acquisition within the meaning of section 36 (1) (c) –

where –

D is the dutiable value of the relevant acquisition; and

P is the proportion of the property of the land-holding corporation which the person would be entitled under subsection (2) after the relevant acquisition; and

R is the unencumbered value of the real property in Tasmania to which the land-holding corporation is entitled at the date of the acquisition under subsection (3) ; and

G is the proportion of the property of the land-holding corporation which the person would be entitled under subsection (2) at 1st January 1990; and

H is the proportion of the property of the land-holding corporation which the person would be entitled under subsection (2) immediately before the relevant acquisition.

(2)  The proportion of the property of a land-holding corporation that a person is, or a person and a related person are, entitled to is the same proportion as they would be entitled to if the corporation were wound up.

(3)  The unencumbered value of the real property in Tasmania to which a land-holding corporation is entitled at any time is the sum of –

(a) the unencumbered value of the real property to which the corporation is entitled; and

(b) the amount to which the land-holding corporation would be entitled in respect of the unencumbered value at that time of real property to which the subsidiary is, or all subsidiaries are, entitled, if the property of a subsidiary or of all subsidiaries in the chain of relationships were to be distributed at that time, without having regard to any liabilities.

40.   Valuation of real property

[Section 40 Substituted by No. 55 of 1989, s. 14 ]

(1)  The Commissioner may –

(a) require a person who is required to lodge a return under section 37 to furnish evidence concerning the unencumbered value of any real property; and

(b) assess duty in accordance with the evidence of value referred to in paragraph (a) .

(2)  Where the Commissioner is not satisfied with the evidence of value furnished under subsection (1) , the Commissioner may assess the duty chargeable on the basis of a valuation made at the request of the Commissioner by the Valuer-General or a person authorized by the Valuer-General for that purpose.

(3)  Where a valuation is made pursuant to subsection (2) and the Commissioner is charged with a fee for that valuation, the Commissioner may recover that fee from a person referred to in subsection (1) (a) .

41.   Liability for duty

[Section 41 Substituted by No. 55 of 1989, s. 14 ]

(1)  Where a return is required to be lodged under section 37 (1) –

(a) the person who is required to lodge the return; and

(b) the land-holding corporation in which the interest is acquired –

are jointly and severally liable for the duty chargeable and any penalty payable in respect of that return.

(2)  Where a return is required to be lodged under section 37 (2) –

(a) the person and any related person acquiring the relevant acquisition in respect of which the return is required to be lodged; and

(b) the land-holding corporation in which the interest is acquired –

are jointly and severally liable for any duty chargeable and any penalty payable in respect of that return.

(3)  Any person who has paid any duty or penalty in respect of a return is entitled to recover from any other person who is jointly or severally liable, other than the land-holding corporation, a proper proportion of the amount paid.

42.   

[Section 42 Repealed by No. 55 of 1989, s. 14 ].  .  .  .  .  .  .  .  

43.   

[Section 43 Repealed by No. 55 of 1989, s. 14 ].  .  .  .  .  .  .  .  

44.   

[Section 44 Repealed by No. 55 of 1989, s. 14 ].  .  .  .  .  .  .  .  

45.   

[Section 45 Repealed by No. 55 of 1989, s. 14 ].  .  .  .  .  .  .  .  

46.   

[Section 46 Repealed by No. 55 of 1989, s. 14 ].  .  .  .  .  .  .  .  

Division 2 - [Part IV, Div. 2 Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ]Insurance

47.   

[Section 47 Repealed by No. 111 of 1986, s. 14 ].  .  .  .  .  .  .  .  

47A.   Duty on policies of insurance payable in certain cases by insured

[Section 47A Inserted by No. 39 of 1985, s. 9 ]Where the insurer of a policy of insurance is not bound to pay duty payable in respect of that policy and does not pay such duty, the duty on that policy is payable by the insured.

48.   Duty to be paid on returns where policy issued outside State

[Section 48 Inserted by No. 51 of 1968, s. 4 ][Section 48 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 48 Subsection (1) substituted by No. 41 of 1992, s. 13 ]A person resident in this State to whom a policy of insurance or a renewal of a policy of insurance is issued outside the State in respect of an event that may happen in this State is to lodge a return in a form approved by the Commissioner in respect of that insurance within one month of effecting that insurance.

(2)  In this section insurance in respect of an event that may happen in this State does not include insurance –

(a) upon the property of the Crown;

(b) against loss by fire on the tools, implements of work or labour used by any working mechanic, artificer, handicraftsman, or labourer, if such insurance is effected by a separate policy in a distinct sum; or

(c) the policy for which, if effected in this State, would be exempt under Schedule 3 .

(3)  Every such return shall be liable to the same duty as would have been chargeable if the insurance to which it relates had been effected under a policy of insurance issued in this State.

(4)  [Section 48 Subsection (4) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 48 Subsection (4) amended by No. 111 of 1986, s. 5 ]The person primarily liable for payment of the duty is the person who effected the insurance, and the duty is payable upon lodgment of the return or within such further time as the Commissioner may allow, but, where the policy or renewal has, before the expiration of the relevant period specified in subsection (1) for the furnishing of the return or, where the Commissioner has allowed further time, before the expiration of that further time, been received in this State and duly stamped under section 12A , no duty is payable under this section.

(5)  [Section 48 Subsection (5) amended by No. 43 of 1991, s. 5 and Sched. 1 ][Section 48 Subsection (5) amended by No. 41 of 1992, s. 13 ]A person resident in this State who effects insurance of the nature referred to in subsection (1) and who –

(a) neglects or fails to furnish a return as required by that subsection; or

(b) accepts payment of, or agrees to have allowed to him in account, any money upon or in respect of any insurance for which a return is required by that subsection has not been furnished –

is liable to a fine not exceeding 30 penalty units and, in addition to that fine, is liable to pay an amount equivalent to the duty which would have been payable had the return been furnished.

(6)  [Section 48 Subsection (6) amended by No. 43 of 1991, s. 5 and Sched. 1 ]Any person who furnishes a return pursuant to subsection (1) which is false or misleading is liable to a fine not exceeding 50 penalty units and, in addition to that fine, is liable to pay an amount equivalent to the duty evaded.

(7)  [Section 48 Subsection (7) amended by No. 9 of 1982, s. 7 and Sched. 10 ]For the purposes of this section person resident in this State and person, in the case of a company, include –

(a) a company which is registered under any of the provisions of the Companies (Tasmania) Code , whether incorporated in this State or not; and

(b) a company which carries on business in this State.

(8)  Subsection (7) shall not be construed as limiting the construction of any provision of this Act.

49.   Returns to be made in respect of certain insurances

[Section 49 Inserted by No. 51 of 1968, s. 4 ][Section 49 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 49 Subsection (1) substituted by No. 41 of 1992, s. 14 ]A person who –

(a) issues a policy of insurance or a renewal of a policy of insurance to any person resident in this State in respect of an event that may happen in this State; or

(b) arranges for a policy of insurance or a renewal of a policy of insurance to be issued to any person resident in this State in respect of an event that may happen in this State –

is to lodge a return in a form and manner approved by the Commissioner in respect of that insurance on or before the last day of the month following the month in which the insurance was effected.

(2)  .  .  .  .  .  .  .  .  

(3)  In this section insurance in respect of an event which may happen in this State does not include insurance –

(a) upon the property of the Crown;

(b) against loss by fire on the tools, implements of work or labour used by any working mechanic, artificer, handicraftsman, or labourer, if such insurance is effected by a separate policy in a distinct sum; or

(c) the policy for which, if effected in this State, would be exempt from duty under Schedule 3 .

(4)  [Section 49 Subsection (4) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 49 Subsection (4) amended by No. 41 of 1992, s. 14 ]Any person resident in this State shall, when required by the Commissioner by notice in writing, furnish to the Commissioner written particulars of any insurance of the nature referred to in section 48 (1) within the time specified in the notice.

(5)  [Section 49 Subsection (5) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person who neglects or fails to furnish a return or written particulars, as the case may be, in accordance with this section or who furnishes any return or written particulars, as the case may be, which is false or misleading is liable to a fine not exceeding 50 penalty units.

(6)  [Section 49 Subsection (6) amended by No. 67 of 1968, s. 5 and Sched. 4 ]Any return and any written particulars furnished under this section is admissible in evidence in any proceedings under section 48 or section 50 and shall be prima facie evidence of the facts stated therein.

(7)  [Section 49 Subsection (7) amended by No. 9 of 1982, s. 7 and Sched. 10 ]For the purposes of this section person resident in this State and person, in the case of a company, include –

(a) a company which is registered under any of the provisions of the Companies (Tasmania) Code whether incorporated in this State or not; and

(b) a company which carries on business in this State.

(8)  Subsection (7) shall not be construed as limiting the construction of any provision of this Act.

50.   Stamping of foreign policies

[Section 50 Inserted by No. 51 of 1968, s. 4 ][Section 50 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  Every policy of insurance, and every renewal of any such policy, issued out of and received in this State shall be liable to the same duty as is chargeable on a policy issued in this State.

(2)  Every such policy of insurance shall be stamped by the holder thereof with such duty within one month after it is first received in this State.

(3)  [Section 50 Subsection (3) amended by No. 43 of 1991, s. 5 and Sched. 1 ]Every person who has in his possession or control, or who for any purpose avails himself of any such policy of insurance which is not duly stamped in accordance with this section is liable to a fine not exceeding 10 penalty units and is also liable, in addition to that fine, to pay an amount equivalent to the duty which would have been payable had the policy been duly stamped.

(4)  [Section 50 Subsection (4) amended by No. 67 of 1968, s. 5 and Sched. 4 ]Where duty has been paid under section 48 upon a return furnished under subsection (1) of that section and the policy of insurance, or renewal of any such policy, in respect of the insurance to which the return relates is thereafter received in this State, the duty so paid shall be allowed as a set-off against any duty payable pursuant to this section.

51.   Policies of marine insurance in sets

[Section 51 Inserted by No. 51 of 1968, s. 4 ][Section 51 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  Any number of policies of marine insurance forming part of one set or series according to the custom of insurers shall be held to be one such policy for the purposes of this Act if one of the number is duly stamped.

(2)  Upon proof of the loss or destruction of a duly stamped policy of marine insurance forming one of a set or series any other policy of the set may, although unstamped, be admitted in evidence to prove the contents of the lost or destroyed policy.

52.   Provisions relating to the payment of duty on policies of life assurance

[Section 52 Inserted by No. 50 of 1965, s. 4 ][Section 52 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 52 Subsection (1) amended by No. 55 of 1965, s. 5 ][Section 52 Subsection (1) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person who –

(a) receives or takes credit for a premium or consideration for a contract of life assurance, and does not, within 3 months after receiving or taking credit for the premium or consideration, make out and execute a duly stamped policy of insurance; or

(b) makes, executes, or delivers out, or pays or allows in account or agrees to pay or allow in account any money upon or in respect of, a policy of life assurance that is not duly stamped –

is guilty of an offence.

Penalty:  Fine not exceeding 30 penalty units.

(2)  A person who in consideration of any premium, sum of money, or other valuable consideration paid, furnished, or provided by a person in this State, makes or enters into a contract of life assurance for or on behalf of an insurer outside this State shall forthwith issue to any person for whose benefit the assurance is to operate in this State a note or memorandum of the transaction in the prescribed form stamped with a duty that would be chargeable thereon if it were a policy of life assurance, and any policy subsequently issued for that consideration shall be deemed to be exempt from stamp duty if a duly stamped note or memorandum of the transaction has been issued as provided in this subsection.

(3)  [Section 52 Subsection (3) amended by No. 55 of 1965, s. 5 ][Section 52 Subsection (3) amended by No. 43 of 1991, s. 5 and Sched. 1 ]Where a policy of life assurance or any document stampable as such is issued outside this State, it shall be stamped with the prescribed duty within 10 days after it is received in this State, and a person who has or keeps in his possession, or avails himself of, any such policy or document that is not so stamped is guilty of an offence.

Penalty:  Fine not exceeding 30 penalty units.

(4)  In determining the sum insured by a policy of life assurance any additional amount payable under the policy in the event of the insured dying as the result of an accident shall be disregarded.

53.   Assignment of life policies

[Section 53 Inserted by No. 51 of 1968, s. 3 ][Section 53 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ][Section 53 Amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person registering or recording an assignment or transfer of a policy of life assurance before it has been duly stamped is liable to a fine not exceeding 30 penalty units.

Division 3 - Certain credit transactions

[Part IV, Div. 3 Substituted by No. 67 of 1986, s. 8 ]

54.   Preparation of original instruments

[Section 54 Substituted by No. 67 of 1986, s. 8 ]

(1)  [Section 54 Subsection (1) amended by No. 94 of 1987, s. 9 ]A person who is –

(a) the owner under a hire-purchase agreement;

(b) the vendor under a credit purchase agreement; or

(c) the lender under a credit arrangement –

(d) .  .  .  .  .  .  .  .  

shall, at or before the time of the making of such an agreement or arrangement, prepare an original instrument in respect of that agreement or arrangement.

(2)  [Section 54 Subsection (2) amended by No. 94 of 1987, s. 9 ]An original instrument prepared pursuant to subsection (1) shall –

(a) state the full names and addresses of the parties to the instrument;

(b) contain a description of the goods to which the instrument relates;

(c) state the date on which the instrument is executed;

(ca) state the term for which the instrument is to have effect;

(d) contain such other particulars as the Commissioner may require;

(e) state the words "original instrument" in bold type on the front or first page of the instrument; and

(f) be stamped as required by this Act.

(2A)  [Section 54 Subsection (2A) inserted by No. 94 of 1987, s. 9 ]Where a credit arrangement or credit purchase agreement is for a term of indefinite duration, that term shall, for the purposes of subsection (2) (ca) , be expressed as being a term of 2 years.

(3)  [Section 54 Subsection (3) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person who fails to comply with the provisions of this section is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

55.   Duty payable by certain persons in certain cases

[Section 55 Substituted by No. 67 of 1986, s. 8 ][Section 55 Amended by No. 94 of 1987, s. 10 ]Notwithstanding any other provisions of this Act, where a person who is –

(a) the owner under a hire-purchase agreement;

(b) the vendor under a credit purchase agreement; or

(c) the lender under a credit arrangement –

(d) .  .  .  .  .  .  .  .  

is not bound by the provisions of this Act, the duty payable on the instrument constituting, or evidencing the terms and conditions of, the agreement or arrangement shall be paid –

(e) in the case of a hire-purchase agreement, by the hirer;

(f) in the case of a credit purchase agreement, by the purchaser; and

(g) in the case of a credit arrangement, by the borrower.

(h) .  .  .  .  .  .  .  .  

56.   Duplicates or copies of original instruments not subject to duty

[Section 56 Substituted by No. 67 of 1986, s. 8 ]Duty is not payable in respect of a duplicate or a copy of an original instrument made pursuant to section 54 if that instrument is duly stamped in accordance with the provisions of this Act.

56A.   

[Section 56A Repealed by No. 55 of 1989, s. 15 ].  .  .  .  .  .  .  .  

Division 3AA - Rental business

[Part IV, Div. 3AA  Inserted by No. 94 of 1987, s. 12 ]

57.   Interpretation: Division 3AA

[Section 57 Inserted by No. 94 of 1987, s. 12 ]

(1)  [Section 57 Subsection (1) amended by No. 82 of 1995, s. 19 ]In this Division, unless the contrary intention appears –

external rental agreement means an agreement in respect of rental business where the negotiations by or on behalf of the registered person took place in Tasmania but the goods obtained by the other party to the agreement were obtained for the purpose of being used exclusively in another State or a Territory of the Commonwealth;

prescribed amount, in relation to a statement under section 59 , means –

(a) $6 667 if the statement relates to the 4 month period starting on 1 July 1995 and ending on 31 October 1995; or

(b) $4 000 if the statement relates to a month after October 1995;

prescribed goods means the goods prescribed for the purposes of this Division in the regulations in force under this Act;

prescribed period, in relation to a statement under section 59 , means –

(a) if the statement relates to a month after June 1995 and before November 1995, the period of 4 months starting on 1 July 1995 and ending on 31 October 1995; or

(b) if the statement relates to any month after October 1995, the month to which the statement relates;

registered person means a person who is registered under this Division;

rental business means the business of –

(a) letting, bailing, or otherwise giving rights to use goods; and

(b) acquiring the rights of the lessor, bailor, or other disponer under any agreement or arrangement for the letting, bailing, or hiring of goods or under any other similar agreement or arrangement with respect to the use of goods –

but does not include the business of giving to any person the right to use goods in conjunction with a lease of, or licence to occupy or use, any real property;

special rental agreement means an agreement for –

(a) letting, bailing, or otherwise giving rights to use goods; or

(b) acquiring the rights of the lessor, bailor, or other disponer under any agreement or arrangement for letting, bailing, or hiring of goods or under any other similar agreement or arrangement with respect to the use of goods –

where the aggregate amount paid or payable under the agreement exceeds $200 000, but does not include an agreement for the right to use goods in conjunction with a lease of, or licence to occupy or use, any real property or an agreement under which the goods to which it relates at any time may in whole or in part be replaced by other goods or have other goods added to them, whether of the same or a different class.

(2)  A person is not required to register under this Division by reason only of the fact that the person acts as agent for, or is the employee of, a person who carries on any rental business.

58.   Requirement to be registered under this Division

[Section 58 Inserted by No. 94 of 1987, s. 12 ]

(1)  [Section 58 Subsection (1) substituted by No. 82 of 1995, s. 20 ]A person must apply to be registered under this Division if –

(a) in the 4 month period starting on 1 July 1995 and ending on 31 October 1995, the person –

(i) carries on rental business in Tasmania; and

(ii) receives a total amount of rent from the rental business exceeding $6 667; or

(b) in a month after October 1995, the person –

(i) carries on rental business in Tasmania; and

(ii) receives a total amount of rent from the rental business exceeding $4 000 in that month.

(2)  [Section 58 Subsection (2) substituted by No. 82 of 1995, s. 20 ]An application is to be –

(a) lodged with the Commissioner not later than 21 days after the end of –

(i) the 4 month period in which the amount referred to in subsection (1) (a) (ii) was exceeded; or

(ii) the month in which the amount referred to in subsection (1) (b) (ii) was exceeded; and

(b) in a form approved by the Commissioner.

(3)  [Section 58 Subsection (3) omitted by No. 82 of 1995, s. 20 ].  .  .  .  .  .  .  .  

(4)  [Section 58 Subsection (4) amended by No. 82 of 1995, s. 20 ]The obligation to make an application under subsection (1) continues until the application is made, notwithstanding that the period within which the application should have been made has expired and whether or not a person has been convicted of an offence in relation to the failure to make the application.

(5)  [Section 58 Subsection (5) substituted by No. 82 of 1995, s. 20 ]A person who fails to comply with subsection (1) is guilty of an offence punishable on summary conviction in accordance with subsection (6) .

(6)  [Section 58 Subsection (6) amended by No. 82 of 1995, s. 20 ]A person convicted of an offence under subsection (5) is liable to a fine not exceeding 50 penalty units, and a person who is so convicted in respect of a continuing failure to comply with subsection (1) –

(a) is liable, in addition to the penalty otherwise applicable to that offence, to a fine for each day during which the failure continued of not more than 10 penalty units; and

(b) if the failure continues after the person is convicted, is guilty of a further offence under subsection (5) and is liable on summary conviction for that further offence, in addition to the penalty otherwise applicable to that further offence, to a fine for each day on which the failure continued after that conviction of not more than 10 penalty units.

(7)  [Section 58 Subsection (7) substituted by No. 82 of 1995, s. 20 ]On receipt of an application from a person, and if the Commissioner considers it appropriate to do so, the Commissioner is to register the person under this Division.

(7A)  [Section 58 Subsection (7A) inserted by No. 82 of 1995, s. 20 ]A registration takes effect on the first day of the month immediately following the month in which the prescribed amount was exceeded.

(8)  A person who, in the course of any business, undertakes negotiations in Tasmania with the object of transacting any rental business shall be deemed to carry on rental business in Tasmania, whether the person has an established place of business in Tasmania or not.

(9)  A registered person may apply to the Commissioner, in a form approved by the Commissioner, for the cancellation of the registration under this Division of that person.

(10)  [Section 58 Subsection (10) amended by No. 82 of 1995, s. 20 ]On receipt of an application under subsection (9) , the Commissioner shall, if he is satisfied that the person is no longer carrying on a rental business, the total amount derived from which will exceed –

(a) $6 667, during the period starting on 1 July 1995 and ending on 31 October 1995; or

(b) $4 000, during a month after October 1995 –

cancel the registration under this Division of that person.

59.   Statements to be lodged by registered persons with Commissioner

[Section 59 Inserted by No. 94 of 1987, s. 12 ]

(1)  [Section 59 Subsection (1) amended by No. 82 of 1995, s. 21 ]A registered person shall, not later than the 21st day of each month –

(a) lodge with the Commissioner a statement, in a form approved by the Commissioner, showing –

(i) the total amount received by the registered person during the last preceding month (in this section called the "monthly total") in respect of rental business for or in relation to the use of goods, other than amounts so received in respect of special rental agreements, external rental agreements, and rental agreements in respect of prescribed goods;

(ii) the total amount received by the registered person during the last preceding month in respect of each special rental agreement;

(iii) the total number of external rental agreements entered into by the registered person during the last preceding month; and

(iv) the total number and value of rental agreements entered into by the registered person during the last preceding month in respect of prescribed goods; and

(b) pay to the Commissioner –

(i) .  .  .  .  .  .  .  .  

(ii) in respect of each special rental agreement, an amount equal to –

(A) 2% of the amount referred to in paragraph (a) (ii) or $4 000 (whichever is the lesser); or

(B) where an amount of duty has previously been paid under this section in respect of the special rental agreement, an amount equal to 2% of the amount referred to in paragraph (a) (ii) or the amount (if any) by which $4 000 exceeds the aggregate amount of that duty previously so paid (whichever is the lesser); and

(iii) in respect of each external rental agreement, an amount equal to $20; and

(c) pay to the Commissioner –

(i) in respect of a month in the period starting on 1 July 1995 and ending on 31 October 1995, an amount equal to 2% of any amount by which the sum of the monthly total for that month and the aggregate of the monthly totals for the preceding months in the prescribed period, other than any part of those monthly totals in respect of which duty is payable or has been paid under this section, exceeds the prescribed amount; and

(ii) in respect of a month after October 1995, an amount equal to 2% of the monthly total in excess of the prescribed amount.

(2)  The amounts referred to in subsection (1) include amounts received by or on behalf of the registered person in respect of the use of goods, other than under external rental agreements, where –

(a) the right to use the goods was granted in Tasmania;

(b) any of the negotiations by or on behalf of the registered person with respect to the grant of the right to use the goods were undertaken in Tasmania; or

(c) the goods were delivered in Tasmania to the grantee of the right to use those goods.

(3)  [Section 59 Subsection (3) amended by No. 55 of 1989, s. 16 ]Subject to subsection (4) , nothing in this Division shall require a registered person to include in the statement required to be submitted to the Commissioner under subsection (1) an amount in respect of –

(a) any transaction effected or evidenced by an instrument to which item 8 , 9 , or 13 of Schedule 2 applies or a transaction pursuant to a rental agreement –

(i) presented for assessment of duty;

(ii) included in a return under section 12A in respect of rental agreements; or

(iii) the duty payable in respect of which is denoted on the agreement by any adhesive stamp or stamps –

before 1st January 1988; or

(b) any business transacted by the registered person outside Tasmania if –

(i) none of the negotiations leading to the transaction of the business took place in Tasmania; and

(ii) the goods obtained by the other party to the transaction were obtained for the purpose of being used exclusively outside Tasmania; or

(c) any rental business which forms part of the gross profit on gaming for the purpose of calculating tax payable in respect of a casino licence issued under the Northern Casino Act 1978 or the Wrest Point Casino Licence and Development Act 1968 –

but a registered person shall supply to the Commissioner such particulars relating to the matters referred to in this subsection as the Commissioner may require.

(4)  On and after 1st July 1990, any amount received in respect of a transaction pursuant to a rental agreement for an indefinite and indeterminable period and executed before 1st January 1988 shall be included in the statement required to be submitted to the Commissioner under subsection (1) .

(5)  Where the Commissioner is of the opinion that it would be unduly onerous to require a registered person to lodge statements –

(a) within the time specified in subsection (1) , the Commissioner may, by notice in writing delivered or posted to the registered person, vary the time within which that person is required to lodge statements under that subsection; or

(b) relating to each month, the Commissioner may, by notice in writing delivered or posted to the registered person, authorize that person to lodge statements at such times and relating to such other periods as may be specified in the notice –

and the registered person shall, while that notice remains unrevoked, lodge statements accordingly.

(6)  Where the Commissioner is satisfied that, in the circumstances of a particular case, it is not reasonable to require any statements to be lodged by a registered person under subsection (1) (a) , the Commissioner may, by notice in writing delivered or posted to the registered person, exempt that person from lodging a statement under that subsection.

(7)  The Commissioner may at any time, by notice in writing delivered or posted to the registered person, revoke any notice given under subsection (5) or (6) .

(8)  Where duty has been paid on an external rental agreement shown in a statement lodged under subsection (1) , the words "Tasmanian Stamp Duty Paid" shall be placed on the front page of that agreement.

59A.   Registered persons to keep records

[Section 59A Inserted by No. 94 of 1987, s. 12 ]

(1)  A registered person –

(a) shall keep or cause to be kept sufficient books and records to enable the person to calculate accurately the total amounts which are to be set out in the monthly statements required to be submitted to the Commissioner under this Division; and

(b) shall keep those books and records as well as all working papers used in making the calculations available for inspection for a period of at least 3 years from the month to which each such statement relates or for such shorter period as the Commissioner determines in any particular case.

(2)  [Section 59A Subsection (2) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person who fails to comply with subsection (1) is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

59B.   Penalties

[Section 59B Inserted by No. 94 of 1987, s. 12 ]

(1)  Where a registered person does not, in respect of a month, in accordance with section 59 , or in respect of another period, in accordance with section 59 (5) , lodge with the Commissioner a statement and pay an amount due as duty on or before the 21st day of the succeeding month, or the time agreed in relation to that period under section 59 (5) , an amount of 20% of the amount due is a debt due and payable by that registered person to the Crown and may be recovered in accordance with this Act.

(2)  The Commissioner may remit in whole or in part a debt payable under this section.

59C.   Transactions with unregistered persons

[Section 59C Inserted by No. 94 of 1987, s. 12 ]

(1)  Where any person domiciled or resident in Tasmania transacts or offers to transact any business with a person carrying on any rental business (whether within or outside Tasmania) who is not a registered person, the person shall forthwith make a note or memorandum in writing of the transaction or offer containing such particulars as the Commissioner may approve.

(2)  A note or memorandum made for the purposes of subsection (1) is chargeable with duty at the rate of 2% or $4 000, whichever is the lesser, of the amount that is or will be payable for the use of the goods to which the transaction relates but, where the amount is not capable of being determined, the person making the note or memorandum shall be liable, in lieu of paying that duty on the note or memorandum, to pay a duty of $20 by an impressed stamp on the note or memorandum and to pay not later than 31st March in each year further duty on the note or memorandum at the rate of 2% of the amount paid or payable in respect of the use of the goods during the year ending on 31st January then last past.

(3)  Notwithstanding subsection (2) , a person is not liable to pay an aggregate amount exceeding $4 000 in respect of any special rental agreement.

(4)  The duty shall be denoted on the note or memorandum by an impressed stamp and shall be paid by the person liable to make the note or memorandum within 7 days of the making of the note or memorandum.

(5)  [Section 59C Subsection (5) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A note or memorandum which is not stamped as required by this section may be stamped on payment of a penalty of double the amount of duty that should have been paid and a penalty of not more than 10 penalty units.

(6)  Any person who fails to comply with subsection (1) shall be liable to pay a penalty equal to double the amount of the duty that would have been payable if the person had made a note or memorandum in writing of the transaction or offer in compliance with the requirements of subsection (1) .

(7)  [Section 59C Subsection (7) amended by No. 55 of 1989, s. 17 ]Notwithstanding anything in this section, a person domiciled or resident in Tasmania need not make a note or memorandum of any business transacted or offered to be transacted –

(a) if the total amount that is or will be payable for the use of goods does not exceed $100 or the grant of the right to the use of the goods is for a period of 14 days or less;

(b) with a person carrying on business outside Tasmania if –

(i) none of the negotiations leading to the transaction of, or to the offer to transact, the business were carried out in Tasmania; and

(ii) the goods obtained by him were obtained for the purpose of being used exclusively outside Tasmania;

(ba) with a person carrying on rental business in Tasmania who is not required to be registered under this Division by virtue of section 58 (3) ;

(c) with the Crown or any person acting on behalf of the Crown whether in right of the Commonwealth or any State of the Commonwealth except a body corporate carrying on the business of banking; or

(d) which is not a grant of the right to use goods.

59D.   Undertaking to pay duty

[Section 59D Inserted by No. 94 of 1987, s. 12 ]

(1)  A person carrying on any rental business (whether within or outside Tasmania) who is not a registered person and is not required to be a registered person may give an undertaking to the Commissioner in accordance with a form approved by the Commissioner and to make such payments to the Commissioner in respect of such amounts and at such times as he would be required to make payments if he were required to be a registered person.

(2)  Where the Commissioner receives an undertaking under subsection (1) , he shall determine whether or not to accept the undertaking.

(3)  An undertaking accepted by the Commissioner under this section has effect from the date on which it is so accepted until –

(a) the person by whom the undertaking was given withdraws the undertaking by notice in writing given to the Commissioner; or

(b) the Commissioner, by notice in writing given to the person, withdraws his acceptance of the undertaking.

59E.   Duty payable on collateral instruments

[Section 59E Inserted by No. 94 of 1987, s. 12 ]Where duty under item 1 (a) or item 18 of Schedule 2 would, but for this section, be payable on an instrument which is expressed to be collateral to and intended to secure any money owing under a rental agreement to which a registered person is a party, duty under item 5 of Schedule 2 is payable on that instrument.

60.   

[Section 60 Repealed by No. 67 of 1986, s. 8 ].  .  .  .  .  .  .  .  

Division 3A - Credit card transactions

[Part IV, Div. 3A Inserted by No. 86 of 1983, s. 9 ]

60A.   Interpretation: Division 3A, Part IV

[Section 60A Inserted by No. 86 of 1983, s. 9 ][Section 60A Amended by No. 39 of 1985, s. 10 ][Section 60A Amended by No. 67 of 1986, s. 9 ][Section 60A Amended by No. 111 of 1986, s. 6 ][Section 60A Amended by No. 41 of 1992, s. 15 ]In this Division, unless the contrary intention appears –

account means an account kept by a credit card provider for a credit card holder pursuant to an agreement for the issue of a credit card to, or at the direction of, the credit card holder;

active account, in relation to a month, means an account kept by a credit card provider for a credit card holder in respect of which the credit card provider has, during the billing period in respect of that account that terminated in that month, made a payment pursuant to the agreement under which the credit card was issued to, or at the direction of, the credit card holder;

billing period, in relation to an account kept for a credit card holder, means the period in relation to which a statement of account or of transactions is issued to the credit card holder;

credit card means a card or other writing, by whatever name called, issued under an agreement under which a credit card provider agrees that, in respect of a transaction with a merchant in connection with which the card or other writing is produced, he will make payment to the merchant, or to a person nominated by the merchant for that purpose, whether or not subject to conditions;

credit card business means the business of issuing credit cards to or at the direction of a person;

credit card holder means a person to whom or at whose direction a credit card is issued and who is –

(a) a person ordinarily resident in Tasmania; or

(b) a company registered under the Corporations Law which carries on business in this State; or

(c) a State or Commonwealth department, instrumentality or authority operating in this State; or

(d) any other prescribed person;

credit card provider means a person who carries on a credit card business;

exempt debit means a debit –

(a) that is made solely for the purpose of reversing a credit previously made to an account;

(b) that is made pursuant to section 60F (3) ; or

(c) that is made to an account where that debit is subsequently totally reversed or totally cancelled because a credit card holder who has purchased goods with a credit card returns them to the merchant from whom they were purchased;

licensed credit card provider means a person who holds a licence in force under section 60B ;

merchant means a person who supplies to a credit card holder goods or services or goods and services in respect of which he receives payment from a credit card provider;

taxable debit means a debit, other than an exempt debit, made to an active account and includes a debit made to record a cash advance made by a credit card provider to, or at the direction of, a credit card holder.

60B.   Restrictions on persons carrying on credit card business

[Section 60B Inserted by No. 86 of 1983, s. 9 ][Section 60B Amended by No. 43 of 1991, s. 5 and Sched. 1 ]

(1)  [Section 60B Subsection (1) amended by No. 55 of 1989, s. 33 and Sched. 1 ]A person shall not in Tasmania, on or after 1st February 1984, carry on a credit card business, whether or not he carries on any other business, or advertise or hold himself out in any way as carrying on a credit card business, whether or not the head office or principal place of business of that person is in Tasmania or elsewhere, unless he holds a licence in force under this section authorizing him to carry on a credit card business.

Penalty:  Fine not exceeding 50 penalty units.

(2)  A person who is guilty of an offence against subsection (1) is, in addition to any other penalty that may be imposed on him, liable to pay to the Commissioner a sum equivalent to twice the amount of the duty that would have been payable if he had been a licensed credit card provider and had complied with section 60C , and the justices by whom he is convicted may order him to pay that sum to the Commissioner accordingly.

(3)  A person who seeks a licence under this section shall make an application to the Commissioner in a form approved by the Commissioner.

(4)  An application under subsection (3) shall be verified by declaration made by the applicant or an agent of the applicant.

(5)  On receipt of an application under subsection (3) , the Commissioner may grant the application or may refuse to grant the application.

(6)  Where the Commissioner –

(a) grants an application under subsection (3) , he shall grant to the applicant a licence authorizing him to carry on a credit card business; or

(b) refuses to grant such an application, he shall, immediately, by notice in writing served on the applicant, inform him of the refusal and of the ground on which the refusal is based.

(7)  A licence under this section –

(a) is in force until revoked by the Commissioner; and

(b) is subject to such conditions as the Commissioner determines and as are specified in the licence.

(8)  If it appears to the Commissioner that a person to whom a licence under this section has been granted has –

(a) contravened, or failed to comply with, a condition to which the licence is subject; or

(b) contravened, or failed to comply with, or has evaded or attempted to evade, any of the provisions of this Act –

the Commissioner may, in his absolute discretion, by notice in writing delivered or posted to that person, revoke the licence.

(9)  A notice for the purpose of subsection (8) shall specify the ground on which the revocation to which it relates is based and the date on which that revocation is to take effect, being a date not earlier than 14 days after the date on which the notice has been delivered or posted to the person to whom it relates.

(10)  A licensed credit card provider who ceases to carry on a credit card business in Tasmania may surrender his licence under this section by delivering it to the Commissioner together with a notification in writing to the effect that the licence is being surrendered.

(11)  The Commissioner shall, on receipt of a licence referred to in subsection (10) and a notification under that subsection, cancel the licence.

60C.   Monthly returns and payments by licensed credit card providers

[Section 60C Inserted by No. 86 of 1983, s. 9 ]

(1)  Subject to section 60E , a licensed credit card provider shall –

(a) subject to subsection (3) , within 10 days after –

(i) the end of the month of February 1984; and

(ii) the end of each subsequent month –

make out and lodge with the Commissioner a return in a form approved by the Commissioner setting out the total amounts and other particulars required by the form in respect of all active accounts kept by the licensed credit card provider pursuant to a licence under section 60B during that month; and

(b) when he lodges that return, pay to the Commissioner as duty an amount calculated in accordance with subsection (2) .

(2)  [Section 60C Subsection (2) substituted by No. 67 of 1986, s. 10 ]For the purposes of subsection (1) , the amount of duty payable in respect of each taxable debit made to an active account kept with a credit card provider during the billing period of that account that terminated during the preceding month is $0·15.

(3)  Where the Commissioner is of the opinion that it would be unduly onerous to require a licensed credit card provider to lodge returns –

(a) within the time specified in subsection (1) , he may, by notice in writing, vary the time within which that licensed credit card provider is required to lodge returns in pursuance of that subsection; or

(b) relating to each month, he may, by notice in writing, authorize that licensed credit card provider to lodge returns relating to such other periods as may be specified in the notice –

and the licensed credit card provider shall, while that notice remains unrevoked, lodge returns accordingly.

(4)  The Commissioner may, at any time, by notice in writing, revoke any notice given in pursuance of subsection (3) .

(5)  A return under subsection (1) (a) shall be verified by a declaration made by the licensed credit card provider by whom the return is lodged or by a person in his employment.

(6)  [Section 60C Subsection (6) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A licensed credit card provider who fails to –

(a) lodge a return as required by subsection (1) (a) ;

(b) include in such a return the particulars referred to in subsection (1) (a) ; or

(c) pay any duty as and when required by subsection (1) (b) –

is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

(7)  A licensed credit card provider who is convicted of an offence under subsection (6) (c) is liable, in addition to any penalty that may be imposed on him, to pay to the Commissioner a sum equivalent to twice the amount of the duty that would have been payable by him if subsection (1) (b) had been complied with, and the justices by whom he is convicted may order him to pay that sum to the Commissioner accordingly.

60D.   Credit and transactions with unlicensed credit card providers

[Section 60D Inserted by No. 86 of 1983, s. 9 ]

(1)  [Section 60D Subsection (1) amended by No. 67 of 1986, s. 11 ]Where, on or after 1st February 1984, a credit card is issued by a credit card provider who is not licensed under section 60B to or at the direction of a person ordinarily resident in Tasmania, that person shall, not later than 14 days after he receives a statement of account or of transactions from the credit card provider, make a memorandum in writing specifying the number of taxable debits included on that statement of account or of transactions during the period to which the statement relates.

(2)  [Section 60D Subsection (2) amended by No. 67 of 1986, s. 11 ]There is payable on a memorandum made for the purposes of subsection (1) duty at the rate of $0·15 for each taxable debit included in the memorandum.

(3)  The duty payable on a memorandum as mentioned in subsection (2) shall be denoted as provided in section 11 (1) and shall, within 7 days after the making of the memorandum, be paid by the person liable to make it.

(4)  [Section 60D Subsection (4) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person who fails to comply with subsection (1) or (3) is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

60E.   

[Section 60E Repealed by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

60F.   Power of licensed credit card providers to recover duty

[Section 60F Inserted by No. 86 of 1983, s. 9 ]

(1)  Where a licensed credit card provider pays, or is liable to pay, duty in respect of an active account kept for a credit card holder, the licensed credit card provider may recover an amount equal to that duty from the credit card holder.

(2)  A credit card holder is not liable under subsection (1) to pay to a licensed credit card provider an amount in respect of an amount of duty that has been refunded to the licensed credit card provider in accordance with a provision of this Act.

(3)  A licensed credit card provider may debit an active account with an amount that the credit card holder for whom the account is kept is liable to pay to the licensed credit card provider under subsection (1) .

(4)  In this section, active account means an account in respect of which duty is required to be paid by section 60C (1) .

Division 4 - [Part IV, Div. 4 Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ]Marketable securities

61.   Transfer of marketable securities, &c., subject to an option

[Section 61 Inserted by No. 50 of 1965, s. 5 ][Section 61 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 61 Subsection (1) amended by No. 3 of 1967, s. 5 ]Where any marketable securities are transferred or agreed to be transferred subject to the exercise by the transferee of an option to purchase the marketable securities (whether the option is exercisable in writing or orally), the instrument of transfer or agreement to transfer is subject to duty at the rate at which it would be so subject if the transfer or agreement were a transfer upon sale for a consideration equal to the price payable by the transferee in the event of his exercising the option.

(2)  The duty payable under subsection (1) is payable by the transferee.

(3)  Where such an option as is mentioned in subsection (1) is not exercised by the transferee, he is entitled to a refund of any duty paid by him, in respect of the transfer or agreement to transfer, before the date on which the option is exercisable.

(4)  [Section 61 Subsection (4) omitted by No. 3 of 1967, s. 5 ].  .  .  .  .  .  .  .  

62.   Exchange of marketable securities, &c.

[Section 62 Inserted by No. 50 of 1965, s. 5 ][Section 62 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 62 Subsection (1) amended by No. 3 of 1967, s. 6 ][Section 62 Subsection (1) amended by No. 67 of 1968, s. 5 and Sched. 4 ]Where any marketable securities are transferred for a consideration comprising –

(a) other marketable securities; or

(b) other marketable securities, together with a sum of money –

the transfer thereof shall, for the purposes of this Act, be deemed to be a sale to which item 36 (a) of Schedule 2 relates and is subject to duty accordingly.

(2)  [Section 62 Subsection (2) amended by No. 3 of 1967, s. 6 ]For the purpose of assessing the duty payable in relation to such a transfer as is mentioned in subsection (1) , the value of the securities transferred is the market value thereof as at the date of the transfer, plus the sum (if any) payable as part of the consideration for the transfer.

(3)  [Section 62 Subsection (3) omitted by No. 3 of 1967, s. 6 ].  .  .  .  .  .  .  .  

63.   Valuation of marketable securities

[Section 63 Inserted by No. 51 of 1968, s. 5 ][Section 63 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]Where marketable securities are transferred, the following rules apply in determining their value for the purposes of this Act:

(a) where the securities are saleable in a stock or share market, whether in this State or elsewhere, their value shall be deemed to be –

(i) their price as quoted on any such market; or

(ii) the average price on any or all such markets, according to the best evidence that can be obtained –

on the day of the date of the relevant instrument or the business day next before it;

(b) for the purposes of paragraph (a) markets which an inhabitant of this State might be expected not to use for the sale of the relevant securities shall be disregarded;

(c) the value of shares or stock in a company, whether incorporated within the Commonwealth or elsewhere, shall be determined upon the assumption that the memorandum and articles of association or rules of the company, at the relevant date, satisfied the requirements prescribed by the committee or governing authority of the stock exchange at or nearest to the place where the principal share or stock register is situated for the purpose of enabling that company to be placed on the current official list of that stock exchange;

(d) no regard shall, in determining the value of any such shares or stock, be had to any provision in the memorandum or articles of association or rules of the company whereby or whereunder the value of the shares or stock of any member is to be determined;

(e) where shares or stock in a company are not quoted on the official list of a stock exchange, the Commissioner may, in his discretion, notwithstanding anything contained in paragraphs (c) and (d) , adopt as the value of any such shares or stock such sum as the holder thereof would receive in the event of the company's being voluntarily wound up as on the day of the transfer, notwithstanding that no such winding up is intended or contemplated.

64.   Licence to pay duty in respect of marketable securities on the basis of a monthly return

[Section 64 Inserted by No. 3 of 1967, s. 7 ][Section 64 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 64 Subsection (1) amended by No. 67 of 1968, s. 5 and Sched. 4 ]Notwithstanding anything contained elsewhere in this Act, the Treasurer may, on the application of a Tasmanian dealer, grant to the dealer as prescribed a licence authorizing the dealer to pay duty in accordance with the provisions of section 66 on sales and purchases of marketable securities to which section 65 applies that are made by him in the course of carrying on his business as a Tasmanian dealer.

(2)  [Section 64 Subsection (2) amended by No. 67 of 1968, s. 5 and Sched. 4 ]A licence under this section –

(a) continues in force until it is revoked by the Treasurer;

(b) is subject to such conditions (if any) as the Treasurer may determine and as may be specified in the licence; and

(c) has effect to authorize the payment in accordance with the provisions of section 66 of the duty payable on instruments for effecting sales or purchases of marketable securities made by the holder of the licence in the course of carrying on his business, in lieu of the payment of that duty by means of adhesive stamps or stamps impressed on those instruments.

(3)  An application for a licence under this section –

(a) shall be made in writing as prescribed;

(b) shall contain the prescribed information; and

(c) shall, if the regulations so provide, be verified by a statutory declaration made by the applicant or by such other person as may be prescribed.

(4)  If it appears to the Treasurer that the holder of a licence under this section has contravened or failed to comply with, or has evaded or attempted to evade, any of the provisions of this Act, or has evaded or attempted to evade payment of any duty payable by him under this Act, the Treasurer, in his absolute discretion, by notice in writing delivered to the holder of that licence or sent to the holder by post by means of the certified mail service may revoke that licence.

65.   Records of sale and purchases of marketable securities in certain cases

[Section 65 Inserted by No. 3 of 1967, s. 7 ][Section 65 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  Subject to subsection (3) , a Tasmanian dealer shall forthwith on a sale or purchase of marketable securities being made, or being deemed to have been made, whether within or without this State –

(a) pursuant to an order lodged with him in this State; or

(b) on his own account or behalf –

being a sale or purchase to which this section applies, make a record of the sale or purchase showing –

(c) the date of the sale or purchase;

(d) the name of the principal (if any) for whom the sale or purchase was effected;

(e) the name of the dealer (if any) with whom the sale or purchase was effected;

(f) the quantity and full description of the marketable securities that were the subject of the sale or purchase;

(g) the selling price of the marketable securities per unit and in total; and

(h) the amount of the duty payable under this Act in respect of the sale or purchase of the marketable securities.

(2)  [Section 65 Subsection (2) amended by No. 45 of 1994, s. 9 ]For the purposes of subsection (1) –

(a) a Tasmanian dealer who makes a purchase of marketable securities, whether on his own account or on behalf of another person, from a person who is not a dealer shall, notwithstanding that no order to sell was in fact lodged with him, be deemed to have also made a sale of marketable securities pursuant to an order to sell lodged with him in this State by the person from whom he made the purchase; and

(b) a Tasmanian dealer who makes a sale of marketable securities, whether on his own account or on behalf of another person, to a person who is not a dealer shall, notwithstanding that no order to purchase was in fact lodged with him, be deemed to have also made a purchase of marketable securities pursuant to an order to purchase lodged with him in this State by the person to whom he made the sale; and

(c) a record may be made and stored by electronic means.

(3)  [Section 65 Subsection (3) amended by No. 55 of 1989, s. 18 ][Section 65 Subsection (3) amended by No. 41 of 1992, s. 16 ]This section applies to every sale and purchase of marketable securities made by a Tasmanian dealer in the course of carrying on his business other than –

(a) a sale, where the sale is made pursuant to an order to sell lodged with the Tasmanian dealer by or on behalf of another dealer;

(b) a purchase, where the purchase is made pursuant to an order to purchase lodged with the Tasmanian dealer by or on behalf of another dealer;

(ba) any sale or purchase of marketable securities made by a broker on the broker's own account within 10 clear days (not including any day on which the stock exchange of which the broker is a member is closed) –

(i) in the case of a sale, of the purchase by the broker of those marketable securities; or

(ii) in the case of a purchase, of the sale by the broker of those marketable securities;

(c) a sale or purchase of marketable securities of the Government of the Commonwealth or of this State or of another State or of a Territory of the Commonwealth or of any other British possession, or of the United Kingdom or of a State authority or of any public statutory body constituted under a law of the Commonwealth or of a State other than this State or of a Territory of the Commonwealth;

(ca) a transfer of marketable securities listed on a stock exchange if the transfer –

(i) is made to carry out any obligations under a securities loan or a securities lending scheme within the meaning of the Corporations Law ; and

(ii) is endorsed by the Australian Stock Exchange Limited or a member of the Australian Stock Exchange Limited;

(d) a sale or purchase, where the sale or purchase is made pursuant to an order to sell or purchase by the Crown in right of the Commonwealth or of this State, or of another State, or of a Territory of the Commonwealth;

(e) a sale or purchase, where the sale or purchase, as the case may be, is of an odd lot by an odd lot specialist; or

(f) any other sale or purchase, where the instrument for effecting the sale or purchase is exempt from duty under this Act.

(4)  A Tasmanian dealer by whom such a record as is referred to in subsection (1) is kept may incorporate therein for his own use information additional to that required by that subsection.

(5)  [Section 65 Subsection (5) amended by No. 45 of 1994, s. 9 ]A record kept pursuant to subsection (1) shall be kept in a permanent form for a period of at least 5 years commencing on the date of the last sale or purchase that is recorded therein.

(6)  The Commissioner may require a Tasmanian dealer to keep, in addition to the record required by subsection (1) to be kept by him, such other records of sales or purchases to which this section applies as he considers necessary.

(7)  [Section 65 Subsection (7) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A Tasmanian dealer who fails to make or keep such a record as is required by subsection (1) , or such other records as are required under subsection (6) , is guilty of an offence against this Act.

Penalty:  Fine not exceeding 50 penalty units.

(8)  [Section 65 Subsection (8) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A Tasmanian dealer shall, at all reasonable times, permit the Commissioner or any officer authorized by the Commissioner in that behalf to enter on premises occupied by the dealer and to inspect papers, records, documents, and proceedings in the care or custody of the dealer that relate to the sale or purchase of marketable securities, in default whereof he is guilty of an offence against this Act.

Penalty:  Fine not exceeding 50 penalty units.

66.   Returns as to sales or purchases of marketable securities

[Section 66 Inserted by No. 3 of 1967, s. 7 ][Section 66 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 66 Subsection (1) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 66 Subsection (1) amended by No. 55 of 1989, s. 19 ]A Tasmanian dealer who is the holder of a subsisting licence under section 64 shall, on or before the seventh day of each month –

(a) lodge with the Commissioner a return of the sales and purchases made by him during the last preceding month in the course of carrying on his business (being sales and purchases to which section 65 applies); and

(b) pay to the Commissioner as duty in respect of the sales and purchases included in the return an amount calculated in accordance with subsection (4) .

(2)  [Section 66 Subsection (2) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 66 Subsection (2) amended by No. 41 of 1992, s. 17 ]A return under subsection (1) (a) –

(a) shall be in a form approved by the Commissioner;

(b) shall contain a certificate that the record required by section 65 (1) has been made and such other particulars as may be prescribed; and

(c) shall be verified by a statutory declaration made by the Tasmanian dealer by whom the return is lodged or by some person in his employment.

(3)  [Section 66 Subsection (3) amended by No. 67 of 1968, s. 5 and Sched. 4 ]Where a Tasmanian dealer does not make any sale or purchase to which section 65 applies during any one month, he shall, on or before the seventh day of the next succeeding month, lodge with the Commissioner a return stating that no such sale or purchase was made by him during the first-mentioned month.

(4)  [Section 66 Subsection (4) amended by No. 67 of 1968, s. 5 and Sched. 4 ]The duty payable by a Tasmanian dealer on the lodging of a return under subsection (1) (a) shall be calculated –

(a) at one-half of the rate applicable under item 37 in Schedule 2 , in the case of a sale or purchase in relation to which the dealer has acted as the selling broker or the buying broker only; and

(b) at the full rate applicable under that item, in the case of a sale or purchase in relation to which the dealer has acted both as the selling broker and as the buying broker.

67.   Endorsements on transfers of marketable securities

[Section 67 Inserted by No. 3 of 1967, s. 7 ][Section 67 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 67 Subsection (1) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 67 Subsection (1) amended by No. 41 of 1992, s. 18 ][Section 67 Subsection (1) amended by No. 45 of 1994, s. 10 ]After recording the details of a sale or purchase as set out in section 65 (1) or after the making of a sale or purchase to which that section does not apply by virtue of the operation of subsection (3) of that section, the Tasmanian dealer shall endorse on the transfer a statement that the duty has been paid or endorse it with the participant identification code, as defined in section 69AA , if the transfer is an SCH-regulated transfer, as so defined, which will have the effect of an endorsement that duty has been, or will be, paid.

(2)  [Section 67 Subsection (2) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 67 Subsection (2) amended by No. 41 of 1992, s. 18 ][Section 67 Subsection (2) amended by No. 45 of 1994, s. 10 ]A transfer document, within the meaning of section 1097 of the Corporations Law , on which a statement or participant identification code is endorsed pursuant to subsection (1) shall, for the purposes of sections 28 and 29 , be deemed to be duly stamped as required by this Act.

68.   Right of dealer to recover from vendor or purchaser amounts paid by way of stamp duty by the dealer

[Section 68 Inserted by No. 3 of 1967, s. 7 ][Section 68 Amended by No. 67 of 1968, s. 5 and Sched. 4 ]A Tasmanian dealer who pays an amount to the Commissioner under the provisions of section 66 may recover from the vendor or purchaser for whom he has or is deemed to have made the sale or purchase of marketable securities the duty payable in relation to the sale or purchase and, without enlarging the right of recovery so given, he may –

(a) retain the amount out of any money in his hands belonging to the vendor or purchaser of the marketable securities; or

(b) recover the amount from the vendor or purchaser as a civil debt recoverable in a court of competent jurisdiction.

69.   Application of certain sections

[Section 69 Inserted by No. 3 of 1967, s. 7 ][Section 69 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]The provisions of sections 65 to 68 apply and have effect only in the case of the sale or purchase of marketable securities –

(a) for a consideration in money or money's worth of not less than the unencumbered value of the marketable securities; and

(b) where the securities are listed on a stock exchange in this State, or in another State, or in a Territory of the Commonwealth –

and the duty payable under section 66 on the return referred to in that section is payable only in the case of such a sale or purchase.

69A.   Payment of duty in respect of transfers of marketable securities recorded in branch register kept outside State

[Section 69A Inserted by No. 69 of 1978, s. 4 ]

(1)  [Section 69A Subsection (1) amended by No. 9 of 1982, s. 7 and Sched. 10 ]In this section –

exempt entry means –

(a) an entry made in a prescribed branch register; or

(b) an entry made in a branch register to give effect to an instrument of transfer which is an instrument of a kind referred to in section 6 of the Marketable Securities Act 1971 or of a kind referred to in a corresponding enactment of any proclaimed State or Territory of the Commonwealth;

officer, in relation to a company, has the meaning assigned to that expression by section 5 (1) of the Companies (Tasmania) Code , in relation to a corporation;

prescribed branch register means a branch register kept at a place which is within a State or Territory of the Commonwealth, or within the country, proclaimed under subsection (2) .

(2)  The Governor may, by proclamation published in the Gazette, proclaim a State or Territory of the Commonwealth to be a proclaimed State or Territory, or any country to be a proclaimed country, for the purposes of this section.

(3)  [Section 69A Subsection (3) amended by No. 9 of 1982, s. 7 and Sched. 10 ][Section 69A Subsection (3) amended by No. 41 of 1992, s. 19 ]Where a company which keeps its principal register of members at an office within the State keeps a branch register of members at a place outside the State, the company shall, within 14 days after the end of a month in which a copy of an entry (other than an exempt entry) recorded in the branch register in relation to a transfer of shares in the company is required to be transmitted to that office in accordance with the Corporations Law lodge with the Commissioner a return in a form approved by the Commissioner with respect to that entry together with the duty with which the return is chargeable by virtue of subsection (6) .

(4)  A reference in subsection (3) to a month means a month commencing on 1st January 1979 and any subsequent month.

(5)  A company that is required to lodge a return under subsection (3) shall, if the Commissioner so requires, provide him with such evidence and information as he may specify in order to enable him to establish the truth of the particulars contained in the return and whether or not the duty paid on the return is correct.

(6)  A return lodged under subsection (3) shall be chargeable with the same duty as would, in aggregate, be payable under item 36 of Schedule 2 if the transfer of shares to which an entry in the return relates were a transfer of marketable securities to which that item applies.

(7)  The Commissioner shall cause the amount of duty chargeable in respect of a return lodged in accordance with subsection (3) to be denoted in the return in the prescribed manner.

(8)  Where a company has paid duty under this section in respect of a return lodged in accordance with subsection (3) , the payment of that duty shall be regarded as being a payment made on behalf of the transferee, or as the case may be, the transferor, of the shares under the transfer to which the entry in the return relates, and the company may either –

(a) deduct the amount of that duty from any money payable by the company to that transferee or transferor; or

(b) recover that amount from him in a court of competent jurisdiction as a debt due to the company.

(9)  [Section 69A Subsection (9) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A company which –

(a) fails to lodge a return as required by subsection (3) ;

(b) fails to comply with a requirement made of it under subsection (5) ; or

(c) lodges a return which is not accompanied by the duty chargeable under this section –

is guilty of an offence and is liable on conviction to a fine not exceeding 50 penalty units.

(10)  [Section 69A Subsection (10) amended by No. 43 of 1991, s. 5 and Sched. 1 ]Where a company lodges a return under subsection (3) that is false or misleading as to a material particular, the company is guilty of an offence and is liable on conviction to a fine not exceeding 50 penalty units unless it is proved by or on behalf of the company that none of the officers of the company knew or had any reason to believe that the particular was false or misleading.

(11)  Where a company is guilty of an offence under subsection (9) or (10) , the company shall, without prejudice to its liability in respect of the penalty for that offence, be liable to pay an amount equal to double the amount of duty that would have been payable if the company had lodged a correct return in accordance with subsection (3) .

(12)  [Section 69A Subsection (12) omitted by No. 55 of 1989, s. 20 ].  .  .  .  .  .  .  .  

(13)  [Section 69A Subsection (13) omitted by No. 55 of 1989, s. 20 ].  .  .  .  .  .  .  .  

Division 4AA - The Clearing House Electronic Sub-register System (CHESS)

[Part IV, Div. 4AA  Inserted by No. 45 of 1994, s. 11 ]

69AA.   Interpretation: Division 4AA, Part IV

[Section 69AA Inserted by No. 45 of 1994, s. 11 ]In this Division, unless the contrary intention appears –

CHESS means the Clearing House Electronic Sub-register System;

foreign company has the same meaning as in section 9 of the Corporations Law ;

off-market transfer means a transfer which is not an on-market transfer;

on-market transfer means a transfer directly resulting from an order lodged with a broker to purchase or sell securities;

participant identification code means the code used to identify SCH participants and issued by the SCH or any of its wholly owned subsidiaries;

proper SCH transfer has the same meaning as in section 9 of the Corporations Law ;

relevant company means –

(a) a Tasmanian registered company; or

(b) a foreign company, within the meaning of section 9 of the Corporations Law , with a registered office situated in Tasmania;

SCH means the securities clearing house registered by the Commissioner under section 69AG and includes a settlement company;

SCH business rules has the same meaning as in section 9 of the Corporations Law ;

SCH participant has the same meaning as in section 9 of the Corporations Law ;

SCH-regulated transfer has the same meaning as in section 9 of the Corporations Law ;

SCH sub-register means the electronic sub-register operated by the SCH and which forms part of the principal register of the corporation or register of the trust on which the shares or units are kept;

settlement company means ASX Settlement and Transfer Corporation Pty Ltd and includes any other body corporate which is approved under section 779B of the Corporations Law as the securities clearing house;

Tasmanian registered company means a body that is registered, or taken to be registered, as a company under section 9 of the Corporations Law of Tasmania but does not include a recognised company registered under Division 4 of Part 2.2 of that Law or a foreign company;

transfer includes a change in legal ownership of marketable securities or rights resulting from the execution of an instrument of transfer or from an SCH-regulated transfer;

transfer document has the same meaning as in section 1097 of the Corporations Law ;

transfer identifier is the unique code ascribed to a particular SCH-regulated transfer as required by SCH;

transfer value means –

(a) in the case of a transfer on sale, the total consideration for the sale or the unencumbered market value of the security at the date of sale, whichever is the greater; or

(b) in any other case, the unencumbered market value of the security on the date of transfer.

69AB.   Application of Division

[Section 69AB Inserted by No. 45 of 1994, s. 11 ]This Division applies to an SCH-regulated transfer of a marketable security only where –

(a) the transfer is a proper SCH transfer; and

(b) the transfer is made otherwise than on the sale or purchase of a marketable security to which Division 4 applies; and

(c) the marketable security is –

(i) a share, or a right in respect of a share in a relevant company; or

(ii) a unit of a unit trust scheme the principal register of which is situated in Tasmania; or

(iii) a unit of a unit trust scheme of which no register exists in Australia if the manager of the scheme or, in the absence of a manager, the trustee is a relevant company or a natural person principally resident in Tasmania; and

(d) SCH is registered by the Commissioner under section 69AG .

69AC.   Liability for stamp duty on off-market SCH-regulated transfers

[Section 69AC Inserted by No. 45 of 1994, s. 11 ]

(1)  An SCH-regulated transfer which is an off-market transfer and which effects a change in beneficial ownership is to be charged with stamp duty at the rate of 60 cents for each $100 of transfer value or fractional part of $100 unless the transfer is exempt from duty under this Act.

(2)  In the case of a transfer between 2 holdings on the SCH sub-register, the SCH participant who controls the holding of the transferee on that sub-register is liable for the duty.

(3)  In the case of a transfer by an SCH participant to a holding that is not on the SCH sub-register, the SCH participant is liable for the duty.

(4)  In the case of a transfer from a holding that is not on the SCH sub-register to a holding that is on that sub-register, the SCH participant is liable for the duty.

(5)  Where an SCH participant is liable for duty under Division 4 or 4A in respect of a transaction, the SCH participant is not liable for duty under this Division in respect of that transaction.

(6)  If –

(a) the liable SCH participant would not have been liable under this Act for the payment of the duty if an instrument of transfer had been executed; or

(b) the SCH participant had acquired the marketable security on account of another person –

the liable SCH participant may recover the duty from the person who is not an SCH participant or the transferee, as the case may be, as a debt due to the SCH participant in any court of competent jurisdiction.

69AD.   Record keeping by SCH participants

[Section 69AD Inserted by No. 45 of 1994, s. 11 ]

(1)  An SCH participant who is liable to pay duty on an SCH-regulated transfer must make and keep such records relating to the transfer as may be required by the Commissioner.

(2)  Where a transfer is exempt from duty, the SCH participant who would have been liable for duty if the transfer had not been exempt must –

(a) make and keep a record of particulars relating to the transfer as may be required by the Commissioner; and

(b) keep such records as may be required by the Commissioner in support of the exemption from duty.

(3)  All such records are to be kept in a permanent and legible form or by electronic means for a period of 5 years from the date of transfer.

(4)  An SCH participant who –

(a) makes a record that is false in a material particular; or

(b) fails to make and keep such records as may be required by the Commissioner –

is guilty of an offence and is liable on summary conviction to a fine not exceeding 20 penalty units.

69AE.   Information to be included by an SCH participant in the transfer document

[Section 69AE Inserted by No. 45 of 1994, s. 11 ]

(1)  Where an SCH-regulated transfer involves a change in beneficial ownership, the SCH participant who is the liable party, or would have been so if the transfer had not been exempt, must assess the amount of duty chargeable on the transfer.

(2)  A liable SCH participant must include in the transfer document such particulars as may be required by the Commissioner relating to the transaction to which the transfer gives effect.

(3)  An SCH participant must not enter his or her participant identification code on a transfer document until all records required to be made in respect of the transfer have been made.

(4)  An SCH participant who includes information in a transfer document which is false in any material particular or omits to include any required information, is guilty of an offence and is liable on summary conviction to a fine not exceeding 20 penalty units.

69AF.   Payment of duty by SCH participant by return to SCH in respect of off-market transfers

[Section 69AF Inserted by No. 45 of 1994, s. 11 ]

(1)  On or before the seventh day of each month, an SCH participant must prepare a return in respect of all off-market SCH-regulated transfers during the previous month where the SCH participant is liable or, if the transfer had not been exempt, would have been liable for the payment of duty.

(2)  The return is to be in a form approved by the Commissioner and is to include such particulars relating to the transfer as may be required by the Commissioner.

(3)  On or before the seventh day of each month, the SCH participant must –

(a) forward the return to SCH; and

(b) pay to SCH the amount of duty for all transfers in the previous month for which the SCH participant is liable.

(4)  If the Commissioner is satisfied that an SCH participant has made an overpayment in respect of a transfer, the Commissioner may –

(a) refund the amount of overpayment to the SCH participant; or

(b) allow a credit in respect of the SCH participant's future return.

(5)  An SCH participant is not required to furnish SCH with a return in respect of a month in which no off-market transaction occurs.

(6)  An SCH participant who fails to provide a return as required by this section or who lodges a return that is false in a material particular is guilty of an offence and is liable on summary conviction to a fine not exceeding 20 penalty units.

69AG.   Payment of duty by SCH to the Commissioner

[Section 69AG Inserted by No. 45 of 1994, s. 11 ]

(1)  The Commissioner may, on application in a form approved by the Commissioner by the body corporate approved as the securities clearing house under section 779B of the Corporations Law , register the body corporate under this section.

(2)  The registration is subject to conditions determined by the Commissioner from time to time and notified to SCH in writing.

(3)  The registration continues in force –

(a) until cancelled on the application of the body corporate registered; and

(b) subject to an order of suspension made by the Commissioner for a specified period for contravention of, or failure to comply with, this Division or a condition of the registration.

(4)  On or before the fifteenth day of each month, SCH must furnish the Commissioner with a return in respect of all duty which is received before the seventh day of that month from SCH participants in respect of transfers to which this Division applies.

(5)  The return is to be in a form approved by the Commissioner and is to include such particulars as may be required by the Commissioner.

(6)  The return is to be accompanied by payment of the amount equivalent to the duty received by SCH before the seventh day of that month from SCH participants in respect of transfers to which this Division applies.

(7)  A payment received by SCH from an SCH participant after the seventh day of the month is to be included in its return for the following month and separately identified.

(8)  If SCH fails to make a payment as required by this Division, the Commissioner may make a default assessment under section 10A .

(9)  SCH must keep a record of all transfer documents arising from SCH-regulated transfers in a form approved by the Commissioner for a period of 5 years from the date of the relevant transfer.

69AH.   SCH-regulated off-market transfers

[Section 69AH Inserted by No. 45 of 1994, s. 11 ]

(1)  If there is a change in beneficial ownership of marketable securities on the SCH sub-register without a change in legal ownership, the parties to the transaction must prepare a statement under section 70D .

(2)  If a stamped instrument of transfer exists in respect of a change in legal ownership to be registered by means of CHESS, the SCH participant controlling the holding of the transferee must include in the information relating to the transfer document an endorsement that the duty has been paid.

(3)  The SCH participant must include on a copy of the stamped instrument particulars of any transfer identifier associated with the transfer and retain that copy for 5 years.

(4)  An SCH participant must not give effect to a transfer that is evidenced by an unstamped executed instrument, unless he or she does so within 30 days after the date of execution of the instrument.

(5)  If the transfer of securities evidenced by an unstamped instrument was given effect to by means of CHESS within the period of 30 days referred to in subsection (4) and the duty included in the relevant SCH participant's return, the SCH participant must endorse the instrument with the relevant transfer identifier and the amount of duty.

(6)  On being so endorsed, the instrument is taken to be stamped in respect of the liability arising from the transfer of the marketable securities.

69AI.   Notification by SCH

[Section 69AI Inserted by No. 45 of 1994, s. 11 ]

(1)  SCH must, on request in writing from the Commissioner, provide the Commissioner with such details regarding SCH participants and SCH-regulated transfers as the Commissioner may require.

(2)  SCH must, within 7 days, notify the Commissioner in writing that an SCH participant has been granted access to SCH and must, at the time of the notice, provide the participant identification code and such other details of the SCH participant as are requested by the Commissioner.

(3)  SCH must, within 7 days, notify the Commissioner in writing that an SCH participant has had his or her access to SCH terminated and the reasons for the termination.

(4)  SCH must, within 7 days, notify the Commissioner in writing that an SCH participant is subject to disciplinary action in accordance with the SCH business rules.

(5)  SCH must, within 7 days, notify the Commissioner in writing of any change to the SCH business rules relating to the operation of CHESS in the administration of this Division.

(6)  SCH must, within 7 days, notify the Commissioner in writing of any facts affecting the application of this Division to SCH-regulated transfers of marketable securities.

69AJ.   Exemptions for off-market SCH-regulated transfers

[Section 69AJ Inserted by No. 45 of 1994, s. 11 ]

(1)  An SCH-regulated transfer in certain cases is exempt from duty as provided by item 36 of Schedule 3 .

(2)  Any such exemption has no effect unless –

(a) the transferee prepares a statement in a form approved by the Commissioner to the effect that no separate sale of any rights arising from a holding of shares or units occurred; and

(b) the statement is retained by the SCH participant for 5 years.

69AK.   Sanctions

[Section 69AK Inserted by No. 45 of 1994, s. 11 ]

(1)  If an SCH participant fails to pay duty under this Division, the Commissioner may, by notice in writing, prohibit the SCH participant from paying duty by way of return in respect of SCH-regulated transfers to which this Division applies.

(2)  The notice is to specify the commencement date, the duration of the prohibition and the reasons for it.

(3)  The Commissioner must give notice in writing to SCH of a prohibition under this section.

(4)  SCH must not permit an SCH participant to effect an SCH-regulated transfer to which this Division applies during the period of a prohibition where the SCH participant is liable for the duty in respect of the transfer unless the duty has been paid on the transfer before it is effected by the SCH.

(5)  If, at any time after 7 days after SCH has been notified of a prohibition, the SCH permits a transfer to take place, SCH is jointly liable for the relevant duty while the prohibition is in force.

Division 4A - Dispositions of marketable securities by registered trustees

[Part IV, Div. 4A Inserted by No. 39 of 1985, s. 11 ]

69B.   Interpretation: Division 4A, Part IV

[Section 69B Inserted by No. 39 of 1985, s. 11 ][Section 69B Amended by No. 41 of 1992, s. 20 ]In this Division, unless the contrary intention appears –

books includes any document, register, accounts, or other record of information, and accounting records within the meaning of the Companies (Tasmania) Code , however compiled, recorded, or stored;

broker means a person who, or firm or corporation which, is a member of The Stock Exchange;

market maker means a person who is a market maker according to the rules and practices of The Stock Exchange and who is acting in such capacity;

registered trustee means a person who is registered under section 69C (3) and whose registration has not been revoked;

relevant transaction means a disposition of a marketable security or a right in respect of shares of a body corporate or society which is incorporated in Tasmania made or effected by a registered trustee as trustee for any person to himself as trustee for another person;

The Stock Exchange means the The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited.

69C.   Application for registration as registered trustee

[Section 69C Inserted by No. 39 of 1985, s. 11 ]

(1)  A person who –

(a) is a trustee in respect of a marketable security; and

(b) carries on business in Tasmania –

may apply to the Commissioner in a form approved by the Commissioner to be registered as a registered trustee for the purposes of this Act.

(2)  On receipt of an application under subsection (1) , the Commissioner may –

(a) grant the application; or

(b) refuse to grant the application.

(3)  Where the Commissioner grants an application pursuant to subsection (2) (a) he shall register the applicant as a registered trustee for the purposes of this section.

(4)  Where the Commissioner refuses to grant the application pursuant to subsection (2) (b) he shall by notice in writing served on the applicant, inform him of the refusal and of the ground on which the refusal is based.

(5)  The Commissioner may, in his absolute discretion, at any time by notice in writing, served on the registered trustee, revoke his registration as a registered trustee.

69D.   Monthly returns and duty payable by registered trustees

[Section 69D Inserted by No. 39 of 1985, s. 11 ]

(1)  Where a registered trustee –

(a) is notified of a disposition to a person of a right or interest in a marketable security, or a right in respect of shares which he holds as trustee on behalf of another person; or

(b) is directed to hold a marketable security or a right in respect of shares held on behalf of a person other than a person on behalf of whom he holds that security or right –

he is deemed to have made or effected a relevant transaction.

(2)  Subject to section 69E , a registered trustee shall, on or before the tenth day of each month –

(a) furnish to the Commissioner a return in a form approved by the Commissioner setting out the particulars of the relevant transactions made or effected or deemed to have been made or effected by him during the immediately preceding month; and

(b) pay to the Commissioner duty on that return of a sum equal to the total amount of duty which would have been payable if each such relevant transaction had been made or effected by an instrument of transfer in respect of which duty is payable under item 36 of Schedule 2 .

69E.   Relevant transactions in respect of which duty is not payable or reduced

[Section 69E Inserted by No. 39 of 1985, s. 11 ]

(1)  [Section 69E Subsection (1) amended by No. 111 of 1986, s. 7 ][Section 69E Subsection (1) amended by No. 41 of 1992, s. 21 ] Section 69D (2) does not apply to or in respect of a relevant transaction where the disposition to which the relevant transaction relates –

(a) is made by way of security otherwise than to secure the rights of a purchaser or an intended purchaser under a contemplated sale;

(b) is made in consequence of such a security no longer being required;

(c) is, in accordance with the rules and practices of The Stock Exchange, a stock loan transaction;

(d) is made or effected by a market maker to a broker who –

(i) acquired the marketable securities as principal; and

(ii) within 10 clear days after that acquisition, disposed of the beneficial interest in those securities;

(e) is made or effected by a broker as principal within 10 clear days after the broker acquired the marketable securities to a market maker or to another broker as principal;

(ea) is made or effected by or to a person who is a Tasmanian dealer; or

(f) is made or effected by a market maker to another market maker.

(2)  [Section 69E Subsection (2) substituted by No. 41 of 1992, s. 21 ]The duty payable under paragraph (b) of section 69D (2) in respect of a relevant transaction is one half of the amount payable as calculated under that paragraph if the relevant transaction is made by a registered trustee –

(a) for a broker to himself or herself as trustee for a market maker; or

(b) for a market maker to himself or herself as trustee for a broker; or

(c) for a broker as principal to himself or herself as trustee for another person where the relevant transaction occurs within 10 clear days of the marketable securities being first acquired;

(d) for another person to himself or herself as trustee for a broker as principal where the marketable securities acquired are disposed of within 10 clear days of the relevant transaction.

(3)  For the purposes of this section, day means any day other than a day on which The Stock Exchange is closed for business.

69F.   Registered trustees to keep books in respect of relevant transactions

[Section 69F Inserted by No. 39 of 1985, s. 11 ]

(1)  A registered trustee shall keep such books as are necessary to give a true indication of the relevant transactions made or effected by him.

(2)  Any books kept by a registered trustee pursuant to subsection (1) shall be retained by the registered trustee for a period of 3 years after the completion of relevant transactions to which they relate.

69G.   Offences

[Section 69G Inserted by No. 39 of 1985, s. 11 ]

(1)  [Section 69G Subsection (1) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A registered trustee who fails to comply with the provisions of this Division is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

(2)  In addition to the penalty imposed under subsection (1) , a court may order a person convicted of an offence relating to the non-payment of duty to pay to the Commissioner a sum not exceeding an amount equivalent to twice the amount of duty in respect of the non-payment of which he is so convicted.

Division 5 - [Part IV, Div. 5 Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ][Part IV, Div. 5 Heading amended by No. 68 of 1984, s. 6 ][Part IV, Div. 5 Heading amended by No. 68 of 1994, s. 3 and Sched. 1 ]Contracts of sale, agreements for sale of businesses, conveyances, and transfers

69H.   Interpretation: Division 5 and Schedules 2 and 3

[Section 69H Inserted by No. 40 of 1990, s. 5 ][Section 69H Amended by No. 41 of 1992, s. 22 ]For the purposes of this Division and Schedules 2 and 3 –

agreement for the sale of a business means an agreement for the sale of the assets and property of the business including the following:

(a) real property, goods, livestock, vehicles, leases, tenancies, franchises, licences and goodwill belonging to the business, whether these are included in the transaction by which the business is sold or agreed to be sold or are the subject of another transaction;

(b) the rights of a purchaser under that agreement;

business includes –

(a) any business, profession, calling, vocation or other occupation carried on by a person or by a person in partnership with another person; and

(b) any interest or any part of an interest in a business;

contract of sale includes –

(a) an agreement for the sale, disposal, exchange, conveyance or transfer of real property, other than an agreement for the sale of a business; and

(b) an assignment of the rights of a purchaser under an agreement under paragraph (a) ; and

(c) a statutory declaration made pursuant to section 70B ; and

(d) an agreement for the sale of a business declared to be a contract of sale under section 70 (13) ;

discretionary trust means an arrangement however made under which a person holds any real property and the beneficial interest in all or any part of that real property may be vested in a person upon the exercise of a discretion, whether subject to any other contingency or not and whether the exercise of the discretion is obligatory or optional;

interest, in relation to real property, includes a potential beneficial interest;

motor vehicle means a motor vehicle as defined by the Traffic Act 1925 ;

potential beneficial interest means the rights, expectancies or possibilities of an object of a discretionary trust in or in relation to any real property subject to the discretionary trust.

70.   Special provisions relating to contracts of sale

[Section 70 Inserted by No. 51 of 1968, s. 5 ][Section 70 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ][Section 70 Transposed by No. 67 of 1986, s. 5 and Sched. 1 ][Section 70 Amended by No. 40 of 1990, s. 6 ][Section 70 Amended by No. 67 of 1986, s. 18 and Sched. 2 ][Section 70 Amended by No. 45 of 1994, s. 12 ]

(1)  [Section 70 Subsection (1) omitted by No. 41 of 1992, s. 23 ].  .  .  .  .  .  .  .  

(2)  [Section 70 Subsection (2) omitted by No. 55 of 1989, s. 21 ].  .  .  .  .  .  .  .  

(3)  [Section 70 Subsection (3) amended by No. 40 of 1990, s. 6 ] Section 15 shall apply to agreements for the sale of a business or contracts of sale as if their first execution occurred 6 months, or such longer period as the Commissioner may allow, later than it did.

(4)  [Section 70 Subsection (4) omitted by No. 41 of 1992, s. 23 ].  .  .  .  .  .  .  .  

(4A)  [Section 70 Subsection (4A) inserted by No. 68 of 1984, s. 7 ]For the purposes of this section, a contract of sale or conveyance or transfer of real property made pursuant to a contract of sale includes any moveable chattels, other than livestock and motor vehicles, that are included in the transaction to which the contract, conveyance, or transfer relates, notwithstanding that the moveable chattels –

(a) are not referred to in the instrument of conveyance or transfer;

(b) pass upon delivery or pursuant to another instrument or in any other manner; or

(c) are not, at the date of execution of the instrument of conveyance or transfer, on the property to which that instrument relates.

(4B)  [Section 70 Subsection (4B) inserted by No. 68 of 1984, s. 7 ]Where the Commissioner is satisfied that the delivery, transfer, or sale of moveable chattels –

(a) is made to a person other than the purchaser specified in a contract of sale or conveyance or transfer made pursuant to a contract of sale; and

(b) forms part of the transaction to which that contract, conveyance, or transfer relates –

the moveable chattels are deemed to be included in that transaction and he may assess duty payable in respect of that contract, conveyance, or transfer according to an amount which includes an amount equivalent to the value of the moveable chattels.

(4C)  [Section 70 Subsection (4C) inserted by No. 40 of 1990, s. 6 ]Where the Commissioner is satisfied that –

(a) on the sale of a business, any of the property of that business is delivered, transferred or sold to a person other than the purchaser under the agreement; and

(b) the delivery, transfer or sale forms part of the transaction or is contingent upon the transaction to which the agreement relates –

the Commissioner may assess duty payable in respect of the agreement by including an amount equivalent to the property delivered, transferred or sold.

(5)  [Section 70 Subsection (5) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 70 Subsection (5) amended by No. 67 of 1986, s. 18 and Sched. 2 ][Section 70 Subsection (5) amended by No. 55 of 1989, s. 21 ][Section 70 Subsection (5) amended by No. 40 of 1990, s. 6 ]Subject to section 70C , where duty has been paid under item 7 in Schedule 2 on a conveyance made pursuant to a contract of sale or made pursuant to an agreement for the sale of a business on which duty has not been paid under item 6 in that Schedule and which might still be stamped without penalty when duty was paid on the conveyance, no duty is payable on that contract.

(6)  [Section 70 Subsection (6) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 70 Subsection (6) amended by No. 68 of 1984, s. 7 ][Section 70 Subsection (6) amended by No. 67 of 1986, s. 18 and Sched. 2 ][Section 70 Subsection (6) amended by No. 55 of 1989, s. 33 and Sched. 1 ][Section 70 Subsection (6) amended by No. 40 of 1990, s. 6 ]For the purposes of ascertaining whether duty is payable under item 6 or item 7 in Schedule 2 –

(a) a person submitting a conveyance of real property to an assessor for the assessment of the duty payable in respect thereof shall produce therewith to the assessor –

(i) the contract of sale, if any, to which the conveyance gives effect specifying the value of any moveable chattels included in the transaction to which that conveyance relates; or

(ii) a statutory declaration stating how the grantee or transferee became entitled to the conveyance or why the property is conveyed to him and specifying the value of any moveable chattels or other property included in the transaction to which that conveyance relates; or

(iii) the agreement for the sale of the business to which the conveyance gives effect and a statement specifying the value of the property included in that agreement for the sale of the business;

(b) where the conveyance is from a vendor to a person having no direct contractual relationship with him, the person so submitting the conveyance shall in his statutory declaration state so far as he can how the vendor comes to be conveying to him; and

(c) a vendor, grantor, or transferor of real property shall if required by an assessor produce to him any contract of sale of real property that has not been completed by a conveyance and is liable on summary conviction to a fine not exceeding 50 penalty units if he fails to do so.

(6A)  [Section 70 Subsection (6A) inserted by No. 68 of 1984, s. 7 ]The duty payable on a contract of sale under item 6 in Schedule 2 or on an instrument of conveyance under item 7 in Schedule 2 shall be calculated by taking into account the value of any moveable chattels as specified pursuant to subsection (6) (a) .

(6B)  [Section 70 Subsection (6B) inserted by No. 40 of 1990, s. 6 ]The duty payable on an agreement for the sale of a business under item 6 of Schedule 2 and the duty payable on a conveyance pursuant to such an agreement under item 7 of Schedule 2 shall be calculated –

(a) by taking into account the value of the property included in the agreement other than stock in trade (excluding land), livestock, motor vehicles, marketable securities, money on hand, money on deposit, negotiable instruments and money owing to the vendor in respect of the business; and

(b) where the agreement relates to property in Tasmania and property outside Tasmania, on the value of the property in Tasmania.

(7)  [Section 70 Subsection (7) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 70 Subsection (7) amended by No. 67 of 1986, s. 18 and Sched. 2 ][Section 70 Subsection (7) amended by No. 40 of 1990, s. 6 ]Where duty has been paid on a contract for sale under item 6 in Schedule 2 or an agreement for the sale of a business under that item and that contract or agreement is afterwards rescinded or annulled the duty paid thereon shall be refunded by the Commissioner to the party to the agreement by whom or on whose behalf the duty was paid, or to his executors, administrators, or assigns, upon application made therefor in accordance with the prescribed form within 12 months of the agreement's rescission or annulment.

(8)  [Section 70 Subsection (8) amended by No. 40 of 1990, s. 6 ] Subsection (7) does not apply where the purchaser or any person claiming under him has entered into possession of or has attorned tenant of the property, nor unless the Commissioner is satisfied that the contract of sale or agreement for the sale of a business has not been rescinded or annulled only to avoid the stamp duty upon a subsale of the property.

(9)  Where any property is agreed to be purchased by 2 or more persons otherwise than as joint tenants, the contract for the purchase shall specify the aliquot part to be taken by each purchaser, and in the absence of such specification the purchasers shall for the purposes of this Act be deemed to have purchased the property in equal shares.

(10)  Where a contract for the sale, conveyance, or transfer of land provides for completion more than 6 months after its first execution, the purchaser may submit it to the Commissioner and if he satisfies the Commissioner that he is buying the land in order to dwell thereon as his usual abode the Commissioner shall make a note on the contract that it is not dutiable before conveyance or transfer, as the case may be, or resale sooner.

(11)  [Section 70 Subsection (11) amended by No. 46 of 1971, s. 5 ]When a contract is so noted, section 15 shall apply to it as if its first execution occurred on the date of –

(a) the conveyance or transfer pursuant thereto; or

(b) first execution of any contract of sale of the same land made between the purchaser or his successor in interest as vendor and some other person –

whichever is the earlier.

(12)  [Section 70 Subsection (12) inserted by No. 40 of 1990, s. 6 ]The Governor may, by order, exempt from the operation of this section –

(a) an agreement for the sale of a business of a class specified in the order; or

(b) that part of an agreement for the sale of a business that relates to property or assets of that business specified in the regulations.

(13)  [Section 70 Subsection (13) inserted by No. 40 of 1990, s. 6 ]Where the Governor by order exempts an agreement for the sale of a business under subsection 12 (a) , the Governor may, in that order, declare that agreement to be treated as a contract of sale for the purposes of this Division and Schedule 2 .

70A.   Computation of duty in case of certain real property transactions

[Section 70A Inserted by No. 111 of 1986, s. 8 ][Section 70A Amended by No. 45 of 1994, s. 13 ]

(1)  [Section 70A Subsection (1) substituted by No. 41 of 1992, s. 24 ]If –

(a) an interest in land is conveyed by separate conveyances, separate contracts of sale or transactions evidenced by a statement referred to in section 70D (1) (a) ; and

(b) the conveyances, contracts or transactions together form, or arise from, substantially one transaction, or one series of conveyances, contracts or transactions –

duty is to be calculated upon the total of the purchase money paid for, or the total unencumbered value attributable to, the property involved in those conveyances, contracts or transactions or, if the case so requires, partly upon that total of the purchase money and partly upon that total unencumbered value and duty is to be apportioned by the Commissioner accordingly.

(1A)  [Section 70A Subsection (1A) inserted by No. 41 of 1992, s. 24 ]If –

(a) the assets and property of a business are sold by a transaction which includes more than one agreement for the sale of a business or by a transaction which includes an agreement for the sale of a business and a transaction referred to in section 70D (1) (c) ; and

(b) the transactions together form, or arise from, substantially one transaction, or one series of transactions –

duty is to be calculated upon the total unencumbered value attributable to, the property involved in those agreements or transactions calculated in accordance with section 70 (6B) and duty is to be apportioned by the Commissioner accordingly.

(2)  [Section 70A Subsection (2) substituted by No. 41 of 1992, s. 24 ]Conveyances or transactions executed within 12 months of each other whereby a person conveys any real property or sells any assets or property of a business to the same person (whether jointly with other persons or not) are to be treated as arising out of one transaction or a series of transactions unless the Commissioner is of the opinion that –

(a) the conveyances or transactions –

(i) are not conditional upon each other; and

(ii) are made independently of each other; and

(b) the transferees are likely to use the real property or assets or property of the business separately and independently from each other.

(2A)  [Section 70A Subsection (2A) inserted by No. 41 of 1992, s. 24 ]The Commissioner may require any party to conveyances or transactions which are to be treated as arising out of one transaction to specify full details of the conveyances or transactions.

(3)  [Section 70A Subsection (3) amended by No. 55 of 1989, s. 33 and Sched. 1 ]A person who executes or is otherwise engaged or concerned in the preparation of a conveyance to which subsection (1) applies who, upon submission of the conveyance to the Commissioner for stamping or certification, does not disclose the total consideration, if any, given and the whole of the real property included in the transaction or series of transactions in connection with which the conveyance is executed is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

(4)  It is a defence to a charge under subsection (3) that the defendant did not know and could not reasonably be expected to have known the matters required to be disclosed by that subsection.

(5)  This section does not operate to reduce the duty payable on any instrument.

(6)  [Section 70A Subsection (6) omitted by No. 41 of 1992, s. 24 ].  .  .  .  .  .  .  .  

70B.   Provisions relating to trustees

[Section 70B Inserted by No. 55 of 1989, s. 22 ]

(1)  Where real property is vested in a person as trustee and the beneficial interest in the real property is transferred to that person, the person shall, not later than 14 days after the transfer, make a statutory declaration setting out full details of the transfer.

(2)  Where real property is vested in a person and –

(a) that person enters into an agreement for the disposal of the real property to another person as trustee; and

(b) before the conveyance is executed the first-mentioned person is appointed trustee in place of the other person –

the first-mentioned person shall, not later than 14 days after being appointed trustee, make a statutory declaration setting out full details of the agreement for the disposal of the real property.

(3)  Where real property is vested in a person and that person is trustee of a trust and the beneficial interest in the real property is transferred to the trust, the person shall, not later than 14 days after the transfer, make a statutory declaration setting out full details of the transfer.

(4)  A statutory declaration made pursuant to this section –

(a) is deemed to be an instrument and is dutiable as a contract of sale; and

(b) shall be in a form approved by the Commissioner.

70C.   Provisions relating to transfers

[Section 70C Inserted by No. 55 of 1989, s. 22 ]

(1)  [Section 70C Subsection (1) substituted by No. 40 of 1990, s. 7 ]Where the purchaser in a contract of sale or in an agreement for the sale of a business is not the transferee in the conveyance or transfer made pursuant to that contract or agreement, duty is chargeable as follows:

(a) on that contract or agreement, under item 6 of Schedule 2 ;

(b) on the conveyance made pursuant to that contract or agreement, under item 7 (a) of Schedule 2 .

(2)  [Section 70C Subsection (2) amended by No. 40 of 1990, s. 7 ]Duty is not chargeable on a contract of sale or an agreement for the sale of a business where –

(a) the Commissioner is of the opinion that the purchaser in that contract or agreement was, at the time when that contract or agreement was executed, acting as the agent of the transferee in the conveyance or transfer made pursuant to that contract or agreement; and

(b) the Commissioner endorses the conveyance or transfer accordingly; and

(c) the conveyance or transfer is duly stamped.

(3)  [Section 70C Subsection (3) substituted by No. 41 of 1992, s. 25 ]Duty is not chargeable on a contract of sale or an agreement for the sale of a business if the Commissioner is satisfied that the purchaser entered into that contract or agreement intending to transfer any property so purchased to a corporation that is yet to be incorporated or is in the process of being incorporated.

(4)  [Section 70C Subsection (4) inserted by No. 41 of 1992, s. 25 ] Subsection (3) does not apply unless the conveyance, agreement for the sale of a business or transfer of the property to the corporation is duly stamped after the corporation has been incorporated.

70D.   Payment of duty in absence of dutiable instruments

[Section 70D Inserted by No. 40 of 1990, s. 8 ]

(1)  [Section 70D Subsection (1) amended by No. 45 of 1994, s. 14 ]Each party to a transaction shall lodge with the Commissioner a statement if it is a transaction –

(a) which causes a change in the beneficial ownership of an estate or interest in any land, Crown lease or mining lease issued, granted or registered under any Act; or

(ab) which causes a change in the beneficial ownership of marketable securities unless duty is chargeable under Division 4AA in respect of that transaction; or

(b) by which money is lent or agreed to be lent in respect of which –

(i) a guarantee has been given; or

(ii) an agreement to give a guarantee has been given; or

(iii) property is pledged or charged or agreed to be pledged or charged as security; or

(iv) an undertaking is given not to pledge or charge property as security; or

(c) by which a business is sold –

and is a transaction which is not effected or evidenced by any instrument chargeable with ad valorem duty and that party would have been liable to pay duty in respect of that transaction had such an instrument been executed.

(2)  A statement referred to in subsection (1) is chargeable with duty as if it were an instrument effecting or evidencing the transaction to which it relates.

(3)  Duty chargeable on a statement referred to in subsection (1) is payable by the party to the transaction who is the person specified under the appropriate item of Schedule 2 .

(4)  Two or more parties to a transaction may jointly make a statement referred to in subsection (1) .

(5)  A statement referred to in subsection (1) shall be –

(a) in a form approved by the Commissioner; and

(b) lodged within 30 days after the transaction was made.

(6)  A statement referred to in subsection (1) is deemed to be executed on the day on which the transaction to which the statement relates was made.

(7)  A person shall not –

(a) fail to lodge a statement under subsection (1) ; or

(b) lodge a statement which that person believes or knows to be false or misleading.

Penalty:  Fine not exceeding 50 penalty units.

Division 6 - [Part IV, Div. 6 Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ]Settlements

71.   Additional, or additions to, settlements, &c.

[Section 71 Inserted by No. 51 of 1968, s. 7 ][Section 71 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 71 Subsection (1) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 71 Subsection (1) amended by No. 56 of 1975, s. 15 ][Section 71 Subsection (1) amended by No. 70 of 1981, s. 14 ][Section 71 Subsection (1) amended by No. 48 of 1982, s. 9 ][Section 71 Subsection (1) amended by No. 67 of 1986, s. 18 and Sched. 2 ]Where any addition is made to the property comprised in an instrument subject to duty under item 2 5 or paragraph (b) of item 36 of Schedule 2 (which relate to settlements, deeds of gift, &c.) and stamp duty has not previously been paid on the amount or value of that addition, a statutory declaration of the amount or value of the addition in the prescribed form shall be made by the trustee or some person acquiring an estate or interest therein or (in case of a corporation) by some other person on behalf of the corporation, and that declaration shall for the purpose of stamp duty be deemed to be an instrument –

(a) executed on the day on which the addition is added to or becomes subject to the original instrument; and

(b) settling, giving, or declaring the trusts of the property in the terms of the original instrument.

(2)  [Section 71 Subsection (2) omitted by No. 48 of 1982, s. 9 ].  .  .  .  .  .  .  .  

(3)  If a person transfers property pursuant to an instrument of the kind mentioned in either of those items that is additional to the property comprised therein in respect of which no declaration has been made as required by subsection (1) he becomes indebted to the Crown in a sum equal to twice the duty that would have been payable on the declaration.

(4)  Where a person, with intent to augment the property comprised in an instrument such as is first in this section mentioned, releases, forgives, or acquits a debt or does nothing to prevent its becoming statute-barred he shall be deemed to have made an addition to the property of the amount of the debt.

Division 6A - Debits duty

[Part IV, Div. 6A Inserted by No. 86 of 1983, s. 10 ]

71A.   Interpretation: Division 6A, Part IV

[Section 71A Inserted by No. 86 of 1983, s. 10 ]

(1)  [Section 71A Subsection (1) amended by No. 94 of 1985, s. 7 ][Section 71A Subsection (1) amended by No. 67 of 1986, s. 12 ][Section 71A Subsection (1) amended by No. 111 of 1986, s. 9 ][Section 71A Subsection (1) amended by No. 94 of 1987, s. 13 ][Section 71A Subsection (1) amended by No. 55 of 1989, s. 23 ][Section 71A Subsection (1) amended by No. 30 of 1990, s. 19 ][Section 71A Subsection (1) amended by No. 68 of 1994, s. 3 and Sched. 1 ][Section 71A Subsection (1) amended by No. 20 of 1995, s. 3 and Sched. 1 ]In this Division, unless the contrary intention appears –

[Section 71A Subsection (1) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] account means an account kept in Tasmania with a financial institution, being an account to which payments by the financial institution in respect of withdrawals from the account by the account holder, or by any one or more of the account holders, may be debited, whether or not those withdrawals, in the case of a financial institution that is an authorised deposit-taking institution, are made by cheques drawn on the financial institution or by any other means;

account holder means the person in whose name, or either or any of the persons in whose names, an account is kept;

account transaction means –

(a) the payment of a cheque; or

(b) the payment of a payment order; or

(c) the doing of any other act or thing –

that will result in the making of a debit to an account;

[Section 71A Subsection (1) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000]

charitable organization means –

(a) a public benevolent or a religious institution;

(b) a public hospital or a hospital that is carried on by an association or other body of persons otherwise than for purposes of profit or gain to the individual members of that association or other body; or

(c) a school, college, or university that is carried on by an association or other body of persons otherwise than for the purposes of profit or gain to the individual members of that association or other body;

[Section 71A Subsection (1) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] cheque, in relation to a current account, means an order in writing drawn on an authorised deposit-taking institution by or on behalf of the current account holder requiring the institution to pay on demand a specified sum of money to a specified person or to the bearer of the cheque;

[Section 71A Subsection (1) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] current account means an account kept in Tasmania with an authorised deposit-taking institution to which payments may be debited by the institution in respect of cheques drawn on the institution by the current account holder;

direct credit means a credit to an account kept by a financial institution of a payment of a pension benefit, an unemployment benefit, or an allowance, caused to be made by the Director-General of Social Security or the Repatriation Commission to that financial institution, but does not include payments for family allowances made under Parts VI , VIA , or VIB of the Social Security Act 1947 of the Commonwealth;

exempt account means –

(a) an account with a financial institution kept by an account holder who has not attained the age of 19 years where deposits to the account by the account holder are made under an arrangement as approved by the Director-General of Education or the governing body of the school of which the account holder is a pupil;

(b) an account to which is credited a receipt of money being a direct credit made under the Social Security Act 1947 of the Commonwealth, the Repatriation Act 1920 of the Commonwealth, or the Tuberculosis Act 1948 of the Commonwealth, which is being paid to or in respect of a person who holds one of the following:

(i) a current card known as a "Pensioner Health Benefits Card" issued pursuant to the Health Insurance Act 1973 of the Commonwealth;

(ii) a current card issued pursuant to an Act of the Commonwealth and that is declared by the Governor as being equivalent to a card referred to in subparagraph (i) ;

(iii) a current card known as a "Health Care Card" issued pursuant to the Health Insurance Act 1973 of the Commonwealth;

(iv) a current card issued pursuant to an Act of the Commonwealth and that is declared by the Governor as being equivalent to a card referred to in subparagraph (iii) ;

(c) an account kept by a charitable organization;

(d) an account kept by or on behalf of the Treasurer or an officer of the Government of Tasmania for a public purpose;

(e) [Section 71A Subsection (1) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] an account kept by an authorised deposit-taking institution in favour of another authorised deposit-taking institution, and intended and used only for clearing purposes between those institutions;

(f) [Section 71A Subsection (1) amended by No. 66 of 1997, Sched. 1, Applied:01 Feb 1998] [Section 71A Subsection (1) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000]

(g) an account kept by the Director of Ambulance Services under the Ambulance Service Act 1982 ;

(h) an account kept by a Board under the Health (Regional Boards) Act 1991 ;

(i) an account kept by the licensee, proprietor, governors, trustees, committee of management, or resident manager of a private hospital for or in connection with the purposes of the hospital;

(j) an account kept by the University of Tasmania;

(ja)

(jb) an account kept by the Commission for Conservation of Antarctic Marine Living Resources;

(k) an account kept on behalf of a Department of the Government of the Commonwealth;

(l) an account kept by a financial institution on behalf of another financial institution;

(m) an account kept by a person, constituted, established, or appointed as mentioned in the last item under the heading General in Part I of Schedule 3 and declared by a proclamation under that Schedule to have exemption from all duties under Schedule 2 , being a proclamation that is in force immediately before 1st February 1984 or that comes into force on or after that day; or

(n) an account kept by or on behalf of a prescribed class of person;

exempt current account means any account referred to in paragraphs (a) – (n) in the definition of "exempt account" that is a current account;

exempt debit, in relation to an account, means a debit –

(a) that is made solely for the purpose of reversing a credit previously made to the account;

(b) that is made pursuant to section 71G (3) ; or

(c) that is of a prescribed class;

[Section 71A Subsection (1) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] financial institution means –

(a) an authorised deposit-taking institution; or

(b) a body prescribed, or a body of a class prescribed, in the regulations for the purposes of this definition;

governing body, in relation to a school, means the person who, or body of persons (whether incorporated or unincorporated) which, has the ownership, management, or control of a school;

payment order has the same meaning as in the Cheques and Payment Orders Act 1986 of the Commonwealth;

taxable account means an account, other than an exempt account;

taxable current account means a current account other than an exempt current account;

taxable debit means a debit, other than an exempt debit, made to a taxable account or a taxable current account.

(1A)  [Section 71A Subsection (1A) amended by No. 17 of 1996, Applied:22 May 1998] [Section 71A Subsection (1A) inserted by No. 67 of 1986, s. 12 ]The Governor may, by order, declare a current card issued pursuant to an Act of the Commonwealth as being a card that is equivalent to a card referred to in subparagraph (i) or subparagraph (iii) of paragraph (b) of the definition of "exempt account".

(2)  [Section 71A Subsection (2) amended by No. 30 of 1990, s. 19 ]An account that is kept by 2 or more account holders is not an exempt account or exempt current account, as defined in subsection (1) , unless each of the account holders is entitled to keep an exempt account.

(3)  Where a debit made to an account is subsequently reversed, the debit shall, for the purposes of this Division, be taken to be, and to have always been, an exempt debit.

(4)  Where this Division imposes a liability on a person being a partnership or other unincorporated association or body of persons to pay any duty, that liability shall be deemed to be imposed jointly and severally on the persons who are the members of the partnership or other association or body at the time when the liability arises.

(5)  [Section 71A Subsection (5) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] [Section 71A Subsection (5) inserted by No. 30 of 1990, s. 19 ]A reference to a current account kept with a financial institution includes a reference to a current account kept by way of drawable share capital in, or money deposited with, the financial institution.

71B.   Duty payable by financial institutions and related matters

[Section 71B Inserted by No. 86 of 1983, s. 10 ]

(1)  A financial institution shall, in accordance with this section, pay to the Commissioner duty at the rate of $0·15 in respect of each taxable debit made to a taxable account kept with the financial institution.

(1A)  [Section 71B Subsection (1A) inserted by No. 30 of 1990, s. 20 ]In addition to any duty payable under subsection (1) , a financial institution shall pay to the Commissioner duty in respect of each taxable debit of not less than $1 made to a taxable current account kept with the financial institution.

(1B)  [Section 71B Subsection (1B) inserted by No. 30 of 1990, s. 20 ]The duty payable under subsection (1A) is determined by the amount of the taxable debit and calculated as follows:

(a) 15 cents for an amount not less than $1 but less than $100;

(b) 35 cents for an amount not less than $100 but less than $500;

(c) 75 cents for an amount not less than $500 but less than $5 000;

(d) $1·50 for an amount not less than $5 000 but less than $10 000;

(e) $2 for an amount of $10 000 or more.

(1C)  [Section 71B Subsection (1C) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] [Section 71B Subsection (1C) inserted by No. 45 of 1994, s. 15 ]The application of subsection (1B) extends to a current account kept by an authorised deposit-taking institution on behalf of another authorised deposit-taking institution other than an account kept for clearing purposes.

(2)  [Section 71B Subsection (2) amended by No. 30 of 1990, s. 20 ]A financial institution shall –

(a) subject to subsection (3) , within 10 days after –

(i) the end of the month of February 1984; and

(ii) the end of each subsequent month –

cause to be made out and lodged with the Commissioner a return in a form approved by the Commissioner setting out the particulars required by the form in respect of all taxable debits made to taxable accounts and taxable current accounts kept with the financial institution during that month and particulars of such other matters as may be required by that form; and

(b) when that return is lodged, pay to the Commissioner duty at the rate prescribed by subsections (1) and (1B) in respect of each of those taxable debits.

(3)  Where the Commissioner is of the opinion that it would be unduly onerous to require a financial institution to lodge returns –

(a) within the time specified in subsection (2) , he may, by notice in writing, vary the time within which that financial institution is required to lodge returns in pursuance of that subsection; or

(b) relating to each month, he may, by notice in writing, authorize that financial institution to lodge returns relating to such other periods as may be specified in the notice –

and the financial institution shall, while that notice remains unrevoked, lodge returns accordingly.

(4)  The Commissioner may, at any time, by notice in writing, revoke any notice given in pursuance of subsection (3) .

(5)  A return under subsection (2) (a) shall be verified by a declaration made by the general manager, manager, or agent of the financial institution by which the return is lodged.

(6)  [Section 71B Subsection (6) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A financial institution that fails to –

(a) lodge a return as required by subsection (2) (a) ;

(b) include in such a return the particulars referred to in subsection (2) (a) ; or

(c) pay any duty as and when required by subsection (2) (b) –

is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

(7)  [Section 71B Subsection (7) amended by No. 30 of 1990, s. 20 ]A financial institution that is convicted of an offence under subsection (6) (c) is liable, in addition to any penalty that may be imposed on it, to pay to the Commissioner a sum equivalent to twice the amount of the duty payable by it pursuant to –

(a) subsections (1) and (1A) , where a return has been lodged by the financial institution under subsection (2) (a) ; or

(b) an assessment made by the Commissioner under section 71E , where a return has not been lodged by the financial institution under subsection (2) (a) –

and the justices by whom the financial institution is convicted may order it to pay that sum to the Commissioner accordingly.

71C.   Obligation on financial institutions to apply for registration

[Section 71C Inserted by No. 86 of 1983, s. 10 ]

(1)  A financial institution shall –

(a) before 1st February 1984, in the case of a financial institution carrying on business in Tasmania; or

(b) within 15 days after it commences to carry on business in Tasmania, in any other case –

apply to the Commissioner for registration as a financial institution under this section.

(2)  [Section 71C Subsection (2) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A financial institution that fails to comply with subsection (1) is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

(3)  A financial institution that seeks registration under this section shall make an application to the Commissioner in a form approved by the Commissioner.

(4)  An application under subsection (3) shall be verified by a declaration made by the general manager, manager, or agent of the applicant.

(5)  On receipt of an application under subsection (3) , the Commissioner shall register the financial institution to which the application relates and issue a certificate of registration to it.

(6)  A financial institution that ceases to carry on business in Tasmania may surrender its certificate of registration under this section by delivering it to the Commissioner together with a notification in writing to the effect that the certificate is being surrendered.

(7)  The Commissioner shall, on receipt of a certificate of registration referred to in subsection (6) and a notification under that subsection, cancel the certificate.

71D.   Special provisions relating to all exempt accounts

[Section 71D Inserted by No. 86 of 1983, s. 10 ]

(1)  [Section 71D Subsection (1) amended by No. 30 of 1990, s. 21 ]Where a person claims that an account kept by him with a financial institution is an exempt account or exempt current account, that person shall, if required by the financial institution, satisfy it, by declaration or otherwise, that the account is an exempt account or exempt current account.

(1A)  [Section 71D Subsection (1A) inserted by No. 30 of 1990, s. 21 ]Where a charitable organization claims that an account kept by it with a financial institution is an exempt account or an exempt current account the charitable organization may apply to the Commissioner for a certificate of exemption under section 71K .

(1B)  [Section 71D Subsection (1B) inserted by No. 30 of 1990, s. 21 ]A certificate of exemption issued under section 71K is evidence that the account which the certificate relates is an exempt account or an exempt current account.

(2)  [Section 71D Subsection (2) amended by No. 30 of 1990, s. 21 ][Section 71D Subsection (2) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person to whom subsection (1) or (1A) applies who, in response to a requirement made of him under that subsection, knowingly makes a statement that is false or misleading in a material particular, is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

(3)  [Section 71D Subsection (3) amended by No. 30 of 1990, s. 21 ]Where, as the result of evidence given to a financial institution by a person in response to a requirement made by it under subsection (1) or otherwise obtained by it, the financial institution treats as an exempt account or exempt current account an account kept with it by that person and, in the opinion of the Commissioner, the account is not an exempt account or exempt current account, the Commissioner or any officer appointed by the Treasurer may, as provided in section 32 , recover from the financial institution the duty that should have been paid by it under this Division.

(3A)  [Section 71D Subsection (3A) amended by No. 17 of 1996, Applied:22 May 1998] [Section 71D Subsection (3A) inserted by No. 67 of 1986, s. 13 ]Where an account kept with a financial institution that is an exempt account by virtue of paragraph (b) of the definition of "exempt account" is not credited with a further direct credit within a period of 30 days from the date of the last direct credit, that account shall cease to be an exempt account at the expiration of that period.

(4)  [Section 71D Subsection (4) amended by No. 30 of 1990, s. 21 ]Where an account kept with a financial institution that is an exempt account or exempt current account ceases to be an exempt account or exempt current account, the holder of the account shall, within 14 days after the account so ceases to be an exempt account or exempt current account, inform the financial institution of that fact.

(5)  [Section 71D Subsection (5) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person to whom subsection (4) applies who does not comply with that subsection is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

71E.   Assessments by Commissioner

[Section 71E Inserted by No. 86 of 1983, s. 10 ]

(1)  [Section 71E Subsection (1) amended by No. 30 of 1990, s. 22 ]Where –

(a) a financial institution does not apply for registration as required by section 71C (1) ;

(b) a financial institution does not lodge a return as and when required by this Division or by the Commissioner;

(c) the Commissioner is not satisfied with a return made out by a financial institution; or

(d) the Commissioner has reason to believe or suspect that a financial institution (though it may not have lodged any such return) is liable to pay duty under this Division –

the Commissioner may –

(e) calculate the number of taxable debits made to taxable accounts and taxable current accounts kept with the financial institution; and

(f) assess the duty payable by the financial institution in respect of the number of the taxable debits so calculated.

(2)  Where the Commissioner causes an assessment to be made under subsection (1) , the financial institution to which the assessment relates is, subject to any objection or appeal made by it under this Act, liable to pay duty as provided by the assessment.

(3)  A financial institution that becomes liable to pay duty by virtue of an assessment made under subsection (1) is also liable to pay, by way of additional duty, double the amount of that duty, but the Commissioner may, in any particular case, for any reason that he thinks sufficient, remit the additional duty or any part of it.

(4)  As soon as possible after an assessment is made under subsection (1) , the Commissioner shall cause notice in writing of the assessment and of the duty and additional duty to be served on the financial institution liable to pay it.

(5)  The amount of duty and additional duty (if any) specified in a notice under subsection (4) is due and payable on or before the date specified in the notice.

(6)  The omission to serve a notice under subsection (4) does not invalidate the relevant assessment and calculation made by the Commissioner.

71F.   Power of Commissioner to collect duty from person owing money to financial institution

[Section 71F Inserted by No. 86 of 1983, s. 10 ]

(1)  The Commissioner may, by notice in writing (a copy of which shall be served on the financial institution), require –

(a) a person by whom any money is due or accruing or may become due to a financial institution;

(b) a person who holds or may subsequently hold money for or on account of a financial institution;

(c) a person who holds or may subsequently hold money on account of some other person for payment to a financial institution; or

(d) a person having authority from some other person to pay money to a financial institution –

to pay to the Commissioner immediately on the money becoming due or being held, or within such further time as the Commissioner allows, the money or so much of it as is sufficient to pay the duty due under this Division by the financial institution or the penalty and costs, if any, imposed by a court on it in respect of an offence under this Act.

(2)  [Section 71F Subsection (2) amended by No. 43 of 1991, s. 5 and Sched. 1 ]A person who fails to comply with a notice under subsection (1) is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

(3)  Where an amount referred to in subsection (1) is less than the amount of the duty due by the relevant financial institution, the person served with the notice under that subsection shall pay to the Commissioner, in reduction of the amount of the duty due, the amount payable by that person to the financial institution.

(4)  A person who makes a payment in pursuance of this section shall be deemed to have been acting under the authority of the financial institution and of all other persons concerned, and is hereby indemnified in respect of the payment.

(5)  If the duty due by a financial institution is paid, or the penalty and costs, if any, imposed by a court on it in respect of an offence under this Act are paid, before a payment is made under a notice given under subsection (1) , the Commissioner shall immediately give notice of the payment to the person served with the notice under that subsection.

(6)  In this section, duty includes any judgment debt and costs in respect of duty.

71G.   Power of financial institutions to recover duty

[Section 71G Inserted by No. 86 of 1983, s. 10 ]

(1)  [Section 71G Subsection (1) amended by No. 30 of 1990, s. 23 ]Where a financial institution pays, or is liable to pay, duty in respect of a taxable debit to a taxable account or taxable current account kept with the financial institution, the institution may recover that amount from the account holder or, if there are 2 or more account holders, from either or any of those account holders.

(2)  An account holder is not, or any account holders are not, liable under subsection (1) to pay to a financial institution an amount in respect of an amount of duty that has been refunded to the financial institution in accordance with a provision of this Act.

(3)  A financial institution may debit an account with an amount that the account holder is, or the account holders are, liable to pay to the financial institution under subsection (1) .

71H.   Account holder to pay duty in certain circumstances

[Section 71H Amended by No. 30 of 1990, s. 24 ]

(1)  [Section 71H Subsection (1) inserted by No. 86 of 1983, s. 10 ]Where a financial institution is not bound by the provisions of this Act, the duty that would otherwise be payable by that financial institution in respect of a taxable debit made to a taxable account or a taxable current account kept with that financial institution shall be paid by the account holder of that account.

(2)  [Section 71H Subsection (2) inserted by No. 30 of 1990, s. 24 ]A person who is resident in Tasmania shall pay duty at the appropriate rate under section 71B in respect of each debit made to an account kept with a financial institution in another State or Territory of the Commonwealth.

(3)  [Section 71H Subsection (3) inserted by No. 30 of 1990, s. 24 ]A person, other than a company, is resident in Tasmania at a particular time if at that time that person resides or is domiciled in Tasmania.

(4)  [Section 71H Subsection (4) inserted by No. 30 of 1990, s. 24 ]A company that is a body corporate is resident in Tasmania at a particular time if the body corporate –

(a) at that time is incorporated in Tasmania; or

(b) is incorporated outside Tasmania but at that time carried on business in Tasmania and –

(i) had its central management and control in Tasmania; or

(ii) had its voting power controlled by shareholders who were residents of Tasmania.

(5)  [Section 71H Subsection (5) inserted by No. 30 of 1990, s. 24 ] Subsection (2) does not apply where the account to which the debit is made –

(a) is maintained in another State or Territory of the Commonwealth where duty on tax of a similar kind to that imposed under this Division is imposed; or

(b) would be an exempt account if that account were kept with a financial institution in Tasmania; or

(c) is, in the opinion of the Commissioner, not an account maintained to avoid the payment of duty that would have been imposed under this Division had the account been kept in Tasmania.

71I.   Separate debits

[Section 71I Inserted by No. 30 of 1990, s. 25 ]For the purposes of this Division, a debit made to an account in respect of 2 or more account transactions is to be treated as separate debits in relation to each of those account transactions.

71J.   Australian currency

[Section 71J Inserted by No. 30 of 1990, s. 25 ]Where a debit is made to an account in a currency other than Australian currency, a reference in this Division to the amount of the debit is a reference to that amount expressed in Australian currency.

71K.   Certificate of exemption

[Section 71K Inserted by No. 30 of 1990, s. 25 ]

(1)  A charitable organization may apply for a certificate of exemption in respect of any account kept by it with a financial institution.

(2)  An application is to be –

(a) made in writing and lodged with the Commissioner; and

(b) accompanied by such information as the Commissioner may require.

(3)  On receipt of an application, the Commissioner shall –

(a) issue a certificate of exemption in relation to an account if the Commissioner is satisfied that all debits made or to be made to the account are, or are likely to be, debits made in relation to transactions which exclusively further the objects of the charitable organization; or

(b) refuse to issue a certificate of exemption if the Commissioner is not so satisfied.

(4)  The Commissioner shall notify the applicant of the decision by notice in writing.

(5)  A certificate of exemption comes into force on the day specified in that certificate as the day of commencement.

(6)  A certificate of exemption remains in force –

(a) until the day specified in that certificate as the day of expiry; or

(b) if no such day is specified, until that certificate is revoked under section 71L .

(7)  A charitable organization issued with a certificate of exemption shall notify the Commissioner –

(a) if it ceases to be a charitable organization; or

(b) if the account to which the certificate relates ceases to be used exclusively to further the objects of that organization.

(8)  A certificate of exemption issued under section 11 of the Debits Tax Act 1982 of the Commonwealth or under Part 2 of the Debits Tax Transfer Act 1990 and in force immediately before the commencement of this Part –

(a) shall be treated as a certificate of exemption issued under this section; and

(b) remains in force –

(i) until the expiry day specified in that certificate; or

(ii) until it is revoked by the Commissioner under section 71L .

71L.   Revocation of certificate of exemption

[Section 71L Inserted by No. 30 of 1990, s. 25 ]

(1)  The Commissioner may revoke a certificate of exemption in relation to an account –

(a) on receiving a notification under section 71K (7) ; or

(b) if the Commissioner is no longer satisfied as to the matters specified in section 71K (3) (a) .

(2)  The Commissioner shall, by notice in writing, serve notice of a revocation of a certificate of exemption in relation to an account on –

(a) all the account holders; and

(b) the financial institution with which the account is kept.

(3)  A certificate of exemption which is revoked ceases to be in force on the date of service of the notice referred to in subsection (2) .

71M.   Offences relating to certificate of exemption

[Section 71M Inserted by No. 30 of 1990, s. 25 ]A person shall not –

(a) forge a certificate of exemption; or

(b) alter or sign a certificate of exemption without lawful authority; or

(c) deliver another document that purports to be a certificate of exemption; or

(d) represent that a certificate of exemption is in respect of an account other than the account in respect of which that certificate was issued.

Penalty:  Fine not exceeding 100 penalty units or imprisonment for a term not exceeding 2 years, or both.

71N.   Returns in relation to exempt accounts

[Section 71N Inserted by No. 30 of 1990, s. 25 ]

(1)  A financial institution shall submit to the Commissioner a return relating to all exempt accounts kept with it during a calendar year ending on 31 December.

(2)  A return shall be submitted –

(a) on or before the last day of February in each year; or

(b) on such later day as the Commissioner may allow.

(3)  A return shall –

(a) be in a form approved by the Commissioner; and

(b) contain such particulars as the form or the Commissioner requires.

Division 7 - [Part IV, Div. 7 Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ] - .  .  .  .  .  .  .  .  

72.   

[Section 72 Repealed by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

73.   

[Section 73 Repealed by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

Division 8 - [Part IV, Div. 8 Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ] Miscellaneous

73A.   Special provisions as to motor accident premium certificates

[Section 73A Inserted by No. 95 of 1974, s. 3 ]

(1)  For the purposes of this section, a certificate of premium paid means any certificate or other document issued for the purposes of the Motor Accidents (Liabilities and Compensation) Act 1973 that acknowledges the receipt of a premium paid under that Act, and the Board means the Motor Accidents Insurance Board.

(2)  A certificate or document issued for the purposes mentioned in subsection (1) is a certificate of premium paid notwithstanding that it is also issued for other purposes.

(3)  There shall be endorsed as prescribed on each certificate of premium paid such words as may be prescribed to denote the amount of the duty payable thereon.

(4)  Nothing in the Motor Accidents (Liabilities and Compensation) Act 1973 shall be construed as preventing the Board or any other person refusing to accept payment of a premium thereunder unless there is, or has been, paid to, or to some person on behalf of, the Board an additional sum equivalent in amount to the amount of the duty payable on the certificate of premium paid issued in respect of the payment of that premium, and the powers of the Board under section 10 of that Act shall be deemed to include a power to enter into agreements with respect to the receipt and payment of any such additional sums.

(5)  A certificate of premium paid that is endorsed as required by subsection (3) shall, for the purposes of sections 28 and 29 , be deemed to be duly stamped as required by this Act.

(6)  [Section 73A Subsection (6) amended by No. 20 of 1980, s. 4 ]The Board or its agent shall furnish to the Commissioner such returns as he may require with regard to the certificates of premium paid issued and the duty payable thereon.

(7)  [Section 73A Subsection (7) substituted by No. 20 of 1980, s. 4 ]The duty received by the Board or its agent in respect of certificates of premiums paid shall be paid to the Commissioner in such manner and at such times as he may notify the Board or its agent.

74.   Duty payable on certain applications under the Traffic Act 1925

[Section 74 Inserted by No. 26 of 1967, s. 4 ][Section 74 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 74 Subsection (1) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 74 Subsection (1) amended by No. 71 of 1983, s. 7 and Sched. 1 ]An application to which this section applies is subject to duty at the rate specified in item 39 in Schedule 2 in respect of the value of the motor vehicle or trailer to which the application relates.

(2)  [Section 74 Subsection (2) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 74 Subsection (2) amended by No. 71 of 1983, s. 7 and Sched. 1 ][Section 74 Subsection (2) amended by No. 41 of 1992, s. 26 ]The value of a motor vehicle or trailer for the purposes of this section and of item 39 in Schedule 2 is the market value of the motor vehicle or trailer at the time of the making in relation to the motor vehicle or trailer of an application to which this section applies.

(3)  [Section 74 Subsection (3) amended by No. 34 of 1967, s. 2 ][Section 74 Subsection (3) amended by No. 71 of 1983, s. 7 and Sched. 1 ][Section 74 Subsection (3) amended by No. 94 of 1985, s. 8 ]An applicant, within 14 days of the date of the purchase or other acquisition of the motor vehicle or trailer to which an application to which this section applies –

(a) shall lodge with or forward to the registering authority together with the application, a declaration in the prescribed form stating the market value of the motor vehicle or trailer to which the application relates as at the date of the application; and

(b) shall –

(i) lodge with or forward to the registering authority, together with the application, an amount equivalent to the amount of the duty payable in respect of the application; or

(ii) cause to be affixed to the application, and to be cancelled, adhesive stamps of a value equivalent to the amount of that duty.

(3A)  [Section 74 Subsection (3A) inserted by No. 34 of 1967, s. 2 ]It is a sufficient compliance with subsection (3) (a) if the declaration referred to in that subsection is endorsed on, or incorporated in, the application referred to therein.

(3B)  [Section 74 Subsection (3B) inserted by No. 41 of 1992, s. 26 ]If the Commissioner is not satisfied that the market value of a motor vehicle or trailer as stated by an applicant in a declaration under subsection (3) (a) is the true market value, the Commissioner may, by notice in writing, request the applicant to provide evidence to support that statement.

(3C)  [Section 74 Subsection (3C) inserted by No. 41 of 1992, s. 26 ]If an applicant provides no evidence or insufficient evidence as to the true market value of a motor vehicle or trailer under subsection (3B) , the Commissioner may determine the true market value.

(3D)  [Section 74 Subsection (3D) inserted by No. 41 of 1992, s. 26 ]In determining the true market value of a motor vehicle or trailer under subsection (3C) , the Commissioner may obtain further evidence from a person competent to assess that true market value.

(3E)  [Section 74 Subsection (3E) inserted by No. 41 of 1992, s. 26 ]If the Commissioner obtains further evidence under subsection (3D) , the Commissioner may recover from the applicant any fees or costs incurred in obtaining the evidence.

(4)  [Section 74 Subsection (4) substituted by No. 41 of 1992, s. 26 ]The Commissioner may issue an assessment of duty for the difference between the amount of duty paid and the amount of duty payable on the market value of a motor vehicle or trailer as determined by the Commissioner under subsection (3C) .

(4A)  [Section 74 Subsection (4A) inserted by No. 34 of 1967, s. 2 ]All amounts received by a registering authority under subsection (3) (b) (i) shall be paid by the registering authority to the Treasurer at such intervals and in such manner as the Treasurer directs.

(4B)  [Section 74 Subsection (4B) inserted by No. 94 of 1985, s. 8 ]An applicant who fails to comply with subsection (3) shall, in addition to the duty payable under subsection (1) , be liable to a penalty of an amount equal to the amount of that duty.

(4C)  [Section 74 Subsection (4C) inserted by No. 55 of 1989, s. 24 ]A person who is liable to pay a duty under subsection (4) is, in addition to that duty, liable to a penalty of an amount equal to the amount of duty payable under that subsection.

(4D)  [Section 74 Subsection (4D) inserted by No. 55 of 1989, s. 24 ]Any duty payable under subsection (4) and any penalty imposed under subsection (4C) is payable –

(a) where a declaration was lodged under subsection (3) on behalf of an applicant by the holder of a certificate of exemption granted under subsection (5) , by the holder of that certificate; or

(b) in any other case, by the applicant.

(4E)  [Section 74 Subsection (4E) inserted by No. 55 of 1989, s. 24 ]Any amount payable under this section may be recovered in accordance with section 32 .

(4F)  [Section 74 Subsection (4F) inserted by No. 55 of 1989, s. 24 ]The Commissioner may remit in whole or in part any penalty payable under this section.

(5)  [Section 74 Subsection (5) amended by No. 71 of 1983, s. 7 and Sched. 1 ]At the request of a person who is engaged in carrying on the business of dealing in motor vehicles or trailers, or both, the Commissioner may, if he is satisfied that that person is engaged in good faith in carrying on such a business, grant to that person a certificate of exemption for the purposes of this section.

(6)  [Section 74 Subsection (6) amended by No. 71 of 1983, s. 7 and Sched. 1 ]The Commissioner may require a person by whom a request under subsection (5) is made to furnish to the Commissioner such evidence as the Commissioner may deem necessary in order to show to the Commissioner's satisfaction whether or not that person is engaged in good faith in carrying on the business of dealing in motor vehicles or trailers, or both.

(6A)  [Section 74 Subsection (6A) substituted by No. 55 of 1989, s. 24 ]A certificate of exemption granted under subsection (5) is issued on the condition that the holder of the certificate –

(a) lodges with the registering authority a notice in respect of each used motor vehicle or trailer sold or disposed of; and

(b) states the full and true sale price obtained for that vehicle or trailer as provided in the notice; and

(c) pays any amount due by the holder of the certificate under subsection (4) or (4C) ; and

(d) complies with any request made by the Commissioner under section 27B ; and

(e) complies with any other conditions which the Commissioner may from time to time determine.

(6AB)  [Section 74 Subsection (6AB) inserted by No. 45 of 1994, s. 16 ]The Commissioner must keep a register of all certificates of exemption granted under subsection (5) and the register is open for public inspection at any time when the office of the Commissioner is open to the public.

(6B)  [Section 74 Subsection (6B) inserted by No. 94 of 1985, s. 8 ]Where the holder of a certificate of exemption fails to comply with, or contravenes, any condition to which the certificate is subject, the Commissioner may, subject to subsection (6C) , suspend or cancel that certificate.

(6C)  [Section 74 Subsection (6C) inserted by No. 94 of 1985, s. 8 ]The Commissioner shall not suspend or cancel a certificate of exemption pursuant to subsection (6B) unless he has previously given the holder of the certificate an opportunity to appear at a hearing before him to make submissions and give evidence in relation to the matter.

(6D)  [Section 74 Subsection (6D) inserted by No. 55 of 1989, s. 24 ]The holder of a certificate of exemption granted under subsection (5) who states in a notice an amount for the sale price obtained for a used motor vehicle or trailer that is false or misleading is guilty of an offence and is liable on summary conviction to a fine not exceeding 50 penalty units.

(6E)  [Section 74 Subsection (6E) inserted by No. 55 of 1989, s. 24 ]It is a defence to a charge under subsection (6D) if it is proved that at the time the notice was lodged, the defendant believed on reasonable grounds that the sale price stated on that notice was neither false nor misleading.

(7)  The decision of the Commissioner on a request under subsection (5) is final.

(8)  A certificate of exemption under this section shall be in the prescribed form and shall bear a serial number allotted to it by the Commissioner.

(9)  [Section 74 Subsection (9) amended by No. 71 of 1983, s. 7 and Sched. 1 ]If it appears to the Commissioner that the holder of a certificate of exemption under this section has ceased to be engaged in good faith in carrying on the business in respect of which the certificate is granted, the Commissioner, by notice in writing delivered to the holder of that certificate or sent to him by post, may cancel that certificate.

(9A)  [Section 74 Subsection (9A) inserted by No. 94 of 1985, s. 8 ]Where an applicant –

(a) pays duty under this section in respect of an acquisition or purchase of a motor vehicle or trailer; and

(b) within 14 days of that acquisition or purchase cancels any arrangement or agreement, or contract under which the motor vehicle or trailer was acquired or purchased –

the Commissioner may, on application by the applicant, refund to the applicant any duty so paid.

(10)  [Section 74 Subsection (10) amended by No. 78 of 1972, s. 3 ][Section 74 Subsection (10) amended by No. 70 of 1981, s. 17 ][Section 74 Subsection (10) amended by No. 65 of 1982, s. 5 ][Section 74 Subsection (10) amended by No. 71 of 1983, s. 7 and Sched. 1 ][Section 74 Subsection (10) amended by No. 94 of 1985, s. 8 ][Section 74 Subsection (10) amended by No. 55 of 1989, s. 24 ]In this section –

applicant means a person by whom an application to which this section applies is made;

application to which this section applies means an application under the Traffic Act 1925 in respect of –

(a) the registration of a new motor vehicle or a new trailer;

(b) the registration of a used motor vehicle or a used trailer; or

(c) the transfer of the registration of a motor vehicle or a trailer;

motor vehicle means a motor vehicle within the meaning of the Traffic Act 1925 ;

new motor vehicle means –

(a) a motor vehicle which has not, at any time before the date of an application to which this section applies in relation to that motor vehicle, been registered in this State or elsewhere; or

(b) a motor vehicle which has been registered for a period not exceeding 6 months immediately preceding the date of an application to which this section applies in relation to that motor vehicle, but in respect of which no stamp duty has been paid in pursuance of a certificate of exemption granted under subsection (5) –

and new trailer has a corresponding meaning;

notice means a written notification which under the Traffic Act 1925 is required to be lodged with the registering authority by the owner of a motor vehicle or trailer upon the sale or other disposal of that motor vehicle or trailer;

owner, in relation to a motor vehicle or trailer, has the meaning assigned to that expression by section 3 of the Traffic Act 1925 ;

registering authority means a registering authority within the meaning of the regulations made under the Traffic Act 1925 ;

trailer means a trailer within the meaning of the Traffic Act 1925 ;

used motor vehicle means a motor vehicle which has, at some time before the date of an application to which this section applies in relation to that motor vehicle, been registered in this State or elsewhere, but does not include a motor vehicle which has been registered but in respect of which no stamp duty has been paid in pursuance of a certificate of exemption granted under subsection (5) , and used trailer has a corresponding meaning.

74A.   Special provisions as to leases

[Section 74A Inserted by No. 56 of 1975, s. 16 ]

(1)  [Section 74A Subsection (1) substituted by No. 55 of 1989, s. 25 ]Where the rent reserved by a lease is not, at the time of the execution of the lease, ascertainable from the terms of the lease as a sum certain, duty is payable in the first instance on that part of the rental which is fixed and ascertainable.

(2)  [Section 74A Subsection (2) amended by No. 115 of 1976, s. 3 ]Where the rent reserved by a lease is increased, or where the rent reserved by such a lease as is referred to in subsection (1) has been ascertained, the lessor or his agent acting on his behalf shall forthwith cause the lease to be endorsed with a statement specifying –

(a) the rent reserved by the lease as so increased or as so ascertained; and

(b) the date on which the rent was so increased or so ascertained –

and upon the rent being so increased or ascertained duty becomes payable in respect of the lease of an amount equivalent to the amount by which the duty that would have been payable in respect of the lease had it then been executed for the rent as so increased or ascertained, exceeds the amount of the duty previously paid in respect of the lease otherwise than by way of penalty under section 15 .

(3)  Section 15 applies in a case to which this section applies as if the references therein to the first execution of the lease included references to the date on which the rent was increased or ascertained, as the case may be.

75.   Special provision for unlimited bank mortgages

[Section 75 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]

(1)  [Section 75 Subsection (1) amended by 24 Geo. V No. 39, s. 2 ][Section 75 Subsection (1) amended by No. 55 of 1989, s. 26 ]When an instrument is executed in favour of a bank for the purpose of securing the repayment of money lent, or to be lent, advanced, or paid, or which has or may become due upon an account current, either with or without money previously due, and the total amount thereby secured or to be ultimately recoverable is unlimited, duty shall be paid upon such instrument according to the amount certified upon such instrument by the manager or accountant of the bank as the amount for the time being intended to be secured thereby, and upon payment of such duty the instrument shall be deemed to be duly stamped as a security for such amount, and no more.

(2)  [Section 75 Subsection (2) amended by No. 13 of 1954, s. 15 and Sched. 2 ]Every bank which holds any such instrument as aforesaid stamped in accordance with subsection (1) , and by which any sum, in excess of the amount in respect of which duty has been paid, has been advanced on the security of such instrument during the 12 months immediately preceding 1st June in any year during which such instrument has been in force as a security, shall produce such instrument on or before 1st July in such year to an assessor with a certificate thereon signed by the manager or accountant of the bank, stating the highest amount so advanced during the said period of 12 months, and shall cause the duty payable in respect of the excess to be impressed thereon.

(3)  [Section 75 Subsection (3) amended by No. 13 of 1954, s. 15 and Sched. 2 ]The assessor shall certify upon such instrument that such duty has been paid, and neither the bank nor the person executing or signing such instrument shall be liable for any penalty for not having previously paid such duty.

(4)  [Section 75 Subsection (4) amended by No. 13 of 1954, s. 15 and Sched. 2 ]Every bank holding any such instrument which has been stamped in accordance with subsection (1) –

(a) when the amount due on such instrument is paid off, or when the operation of the same ceases by effluxion of time, shall; and

(b) at any other time, if the provisions of subsection (2) have been observed in respect thereof, may –

deliver to an assessor a statutory declaration made by its manager or accountant, stating the highest amount at any time owing on the security of such instrument since the execution thereof, and pay the duty, if any, due thereon, and thereupon neither the bank nor the person executing or signing such instrument shall be liable for any penalty for not having previously paid such duty.

(5)  [Section 75 Subsection (5) amended by No. 13 of 1954, s. 15 and Sched. 2 ][Section 75 Subsection (5) amended by No. 67 of 1968, s. 5 and Sched. 4 ]Any such instrument as aforesaid, which has been stamped in accordance with subsection (1) , but which has not been further stamped in accordance with subsection (2) or subsection (3) in respect of any additional duty due thereon, may be further stamped at any time before an assessor upon payment of the unpaid duty and the penalty, if any, prescribed in section 15 , and for the purposes of that section the date of first execution shall be deemed to be 1st June next after the advance in respect of which duty is to be paid.

(6)  All money paid by a bank by way of duty as hereby provided shall be deemed to have been so paid on behalf of the person giving the security, and may be added by the bank to the money thereby secured; and the same may be recovered by the bank from such person in any court of competent jurisdiction as money paid to the use of such person.

75A.   Special provision relating to caveats

[Section 75A Inserted by No. 40 of 1990, s. 9 ]

(1)  Duty is chargeable in respect of a caveat under the Land Titles Act 1980 which claims an estate or an interest in land pursuant to –

(a) a mortgage; or

(b) an arrangement whereby title deeds are deposited as security for the payment of any sum of money; or

(c) a guarantee to which section 75B applies –

as if the caveat were a mortgage.

(2)  Duty on the caveat shall be calculated on the amount secured under the mortgage, arrangement or guarantee in respect of which the caveat is issued.

(3)  Duty is not chargeable in respect of the caveat if the Commissioner is satisfied that a sum equal to the amount payable under subsection (2) has been paid –

(a) in the case of the mortgage, on that mortgage or some other instrument pursuant to the arrangement to which the mortgage relates; or

(b) in the case of the arrangement, for the lodgment of title deeds on some instrument executed pursuant to that arrangement; or

(c) in the case of the guarantee, on that guarantee or some other instrument pursuant to the arrangement to which the mortgage relates.

(4)  Where the caveat has been duly stamped with ad valorem duty, a mortgage or guarantee under which an estate or interest is claimed in the caveat is subject to duty as a collateral instrument only.

75B.   Special provision relating to guarantees

[Section 75B Inserted by No. 40 of 1990, s. 9 ]

(1)  Where –

(a) a guarantee is given as part of a transaction under which money is to be advanced, paid or lent; and

(b) duty has not been paid under item 18 of Schedule 2 on any instrument relating to that transaction –

duty is chargeable on that guarantee as if the guarantee were a mortgage and calculated as if the amount secured referred to the amount secured under the guarantee.

(2)  Where –

(a) a mortgage forms part of a transaction under which money is to be advanced, paid or lent; and

(b) as part of that transaction, a guarantee is given either in the same instrument as the mortgage or a separate instrument –

duty is chargeable on that guarantee in accordance with this section.

(3)  Where the amount secured under the mortgage referred to in subsection (2) is less than the amount secured under the guarantee, the guarantee is chargeable with duty under item 18 of Schedule 2 , calculated as if the amount secured referred to the amount by which the amount secured under the guarantee exceeded the amount secured on the mortgage which forms part of that arrangement.

(4)  Where –

(a) the amount secured under the mortgage is equal to or greater than the amount secured under the guarantee; and

(b) the mortgage which forms part of that arrangement has been sufficiently stamped under item 18 of Schedule 2 –

duty is not chargeable on the guarantee.

(5)  Where a guarantee is unlimited, the amount secured shall be certified on the guarantee.

(6)  On payment of the duty chargeable under this section, the guarantee shall be duly stamped as security for the amount secured.

(7)  Duty on a guarantee is payable by the guarantor or the person on behalf of whom the amount secured is guaranteed.

75C.   Increase in amount secured by a guarantee

[Section 75C Inserted by No. 40 of 1990, s. 9 ]

(1)  Where the amount secured by a guarantee is increased –

(a) that amount shall be certified on the guarantee; and

(b) the guarantee shall be presented for reassessment of the duty chargeable.

(2)  Duty is chargeable in respect of an increase referred to in subsection (1) .

(3)  On payment of the duty chargeable under this section, the guarantee shall be duly stamped as security for the amount secured.

(4)  The amount of duty chargeable under this section is the difference between the amount of duty already paid in respect of the guarantee and the amount of duty that would have been payable in respect of the guarantee had it been executed for the increased amount secured.

(5)  Duty in respect of a guarantee executed in favour of a bank is payable in accordance with section 75 .

(6)  Duty in respect of a guarantee executed in favour of a person other than a bank is payable within –

(a) 30 days of the increase in the amount secured; or

(b) such further period as the Commission may allow.

(7)  Where the amount secured by a guarantee executed and duly stamped before 1 January 1991 is increased after that date, the guarantee is only liable to duty in respect of that increase.

75D.   Amount secured

[Section 75D Inserted by No. 40 of 1990, s. 9 ]

(1)  For the purposes of sections 75B and 75C –

amount secured means –

(a) the amount of money secured by the instrument, in the case of a limited guarantee or mortgage; or

(b) the amount of money intended to be secured under the guarantee or mortgage, in any other case;

guarantee includes an agreement to give a guarantee.

(2)  A reference to an amount secured does not include a reference to any costs, expenses or payments made by the person in whose favour the guarantee is executed relating to the recovery of the money advanced or for the protection of that person's security.

PART V - [Part V Heading inserted by No. 67 of 1968, s. 5 and Sched. 2 ]Offences and Regulations

76.   Offences

[Section 76 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ][Section 76 Amended by No. 115 of 1976, s. 4 ][Section 76 Amended by No. 86 of 1983, s. 11 ][Section 76 Amended by No. 94 of 1987, s. 14 ][Section 76 Substituted by No. 55 of 1989, s. 27 ][Section 76 Amended by No. 43 of 1991, s. 5 and Sched. 1 ]

(1)  [Section 76 Subsection (1) amended by No. 55 of 1965, s. 5 ][Section 76 Subsection (1) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 76 Subsection (1) amended by No. 86 of 1983, s. 11 ][Section 76 Subsection (1) amended by No. 55 of 1989, s. 33 and Sched. 1 ]No person shall –

(a) being employed or engaged as the attorney, solicitor, or agent for or on behalf of any party to, or person interested in, any instrument in which the true consideration is required by this Act to be set forth, wilfully and knowingly set forth, or cause to be set forth, in such instrument any other than the true consideration;

(b) wilfully and knowingly aid or assist in so doing;

(c) being a party to any instrument in which the true consideration is required by this Act to be set forth knowingly deliver or accept such instrument with any other than the true consideration set forth therein;

(d) being required under section 75 to –

(i) produce any instrument;

(ii) deliver any declaration; or

(iii) pay any duty –

fail or neglect so to do as and when prescribed; or

(e) fail, when required by or under this Act so to do, to furnish any statement or return (not being a return under section 60C (1) (a) or 71B (2) (a) ) as and when prescribed by or under this Act.

Penalty:  Fine not exceeding 50 penalty units.

(1A)  [Section 76 Subsection (1A) inserted by No. 71 of 1983, s. 9 ]In subsection (1) (e) , return does not include a return required to be lodged with the Commissioner under section 17B (1) (a) .

(2)  [Section 76 Subsection (2) amended by No. 55 of 1965, s. 5 ][Section 76 Subsection (2) amended by No. 55 of 1989, s. 33 and Sched. 1 ]No person shall –

(a) deliver any instrument which he is required under this Act to stamp and which is not stamped as required by this Act;

(b) knowingly permit any instrument to which he is a party to be delivered without being stamped as required by this Act;

(c) use for any purpose any stamp which has previously been used for some other purpose with intent thereby to defraud; or

(d) take or remove any stamp from any instrument with intent thereby to defraud.

Penalty:  Fine not exceeding 50 penalty units.

(3)  [Section 76 Subsection (3) omitted by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

(4)  [Section 76 Subsection (4) omitted by No. 55 of 1989, s. 27 ].  .  .  .  .  .  .  .  

(4A)  [Section 76 Subsection (4A) omitted by No. 55 of 1989, s. 27 ].  .  .  .  .  .  .  .  

(4B)  [Section 76 Subsection (4B) omitted by No. 55 of 1989, s. 27 ].  .  .  .  .  .  .  .  

(4C)  [Section 76 Subsection (4C) omitted by No. 55 of 1989, s. 27 ].  .  .  .  .  .  .  .  

(5)  [Section 76 Subsection (5) amended by No. 45 of 1957, s. 7 ][Section 76 Subsection (5) amended by No. 55 of 1965, s. 5 ][Section 76 Subsection (5) amended by No. 3 of 1967, s. 8 ][Section 76 Subsection (5) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 76 Subsection (5) amended by No. 45 of 1976, s. 4 ][Section 76 Subsection (5) amended by No. 9 of 1982, s. 7 and Sched. 10 ][Section 76 Subsection (5) amended by No. 67 of 1986, s. 19 and Sched. 3 ][Section 76 Subsection (5) amended by No. 55 of 1989, s. 27 ][Section 76 Subsection (5) amended by No. 45 of 1994, s. 17 ][Section 76 Subsection (5) amended by No. 68 of 1994, s. 3 and Sched. 1 ]No person shall –

(a) .  .  .  .  .  .  .  .  

(b) .  .  .  .  .  .  .  .  

(c) .  .  .  .  .  .  .  .  

(d) issue any lottery ticket in respect of which the duty payable has not been paid;

(e) alter an assessment of duty made by the Commissioner; or

(f) in respect of any policy of insurance in relation to which duty is payable –

(i) issue or deliver out such policy not stamped;

(ii) pay or give credit for, or agree to pay or give credit for, any money upon or in respect of such policy if the same is not stamped; or

(iii) receive, or take credit for, any renewal premium payable under or in respect of such policy, and fail, within 14 days after such receiving or taking credit, to make out a stamped receipt for such amount; or

(g) register, record, or enter in the books in this State of any society or corporation (within the meaning of the Companies (Tasmania) Code ), or of the corporation of a municipality, or of a body corporate of the kind referred to in paragraph (b) of the definition of "marketable securities" in section 3 (1) , any instrument effecting the transfer of marketable securities of that society, corporation, or body corporate unless –

(i) in the case of a transfer of a kind to which section 67 relates, there is endorsed on it as required by that section the prescribed words indicating that the duty thereon has been paid;

(ii) in the case of a transfer of marketable securities to which section 12 (2) relates, there is endorsed on it a certificate of an assessor under section 13 certifying the amount of the duty payable thereon; and

(iii) in any other case, the instrument is duly stamped as required by this Act or if duty is chargeable under Division 4AA of Part IV .

(5A)  [Section 76 Subsection (5A) inserted by No. 3 of 1967, s. 8 ]The provisions of subsection (5) (g) have effect notwithstanding anything contained –

(a) in the memorandum of association or articles of association, or in the constitution or rules, of any society, or of any corporation or other body corporate; or

(b) in the rules or regulations of any stock exchange, whether in this State or elsewhere.

(5B)  [Section 76 Subsection (5B) inserted by No. 3 of 1967, s. 8 ]A person who is guilty of an offence under subsection (5) is liable on summary conviction to a fine not exceeding 50 penalty units.

(6)  [Section 76 Subsection (6) omitted by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

(7)  [Section 76 Subsection (7) inserted by No. 3 of 1967, s. 8 ]Where the holder of a licence under –

(a) .  .  .  .  .  .  .  .  

(b) .  .  .  .  .  .  .  .  

(c) .  .  .  .  .  .  .  .  

(d) section 64 –

fails to pay any duty payable by him under this Act at or within the time and in the manner prescribed in this Act in relation to the payment of duty by the holders of licences of the relevant kind he is guilty of an offence against this subsection.

(8)  [Section 76 Subsection (8) inserted by No. 3 of 1967, s. 8 ]A person who is convicted of an offence against subsection (7) is liable to a fine not exceeding 50 penalty units and, in addition, is liable to pay to the Commissioner a sum equivalent to twice the amount of the duty in respect of the non-payment of which he is so convicted, and the justices by whom he is convicted may order him to pay that sum to the Commissioner accordingly.

(9)  [Section 76 Subsection (9) inserted by No. 3 of 1967, s. 8 ]An order under subsection (8) or under section 60B (2) , 60C (7) , or 71B (7) for the payment of a sum to the Commissioner may be enforced in accordance with the provisions of section 92A of the Justices Act 1959 .

(9A)  [Section 76 Subsection (9A) inserted by No. 56 of 1975, s. 17 ]Any person who –

(a) whether as the lessor liable to pay duty on an instrument effecting a lease or as an agent for that lessor, fails to endorse the lease as he is required to do under section 74A (2) ; or

(b) knowing that the requirement has not been complied with pays or receives any rent payable under the lease –

is guilty of an offence and liable on summary conviction to a fine not exceeding 50 penalty units.

(10)  [Section 76 Subsection (10) inserted by No. 26 of 1967, s. 9 ]Any person who makes a declaration referred to in paragraph (d)(i) in the second column of item 9 , or in paragraph (c) of the second column of item 8, of Schedule 3 that is false in any particular is guilty of an offence.

Penalty:  Fine not exceeding 50 penalty units.

(11)  [Section 76 Subsection (11) inserted by No. 67 of 1968, s. 14 ]A person who makes any declaration required by or under section 60B (4) , 60C (5) , 71B (5) , or 71C (4) that is false in any particular is liable to a fine not exceeding 50 penalty units.

77.   Burden of proof

[Section 77 Substituted by No. 45 of 1961, s. 6 ][Section 77 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]In proceedings under section 76 (2) (a) , upon proof that the instrument in respect of which the proceedings are taken was delivered by the defendant, proof is on him that he was not required by this Act to stamp the instrument.

78.   Limitation of proceedings

[Section 78 Inserted by No. 45 of 1961, s. 6 ][Section 78 Renumbered by No. 67 of 1968, s. 5 and Sched. 1 ]Proceedings in respect of offences under this Act may not be commenced after the expiration of 3 years from the date of the alleged offence.

79.   Refunds of excess duty

[Section 79 Inserted by No. 45 of 1961, s. 5 ][Section 79 Amended by No. 26 of 1967, s. 10 ][Section 79 Renumbered by No. 67 of 1968, s. 5 and Sched. 4 ]

(1)  [Section 79 Subsection (1) amended by No. 3 of 1967, s. 10 ][Section 79 Subsection (1) amended by No. 67 of 1968, s. 5 and Sched. 4 ][Section 79 Subsection (1) amended by No. 65 of 1982, s. 6 ][Section 79 Subsection (1) amended by No. 71 of 1983, s. 10 ][Section 79 Subsection (1) amended by No. 86 of 1983, s. 12 ][Section 79 Subsection (1) amended by No. 94 of 1987, s. 15 ][Section 79 Subsection (1) amended by No. 55 of 1989, s. 28 ]Where a person overpays duty as provided in section 12A , section 38 , section 59 , section 60C , section 60D , section 66 , or section 71B , or a similar regulation under section 80 (2) or pursuant to item 38A of Schedule 2 , the Treasurer may on proof of the excess to his satisfaction repay the excess to that person.

(2)  [Section 79 Subsection (2) omitted by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

(3)  [Section 79 Subsection (3) inserted by No. 65 of 1982, s. 6 ]Where, on or after 4th January 1982 –

(a) an amount of duty has been paid in accordance with this Act as in force immediately before the commencement of the Stamp Duties Amendment Act 1982 in respect of –

(i) an application under the Traffic Act 1925 as mentioned in section 74 (10) ; or

(ii) an instrument making provision for, or with respect to, the conveyance of matrimonial property as mentioned in Part III of Schedule 3 , as in force after that commencement; and

(b) that duty would not have been payable if the application had been made or the instrument had been executed after that commencement –

the Treasurer shall, on an application made to him in accordance with subsection (4) , refund an amount equal to the amount of that duty to the person who paid that duty or, if that person is dead or under a legal disability, to the legal personal representative of that person.

(4)  [Section 79 Subsection (4) inserted by No. 65 of 1982, s. 6 ]An application under subsection (3) –

(a) shall be in writing; and

(b) shall be supported by such evidence as to the applicant's entitlement to the refund as the Treasurer may require –

but is of no effect unless it is made within the period of 12 months commencing on 1st July 1982.

(5)  [Section 79 Subsection (5) inserted by No. 65 of 1982, s. 6 ]Where the Treasurer has made a refund of duty under subsection (3) to any person, the Treasurer is not liable to make a refund in respect of that duty to any other person who, but for this subsection, may be entitled to a refund under that subsection.

(6)  [Section 79 Subsection (6) inserted by No. 65 of 1982, s. 6 ]Nothing in subsection (5) affects the right of a person who may, but for that subsection, be entitled to a refund under subsection (3) to recover from a person to whom a refund has been made under that subsection any money owing to the first-mentioned person by way of a trust.

(7)  [Section 79 Subsection (7) added by No. 65 of 1982, s. 6 ]An amount required for a refund of duty under this section is a charge on the Consolidated Fund and is payable out of that Fund without further appropriation than this subsection.

80.   Regulations

[Section 80 Amended by 7 & 8 Geo. VI No. 97, s. 2 ][Section 80 Renumbered by No. 67 of 1968, s. 5 and Sched. 4 ]

(1)  [Section 80 Subsection (1) amended by 26 Geo. V No. 62, s. 3 ]The Governor may make regulations for the purposes of this Act.

(2)  [Section 80 Subsection (2) omitted by No. 67 of 1986, s. 19 and Sched. 3 ].  .  .  .  .  .  .  .  

(3)  [Section 80 Subsection (3) omitted by No. 55 of 1989, s. 29 ].  .  .  .  .  .  .  .  

(4)  [Section 80 Subsection (4) omitted by No. 115 of 1976, s. 5 ].  .  .  .  .  .  .  .  

80A.   Transitional provisions

(1)  A person to whom a licence was granted under section 47 of this Act on or before the day on which the Stamp Duties Amendment Act (No. 2) 1986 receives the Royal Assent shall be deemed to be an approved person for the purposes of section 12A of this Act.

(2)  A person to whom a licence was granted under section 58 on or before 31 July 1986 shall be deemed to be an approved person for the purposes of section 12A .

(3)  The amendments made by sections 9 , 10 , 11 , 17(2) , 18(2) and 19(3) of the Stamp Duties Amendment Act 1994 apply to the transfers of all off-market securities, whether by means of the Clearing House Electronic Sub-register System or not.

(4)  A policy of insurance issued or renewed on or after 1 July 1992 in respect of a matter referred to in item 3 1(a)(ii), 3 1(a)(iii) or 31(b)(vi) of Schedule 3 , as substituted by the Stamp Duties Amendment Act 1992 , is exempt from duty.

PART VI - .  .  .  .  .  .  .  .  

[Part VI Inserted by No. 67 of 1968, s. 16 ]

81.   

[Section 81 Repealed by No. 11 of 1979, s. 10 ].  .  .  .  .  .  .  .  

SCHEDULE 1 - [Schedule 1 Heading substituted by 26 Geo. V No. 62, s. 3 ]Acts Repealed

Section 2

SCHEDULE 2 - [Schedule 2 Heading substituted by 26 Geo. V No. 62, s. 3 ][Schedule 2 Heading amended by No. 67 of 1968, s. 5 and Sched. 4 ]Scale of Rates and Duties

[Schedule 2 Amended by 25 Geo. V No. 78 ][Schedule 2 Amended by 26 Geo. V No. 39, s. 2 ][Schedule 2 Amended by 26 Geo. V No. 62, s. 2 ][Schedule 2 Amended by 7 Geo. VI No. 52, s. 2 ][Schedule 2 Amended by No. 55 of 1952, s. 2 ][Schedule 2 Amended by No. 60 of 1956, s. 5 ][Schedule 2 Amended by No. 45 of 1957, s. 8 ][Schedule 2 Amended by No. 14 of 1958, s. 3 ][Schedule 2 Amended by No. 56 of 1959, s. 3 ][Schedule 2 Amended by No. 45 of 1961, s. 7 and s. 9 and Sched. 1 ][Schedule 2 Amended by No. 15 of 1965, s. 5 and s. 7 ][Schedule 2 Amended by No. 55 of 1965, s. 5 ][Schedule 2 Amended by No. 29 of 1968, s. 3 ][Schedule 2 Amended by No. 45 of 1974, s. 5 and s. 6 ][Schedule 2 Amended by No. 56 of 1975, s. 4, s. 5 and s. 7 ][Schedule 2 Amended by No. 115 of 1976, s. 6 ][Schedule 2 Amended by No. 69 of 1978, s. 8 and s. 9 ][Schedule 2 Amended by No. 19 of 1980, s. 171 and Sched. 1, Pt. I ][Schedule 2 Amended by No. 24 of 1980, s. 14 ][Schedule 2 Amended by No. 88 of 1980, s. 6 ][Schedule 2 Amended by No. 48 of 1982, s. 10 ][Schedule 2 Amended by No. 39 of 1983, s. 8 ][Schedule 2 Amended by No. 68 of 1984, s. 8 ][Schedule 2 Amended by No. 51 of 1985, s. 4 and Sched. 2, Pt. I ][Schedule 2, Part I Substituted by No. 67 of 1986, s. 14 ][Schedule 2, Part I Amended by No. 94 of 1987, s. 16 ][Schedule 2, Part I Amended by No. 55 of 1989, s. 30 ][Schedule 2, Part I Amended by No. 40 of 1990, s. 10 ][Schedule 2, Part I Amended by No. 41 of 1992, s. 27 ][Schedule 2, Part I Amended by No. 24 of 1993, s. 3 and Sched. 1 ][Schedule 2, Part I Amended by No. 45 of 1994, s. 18 ][Schedule 2, Part I Amended by No. 21 of 1996, s. 20 and Sched. 1 ][Schedule 2, Part II Heading amended by No. 24 of 1964, s. 3 ][Schedule 2, Part II Amended by No. 13 of 1954, s. 12 ][Schedule 2, Part II Amended by No. 58 of 1954, s. 6 ][Schedule 2, Part II Amended by No. 24 of 1964, s. 3 ][Schedule 2, Part II Amended by No. 50 of 1965, s. 6 ][Schedule 2, Part II Amended by No. 26 of 1967, s. 11 ][Schedule 2, Part II Amended by No. 51 of 1968, s. 8 ][Schedule 2, Part II Amended by No. 67 of 1968, s. 5 and Sched. 3 ][Schedule 2, Part II Amended by No. 46 of 1969, s. 6 ][Schedule 2, Part II Amended by No. 95 of 1974, s. 4 ][Schedule 2, Part II Amended by No. 46 of 1969, s. 6 ][Schedule 2, Part II Amended by No. 95 of 1974, s. 4 ][Schedule 2, Part II Amended by No. 56 of 1975, s. 10 ][Schedule 2, Part II Amended by No. 20 of 1980, s. 5 ][Schedule 2, Part II Amended by No. 23 of 1983, s. 3 ][Schedule 2, Part II Amended by No. 67 of 1986, s. 14 ][Schedule 2, Part II Amended by No. 55 of 1989, s. 30 ][Schedule 2, Part II Amended by No. 40 of 1990, s. 10 ][Schedule 2, Part III Amended by No. 50 of 1965, s. 6 ][Schedule 2, Part III Amended by No. 3 of 1967, s. 11 ][Schedule 2, Part III Amended by No. 67 of 1968, s. 5 and Sched. 3 and Sched. 4 ][Schedule 2, Part III Amended by No. 46 of 1971, s. 8 ][Schedule 2, Part III Amended by No. 56 of 1975, s. 12 ][Schedule 2, Part III Amended by No. 70 of 1981, s. 18 ][Schedule 2, Part III Amended by No. 48 of 1982, s. 10 ][Schedule 2, Part III Amended by No. 23 of 1983, s. 3 ][Schedule 2, Part III Amended by No. 94 of 1985, s. 9 ][Schedule 2, Part III Amended by No. 41 of 1992, s. 27 ][Schedule 2, Part III Amended by No. 45 of 1994, s. 18 ][Schedule 2, Part III Amended by No. 68 of 1994, s. 3 and Sched. 1 ][Schedule 2, Part III Amended by No. 21 of 1995, s. 4 ][Schedule 2, Part IV Heading amended by No. 26 of 1967, s. 11 ][Schedule 2, Part IV Heading amended by No. 67 of 1968, s. 17 ][Schedule 2, Part IV Amended by 7 and 8 Geo. VI No. 97, s. 3 ][Schedule 2, Part IV Amended by No. 67 of 1968, s. 5 and s. 17 and Sched. 3 ][Schedule 2, Part IV Substituted by No. 111 of 1986, s. 10 ][Schedule 2, Part IV Substituted by No. 40 of 1990, s. 10 ][Schedule 2, Part V Repealed by 23 Geo. V No. 5, s. 2 ]

Section 9 (1)

SCHEDULE 3 - [Schedule 3 Heading substituted by 26 Geo. V No. 62, s. 3 ][Schedule 3 Heading amended by No. 67 of 1968, s. 5 and s. 18 and Sched. 4 ] Instruments exempted from duty

Section 9 (2)

PART I - From duties imposed under Schedule 2

[Schedule 3, Part I Amended by 25 Geo. V No. 78 ][Schedule 3, Part I Amended by 26 Geo. V No. 62, s. 3 and Sched. 1 ][Schedule 3, Part I Amended by 1 Geo. VI No. 59, s. 2 ][Schedule 3, Part I Amended by 7 Geo. VI No. 52, s. 2 ][Schedule 3, Part I Amended by No. 13 of 1954, s. 13 ][Schedule 3, Part I Amended by No. 60 of 1956, s. 6 ][Schedule 3, Part I Amended by No. 45 of 1957, s. 9 ][Schedule 3, Part I Amended by No. 14 of 1958, s. 4 ][Schedule 3, Part I Amended by No. 36 of 1958, s. 4 and Sched. 3 ][Schedule 3, Part I Amended by No. 56 of 1959, s. 4 ][Schedule 3, Part I Amended by No. 38 of 1960, s. 3 ][Schedule 3, Part I Amended by No. 41 of 1961, s. 6 and Sched. 5 ][Schedule 3, Part I Amended by No. 45 of 1961, s. 8 and s. 9 and Sched. 1 ][Schedule 3, Part I Amended by No. 24 of 1964, s. 4 ][Schedule 3, Part I Amended by No. 15 of 1965, s. 6 ][Schedule 3, Part I Amended by No. 50 of 1965, s. 7 ][Schedule 3, Part I Amended by No. 55 of 1965, s. 5 ][Schedule 3, Part I Amended by No. 3 of 1967, s. 12 ][Schedule 3, Part I Amended by No. 26 of 1967, s. 12 ][Schedule 3, Part I Amended by No. 51 of 1968, s. 9 ][Schedule 3, Part I Amended by No. 67 of 1968, s. 5 and s. 18 and Sched. 3 ][Schedule 3, Part I Amended by No. 46 of 1971, s. 9 ][Schedule 3, Part I Amended by No. 45 of 1974, s. 8 ][Schedule 3, Part I Amended by No. 95 of 1974, s. 5 ][Schedule 3, Part I Amended by No. 101 of 1976, s. 4 ][Schedule 3, Part I Amended by No. 19 of 1980, s. 171 and Sched. 1, Pt. 1 ][Schedule 3, Part I Amended by No. 20 of 1980, s. 6 ][Schedule 3, Part I Amended by No. 24 of 1980, s. 5 ][Schedule 3, Part I Amended by No. 44 of 1981, s. 2 ][Schedule 3, Part I Amended by No. 9 of 1982, s. 7 and Sched. 10 ][Schedule 3, Part I Amended by No. 23 of 1983, s. 4 ][Schedule 3, Part I Amended by No. 71 of 1983, s. 12 ][Schedule 3, Part I Amended by No. 68 of 1984, s. 9 ][Schedule 3, Part I Amended by No. 39 of 1985, s. 12 ][Schedule 3, Part I Amended by No. 94 of 1985, s. 10 ][Schedule 3, Part I Amended by No. 67 of 1986, s. 15 ][Schedule 3, Part I Amended by No. 111 of 1986, s. 11 ][Schedule 3, Part I Amended by No. 94 of 1987, s. 17 ][Schedule 3, Part I Amended by No. 6 of 1988, s. 4 ][Schedule 3, Part I Amended by No. 55 of 1989, s. 31 ][Schedule 3, Part I Amended by No. 40 of 1990, s. 11 ][Schedule 3, Part I Amended by No. 41 of 1992, s. 28 ][Schedule 3, Part I Amended by No. 24 of 1993, s. 3 and Sched. 1 ][Schedule 3, Part I Amended by No. 100 of 1993, s. 8 ][Schedule 3, Part I Amended by No. 45 of 1994, s. 19 ][Schedule 3, Part I Amended by No. 68 of 1994, s. 3 and Sched. 1 ][Schedule 3, Part I Amended by No. 20 of 1995, s. 3 and Sched. 1 ][Schedule 3, Part I Amended by No. 82 of 1995, s. 22 ][Schedule 3, Part I Amended by No. 42 of 1996, s. 3 and Sched. 1 ][Schedule 3, Part I Amended by No. 59 of 1996, s. 13 ][Part I of Schedule 3 Amended by No. 13 of 1997, Sched. 4, Applied:01 Jul 1997] [Part I of Schedule 3 Amended by No. 42 of 1997, s. 4, Applied:14 Aug 1997]

PART II - .  .  .  .  .  .  .  .  

[Schedule 3, Part II Repealed by No. 55 of 1989, s. 31 ].  .  .  .  .  .  .  .  

PART III - From duties imposed under Schedule 2 and relating to matrimonial property

[Schedule 3, Part III Inserted by No. 65 of 1982, s. 7 ][Schedule 3, Part III Amended by No. 94 of 1985, s. 10 ][Schedule 3, Part III Amended by No. 41 of 1992, s. 28 ]

1.   An instrument is exempt from duty to the extent that it makes provision for, or with respect to, the conveyance of matrimonial property to the parties or either of the parties to, or the child of, that marriage, being a child who has not attained the age of 18 years, if –

(a) the marriage is dissolved or annulled (whether before or after the instrument is executed); and

(b) the instrument is –

(i) registered or approved under the Family Law Act 1975 of the Commonwealth or executed for the purposes of, or in accordance with, an agreement so registered or approved; or

(ii) an order of a court made under that Act or executed for the purposes of, or in accordance with, any such order.

2.   An instrument is exempt from duty to the extent that it makes provision for, or with respect to, the conveyance of the matrimonial home to the parties or either of the parties to, or the child of, that marriage, being a child who has not attained the age of 18 years, if –

(a) the marriage has not been dissolved or annulled; and

(b) the instrument is –

(i) approved under the Family Law Act 1975 of the Commonwealth or executed for the purposes of, or in accordance with, another instrument so approved; or

(ii) an order of a court under that Act or executed for the purposes of, or in accordance with, any such order.

3.   An instrument is exempt from duty to the extent that it makes provision for the re-transfer of previously jointly owned matrimonial property into the joint names on the marriage of those parties.

SCHEDULE 4 - [Schedule 4 Heading substituted by 26 Geo. V No. 62, s. 3 ][Schedule 4 Heading amended by No. 67 of 1968, s. 5 and Sched. 4 ]Rules to be applied in calculation of duty

[Schedule 4 Amended by 24 Geo. V No. 39, s. 2 ][Schedule 4 Amended by 25 Geo. V No. 78 ][Schedule 4 Amended by 26 Geo. V No. 62, s. 3 ][Schedule 4 Amended by 1 Geo. VI No. 59, s. 2 ][Schedule 4 Amended by 7 Geo. VI No. 52, s. 2 ][Schedule 4 Amended by No. 36 of 1958, s. 4 and Sched. 3 ][Schedule 4 Amended by No. 26 of 1967, s. 13 ][Schedule 4 Amended by No. 51 of 1968, s. 10 ][Schedule 4 Amended by No. 67 of 1968, s. 5 and Sched. 4 ][Schedule 4 Amended by No. 46 of 1971, s. 10 ][Schedule 4 Amended by No. 56 of 1975, s. 13 ][Schedule 4 Amended by No. 69 of 1978, s. 13 ][Schedule 4 Amended by No. 19 of 1980, s. 171 and Sched. 1, Pt. I ][Schedule 4 Amended by No. 94 of 1985, s. 11 ][Schedule 4 Amended by No. 67 of 1986, s. 16 ][Schedule 4 Amended by No. 55 of 1989, s. 32 ][Schedule 4 Amended by No. 40 of 1990, s. 12 ][Schedule 4 Amended by No. 41 of 1992, s. 29 ][Schedule 4 Amended by No. 68 of 1994, s. 3 and Sched. 1 ]

Section 9 (2)

PART A - In respect of particular items in Schedule 2

1.   Conveyances of real and personal property: agreements for the sale of business; contracts for the sale of land –

(a) every grant, disposition, assignment, transfer, release, renunciation, instrument under the Land Titles Act 1980 , or other instrument upon the sale of any lands, tenements, rents, annuities, or other property real or personal, whereby any such property shall be granted, assigned, transferred, released, renounced, or otherwise conveyed to, or vested in, the purchaser or any other person by his direction, shall be deemed to be a conveyance, and be chargeable with duty accordingly;

(b) where property is sold and conveyed to any person, wholly or partly in consideration of any debt due to him, or subject, either certainly or contingently, to the payment by any person of any sum of money, whether or not the same constitutes a mortgage, charge, or encumbrance on such property, such debt or sum of money shall be calculated as the whole or part, as the case may be, of the consideration in respect of which the conveyance is chargeable with duty;

(c) .  .  .  .  .  .  .  .  

(d) .  .  .  .  .  .  .  .  

(e) where a person having contracted for the purchase of any property resells the whole or any part thereof before obtaining a conveyance of such property, and in consequence the same is conveyed by the original seller to another person or in separate parts or parcels to different persons –

(i) the same aggregate duty shall be payable as would be payable if, upon each contract of sale, there were a conveyance of the property sold;

(ii) the duty shall be payable in respect of each conveyance upon the consideration in respect of the property thereby conveyed, moving from the original purchaser, and from each successive sub-purchaser thereof respectively; but each such consideration shall be assessed for duty separately;

(iii) if the property is conveyed in different parts or parcels, the proportion of the original purchase-price which shall be chargeable with duty in respect of each such part or parcel shall be the same as the proportion which the value of such part or parcel bore to the value of the whole property at the time of the original sale;

(iv) the duty shall be payable by the respective persons by whom such respective assessments would have been payable upon separate conveyances;

(f) where separate property contracted to be purchased from separate persons at distinct prices is conveyed to the purchaser, or by his direction, by one and the same instrument, such instrument shall be charged with duty in respect of the aggregate amount of such prices;

(g) where upon the sale of any annuity or other right of any kind the same is not created or secured by actual grant or conveyance, but is secured by bond or other instrument, such bond or other instrument, or the principal instrument if more than one, shall be chargeable with duty as if the same were a conveyance;

(h) the duties imposed under item 7 (a) and (b) in Schedule 2 shall be cumulative.

2.   Exchanges of property – The duty shall be payable in respect of each property conveyed or transferred, and shall be assessed upon the value of such property which shall be declared, and any sum paid for equality of exchange shall be deemed to be part of the purchase-money.

3.   Mortgages –

(a) every –

(i) conditional surrender by way of mortgage, further charge, or disposition by way of security over or in respect of any property;

(ii) conveyance of property in trust to be sold or otherwise converted into money; and intended only as a security redeemable before sale or other disposal thereof, either by express stipulation or otherwise, unless the same is made for the benefit of –

(A) the creditors generally of the person making the same;

(B) specified creditors of such person, who shall accept the provision so made for payment of their debts in full satisfaction thereof, or who shall exceed 5 in number;

(iii) defeasance, declaration, or other instrument for defeating, or making redeemable, or explaining or qualifying any conveyance or disposition of property which is apparently absolute, but is intended only as a security –

(iv) .  .  .  .  .  .  .  .  

where the same shall be made as a security for the payment of any sum of money, whether advanced or lent at the time, or thereafter to be advanced or lent, or previously due and owing, and, being payable, forborne to be paid, shall be deemed to be a mortgage and chargeable with duty accordingly;

(b) no duty shall be payable under this Act upon, or in respect of, any money advanced upon the security of any mortgage for –

(i) the insurance against fire of any property therein comprised;

(ii) keeping on foot any policy of life insurance therein comprised or for effecting any new policy in lieu thereof;

(iii) the renewal of any grant or lease of any property therein comprised upon the fall of any life whereon the same depended; or

(iv) the payment in respect of such security of any duty payable under this Act;

(c) where a mortgage is given as security for the payment of any sum of money and also for the transfer or retransfer of any debenture, ad valorem duty shall be chargeable in respect of each; and, if the security is for the payment or transfer to different persons of separate and distinct sums of money or debentures, such duty shall be charged in respect of the aggregate amount thereby secured;

(d) where an instrument chargeable with ad valorem stamp duty as a mortgage operates also as a conveyance of the equity or right of redemption or reversion of the property comprised therein to, or in trust for and according to direction of a purchaser, the same shall be chargeable with duty as a conveyance in addition to such duty as a mortgage, but, where the equity or right of redemption or reversion is thereby conveyed or limited in any other manner, the same shall be chargeable with duty as a mortgage only;

(e) subject to the provisions of section 75 , where a security is for the payment or repayment of money to be lent, advanced, or paid, or which may become due upon an account current, either with or without money previously due –

(i) if the total amount secured or to be ultimately recoverable is in any way limited, the security shall be charged with the same duty as a security for the amount so limited; and

(ii) [Part A of Schedule 4 Amended by No. 17 of 1996, Applied:22 May 1998] if such total amount is unlimited the security shall be available as a security for such an amount only as the ad valorem duty denoted thereon extends to cover, and where any advance or loan is made in excess of the amount covered by that duty, the security, for the purposes of stamp duty, shall be deemed to be a new and separate instrument bearing the date on the day on which the further advance or loan is made–

but the amount for which the security is given shall not be deemed to be unlimited by reason only of the fact that the instrument contains a provision for capitalization of unpaid interest or of payments made by the mortgagee for the protection of the mortgagee's security;

(f) where a security creates a charge upon property in Tasmania and property outside Tasmania, the duty chargeable under this Act in respect of the security shall be calculated by reference only to that part of the amount to be paid or repaid under the security that bears to the total amount to be paid or repaid the same proportion as the value of the property in Tasmania bears to the total value of the property subject to the charge;

(g) where –

(i) a security creates a charge upon property outside Tasmania and not upon property in Tasmania; and

(ii) duty has been paid under a corresponding Act or law of a State or Territory of the Commonwealth on or in relation to the security –

the duty chargeable under this Act in respect of the security shall, subject to any exemption under this Act, be the duty specified in item 11 of Schedule 2 ;

(h) duty is payable in respect of any agreement, contract or covenant for the deposit of title deeds or documents of title whereby property is pledged or charged as a security as if the agreement, contract or covenant were a mortgage;

(i) duty is payable in respect of any agreement seeking or agreeing to create a charge over property as if the agreement were a mortgage;

(j) where an agreement to grant a mortgage is stamped with ad valorem duty, a mortgage which is executed in pursuance of that agreement is dutiable as a collateral instrument only; or

(k) duty is payable in respect of any agreement, contract or covenant whereby money is lent or agreed to be lent to a person and as part of the same transaction that person or another person undertakes not to pledge or charge property as security as if the agreement, contract or covenant were a mortgage.

4.   Duty is not chargeable on a policy of insurance which is issued, or the renewal of which is effected, in Tasmania to the extent to which the amount insured under the policy relates to –

(a) property which, at the time of issue or renewal, is outside Tasmania; or

(b) a risk concerning an act or omission which, in the normal course of events, can only occur outside Tasmania.

4A.   Duty payable on a policy of insurance or a receipt for a renewal premium payable on a policy of insurance is to be calculated on –

(a) the premium, including any discount or commission but excluding any portion of the premium paid as reinsurance effected in Tasmania with another insurer; and

(b) any tax, charge or levy, other than duty under this Act, which is recoverable by the insurer from the insured.

4B.   Where a security is given, wholly or in part, to secure an obligation on default arising in respect of a bill of exchange or promissory note or a series of such bills or notes, it is deemed that –

(a) the security is a security for the payment or repayment of money lent or to be lent; and

(b) the loan which it secures is made on the date on which the funds are first provided in exchange for the bill or note or in exchange for the first bill or note in the series; and

(c) the amount of the loan which it secures is the face value of the bill or note or the total face value of the bills or notes to which the security relates which may be current or outstanding at any time; and

(d) the amount of the loan at a particular time is the face value of the bill or note or the total face value of the bills or notes to which the security relates which may be current or outstanding at that time.

4BA.   For the purposes of rule 4B , security includes an undertaking not to pledge or charge property as security.

4C.   For the purposes of calculating the duty payable in respect of a motor vehicle under item 39 of Schedule 2 , passenger vehicle means –

(a) a motor vehicle constructed principally for the carriage of passengers; or

(b) a motor vehicle which –

(i) is designed principally for the conveyance of not more than 8 persons; and

(ii) is constructed either on a truck chassis of with special features for off-road operation –

but does not include –

(c) a motor cycle; or

(d) a motor vehicle having a utility or panel van type body in which the forward part of the body form and the greater part of the mechanical equipment are the same as those in a passenger car manufactured by the manufacturer of the motor vehicle; or

(e) a motor vehicle constructed for the carriage of passengers and equipped to seat more than 8 adult persons (including the driver).

PART B - Generally

5.    –

(a) Where any transaction in respect of which ad valorem duty is chargeable as provided in respect of a contract of sale, conveyance, mortgage, settlement, deed of gift, or declaration of trust, or transfer of marketable securities, and which is effected by more instruments than one, such duty shall be payable only upon the principal instrument, and the remainder of such instruments shall be stamped only as provided in the case of collateral instruments but, if the duty so payable exceeds the ad valorem duty, the latter shall be payable thereon;

(b) where any doubt exists as to which of such instruments as aforesaid is the principal instrument, the parties to the transaction may determine for themselves which is the principal instrument, and the same shall be stamped accordingly; and the other of such instruments, if required for evidence, shall be chargeable with duty as provided in the case of collateral instruments only;

(c) a duplicate of any instrument chargeable with ad valorem duty shall be chargeable with duty only as a collateral instrument where the original instrument or a copy of the original instrument has been duly stamped;

(d) where an instrument relates to several matters such that, if those matters were the subjects of separate instruments, of those instruments –

(i) one would be subject to duty and another would not; or

(ii) one would be subject to duty at one rate and another would be subject to duty at another rate –

the instrument shall be deemed to be separate instruments, as many as there are different rates involved, and so much as could be in an instrument not subject to duty shall be ignored;

(e) where an instrument such as is mentioned in paragraph (d) refers to a valuable consideration for things in respect of which it is to be deemed under that paragraph to be separate instruments (and for the purpose of this paragraph matters to be ignored under that paragraph shall be deemed a separate instrument) if the consideration is not apportioned between the things in respect of which it is to be deemed separate instruments, the Commissioner may assume such an apportionment as he deems reasonable.

SCHEDULE 5

[Schedule 5 Repealed by No. 41 of 1992, s. 30 ]

SCHEDULE 6

[Schedule 6 Repealed by No. 67 of 1986, s. 17 ]

SCHEDULE 7

[Schedule 7 Repealed by No. 41 of 1992, s. 31 ]

SCHEDULE 8

[Schedule 8 Repealed by No. 48 of 1982, s. 12 ]