Australian Capital Territory Repealed Acts

This legislation has been repealed.

STAMP DUTIES AND TAXES ACT 1987 (REPEALED) - SECT 45B

(1)     An SCH participant or a prescribed corporation that is liable to pay tax shall keep a record of each SCH regulated transfer specifying—

        (a)     the date of the transfer;

        (b)     the names of the transferor and transferee;

        (c)     the quantity and full description of the marketable security or right to such a security;

        (d)     the transfer value of the marketable security or right per unit and in total (or where the duty chargeable is not ad valorem , the market value of the marketable security or right per unit and in total);

        (e)     the amount of the tax payable;

        (f)     whether the tax is ad valorem , or the transfer is of a kind referred to in paragraph 46 (1A) (a) or (b);

        (g)     if the SCH participant specifies under paragraph (e) that the transfer is of a kind referred to in paragraph 46 (1A) (a) or (b)—the ground relied on, and a copy of any instrument relied on in support of that ground;

        (h)     the nexus with the Territory; and

              (i)     such other information as is prescribed.

(2)     An SCH participant or a prescribed corporation that is required to keep a record under subsection (1) shall retain the record for at least 5 years after the date of the transfer to which the record relates.

Penalty:

        (a)     in the case of a natural person—20 penalty units;

        (b)     in the case of a body corporate—100 penalty units.

(3)     On recording the details of a transfer under subsection (1), an SCH participant shall include on the transfer document a participant identifier which shall have the effect of being a statement by the SCH participant that tax (if payable) has or will be paid by the SCH participant.

(4)     On recording the details of a transfer under subsection (1), a prescribed corporation shall affix to the instrument of transfer its seal which shall have the effect of being a statement by the corporation that tax (if payable) has or will be paid by it.

(5)     A person, other than an SCH participant, shall not—

        (a)     endorse the transfer document with a participant identifier without the participant's authority; or

        (b)     endorse the transfer document with a participant identifier purporting to be that of an SCH participant without the participant's authority.

Penalty: 100 penalty units or imprisonment for 12 months, or both.