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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
STAMP AMENDMENT BILL
1994
Queensland
STAMP AMENDMENT BILL 1994
TABLE OF PROVISIONS
Section Page
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 31A (Transfers of marketable securities and
share rights) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5 Amendment of s 31B (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
6 Amendment of s 31C (Sales and purchases to be recorded) . . . . . . . . . . . . 6
7 Amendment of s 31D (Returns to be lodged and duty paid) . . . . . . . . . . . . 6
8 Amendment of s 31E (Endorsement of transfer as to payment of duty) . . . 6
9 Amendment of s 31G (Transfers of marketable securities not to
be registered unless duly stamped) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
10 Amendment of s 31GA (Retention of transfer instrument) . . . . . . . . . . . . . . 7
11 Amendment of s 31H (Duty on transactions on registers of
Queensland incorporated companies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
12 Replacement of s 31I (Duties paid in and outside Queensland) . . . . . . . . . 8
31I Transitional provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
13 Amendment of s 31J (Duty on certain transactions on the Stock
Exchange of the United Kingdom) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
14 Insertion of new ss 31K-31X . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
31K Application of CHESS provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
31L Transfer documents treated as instruments of conveyance . . . . . . . 9
31M SCH participant liable to pay duty . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
31N Record of SCH-regulated transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
31O Particulars to be included by relevant participant in
transfer document . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
31P Exemption if duty paid on instrument . . . . . . . . . . . . . . . . . . . . . . . . 11
2
Stamp Amendment
31Q Statement to be made and duty paid . . . . . . . . . . . . . . . . . . . . . . . . . 11
31R Failure to pay duty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
31S Refund for error transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
31T Registration as the securities clearing house . . . . . . . . . . . . . . . . . . 13
31U Monthly return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
31V Particulars stated by participants to be kept by SCH . . . . . . . . . . . . 15
31W Disclosure to the SCH of information . . . . . . . . . . . . . . . . . . . . . . . . 15
31X Liability to account for duty for a security loan or security
lending scheme for more than 1 year . . . . . . . . . . . . . . . . . . . . . . . . . 15
31Y Relevant SCH participant's identification code equivalent
to stamping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
15 Amendment of s 53 (Directions as to duty in certain cases) . . . . . . . . . . . . 16
16 Insertion of new s 68C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
68C No duty on financial corporation debentures . . . . . . . . . . . . . . . . . . . 16
17 Insertion of new s 76 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
76 Alternative to prosecution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
18 Amendment of s 78A (Evidentiary provisions) . . . . . . . . . . . . . . . . . . . . . . . 18
19 Amendment of Sch 1 (Stamp duties on instruments) . . . . . . . . . . . . . . . . . . 18
1994
A BILL
FOR
An Act to amend the Stamp Act 1894
s1 4 s5
Stamp Amendment
The Parliament of Queensland enacts-- 1
title 2
Short
1. This Act may be cited as the Stamp Amendment Act 1994. 3
4
Commencement
2.(1) Section 16 is taken to have commenced on 31 May 1994. 5
(2) Sections 4 to 15, 17 and 19(1) to (8) commence on 1 September 6
1994. 7
amended 8
Act
3. This Act amends the Stamp Act 1894. 9
of s 31A (Transfers of marketable securities and share 10
Amendment
rights) 11
4. Section 31A-- 12
insert-- 13
`(6) This section does not apply to an SCH-regulated transfer.'. 14
of s 31B (Interpretation) 15
Amendment
5.(1) Section 31B(1), `In this section' to `subject matter,'-- 16
omit, insert-- 17
`In sections 31A to 31Y and in Schedule 1--'. 18
(2) Section 31B(1)-- 19
insert-- 20
`"CHESS provisions" means sections 31K to 31X; 21
"CHESS transfer document" means a transfer document for an 22
SCH-regulated transfer; 23
s5 5 s5
Stamp Amendment
"error transaction" means-- 1
(a) an SCH-regulated transfer made to reverse an SCH-regulated 2
transfer that was made mistakenly not more than 7 days earlier; 3
and 4
(b) the SCH-regulated transfer that was reversed; 5
"foreign company" has the meaning given by section 9 of the 6
Corporations Law; 7
"identification code", for an SCH participant, means a code that, under the 8
SCH business rules, is the SCH participant's identification code or one 9
of the SCH participant's identification codes; 10
"proper SCH transfer" has the meaning given by section 9 of the 11
Corporations Law; 12
"Queensland registered company" means-- 13
(a) a body incorporated, or taken to be incorporated, in Queensland 14
as a company under the Corporations Law; and 15
(b) a foreign company that has a registered office, under the 16
Corporations Law, in Queensland; 17
"relevant SCH participant", for an SCH-regulated transfer, means-- 18
(a) the SCH participant that, under the CHESS provisions, is liable to 19
pay duty chargeable on the transfer; or 20
(b) if no duty is chargeable--the SCH participant that would be liable 21
to pay duty on the transfer if duty were chargeable; 22
"SCH" means the securities clearing house registered by the 23
Commissioner under section 31T; 24
"SCH business rules" has the meaning given by section 9 of the 25
Corporations Law; 26
"SCH participant" has the meaning given by section 9 of the 27
Corporations Law; 28
"SCH-regulated CHESS transfer" means an SCH-regulated transfer to 29
which the CHESS provisions apply; 30
"SCH-regulated transfer" has the meaning given by section 9 of the 31
Corporations Law; 32
s6 6 s8
Stamp Amendment
"transfer document" has the meaning given by section 1097 of the 1
Corporations Law; 2
"transfer identifier", for an SCH-regulated transfer, means the distinctive 3
code assigned to the transfer as required by SCH; 4
"transfer value", for an SCH-regulated transfer, means-- 5
(a) for a transfer on sale--the greater of-- 6
(i) the total consideration for the sale; or 7
(ii) the full unencumbered value of the security at the date of the 8
sale; or 9
(b) in any other case--the full unencumbered value of the security at 10
the date of the transfer.'. 11
of s 31C (Sales and purchases to be recorded) 12
Amendment
6.(1) Section 31C(4)(b)-- 13
omit. 14
(2) Section 31C(7), `three'-- 15
omit, insert-- 16
`5'. 17
of s 31D (Returns to be lodged and duty paid) 18
Amendment
7. Section 31D(1)(b), `purchase--' and all following words to the 19
proviso-- 20
omit, insert-- 21
`purchase, 30 cents for each $100, or part of $100, of the sale price or the 22
purchase price.'. 23
of s 31E (Endorsement of transfer as to payment of 24
Amendment
duty) 25
8. Section 31E(1), after `subsections (4), (4A) or (5) of section 31C'-- 26
insert-- 27
s9 7 s 11
Stamp Amendment
`and if the transfer on the sale or purchase is not an SCH-regulated 1
transfer'. 2
of s 31G (Transfers of marketable securities not to be 3
Amendment
registered unless duly stamped) 4
9.(1) Section 31G(1)(a), after `in the case of a transfer'-- 5
insert-- 6
`(other than an SCH-regulated transfer)'. 7
(2) Section 31G(1)(b), after `in the case of a transfer'-- 8
insert-- 9
`(other than an SCH-regulated transfer)'. 10
of s 31GA (Retention of transfer instrument) 11
Amendment
10.(1) Section 31GA(1), after `enters a transfer'-- 12
insert-- 13
`(other than an SCH-regulated transfer)'. 14
(2) Section 31GA(1) and (2), `3'-- 15
omit, insert-- 16
`5'. 17
(3) Section 31GA(2), after `a transfer'-- 18
insert-- 19
`(other than an SCH-regulated transfer)'. 20
of s 31H (Duty on transactions on registers of 21
Amendment
Queensland incorporated companies) 22
11.(1) Section 31H(1), `in respect of a transfer' to the end-- 23
omit, insert-- 24
`for a transfer, including an SCH-regulated transfer, of a marketable 25
security of the company if-- 26
s 12 8 s 13
Stamp Amendment
(a) there is an instrument of transfer and the instrument is not duly 1
stamped; or 2
(b) the transfer is an SCH-regulated transfer and the duty payable 3
under this Act on the transfer has not been paid.'. 4
(2) Section 31H(2)-- 5
omit, insert-- 6
`(2) A return lodged by a company under subsection (1) is chargeable 7
with duty equal to the duty, in aggregate, payable under Schedule 1, 8
CONVEYANCE OR TRANSFER, paragraph (3) on the transfers 9
mentioned in subsection (1). 10
`(2A) The company must pay the amount of duty chargeable on the 11
return under subsection (2) when it lodges the return. '. 12
(3) Section 31H(3)(c)-- 13
omit. 14
(4) Section 31H(7)-- 15
omit. 16
of s 31I (Duties paid in and outside Queensland) 17
Replacement
12. Section 31I-- 18
omit, insert-- 19
provision 20
`Transitional
`31I. Sections 31H and 31I, as they were in force on 31 August 1994, 21
continue to apply to transfers made before 1 September 1994.'. 22
of s 31J (Duty on certain transactions on the Stock 23
Amendment
Exchange of the United Kingdom) 24
13. Section 31J(6)(a)(ii), `attract duty of $1 as'-- 25
omit, insert-- 26
`not attract duty because it would have been'. 27
s 14 9 s 14
Stamp Amendment
of new ss 31K-31X 1
Insertion
14. After section 31J-- 2
insert-- 3
of CHESS provisions 4
`Application
`31K. The CHESS provisions only apply to SCH-regulated transfers of 5
marketable securities registered by a body approved as the securities 6
clearing house under section 779B of the Corporations Law and registered 7
by the Commissioner under section 31T if-- 8
(a) the transfer is a proper SCH transfer; and 9
(b) the transfer is made other than on a sale or purchase to which 10
sections 31C to 31F apply; and 11
(c) the security is-- 12
(i) a share, or a right in respect of a share, in a Queensland 13
registered company; or 14
(ii) a unit of a unit trust scheme the register of which is situated 15
in Queensland. 16
documents treated as instruments of conveyance 17
`Transfer
`31L. A CHESS transfer document is chargeable with the same duty as 18
if it had been effected by an instrument of transfer. 19
participant liable to pay duty 20
`SCH
`31M.(1) If duty is chargeable on an SCH-regulated transfer, the SCH 21
participant party to the transfer, or, if there is more than 1, the SCH 22
participant who is the transferee or controls the transferee's holding, is liable 23
to pay the duty. 24
`(2) If the SCH participant liable to pay duty on an SCH-regulated 25
transfer is not the transferee under the transfer, the participant may recover 26
from the transferee the amount of the duty paid as a debt by action in a court 27
having jurisdiction for the amount and may keep, in reimbursement of the 28
amount, an amount in the participant's hands belonging to the transferee. 29
s 14 10 s 14
Stamp Amendment
of SCH-regulated transfers 1
`Record
`31N.(1) A record must be made immediately after an SCH-regulated 2
CHESS transfer is made. 3
`(2) The record must be made by the relevant SCH participant. 4
`(3) The record must show the following information-- 5
(a) the date of the transfer; 6
(b) the transfer identifier of the transfer; 7
(c) the name of the transferee and, unless another SCH participant 8
controls the transferor's holding, the name of the transferor; 9
(d) the identification code of the participant making the record and the 10
identification code of the other SCH participant party to the 11
transfer; 12
(e) the quantity and full description of the marketable security 13
transferred; 14
(f) the transfer value of the marketable security; 15
(g) the amount of duty chargeable under Schedule 1 on the transfer; 16
(h) if ad valorem duty is not chargeable on the transfer--the reason 17
why ad valorem duty is not chargeable; 18
(i) if an error transaction is made to reverse an earlier transfer that 19
was made mistakenly--the transfer identifier of the earlier 20
transfer; 21
(j) the other particulars prescribed by regulation. 22
`(4) If a relevant SCH participant keeps information mentioned in 23
subsection (3)(h), the participant must keep records to substantiate the claim 24
that ad valorem duty is not chargeable on the transfer. 25
`(5) An SCH participant may, in a record made under this section, 26
incorporate additional information for the participant's own use. 27
`(6) The record must be kept by the SCH participant-- 28
(a) in a legible written form, or in a way readily convertible into a 29
legible written form; and 30
(b) for at least 5 years from the day of the transfer. 31
s 14 11 s 14
Stamp Amendment
`(7) An SCH participant who does not make or keep a record as required 1
by this section commits an offence. 2
Maximum penalty--10 penalty units. 3
to be included by relevant participant in transfer 4
`Particulars
document 5
`31O. The relevant SCH participant must include in the CHESS transfer 6
document the particulars required by the Commissioner under the 7
conditions of registration of the SCH. 8
Maximum penalty--10 penalty units. 9
if duty paid on instrument 10
`Exemption
`31P.(1) If duty has been paid on a contract or agreement for sale, or on 11
an instrument of transfer of a marketable security or right in respect of 12
shares, and a subsequent SCH-regulated transfer of the same security or 13
right is made to or for the benefit of the same transferee in the same 14
capacity, the subsequent SCH-regulated transfer is not liable for duty. 15
`(2) If duty has been paid under subsection (1), the relevant SCH 16
participant must endorse a copy of the stamped instrument with the relevant 17
transfer identifier. 18
`(3) If the copy of the stamped instrument is endorsed with the relevant 19
transfer identifier, a person required to take notice of whether or not duty 20
has been paid on the transfer is entitled to regard the duty as having been 21
paid. 22
`(4) The relevant SCH participant must retain a copy of an instrument 23
endorsed under subsection (2) for not less than 5 years from the day of the 24
transfer. 25
Maximum penalty for subsection (4)--10 penalty units. 26
to be made and duty paid 27
`Statement
`31Q.(1) The relevant SCH participant must, not more than 7 days after 28
the end of a month in which the participant has been party to an 29
SCH-regulated CHESS transfer-- 30
s 14 12 s 14
Stamp Amendment
(a) make a statement to the SCH on the transfer in the form approved 1
by the Commissioner containing the particulars required under 2
the conditions of registration of the SCH; and 3
(b) if duty is chargeable on the transfer-- pay the duty to the SCH. 4
Maximum penalty--100 penalty units. 5
`(2) If the Commissioner has reason to believe that a relevant SCH 6
participant has contravened subsection (1), the Commissioner may, on the 7
basis of estimates if necessary, make an assessment of the amount, in the 8
Commissioner's opinion, payable under subsection (1). 9
`(3) If the Commissioner makes an assessment under subsection (2)-- 10
(a) the Commissioner must serve written notice of the assessment on 11
the defaulting participant; and 12
(b) the participant is liable to pay to the Commissioner any duty 13
assessed together with any further duty stated in the notice as 14
payable by way of penalty under subsection (4), less any amounts 15
already paid to the Commissioner. 16
`(4) If an SCH participant is liable to pay duty because of an assessment 17
under subsection (2), the participant is also liable to pay penalty duty equal 18
to double the amount of the duty assessed. 19
`(5) An SCH participant liable to pay duty because of an assessment 20
under this section who does not pay the amount stated in the assessment 21
notice on or before the day stated in the notice commits an offence. 22
Maximum penalty for subsection (5)--100 penalty units. 23
to pay duty 24
`Failure
`31R.(1) If an SCH participant does not pay duty under section 31Q, the 25
Commissioner may, by written notice, direct the SCH participant not to pay 26
duty under the CHESS provisions for the period stated in the notice. 27
`(2) The notice must state the reasons for giving the direction. 28
`(3) A direction made under this section does not affect the liability of the 29
SCH participant to pay duty that is chargeable under this Act. 30
`(4) If the Commissioner gives a direction under this section, the 31
Commissioner must at the same time notify the SCH of the direction. 32
s 14 13 s 14
Stamp Amendment
`(5) If a direction is in force for an SCH participant, the SCH must not 1
allow the participant to make an SCH-regulated transfer for which duty is 2
chargeable under this Act. 3
`(6) The SCH and an SCH participant are jointly and severally liable for 4
the payment of duty if-- 5
(a) a direction is in force for an SCH participant; and 6
(b) the participant makes an SCH-regulated transfer for which duty is 7
chargeable under this Act; and 8
(c) the transfer is made more than 7 days after the SCH has received 9
notice under subsection (4). 10
for error transaction 11
`Refund
`31S. On being satisfied that ad valorem duty has been paid to the 12
Commissioner for an error transaction to which the CHESS provisions 13
apply, the Commissioner must-- 14
(a) refund the amount of the duty paid; or 15
(b) retain and credit the amount against other duty payable by the 16
SCH participant for an SCH-regulated transfer. 17
as the securities clearing house 18
`Registration
`31T.(1) On application by a body approved as the securities clearing 19
house under section 779B of the Corporations Law, the Commissioner 20
must register the body under this section if the Commissioner is satisfied it 21
will comply with the Act. 22
`(2) The registration is subject to terms decided by the Commissioner 23
and notified to the SCH by writing. 24
`(3) Subject to subsection (5), the Commissioner, by written notice, may 25
suspend the registration for a stated time if the SCH contravenes a condition 26
of the registration. 27
`(4) Before suspending the registration, the Commissioner must give the 28
SCH 7 days written notice stating the reasons why the Commissioner 29
proposes to suspend the registration for the proposed time. 30
s 14 14 s 14
Stamp Amendment
`(5) Within 7 days of receiving the notice, the SCH may apply to the 1
Commissioner for a review of the proposed decision. 2
`(6) The Commissioner may suspend the registration only-- 3
(a) at the end of the 7 days mentioned in subsection (4); and 4
(b) if the SCH has been given an opportunity to make submissions 5
about the suspension. 6
`(7) Registration continues in force until it is cancelled on the application 7
of the body registered. 8
return 9
`Monthly
`31U.(1) On or before the fifteenth day of each month, the SCH must-- 10
(a) lodge a return in the form and containing the particulars required 11
by the Commissioner under the conditions of registration of 12
SCH; and 13
(b) pay to the Commissioner on the return any duty paid to the SCH 14
under this Act on an SCH-regulated transfer made in the previous 15
month. 16
Maximum penalty--100 penalty units. 17
`(2) If the Commissioner has reason to believe that the SCH has 18
contravened subsection (1), the Commissioner may, on the basis of 19
estimates if necessary, make an assessment of the amount, in the 20
Commissioner's opinion, payable under the subsection. 21
`(3) If the Commissioner makes an assessment under subsection (2)-- 22
(a) the Commissioner must give written notice of the assessment to 23
the SCH; and 24
(b) the SCH is liable to pay to the Commissioner any duty assessed 25
together with any further duty stated in the notice as payable by 26
way of penalty under subsection (4), less any amounts already 27
paid to the Commissioner. 28
`(4) If SCH is liable to pay duty because of an assessment under 29
subsection (2), the SCH is also liable to pay penalty duty equal to the 30
amount of the duty assessed. 31
s 14 15 s 14
Stamp Amendment
`(5) If SCH is liable to pay duty because of an assessment under this 1
section and does not pay the amount stated in the assessment notice on or 2
before the day stated in the notice, the SCH commits an offence. 3
Maximum penalty for subsection (5)--100 penalty units. 4
stated by participants to be kept by SCH 5
`Particulars
`31V. The particulars stated to the SCH by an SCH participant under 6
section 31Q must be kept by SCH in a legible written form, or in a way 7
readily convertible into legible written form, for at least 5 years from the 8
day on which the statement is made. 9
to the SCH of information 10
`Disclosure
`31W. This Act does not prevent the disclosure to the SCH by the 11
Commissioner of information acquired in or for the administration of the 12
CHESS provisions. 13
to account for duty for a security loan or security lending 14
`Liability
scheme for more than 1 year 15
`31X.(1) This section applies if-- 16
(a) a marketable security or a right in respect of shares is transferred 17
(including a transfer by an SCH-regulated transfer) to perform 18
obligations under a securities loan or a securities lending scheme 19
mentioned under Schedule 1, CONVEYANCE OR 20
TRANSFER, Exemption 16; and 21
(b) the transfer of the marketable security is not reversed within 22
1 year. 23
`(2) The transferee (including a transferee of an SCH-regulated transfer) 24
must, within 1 month after 1 year after the making of the transfer 25
mentioned in subsection (1), lodge a statement, in the form approved by the 26
Commissioner, for the transfer made under the loan or scheme. 27
Maximum penalty for subsection (2)--100 penalty units plus an amount 28
equal to double the amount of the duty payable under subsection (3) if the 29
statement had been made. 30
s 15 16 s 16
Stamp Amendment
`(3) The statement is chargeable with duty under Schedule 1 as if it were 1
a transfer of the marketable security or right in respect of shares to which 2
the statement relates for a consideration equal to the greater of-- 3
(a) the full unencumbered value of the security or right at the time of 4
the making of the transfer mentioned in subsection (1); or 5
(b) the amount paid on the transfer of the security or right. 6
`(4) The transferee is liable to pay the duty under subsection (3) and 7
penalty duty equal to the amount of the duty. 8
`(5) The transferee is liable to pay to the Commissioner the amounts 9
mentioned in subsection (4) when the statement is lodged. 10
SCH participant's identification code equivalent to 11
`Relevant
stamping 12
`31Y.(1) If an SCH participant's identification code is included in a 13
CHESS transfer document, a person required to take notice of whether or 14
not duty has been paid on the transfer is entitled to regard the duty as having 15
been paid. 16
`(2) Subsection (1) does not affect a relevant SCH participant's liability 17
to pay duty chargeable on the transfer document or the liability of a broker 18
on a sale or purchase to which sections 31C to 31F apply.'. 19
of s 53 (Directions as to duty in certain cases) 20
Amendment
15. Section 53(11), proviso, after `this Act apply'-- 21
insert-- 22
`or to an SCH-regulated transfer'. 23
of new s 68C 24
Insertion
16. After section 68B-- 25
insert-- 26
duty on financial corporation debentures 27
`No
`68C.(1) Duty under Schedule 1, MORTGAGE, BOND, 28
s 16 17 s 16
Stamp Amendment
DEBENTURE AND COVENANT, does not apply to-- 1
(a) a debenture issued by a financial corporation or related 2
corporation-- 3
(i) under an instrument of trust-- 4
(A) to which the financial corporation or related corporation 5
is a party; and 6
(B) that protects the interests of the holder of the 7
debentures; or 8
(ii) if the repayment of the debenture is secured by a mortgage, 9
bond or covenant executed by the financial corporation or 10
related corporation; or 11
(b) an instrument of trust-- 12
(i) to which a financial corporation or related corporation is a 13
party; and 14
(ii) that protects the interests of the holders of debentures issued 15
by the financial corporation or related corporation under the 16
instrument; or 17
(c) a mortgage, bond or covenant executed by a financial corporation 18
or related corporation to secure the repayment of debentures 19
issued by the financial corporation or related corporation. 20
`(2) Subsection (1) applies to a debenture issued, or an instrument of 21
trust, or a mortgage, bond or covenant executed, by a related corporation 22
only to the extent that the debenture is issued, or the instrument of trust or 23
mortgage, bond or covenant is executed, to raise funds to be used by the 24
financial corporation. 25
`(3) In this section -- 26
"financial corporation" means a corporation whose sole or principal 27
business is the provision of finance to the public; 28
"related corporation" of a financial corporation means a corporation that 29
is taken to be related to the financial corporation because of section 50 30
of the Corporations Law.'. 31
s 17 18 s 19
Stamp Amendment
of new s 76 1
Insertion
17. After section 75-- 2
insert-- 3
to prosecution 4
`Alternative
`76.(1) Instead of bringing a proceeding against a person for an offence 5
against section 31Q, 31U or 31X, the Commissioner may impose a penalty 6
of-- 7
(a) 3% of the duty chargeable on the statement or return for the first 8
month, or part of the first month, after the end of the period 9
during which the statement was required to be lodged; and 10
(b) 2% for each subsequent month or part of a month until the 11
statement is lodged. 12
`(2) If a penalty calculated under subsection (1) is less than $10, the 13
penalty is $10. 14
`(3) The Commissioner may reduce or waive a penalty that could be 15
imposed under this section, section 31Q, 31U or 31X if the Commissioner 16
considers a reduction or waiver to be the appropriate action to take in the 17
circumstances.'. 18
of s 78A (Evidentiary provisions) 19
Amendment
18. Section 78A-- 20
insert-- 21
`(4B) A document purporting to be given by the Commissioner is 22
validly given, and is evidence of the matters contained in the document, if 23
the name of an authorised officer appears above the title `Commissioner of 24
Stamp Duties' on the document.'. 25
of Sch 1 (Stamp duties on instruments) 26
Amendment
19.(1) Schedule 1, CONVEYANCE OR TRANSFER, paragraph (3), 27
up to the first proviso-- 28
omit, insert-- 29
s 19 19 s 19
Stamp Amendment
`(2A) The stock, marketable security or right in respect of 1
shares mentioned in paragraph (3) are--
(a) a share or a right in respect of a share of a body 2
incorporated, or taken to be incorporated, in 3
Queensland as a company under the Corporations 4
Law; 5
(b) a share or a right in respect of a share of a foreign 6
company--
(i) if the transfer is an SCH-regulated 7
transfer--that has a registered office, under the 8
Corporations Law, in Queensland; or 9
(ii) if the transfer is not an SCH-regulated 10
transfer--that has a register in Queensland on 11
which the share is located;
(c) a unit of a unit trust scheme if--
(i) the transfer is an SCH-regulated transfer and 12
the register of the scheme is situated in 13
Queensland; or 14
(ii) the transfer is not an SCH-regulated transfer 15
and the unit is located on the Queensland 16
register of the scheme.
`(3) Of a stock, marketable security or right in respect of 17
shares mentioned in paragraph (2A)--
(a) on sale for a consideration in money or money's 18
worth of at least the full unencumbered value of the 19
stock, marketable security or right in respect of 20
shares--
for every $100 (or part of $100) of the $0.60 21
consideration
s 19 20 s 19
Stamp Amendment
(b) for no consideration in money or money's worth, 1
for a consideration in money or money's worth of 2
less than the full unencumbered value of the stock, 3
marketable security or right in respect of shares, by 4
way of division or exchange, or under sections 701 5
and 702 of the Corporations Law--
for every $100 (or part of $100) of the full 6
unencumbered value $0.60'
.
(2) Schedule 1, CONVEYANCE OR TRANSFER, paragraph (3), first 7
proviso, after provision (xii), `$1.00'-- 8
omit, insert-- 9
`Nil'. 10
(3) Schedule 1, CONVEYANCE OR TRANSFER, paragraph (3)(c), 11
`$1.00'-- 12
omit, insert-- 13
`Nil'. 14
(4) Schedule 1, CONVEYANCE OR TRANSFER, paragraph (4), the 15
proviso following subparagraph (b), after provision (xvi), `$4.00'-- 16
omit, insert-- 17
`Nil'. 18
(5) Schedule 1, CONVEYANCE OR TRANSFER, Exemption 15, 19
after `A transfer'-- 20
insert-- 21
`(including an SCH-regulated transfer)'. 22
(6) Schedule 1, CONVEYANCE OR TRANSFER, Exemptions-- 23
insert-- 24
`15A.(1) An SCH-regulated transfer to an entrepot nominee company, or 25
from an entrepot nominee company to another entrepot nominee company, 26
if the transfer is a qualifying transfer. 27
`(2) In subsection (1)-- 28
s 19 21 s 19
Stamp Amendment
"entrepot nominee company" means a company formed by an SCH 1
participant solely for the purpose of facilitating settlement of 2
transactions, for marketable securities or rights in respect of shares, 3
entered into in the ordinary course of business; 4
"qualifying transfer" means a transfer of a marketable security or right in 5
respect of shares to an entrepot nominee company, on the purchase or 6
sale of the security or right if the security or right is to be held by the 7
company for settlement purposes only on a temporary basis and not as 8
general custodian or trustee.'. 9
(7) Schedule 1, CONVEYANCE OR TRANSFER, Exemption 16(1), 10
from `if the transfer' to the end-- 11
omit, insert-- 12
`if the transfer is endorsed by an SCH participant in a way approved by 13
the Commissioner.'. 14
(8) Schedule 1, CONVEYANCE OR TRANSFER, Exemption 16-- 15
insert-- 16
`(3) This exemption applies only to a securities loan or a securities 17
lending scheme for 1 year or less.'. 18
(9) Schedule 1, CONVEYANCE OR TRANSFER, Exemptions-- 19
insert-- 20
`17.(1) This exemption applies to the conveyance or transfer of a 21
marketable security or right in respect of shares to or from-- 22
(a) a corporation that is a financial institution or trustee company 23
within the meaning of the Trustee Companies Act 1968 or a 24
corresponding law of another State or a related corporation within 25
the meaning of the Corporations Law; or 26
(b) a corporation of a class prescribed by regulation. 27
`(2) Subsection (1) only applies if-- 28
(a) the corporation's principal business is to hold property as a 29
trustee or nominee; and 30
(b) the conveyance or transfer-- 31
(i) does not pass a beneficial interest in a marketable security or 32
s 19 22 s 19
Stamp Amendment
right in respect of shares conveyed or transferred; and 1
(ii) is not made in contemplation of the passing of a beneficial 2
interest in a marketable security or right in respect of shares 3
conveyed or transferred; and 4
(iii) is not part of, or made under, a scheme under which a 5
beneficial interest in a marketable security or right in respect 6
of shares conveyed or transferred (whether vested or 7
contingent) has passed, or will or may pass.'. 8
9
© State of Queensland 1994
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