Tasmanian Consolidated Acts

DUTIES ACT 2001

- Act 15 of 2001
- Royal Assent 26 April 2001

TABLE OF PROVISIONS

           Long Title

CHAPTER 1 - Preliminary

   PART 1 - Administration

   1.      Short title
   2.      Commencement

   PART 2 - General

   3.      Interpretation
   4.      Meaning of child for purpose of definition of related person
   4A.     Meaning of foreign corporation
   4B.     Meaning of foreign trust
   4C.     Presumption in respect of corporations and trusts
   5.      Act read together with Taxation Administration Act 1997

CHAPTER 2 - Transactions concerning dutiable property

   PART 1 - Introduction and overview

   6.      Imposition of duty on certain transactions concerning dutiable property
   7.      Imposition of duty on dutiable transactions that are not transfers
   8.      What form must a dutiable transaction take?
   9.      What is dutiable property?
   10.     When does a liability for duty arise?
   11.     Who is liable to pay the duty?
   12.     The liability of joint tenants
   13.     Necessity for written instrument or written statement
   14.     Lodging written instrument or written statement with Commissioner
   15.     When must duty be paid?
   16.     No double duty
   17.     What is the rate of duty?

   PART 2 - Dutiable value

   18.     What is the dutiable value of dutiable property?
   19.     What is the consideration for the transfer of dutiable property?
   20.     What is the unencumbered value of dutiable property?
   21.     Arrangements that reduce the dutiable value
   22.     Aggregation of dutiable transactions
   23.     Apportionment – dutiable property and other property
   24.     Certain transactions concerning leases of commercial property
   25.     Partnership interests
   26.     Partitions
   27.     Effect of alteration in purchase price
   28.     Entitlements of joint purchasers

   PART 3 - Rates of duty

   29.     General rate

   PART 3A - Additional duty on certain dutiable transactions involving foreign persons

   30.     Meaning of primary production property
   30A.    Meaning of residential property
   30AA.   Determinations in relation to use of land
   30B.    Dutiable transactions relating to more than one parcel of land
   30C.    Additional duty chargeable for foreign purchasers of residential property
   30D.    Duty in respect of change of land to residential property
   30DA.   Reassessment of duty if premises cease to be residential premises
   30E.    Additional duty chargeable for foreign purchasers of primary production property
   30F.    Duty in respect of change of land to primary production property
   30G.    Concessions
   30H.    Reassessment of duty if transferee becomes a foreign person
   30HA.   Reassessment of duty if natural person transferee is no longer foreign person
   30HB.   Reassessment of duty if trust is taken to not be foreign trust
   30HC.   Reassessment of duty for certain developers of property
   30I.    Dutiable transactions before 1 July 2018
   30J.    Exemption relating to dwellings used as principal residences in certain circumstances
   30K.    Refund relating to duty paid on vacant land where principal residences are built in certain circumstances
   30L.    Determination that transferee not a foreign person
   30M.    Circumstances in which transferee not a foreign person

   PART 4 - Special provisions

   31.     Interim payment of duty
   32.      
   33.      
   34.     Transfer arising from mortgage of land
   35.     Vesting order
   36.     Applications to bring land under Land Titles Act 1980

   PART 4A - Transactions Treated as Subsales of Land

           Division 1 - Introduction

   36A.    Definitions

           Division 2 - Transfers involving additional consideration

   36B.    Application of Division
   36BA.   Application to put and call options
   36C.    How duty is charged on transfer
   36D.    Dutiable value of transactions
   36E.    When does liability to duty arise?
   36F.    Who is liable to pay duty?
   36G.    Exemptions and concessions

           Division 3 - Miscellaneous

   36H.    Provisions for determining consideration
   36I.    Parties required to provide information to Commissioner

   PART 5 - Concessional rates of duty

           Division 1 - Trusts

   37.     Change in trustees
   38.     Transfers in relation to managed investment schemes
   39.     Property vested in an apparent purchaser
   40.     Transfers back from a nominee
   41.     Property passing to beneficiaries
   42.      
   43.     Instrument relating to managed investment scheme

           Division 2 - Superannuation

   44.      
   45.     Transfer of property from one superannuation fund to another
   46.     Transfers between trustees and custodians of superannuation funds or trusts

           Division 2A - First home buyer duty concession

   46A.    Interpretation of Division 2A
   46B.    Extension of eligible period
   46C.    Eligible first home buyer
   46D.    Eligible transaction
   46E.    First home buyer duty concession
   46F.    Residence requirements
   46G.    Reassessment of duty
   46H.    Refund provisions
   46I.    Anticipatory duty concessions

           Division 2B - Pensioner duty concession

   46J.    Interpretation of Division 2B
   46K.    Extension of eligible period
   46L.    Eligible pensioner
   46M.    Eligible transaction
   46N.    Pensioner duty concession if home sold before eligible transaction
   46O.    Pensioner duty concession if home sold after eligible transaction
   46P.    Reassessment of duty
   46Q.    Refund provisions
   46R.    Anticipatory duty concessions

           Division 2C - Pre-completion duty concession

   46S.    Interpretation of Division 2C
   46T.    Extension of eligible period
   46U.    Eligible buyer
   46V.    Eligible dwelling
   46W.    Eligible transaction
   46X.    Pre-completion duty concession
   46Y.    Reassessment of duty
   46Z.    Refund provisions

           Division 3 - Miscellaneous

   47.     Deceased estates
   48.     Conversion of lots to strata title
   49.     Duty where no change of beneficial ownership
   50.     Adjustment of dutiable value of transfer on a company wind-up
   51.      

   PART 6 - Exemptions

           Division 1 - Exemptions in general

   52.     Exemptions from duty
   53.     Exemptions relating to various transactions
   54.     Exemptions relating to special disability trusts
   55.     Exemptions – transfers to partners in a marriage or relationship
   56.     Exemptions – break-down of marriages
   56A.    Exemptions – break-down of de facto relationships
   57.     Exemptions – personal relationships
   57A.    Partial exemptions
   57AA.   Exemptions – certain vestings
   57B.    Exemptions – certain financing arrangements

           Division 2 - First home buyer duty exemption

   57C.    Interpretation of Division 2
   57D.    Extension of eligible period
   57E.    Eligible first home buyer
   57F.    Eligible transaction
   57G.    First home buyer duty exemption
   57H.    Residence requirements
   57I.    Reassessment of exemption
   57J.    Refund provisions

CHAPTER 3 - Certain transactions treated as transfers

   PART 1 - Preliminary

   58.     Overview
   59.     Interpretation of Chapter 3
   59A.     
   60.     Provisions relating to trusts
   61.     Meaning of landholder, private landholder and public landholder
   62.     What are the land holdings of a landholder
   63.     What are the goods of a landholder, unit trust scheme or company

   PART 2 - Charging of Duty on Acquisitions of Interests of Landholders

   63A.    Interpretation of Part 2
   63B.    Landholdings that include more than one parcel of land
   64.     When does a liability for duty arise
   65.     What is a relevant acquisition
   66.     What are interests and significant interests in landholders
   67.     How an interest may be acquired
   68.     Acquisition statements
   69.     When must duty be paid
   70.     Who is liable to pay the duty
   71.     How duty is charged on relevant acquisitions – private landholders
   71A.    Additional duty for acquisition by foreign person – private landholders
   72.     How duty is charged on relevant acquisitions – public landholders
   72A.    Additional duty for foreign acquisition – public landholders
   72B.    Reassessment of duty if acquirer becomes a foreign person
   72C.    Acquisitions before 1 July 2018

   PART 3 - Charging of Duty on Acquisitions Made by Trustees

   73.     Application of Part
   74.     Meaning of beneficial owner
   75.     Beneficial owners liable for duty on acquisition in landholders

   PART 3A - General Principles to be Applied under this Chapter

   76.     Constructive ownership of land holdings and other property: linked entities
   77.     Constructive ownership of land holdings and other property: discretionary trusts
   78.     Inclusion of land holdings and goods recently transferred
   79.     Agreements for sale or transfer of land
   80.     Agreements for sale or issue of shares or units in landholder
   81.     Valuation of property
   82.     Maximisation of entitlements on distribution of property

   PART 3B - Exemptions, Concessions and Refunds

   83.     General exemptions
   84.     Restricted exemptions for acquisition securing financial accommodation
   84A.    Concessions generally
   84B.    Refunds

   PART 4 - Acquisition of land use entitlements by allotment of shares or issue of units

   84C.    Interpretation of Part 4
   84D.    Land use entitlement that relates to dual-use land
   85.     When does a liability for duty arise?
   86.     When must duty be paid?
   87.     Who is liable to pay the duty?
   88.     Acquisition of land use entitlement
   89.     Form of statement
   90.     Assessment of duty
   91.     Additional duty if foreign person acquires land use entitlement
   92.     Duty in respect of change of land to residential property
   93.     Duty in respect of change of land to primary production property
   94.     Reassessment of duty if acquirer becomes a foreign person

   PART 5 - .  .  .  .  .  .  .  .  

           Division 1 - .  .  .  .  .  .  .  .  

           Division 2 - .  .  .  .  .  .  .  .  

           Division 3 - .  .  .  .  .  .  .  .  

   95.      

           Division 4 - .  .  .  .  .  .  .  .  

   96.      

           Division 5 - .  .  .  .  .  .  .  .  

   97.      

CHAPTER 4 - .  .  .  .  .  .  .  .  

   PART 1 - .  .  .  .  .  .  .  .  

   98.      
   99.      
   100.     
   101.     
   102.     
   103.     
   104.     

   PART 2 - .  .  .  .  .  .  .  .  

   105.     
   106.     

   PART 3 - .  .  .  .  .  .  .  .  

   107.     
   108.     
   109.     
   110.     

   PART 4 - .  .  .  .  .  .  .  .  

   111.     
   112.     
   113.     
   114.     

CHAPTER 5 - .  .  .  .  .  .  .  .  

   PART 1 - .  .  .  .  .  .  .  .  

   115.     
   116.     
   117.     
   118.     
   119.     
   120.     
   121.     
   122.     
   123.     
   124.     
   125.     
   126.     
   127.     

   PART 2 - .  .  .  .  .  .  .  .  

   128.     
   129.     
   130.     
   131.     
   132.     
   133.     
   134.     

   PART 3 - .  .  .  .  .  .  .  .  

   135.     
   136.     
   137.     

CHAPTER 6 - .  .  .  .  .  .  .  .  

   PART 1 - .  .  .  .  .  .  .  .  

   138.     
   139.     
   140.     
   141.     
   142.     
   143.     
   144.     
   145.     
   146.     

   PART 2 - .  .  .  .  .  .  .  .  

   147.     
   148.     
   149.     
   150.     
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   153.     

   PART 3 - .  .  .  .  .  .  .  .  

   154.     
   155.     
   156.     
   157.     

   PART 4 - .  .  .  .  .  .  .  .  

   158.     
   159.     
   160.     
   161.     

CHAPTER 7 - Insurance

   PART 1 - General Insurance

   162.    Imposition of duty
   163.    What is general insurance?
   164.    What is a premium in relation to general insurance?
   165.    When is a premium paid?
   166.    What duty is payable?
   167.    Who is liable to pay the duty?
   168.    Circumstances in which duty is payable by the insured person
   169.    Records to be kept
   170.    Refunds where premiums are returned

   PART 2 - Life Insurance

   171.    Imposition of duty
   172.    What is life insurance?
   173.    Obligation to make out and execute a policy of life insurance
   174.    What duty is payable?
   175.    Who is liable to pay the duty?
   176.    Circumstances in which duty is payable by the insured person
   177.    Refund on cancellation of policy of life insurance

   PART 3 - How is duty paid by an insurer?

   178.    Who is an insurer?
   179.    Insurers must be registered
   180.    Application for registration
   181.    Cancellation of registration by the Commissioner
   182.    Cessation of business and cancellation of registration by the insurer
   183.    Register of insurers
   184.    Monthly returns and payment of duty
   185.    Recovery of duty by registered insurer

   PART 4 - Apportionment

           Division 1 - Apportionment of premiums and other amounts between Australian jurisdictions

   186.    Application of Division 1
   187.    Schedule of Apportionment
   188.    Apportionment in practice

           Division 2 - Apportionment of premiums and other amounts as between different types of insurance

   189.    Apportionment between different types of insurance

   PART 5 - Exempt insurance

   190.    What insurance is exempt from duty?

   PART 6 - Miscellaneous

   191.    Effect on contract of insurance of failure to comply with this Chapter

CHAPTER 8 - Motor vehicle registration

   PART 1 - Introduction and overview

   192.    Imposition of duty
   193.    Lodgment of statement of dutiable value
   194.    Failure to register or give notice
   195.    Who is liable to pay the duty?
   196.    When does duty become payable?
   196A.   Effect of failure to pay duty
   197.    What is the rate of duty?
   198.    What is the dutiable value of a motor vehicle?

   PART 2 - Circumstances in which duty not chargeable

   199.    Exemptions
   200.    Avoidance of double duty – duty paid in a corresponding Australian jurisdiction
   201.    No change in beneficial ownership
   202.    Reassessment of duty – repossession of stolen motor vehicle
   203.    Refund if contract, arrangement or agreement cancelled

   PART 3 - Trading stock, demonstrator vehicles and courtesy vehicles

   203A.   Interpretation of Part 3
   204.    Exemptions for motor dealers and traders
   205.    Application for exemption certificate
   206.    Grant or refusal of application
   207.    Form of exemption certificate
   208.    Period of exemption certificate
   209.    Notification of changes
   210.    Renewal of exemption certificate
   211.    Grant or refusal of renewal of application
   212.    Suspension and cancellation of exemption certificate
   213.    Continuing use of exemption certificate
   214.     
   215.    Improperly obtaining exemption
   216.    Notification if exemption ceases to apply in relation to motor vehicle
   217.     
   218.    Record of exemption certificates

CHAPTER 9 - Miscellaneous duties

   PART 1 - Duplicates and replicas

   219.    Duplicates or counterparts
   220.    Replicas

   PART 2 - Miscellaneous duties

   221.    Motor accident premium certificates
   222.     
   223.     
   224.     

CHAPTER 10 - General exemptions from duty

   PART 1 - Intergenerational rural transfers

   225.    Intergenerational rural transfers
   226.    Subsequent liability for duty in certain circumstances

   PART 1A - Corporate Reconstruction Transactions and Corporate Consolidation Transactions

   226A.   Interpretation of Part 1A
   226B.   Meaning of corporate group
   226C.   Meaning of corporate reconstruction transaction
   226D.   Meaning of corporate consolidation transaction
   226E.   Exemptions for corporate reconstruction transaction and corporate consolidation transaction
   226F.   Applications for exemptions
   226G.   Refund provisions
   226H.   Revocation of exemption

   PART 2 - Miscellaneous exemptions

   227.    Miscellaneous exemptions
   227A.    
   227B.   Instruments issued for purpose of creating, issuing or marketing mortgage-backed securities
   227C.   Loan-backed securities

CHAPTER 11 - Miscellaneous

   PART 1 - Stamping instruments

   228.    Provision of stamps
   229.    Limitation on use of designated stamps
   230.    Form of stamps to be used
   231.    Stamping of instruments
   232.    When is an instrument duly stamped?
   233.    Adhesive stamps
   234.    Licences to deal in stamps
   235.    Refunds – spoiled and unused stamps
   236.    Reassessments – failed instruments
   237.    Instruments to be separately charged with duty in certain cases
   238.    Execution of instruments
   239.    Stamping of instruments after execution
   240.    Stamping taken to constitute an assessment
   241.    Copies of instruments
   242.    Calculation of time

   PART 2 - Enforcement

   243.    Registration of instruments
   244.    Electronic conveyancing
   245.     
   246.    Receipt of instruments in evidence
   247.    Valuation of property
   248.    Assessment where consideration inadequate
   249.    Ascertainment of value of certain interests
   250.    Impounding of instruments

   PART 3 - Miscellaneous

   251.    Application of Act
   252.     
   253.     
   254.    Recognised stock exchanges
   255.    Duty paid under former Act
   256.    Stamping under former Act
   257.    Regulations
   258.    Administration of Act
   259.    Savings and transitional provisions
   259A.   Savings and transitional provisions consequent on Taxation and Related Legislation (Miscellaneous Amendments) Act 2008
   259B.   Transitional provisions consequent on Duties Amendment Act 2009
   259C.   Transitional provisions consequent on repeal of Revenue Legislation (Miscellaneous Amendments) Act 2002
   259D.   Savings and transitional provisions consequent on repeal of Revenue Measures Act 2005
   259E.   Transitional provisions consequent on the enactment of Part 2 of the Revenue Measures Act 2012
   259F.   Savings and transitional provisions consequent on enactment of Duties Amendment (Landholder and Corporate Reconstruction and Consolidation) Act 2016
   259G.   Transitional provisions consequent on commencement of Duties Amendment Act 2020
   260.     
   261.    Stamp Duties Act 1931 repealed
   262.    Stamp Duties Regulations 1998 rescinded
           SCHEDULE 1
           SCHEDULE 2