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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
Stamp Amendment Bill 2005
CONTENTS
Part 1 -- Preliminary
1. Short title 2
2. Commencement 2
3. The Act amended 2
Part 2 -- Vehicle licences
4. Section 76B amended 3
5. Section 76D amended 4
6. Section 76I amended 5
7. Section 76N inserted 5
76N. Records 5
8. Retrospective effect of certain provisions 6
Part 3 -- Mortgage duty
9. Section 86 amended 7
10. Sections 86A and 86B inserted and application
provision 7
86A. Exemption -- refinancing home loans 7
86B. Exemption -- refinancing small business
loans 9
11. Section 91B amended 11
090--2 page i
Western Australia
LEGISLATIVE ASSEMBLY
(As amended during consideration in detail)
Stamp Amendment Bill 2005
A Bill for
An Act to amend the Stamp Act 1921, and for related purposes.
The Parliament of Western Australia enacts as follows:
page 1
Stamp Amendment Bill 2005
Part 1 Preliminary
s. 1
Part 1 -- Preliminary
1. Short title
This is the Stamp Amendment Act 2005.
2. Commencement
5 (1) Subject to this section, this Act comes into operation on the day
on which it receives the Royal Assent.
(2) Part 3 comes into operation, or is deemed to have come into
operation, on 1 January 2006.
3. The Act amended
10 The amendments in this Act are to the Stamp Act 1921*.
[* Reprint 15 as at 3 June 2005.
For subsequent amendments see Acts Nos. 11 and 12
of 2005.]
page 2
Stamp Amendment Bill 2005
Vehicle licences Part 2
s. 4
Part 2 -- Vehicle licences
4. Section 76B amended
(1) Section 76B(1) is amended as follows:
(a) by inserting in the appropriate alphabetical position --
5 "
"charitable organisation" means a charitable
institution or public benevolent institution
endorsed by the Commonwealth Commissioner of
Taxation under the Commonwealth Income Tax
10 Assessment Act 1997 as a deductible gift recipient
or as exempt from income tax;
";
(b) in the definition of "new vehicle" by deleting all of the
definition from and including "used -- " and inserting
15 instead --
"
used for a purpose referred to in section 76D(5)(a)
or (5a)(a), but does not include a vehicle that has
been used for the purpose referred to in
20 section 76D(5)(a)(ii), or a purpose referred to in
section 76D(5a)(a), for a period of more than
3 months;
".
(2) Section 76B(2) is amended as follows:
25 (a) by deleting "the purpose referred to in section 76D(4)(a)
or the purposes referred to in section 76D(5)(a)" and
inserting instead --
"
a purpose referred to in section 76D(4)(a), 5(a) or
30 (5a)(a);
";
(b) by deleting "or those purposes".
page 3
Stamp Amendment Bill 2005
Part 2 Vehicle licences
s. 5
5. Section 76D amended
(1) After section 76D(5) the following subsections are inserted --
"
(5a) Duty is not payable on the grant or transfer of a licence
5 to a dealer if --
(a) the vehicle for which the licence was granted or
transferred is to be loaned by the dealer --
(i) to a charitable organisation to be used
solely for providing assistance to
10 underprivileged or disadvantaged
persons;
(ii) to a charitable organisation to be used
solely for providing emergency
assistance;
15 (iii) to a school (as defined in the School
Education Act 1999) to be used solely
for student driver training;
(iv) to an individual solely for a
philanthropic purpose approved by the
20 Commissioner; or
(v) solely for a purpose prescribed in the
regulations;
and
(b) the application for the grant or transfer of the
25 licence is accompanied by a certificate
certifying that while the applicant holds the
licence the vehicle will be used solely for a
purpose referred to in paragraph (a).
(5b) The Commissioner may approve a philanthropic
30 purpose for the purposes of subsection (5a)(a)(iv) for a
particular dealer or class of dealer, and the approval
may take effect from a day that is earlier than the day
page 4
Stamp Amendment Bill 2005
Vehicle licences Part 2
s. 6
on which the Commissioner grants the approval, but no
earlier than 23 August 2000.
".
(2) Section 76D(7) is amended by inserting after "(5)(b)" --
5 " , (5a)(b) ".
6. Section 76I amended
(1) Section 76I(1) is amended as follows:
(a) by deleting "or (5)" and inserting instead --
" , (5) or (5a) ";
10 (b) by deleting "the purpose referred to in section 76D(4)(a)
or the purposes referred to in section 76D(5)(a) (as the
case may be)" and inserting instead --
"
a purpose referred to in section 76D(4)(a), (5)(a) or
15 (5a)(a)
".
(2) Section 76I(2)(a) is amended by deleting "or (5)" and inserting
instead --
" , (5) or (5a) ".
20 7. Section 76N inserted
After section 76M the following section is inserted in
Part IIIC --
"
76N. Records
25 A dealer must keep --
(a) the records that are prescribed in the regulations
for the purposes of this Part (if any); and
page 5
Stamp Amendment Bill 2005
Part 2 Vehicle licences
s. 8
(b) any other records necessary to enable the
Commissioner to determine the dealer's
liability to pay duty under this Part.
Penalty: $20 000.
5 ".
8. Retrospective effect of certain provisions
(1) A person who was a dealer at any time during the retrospective
period is to be treated, in respect of the person's liability to duty
under Part IIIC during that period, as if Part IIIC included a
10 provision to the effect of the Stamp Act 1921 section 76D(5a)
(excluding paragraph (b)) as inserted by section 5(1) of this Act.
(2) Despite the Taxation Administration Act 2003 section 17, the
Commissioner may make any assessment or reassessment
necessary to give effect to subsection (1).
15 (3) For the purposes of assessing or reassessing the liability, at a
particular time during the retrospective period, of a person who
was a dealer at that time --
(a) a reference in subsection (1) to Part IIIC is a reference to
the Stamp Act 1921 Part IIIC as in force at that time; and
20 (b) a reference to a dealer in subsection (1) is a reference to
a dealer as defined in the Stamp Act 1921 Part IIIC as in
force at that time.
(4) In this section --
"assessment" has the meaning given to that term in the
25 Taxation Administration Act 2003;
"Commissioner" has the meaning given to that term in the
Taxation Administration Act 2003;
"reassessment" has the meaning given to that term in the
Taxation Administration Act 2003;
30 "retrospective period" means the period beginning on
23 August 2000 and ending on the day before the day on
which this Part comes into operation.
page 6
Stamp Amendment Bill 2005
Mortgage duty Part 3
s. 9
Part 3 -- Mortgage duty
9. Section 86 amended
Section 86(1) is amended by inserting after "Third Schedule" --
" and in this Part ".
5 10. Sections 86A and 86B inserted and application provision
(1) After section 86 the following sections are inserted --
"
86A. Exemption -- refinancing home loans
(1) Duty is not payable on a home mortgage to the extent
10 to which the secured amount is to refinance a previous
secured amount that was used for the dwellinghouse
(as provided by section 85(2)).
(2) A secured amount is to refinance a previous secured
amount if --
15 (a) the secured amount is, or is to be, used to pay
out all of the unpaid amount of the previous
secured amount;
(b) the previous secured amount was secured by a
home mortgage (the "previous mortgage");
20 (c) the previous mortgage is, or is to be,
discharged;
(d) the mortgagor, or one of the mortgagors, who
executed the previous mortgage is the
mortgagor, or one of the mortgagors, who
25 executed the home mortgage; and
(e) at least some of the property subject to the
home mortgage is the same as some of the
property subject to the previous mortgage.
page 7
Stamp Amendment Bill 2005
Part 3 Mortgage duty
s. 10
(3) Subsection (1) does not apply unless all mortgage duty
payable on the previous mortgage (if any) has been
paid.
(4) If --
5 (a) the previous secured amount was used to
purchase land upon which a dwellinghouse was
to be built for the mortgagor, or at least one of
the mortgagors, as the sole or principal place of
residence of the mortgagor; or
10 (b) the previous secured amount was used to
purchase or build a dwellinghouse that was not
the sole or principal place of residence of the
mortgagor, or any of the mortgagors, and, prior
to the home mortgage being executed, the
15 dwellinghouse became the sole or principal
place of residence of the mortgagor or one of
the mortgagors,
then --
(c) subsection (1) has effect as if the reference to
20 the previous secured amount being used for the
dwellinghouse included a reference to the
previous secured amount being used to
purchase the land referred to in paragraph (a);
and
25 (d) subsection (2)(b) has effect as if it referred to
the previous secured amount being secured by a
mortgage rather than a home mortgage.
(5) For the purposes of this section, the amount of the
previous secured amount is to be worked out
30 disregarding section 89(2).
(6) The mortgagee must discharge the previous mortgage
as soon as practicable.
page 8
Stamp Amendment Bill 2005
Mortgage duty Part 3
s. 10
86B. Exemption -- refinancing small business loans
(1) Duty is not payable on a business mortgage to the
extent to which --
(a) the secured amount is to refinance a previous
5 secured amount; and
(b) the previous secured amount was used for the
purposes of carrying on the business.
(2) A secured amount is to refinance a previous secured
amount if --
10 (a) the secured amount is, or is to be, used to pay
out all of the unpaid amount of the previous
secured amount;
(b) the previous secured amount was secured by a
business mortgage (the "previous mortgage");
15 (c) the previous mortgage is, or is to be,
discharged;
(d) the mortgagor, or one of the mortgagors, who
executed the previous mortgage is the
mortgagor, or one of the mortgagors, who
20 executed the business mortgage;
(e) the business owner, or one of the business
owners, before the business mortgage is
executed is the business owner, or one of the
business owners, after the business mortgage is
25 executed; and
(f) at least some of the property subject to the
business mortgage is the same as some of the
property subject to the previous mortgage.
(3) Subsection (1) does not apply unless --
30 (a) the unpaid amount of the previous secured
amount is less than or equal to $5 000 000;
page 9
Stamp Amendment Bill 2005
Part 3 Mortgage duty
s. 10
(b) the secured amount is less than or equal to
$5 000 000; and
(c) mortgage duty was payable on the previous
mortgage and all of that duty has been paid, or
5 the previous mortgage was exempt from
mortgage duty under this section.
(4) A mortgage is a "business mortgage" if part or all of
the secured amount is, or is to be, used for the purposes
of carrying on a business.
10 (5) An amount is used for the purposes of carrying on a
business if it is used for operating or capital purposes.
(6) A "business owner", in relation to a business
mortgage, is an entity (which may be an individual, a
body corporate, a trust or a partnership) that carries on
15 the business (whether alone or with others) for which
the amount secured by the business mortgage is, or is
to be, used.
(7) For the purposes of this section, the amount of the
previous secured amount is to be worked out
20 disregarding section 89(2).
(8) The mortgagee must discharge the previous mortgage
as soon as practicable.
".
(2) The Stamp Act 1921 sections 86A(1) and 86B(1) do not apply to
25 mortgages (as defined in the Stamp Act 1921 section 82)
executed before 1 January 2006.
page 10
Stamp Amendment Bill 2005
Mortgage duty Part 3
s. 11
11. Section 91B amended
Section 91B(3) is amended by inserting after "mortgage
package" --
"
5 and the extent to which the mortgage, instrument or
mortgage package is exempt from mortgage duty
".
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