- 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. Duty debt to Crown 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. Apportionment business assets in this and other jurisdictions 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 30. Marketable securities PART 4 - Special provisions 31. Interim payment of duty 32. Purchases "off the plan" 33. Cancelled agreements 34. Transfer arising from mortgage of land 35. Vesting order 36. Applications to bring land under Land Titles Act 1980 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. Establishment of a trust relating to unidentified property and non-dutiable property 43. Instrument relating to managed investment scheme Division 2 - Superannuation 44. Instruments relating to superannuation 45. Transfer of property from one superannuation fund to another 46. Transfers to trustees or custodians of superannuation funds or trusts 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. Reduction of duty on transfer of marketable securities payment in non-Australian jurisdiction PART 6 - Exemptions 52. Exemptions from duty 53. Exemptions relating to various transactions 54. Exemptions marketable securities 55. Exemptions transfers to married couples 56. Exemptions break-down of marriages 57. Exemptions de facto relationships Chapter 3 - Certain transactions treated as transfers PART 1 - Preliminary 58. Introduction and overview PART 2 - Acquisition of interests in certain landholders Division 1 - Land-rich private corporations 59. Meaning of private corporation 60. When is a private corporation land-rich? 61. Land holdings of private corporations 62. Constructive ownership of land holdings and other property: subsidiaries 63. Constructive ownership of land holdings and other property: discretionary trusts Division 2 - Acquisitions of interests in private corporations 64. What are interests and majority interests in private corporations? 65. How may an interest be acquired? Division 3 - Charging of duty 66. When does a liability for duty arise? 67. What is a relevant acquisition? 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 Division 4 - General and supplemental 72. Exemptions 73. Maximisation of entitlements on distribution of property 74. Valuation of property 75. Phasing-in of duty 76. Agreements for sale or conveyance of land 77. Duty concession: acquisitions securing financial accommodation PART 3 - Entitlements arising from capital reductions or rights alterations 78. Definitions 79. When does a liability for duty arise? 80. When must duty be paid? 81. Who is liable to pay the duty? 82. Entitlement to voting shares arising from capital reduction or rights alteration 83. Form of statement 84. Assessment of duty PART 4 - Acquisition of land use entitlements by allotment of shares or issue of units 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 PART 5 - Allotment of shares by direction 91. Application of Part 5 92. When does a liability for duty arise? 93. When must duty be paid? 94. Who is liable to pay the duty? 95. Acquisition of shares by allotment 96. Allotment statement 97. Assessment of duty Chapter 4 - Lease instruments PART 1 - Introduction and overview 98. Imposition of duty 99. What is a lease? 100. How duty is charged on a lease instrument 101. What is the cost of a lease? 102. Splitting or redirection of cost of franchise arrangement (anti-avoidance provision) 103. Who is liable to pay the duty? 104. When must the duty be paid? PART 2 - Rates of duty 105. General rate 106. Nominal duty PART 3 - Unascertainable lease costs 107. Operation of Part 3 108. Estimate and subsequent adjustment 109. CPI method 110. Quantification of lessee's improvements PART 4 - Miscellaneous 111. Interim stamping of lease instrument 112. Reassessment of duty early termination 113. Reassessment of duty reduction of cost 114. Exemptions Chapter 5 - Hire of goods PART 1 - Introduction and overview 115. Imposition of duty 116. Hire of goods to which this Chapter applies jurisdictional nexus 117. What are goods? 118. What is a hire of goods? 119. What is an equipment financing arrangement? 120. What form may a hire of goods take? 121. Exclusions from the definition of hire of goods 122. Special hiring agreements 123. What is the rate of duty? 124. What are hiring charges? 125. Payments exempted from hiring charges 126. Splitting or redirection of hiring charges (anti-avoidance provision) 127. Ascertainment and disclosure of place of use of goods PART 2 - What arrangements apply to persons who are in the business of hiring out goods (commercial hire businesses)? 128. Application of Part 2 129. Commercial hire businesses must be registered 130. Registration of commercial hire businesses 131. Cancellation of registration of commercial hire business 132. Duty base 133. Lodgment of returns and payment of duty 134. Returns of related bodies corporate PART 3 - What arrangements apply to other persons? 135. Statement of transaction 136. Lodgment of statement and payment of duty 137. Method of calculating total hiring charges if they are not readily ascertainable Chapter 6 - Mortgages PART 1 - Introduction and overview 138. Imposition of duty 139. What is a mortgage? 140. What is an advance? 141. Who is liable to pay the duty? 142. When does a liability arise? 143. When must duty be paid? 144. How is mortgage duty charged? 145. Consequences of non-payment of duty 146. Where is property located? PART 2 - Calculating the amount secured by a mortgage 147. Secured amount 148. Contingent liabilities 149. Mortgages over property not wholly within Tasmania 150. Advances secured by mortgage package 151. Stamping before advance 152. Security 153. Collateral securities PART 3 - Exempt instruments 154. Certain debentures and related instruments 155. Loan instruments in respect of certain industries 156. Miscellaneous exemptions 157. Refinancing of loans PART 4 - Miscellaneous 158. Unregistered mortgages protected by caveats (anti-avoidance provision) 159. Stamping counterpart or collateral instrument if mortgage is lost, destroyed or cannot be produced 160. Exchange of information 161. Collection of duty and endorsement of instruments 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 195. Who is liable to pay the duty? 196. When does duty become payable? 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 and demonstrator vehicles of motor dealers 204. Exemptions for motor dealers 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. Applicable exemptions 215. Improperly obtaining exemption 216. Change of purpose 217. Duty payable in certain circumstances 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. Miscellaneous instruments 223. Consumer credit contracts 224. Consumer credit contract exemptions Chapter 10 - General exemptions from duty PART 1 - Intergenerational rural transfers 225. Intergenerational rural transfers 226. Subsequent liability for duty in certain circumstances PART 2 - Miscellaneous exemptions 227. Miscellaneous exemptions 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. Registration of transfers of shares 245. Registration of transfers of units 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. Loans to pay duty on certain instruments 253. Agreements relating to loans 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 260. Consequential amendments 261. Stamp Duties Act 1931 repealed 262. Stamp Duties Regulations 1998 rescinded SCHEDULE 1 SCHEDULE 2[ Note: This table has been automatically generated and may be incomplete. ]