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This is a Bill, not an Act. For current law, see the Acts databases.


STAMP AMENDMENT BILL 2001

                     Western Australia


         Stamp Amendment Bill 2001

                        CONTENTS

1.    Short title                                       1
2.    Commencement                                      2
3.    The Act amended                                   2
4.    Sections 2A and 3 repealed                        2
5.    Section 4 amended                                 2
6.    Section 4A amended                                4
7.    Part II repealed (sections 5 to 15B)              4
8.    Section 16 amended                                4
9.    Section 17 replaced                               4
10.   Section 18 amended                                7
11.   Section 19 amended                                7
12.   Sections 20, 21 and 23 replaced                   8
13.   Section 26 amended                               10
14.   Section 27 amended                               11
15.   Section 28 amended                               12
16.   Section 29 amended                               14
17.   Section 30 amended                               15
18.   Sections 31, 31AA, 31AB, 31AC and 31A repealed   17
19.   Section 31B amended                              17
20.   Section 31C amended                              19
21.   Section 31D repealed                             19
22.   Sections 32 to 35 replaced                       20
23.   Section 36 amended                               23
24.   Sections 37 to 39A replaced                      24
25.   Section 49A amended                              24
26.   Section 50 amended                               24
27.   Section 50A repealed                             24
28.   Section 50B amended                              25
29.   Section 50D amended                              25
30.   Section 52 repealed                              25


                                                       page i
                         86--2C
Stamp Amendment Bill 2001



Contents



   31.     Heading deleted                  25
   32.     Section 63 amended               25
   33.     Section 63AA amended             25
   34.     Section 63AB amended             26
   35.     Section 63AC amended             26
   36.     Section 63AD amended             27
   37.     Section 63AE amended             27
   38.     Section 63AF amended             27
   39.     Section 63A amended              28
   40.     Section 65 amended               28
   41.     Section 66 amended               28
   42.     Section 67 amended               28
   43.     Section 69 amended               28
   44.     Section 70 amended               29
   45.     Section 71 amended               29
   46.     Heading deleted                  29
   47.     Section 72 amended               29
   48.     Heading deleted                  30
   49.     Section 73 amended               30
   50.     Section 73A amended              30
   51.     Section 73AA amended             32
   52.     Section 73B amended              32
   53.     Section 73C amended              33
   54.     Section 73D amended              34
   55.     Section 73DA amended             35
   56.     Section 73E amended              36
   57.     Section 73F amended              36
   58.     Section 74 amended               37
   59.     Section 74A amended              37
   60.     Section 75 amended               37
   61.     Sections 75A and 75AA replaced   38
   62.     Section 75AB amended             38
   63.     Section 75ABA amended            39
   64.     Section 75AE replaced            39
   65.     Section 75AF amended             41
   66.     Section 75AG replaced            41
   67.     Section 75C amended              46
   68.     Section 75D amended              46
   69.     Section 75E amended              47
   70.     Section 75F replaced             47

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                                           Stamp Amendment Bill 2001



                                                            Contents



71.    Section 75G amended                                     48
72.    Section 75H replaced                                    48
73.    Section 75HA amended                                    49
74.    Section 75I replaced                                    52
75.    Section 75J amended                                     53
76.    Section 75JA amended                                    54
77.    Section 75JB amended                                    55
78.    Section 75JBA amended                                   56
79.    Section 75JC amended                                    56
80.    Section 75JD amended                                    57
81.    Section 75JDA amended                                   58
82.    Section 75JE amended                                    58
83.    Section 75JF amended                                    59
84.    Section 75JG amended                                    61
85.    Section 76 amended                                      62
86.    Sections 76A to 76AF replaced                           63
87.    Division heading amended                                65
88.    Section 76AG amended                                    65
89.    Section 76AH amended                                    67
90.    Section 76AI amended                                    69
91.    Section 76AL amended                                    69
92.    Section 76AM amended                                    70
93.    Division heading amended                                70
94.    Section 76AN amended                                    70
95.    Section 76AO amended                                    72
96.    Section 76AP amended                                    73
97.    Section 76AS amended                                    74
98.    Section 76AT repealed                                   74
99.    Sections 76AU to 76AY replaced                          74
100.   Part IIIC replaced (sections 76B to 76CB)               76
101.   Section 77 amended                                      89
102.   Section 78 amended                                      89
103.   Section 79 amended                                      89
104.   Section 80A amended                                     90
105.   Section 83 amended                                      90
106.   Section 84 amended                                      91
107.   Section 87 amended                                      93
108.   Section 88 amended                                      94
109.   Section 88A amended                                     94
110.   Section 90A amended                                     94

                                                              page iii
Stamp Amendment Bill 2001



Contents



   111.    Section 92 amended                             94
   112.    Section 92A replaced                           95
   113.    Section 92AA repealed                          96
   114.    Section 92B amended                            96
   115.    Section 94 amended                             97
   116.    Section 95 amended                             98
   117.    Section 95A repealed                           98
   118.    Section 96 amended                             98
   119.    Section 97 repealed                            99
   120.    Part IVA replaced (sections 112AB to 112FU)    99
   121.    Section 112HA amended                         104
   122.    Section 112I amended                          105
   123.    Section 112J amended                          105
   124.    Section 112K amended                          105
   125.    Section 112KA amended                         108
   126.    Section 112L amended                          108
   127.    Section 112N amended                          108
   128.    Section 112O amended                          109
   129.    Section 112P amended                          110
   130.    Section 112Q amended                          111
   131.    Section 112R amended                          111
   132.    Section 112UA amended                         111
   133.    Section 112UB amended                         112
   134.    Section 112UC amended                         112
   135.    Section 112UD amended                         112
   136.    Section 112UE amended                         112
   137.    Sections 112V to 118 replaced                 113
   138.    Section 119 amended                           114
   139.    Section 120 replaced                          114
   140.    First Schedule repealed                       114
   141.    Second Schedule amended                       114
   142.    Third Schedule amended                        116




page iv
                           Western Australia


                      LEGISLATIVE ASSEMBLY

 (As amended during consideration in detail and upon reconsideration)


              Stamp Amendment Bill 2001


                               A Bill for


An Act to amend the Stamp Act 1921.



The Parliament of Western Australia enacts as follows:

1.      Short title
        This Act may be cited as the Stamp Amendment Act 2001.




                                                                 page 1
     Stamp Amendment Bill 2001



     s. 2




     2.            Commencement
                   This Act comes into operation on the day on which the Taxation
                   Administration Act 2001 comes into operation.
     3.            The Act amended
5                  The amendments in this Act are to the Stamp Act 1921*.
                   [* Reprinted as at 3 August 2001.]
     4.            Sections 2A and 3 repealed
                   Sections 2A and 3 are repealed.
     5.            Section 4 amended
10        (1)      Section 4 is amended by inserting before subsection (1) the
                   following subsections --
                "
                 (1aa)   The Taxation Administration Act 2001 is to be read
                         with this Act as if they formed a single Act.
15              (1ab)    The Glossary at the end of the Taxation Administration
                         Act 2001 defines or affects the meaning of some of the
                         words and expressions used in this Act and also affects
                         the operation of other provisions.
                                                                                    ".
20        (2)      Section 4(1) is amended by deleting the definitions listed in the
                   Table to this subsection.
                                 Table of deleted definitions
                   "adhesive coupon"        "instrument"          "several"
                   "adhesive stamp"         "overseas transfer"   "stamp"
                   "Commissioner"           "paper"               "stamped"
                   "die"                    "person"              "the Crown"
                   "duty"                   "record"              "unencumbered
                   "executed" and                                   value"
                     "execution"



     page 2
                                               Stamp Amendment Bill 2001



                                                                        s. 5



     (3)   Section 4(1) is amended by inserting the following definitions in
           their respective alphabetical positions --
           "
                  "dutiable statement" means a statement prepared
5                     under section 31B, 31C, 63AE, 75HA, 76AG,
                      76AN, 92A, 104, 112HA or 112P;
                  "duty" means duty payable under this Act;
                  "government body" means an agent or instrumentality
                      of the State, or an SES organisation as defined in
10                    the Public Sector Management Act 1994;
                  "instrument" does not include a return;
                  "interstate duty" means duty of a similar nature to the
                      duty payable under this Act that is payable in
                      another State or Territory;
15                "Part IIIBA statement" means --
                      (a) a section 76AG statement; or
                      (b) a section 76AN statement;
                  "section 76AG statement" means a dutiable statement
                      prepared under section 76AG in relation to which
20                    the Commissioner has not made a determination
                      under section 76AG(5a);
                  "section 76AN statement" means a dutiable statement
                      prepared under section 76AN in relation to which
                      the Commissioner has not made a determination
25                    under section 76AN(4a);
                  "stamp", when used as a verb in relation to an
                      instrument, means to endorse the instrument in
                      accordance with section 17C;
                  "stamp Act" means this Act or the Taxation
30                    Administration Act 2001;
                                                                          ".



                                                                     page 3
     Stamp Amendment Bill 2001



     s. 6



     6.           Section 4A amended
                  Section 4A(1) is amended by deleting ", for the purposes of
                  this Act,".

     7.           Part II repealed (sections 5 to 15B)
5                 Part II is repealed.

     8.           Section 16 amended
          (1)     Section 16(1) is amended by deleting ", subject to this Act,".
          (2)     Section 16(3) is amended by deleting "this Act" and inserting
                  instead --
10                "     a stamp Act   ".

     9.           Section 17 replaced
                  Section 17 is repealed and the following sections are inserted
                  instead --
     "
15          17.           Liability to pay duty
                  (1)     The person liable to pay duty on an instrument on
                          which duty is payable is --
                           (a) if a person is specified in the Second Schedule
                                 as the person liable to pay the duty on the
20                               instrument -- that person;
                           (b) if another person is expressly liable under any
                                 other provision of a stamp Act to pay the
                                 duty -- that other person;
                           (c) if the instrument is a dutiable statement and
25                               neither paragraphs (a) nor (b) apply -- the
                                 person required to prepare the dutiable
                                 statement; or



     page 4
                                             Stamp Amendment Bill 2001



                                                                        s. 9



              (d)    in any other case -- the party to the instrument
                     by whom or on whose behalf it is held.
       (2)   Nothing in this section is to be taken --
              (a) to exonerate any other person from any liability
5                   imposed on the person under a stamp Act; or
              (b) to exempt any instrument or matter from any
                    duty to which it is liable under a stamp Act.
       (3)   A person who is liable to pay duty is also liable to pay
             any penalty tax, interest or other amount payable under
10           a stamp Act in connection with the duty.

     17A.    Time for payment of duty
       (1)   The liability to pay duty on an instrument arises --
              (a) when the instrument is first executed; or
              (b) if the instrument is a dutiable statement, on the
15                   occurrence of the transaction or event to which
                     the statement relates.
       (2)   The duty is payable within one month after the date of
             the assessment notice.
       (3)   Subsection (2) does not apply in a particular case if a
20           provision of a stamp Act specifies that in that particular
             case duty is payable at, or within, a different time or
             period.
       (4)   A taxpayer must pay the duty within the time required
             by subsection (2) or that other provision.
25           Penalty: $5 000.




                                                                   page 5
     Stamp Amendment Bill 2001



     s. 9



            17B.    Requirement to lodge instrument
              (1)   A person who is, or may be, liable to pay duty on an
                    instrument must lodge the instrument with the
                    Commissioner --
5                     (a) within 2 months after the date on which the
                           instrument was first executed; or
                      (b) if the instrument is a dutiable statement --
                           within 2 months after the occurrence of the
                           transaction or event to which the dutiable
10                         statement relates.
                    Penalty: $5 000.
              (2)   Subsection (1) does not apply in a particular case if a
                    provision of a stamp Act specifies that in that particular
                    case the instrument must be lodged at or within a
15                  different time or period.

            17C.    Instrument to be endorsed when duty paid etc.
              (1)   When --
                     (a) duty is paid on an instrument;
                     (b) penalty tax or any other amount payable under
20                        a stamp Act in respect of an instrument is paid;
                     (c) the payment of duty payable on, or penalty tax
                          or any other amount payable under a stamp Act
                          in respect of, an instrument is waived;
                     (d) the Commissioner assesses an instrument as
25                        being not chargeable with duty;
                     (e) the Commissioner exempts an instrument from
                          duty; or
                      (f) the Commissioner allows a reduction of the
                          duty payable on an instrument,
30                  the Commissioner is to endorse the instrument
                    accordingly.


     page 6
                                                       Stamp Amendment Bill 2001



                                                                              s. 10



                 (2)     An endorsement under subsection (1) must be made in
                         a prescribed manner.
                 (3)     An instrument is taken to be endorsed in accordance
                         with subsection (1) if the Commissioner endorses, in a
5                        prescribed manner, a copy or memorandum of the
                         instrument under section 20 of the Taxation
                         Administration Act 2001.
                 (4)     The grant or transfer of a licence (as defined in
                         section 76B) is taken to be endorsed in accordance with
10                       subsection (1) when it is granted or transferred.
                 (5)     An endorsement on an instrument, or on a copy or
                         memorandum of an instrument, in a prescribed manner
                         is prima facie evidence of the matters noted in the
                         endorsement.
15               (6)     The Commissioner may, at the request of a party to an
                         instrument specified in the Third Schedule, endorse the
                         instrument as exempt from duty.
                                                                                   ".
     10.         Section 18 amended
20         (1)   Section 18(1) is amended by deleting the subsection
                 designation "(1)".
           (2)   Section 18(2) is repealed.
     11.         Section 19 amended
                 Section 19 is amended by deleting "several" and inserting
25               instead --
                 "     2 or more   ".




                                                                             page 7
     Stamp Amendment Bill 2001



     s. 12



     12.           Sections 20, 21 and 23 replaced
                   Sections 20, 21 and 23 are repealed and the following section is
                   inserted instead --
     "
5            20.         Reduction of duty if matter not carried into effect
                   (1)   The amount of duty payable on an instrument is
                         reduced by the amount of the full duty payable in
                         respect of a matter included in the instrument if the
                         Commissioner is satisfied that --
10                         (a) the matter has not been, and will not be, carried
                                 into effect;
                           (b) the taxpayer has not received, and will not
                                 receive, a benefit in respect of the matter; and
                           (c) the reason the matter was not, and will not be,
15                               carried into effect is not merely to enable a
                                 replacement transaction to be entered into.
                   (2)   The amount of duty payable on an instrument is
                         reduced in accordance with subsection (3) if the
                         Commissioner is satisfied that --
20                         (a) a matter included in an instrument has not been,
                                and will not be, carried into effect;
                           (b) the taxpayer has received, or will receive, a
                                benefit in respect of the matter;
                           (c) the value of the benefit is less than the full duty
25                              payable in respect of the matter; and
                           (d) the reason the matter was not, and will not be,
                                carried into effect is not merely to enable a
                                replacement transaction to be entered into.
                   (3)   The amount of duty payable on the instrument is
30                       reduced by the amount of the difference between the
                         value of the benefit referred to in subsection (2)(b) and


     page 8
                                           Stamp Amendment Bill 2001



                                                                     s. 12



           the amount of the full duty payable in respect of the
           matter.
     (4)   A taxpayer receives a benefit in respect of a matter
           included in an instrument if, as a result of the matter
5          not being carried into effect, an amount of money, or a
           right, property or service, is received --
             (a) by the taxpayer; or
             (b) with the consent, or at the direction of, the
                    taxpayer, by an independent person.
10   (5)   A taxpayer receives a benefit in respect of a matter
           contained in an instrument chargeable as a conveyance
           or transfer of property if --
             (a) the instrument provides for or contemplates the
                   conveyance or transfer of the property to an
15                 independent person;
             (b) under an agreement, arrangement or
                   understanding between the taxpayer and
                   another party, the property has been or is to be
                   conveyed or transferred to that other party or to
20                 another person; or
             (c) the taxpayer obtains exclusive use or control of
                   the property under a term contract (however
                   described), whether or not the contract is for
                   any reason not fully carried into effect.
25   (6)   Where a taxpayer receives a benefit of the kind
           described in subsection (5) the value of the benefit is
           the amount of the full duty payable in respect of the
           matter.
     (7)   For the purpose of calculating the value of a benefit
30         received by a taxpayer in respect of a matter (other
           than a benefit of the kind described in subsection (5)),
           an amount equal to the amount (if any) required to
           restore the taxpayer to the position the taxpayer would

                                                                   page 9
     Stamp Amendment Bill 2001



     s. 13



                       have been in if the matter had not been included in the
                       instrument, is not to be taken into account.
                 (8)   Subject to section 17 of the Taxation Administration
                       Act 2001, the Commissioner must make any
5                      reassessment necessary to give effect to this section.
                 (9)   In this section --
                       "full duty", in relation to a matter, means the amount
                            of duty that would, but for this section, be payable
                            in respect of the matter;
10                     "independent person", in relation to a matter, means a
                            person who is not a party to the instrument that
                            includes the matter;
                       "party", in relation to a matter, means a person who is
                            a party to the instrument that includes the matter;
15                     "replacement transaction", in relation to a matter,
                            means a transaction between the taxpayer and an
                            independent person that is substantially similar in
                            effect to the transaction that was to have been
                            effected by the instrument that includes the matter.
20                                                                                 ".
     13.         Section 26 amended
           (1)   Section 26(1) is amended as follows:
                  (a) by deleting "every person who" and inserting instead --
                        " a person must not ";
25                (b) in paragraph (a) by deleting "executes" and inserting
                        instead --
                        " execute ";
                  (c) in paragraph (b) by deleting " neglects or omits" and
                        inserting instead --
30                      " neglect or omit ";



     page 10
                                                      Stamp Amendment Bill 2001



                                                                              s. 14



                  (d)   at the end of paragraph (b) by deleting the comma and
                        inserting a full stop instead;
                  (e)   by deleting "commits an offence against this Act." and
                        inserting instead --
5                       " Penalty: $20 000. ".
           (2)   Section 26(2) is amended by deleting "duly".
           (3)   Section 26(3) is amended as follows:
                   (a) by deleting "duly";
                   (b) by deleting all the words from and including "express
10                       his opinion" to the end of the subsection and inserting
                         instead --
                 "
                       reassess the amount of duty payable on the instrument.
                       Penalty: $20 000.
15                                                                                 ".

     14.         Section 27 amended
           (1)   Section 27(1) is amended as follows:
                  (a) by deleting "this Act" and inserting instead --
                        " a stamp Act ";
20                (b) by deleting "duly".
           (2)   Section 27(2) is amended as follows:
                  (a) in paragraph (b)(i) by deleting "statement is required to
                        be prepared and lodged" and inserting instead --
                        " dutiable statement is required to be prepared ";
25                (b) by deleting "statement has been prepared and lodged"
                        and inserting instead --
                        " dutiable statement has been prepared ";




                                                                           page 11
     Stamp Amendment Bill 2001



     s. 15



                  (c)   by deleting "statement" in the last place where it occurs
                        and inserting instead --
                        " dutiable statement ".
           (3)   Section 27(3) is amended as follows:
5                 (a) by deleting "statement is required to be prepared and
                        lodged" and inserting instead --
                        " dutiable statement is required to be prepared ";
                  (b) by deleting "statement" in the 3 other places where it
                        occurs and inserting instead --
10                      " dutiable statement ".

     15.         Section 28 amended
           (1)   Section 28(1) is amended as follows:
                  (a) in paragraph (a) by deleting "duly" in both places where
                        it occurs;
15                (b) in paragraph (b) --
                           (i) by deleting "statement has been prepared and
                                lodged" and inserting instead --
                                " dutiable statement has been prepared ";
                          (ii) by inserting after "with which the" --
20                              " dutiable ";
                  (c) by inserting after the subsection --
                        " Penalty: $20 000. ".
           (2)   Section 28(3) is amended by deleting "duly".




     page 12
                                                     Stamp Amendment Bill 2001



                                                                              s. 15



     (3)       Section 28(4) and (5) are repealed and the following subsections
               are inserted instead --
           "
               (4)   If a caveat relates to an instrument which is liable to
5                    duty or a document referred to in section 27(2) the
                     registrar must reject the caveat unless --
                       (a) the instrument or the dutiable statement relating
                             to the document has been stamped; or
                       (b) the registrar is satisfied, on evidence provided
10                           by the person lodging the caveat, that the
                             instrument or the dutiable statement relating to
                             the document, has been lodged with the
                             Commissioner for assessment.
                     Penalty: $20 000.
15             (5)   If a caveat relates to an instrument that is not liable to
                     duty the registrar may reject it unless when it is lodged
                     it is accompanied by a statutory declaration --
                        (a) stating that the instrument is not liable to duty;
                              and
20                      (b) setting out why the instrument is not liable to
                              duty (including reference to any relevant
                              provisions of a stamp Act).
               (6)   In subsections (4) and (5) --
                     "caveat" means a caveat lodged under --
25                       (a) Part V of the Transfer of Land Act 1893; or
                         (b) the Mining Act 1978;
                     "registrar" means the Registrar of Titles or a mining
                         registrar within the meaning of the Mining
                         Act 1978 (as the case requires).
30                                                                                ".




                                                                           page 13
     Stamp Amendment Bill 2001



     s. 16



     16.         Section 29 amended
           (1)   Section 29(1) is amended as follows:
                     (a)    by deleting "any omission or insufficiency of the stamp
                            thereon" and inserting instead --
5                "
                           whether, and to what amount, the instrument has been
                           stamped
                                                                                        ";
                     (b)    by deleting "statement prepared and lodged" and
10                          inserting instead --
                            " dutiable statement required to be prepared ".
           (2)   Section 29(2) is amended by deleting "fine payable on the
                 stamping of that instrument" and inserting instead --
                 " penalty tax payable in respect of the instrument ".
15         (3)   Section 29(2a) is amended as follows:
                  (a) by deleting "statement is required to be, but has not
                        been, lodged under section 31B(1) or 31C(1)," and
                        inserting instead --
                 "
20                         dutiable statement is required to be prepared under
                           section 31B(1) or 31C(1) and either the dutiable
                           statement has not been prepared or the duty with which
                           the dutiable statement is chargeable has not been paid,
                                                                                        ";
25                   (b)    by deleting "statement" in the second place where it
                            occurs and inserting instead --
                            " dutiable statement ";
                     (c)    by deleting "fine with which the statement is
                            chargeable" and inserting instead --
30               "    penalty tax payable in respect of the dutiable statement     ".



     page 14
                                                          Stamp Amendment Bill 2001



                                                                                   s. 17



           (4)       Section 29(3) is amended as follows:
                      (a) by deleting "statement" and inserting instead --
                            " dutiable statement ";
                      (b) by deleting "fine paid thereon" and inserting instead --
5                    "
                           penalty tax paid in respect of the instrument or dutiable
                           statement
                                                                                       ".
           (5)       Section 29(4) is repealed and the following subsections are
10                   inserted instead --
                 "
                     (4)   On receiving the instrument or dutiable statement the
                           Commissioner is to make an assessment of the duty
                           payable on it, issue an assessment notice, stamp the
15                         instrument or dutiable statement and return it to the
                           officer of the court, arbitrator or referee with the
                           assessment notice.
                     (5)   Section 23(3) of the Taxation Administration Act 2001
                           does not apply to an assessment notice referred to in
20                         subsection (4).
                                                                                       ".

     17.             Section 30 amended
           (1)       Section 30 is amended as follows:
                      (a) by inserting before "In proceedings" the subsection
25                          designation "(1)";
                      (b) in paragraph (a) --
                              (i) by deleting "duly";




                                                                               page 15
     Stamp Amendment Bill 2001



     s. 17



                              (ii)    by deleting "fine with which the instrument is
                                      chargeable" and inserting instead --
                          " penalty tax payable in respect of the instrument ";
                   (c)    in paragraph (b) --
5                            (i) by deleting "statement under" and inserting
                                 instead --
                                 " dutiable statement prepared under ";
                            (ii) by deleting "fine with which the dutiable
                                 statement is chargeable." and inserting instead --
10                        "
                                     penalty tax payable in respect of the dutiable
                                     statement.
                                                                                       ".
        (2)       At the end of section 30 the following subsections are
15                inserted --
              "
                  (2)    On receiving payment under subsection (1) the officer
                         of the court, arbitrator or referee is to deliver the
                         instrument or dutiable statement to the Commissioner
20                       together with the duty and any penalty tax paid in
                         respect of the instrument or dutiable statement.
                  (3)    On receiving the instrument or dutiable statement the
                         Commissioner is to make an assessment of the duty
                         payable on it, issue an assessment notice, stamp the
25                       instrument or dutiable statement and return it to the
                         officer of the court, arbitrator or referee with the
                         assessment notice.
                  (4)    Section 23(3) of the Taxation Administration Act 2001
                         does not apply to an assessment notice referred to in
30                       subsection (3).
                                                                                       ".




     page 16
                                                           Stamp Amendment Bill 2001



                                                                                    s. 18



     18.              Sections 31, 31AA, 31AB, 31AC and 31A repealed
                      Sections 31, 31AA, 31AB, 31AC and 31A are repealed.
     19.              Section 31B amended
           (1)        Section 31B(1) is amended as follows:
5                       (a) in paragraphs (a), (b), (c)(i), (ii) and (iii) by deleting
                              "the State" and inserting instead --
                              " Western Australia ";
                        (b) by deleting all the words from and including "within a
                              period" to the end of the subsection and inserting
10                            instead --
                      "
                            prepare a dutiable statement in respect of the
                            transaction.
                            Penalty: $20 000.
15                                                                                       ".
           (2)        Section 31B(2) is repealed and the following subsections are
                      inserted instead --
                 "
                     (1b)   A dutiable statement must be in an approved form.
20                   (1c)   A dutiable statement prepared under subsection (1) is
                            taken to be an instrument evidencing the transaction
                            and is chargeable with duty accordingly.
                      (2)   Each party to a transaction described in subsection (1),
                            except the person required to prepare the dutiable
25                          statement, shall, within 2 months after entering into the
                            transaction, notify the Commissioner in an approved
                            form that the transaction has been entered into.
                            Penalty: $20 000.
                                                                                         ".




                                                                                 page 17
     Stamp Amendment Bill 2001



     s. 19



        (3)       Section 31B(2a) is amended as follows:
                    (a) by deleting "lodge a statement" and inserting instead --
                         " prepare a dutiable statement ";
                   (b) by deleting "subsection (7)" and inserting instead --
5                        " subsection (1) or (2) ".
        (4)       Section 31B(2b) is amended as follows:
                   (a) by deleting "section 20(1)" and inserting instead --
                         " section 17A ";
                   (b) by deleting "was entered into" and inserting instead --
10                       " occurred ".
        (5)       Section 31B(3) is amended by deleting "The Governor may
                  make regulations under section 120(1) exempting" and inserting
                  instead --
                  "     Regulations may exempt     ".
15      (6)       Section 31B(4) and (5) are repealed and the following
                  subsection is inserted instead --
              "
                  (4)     If interstate duty has been, or in the opinion of the
                          Commissioner will be, paid in respect of a transaction
20                        to which subsection (1)(c) applies, the amount of duty
                          payable in respect of the dutiable statement prepared in
                          respect of the transaction is reduced by the amount of
                          interstate duty that has been or will be paid.
                                                                                     ".
25      (7)       Section 31B(7) is repealed.




     page 18
                                                            Stamp Amendment Bill 2001



                                                                                     s. 20



     20.              Section 31C amended
           (1)        Section 31C(1) is amended by deleting "and lodge a statement
                      with the Commissioner about the transfer." and inserting
                      instead --
5                     "
                            a dutiable statement in respect of the transfer, but only
                            if the assets are property of a kind that, if there was an
                            instrument effecting or evidencing the transfer, duty
                            would be chargeable on the instrument.
10                          Penalty: $20 000.
                                                                                         ".
           (2)        Section 31C(2) is repealed and the following subsections are
                      inserted instead --
                 "
15                    (2)   A dutiable statement must be in an approved form.
                     (2a)   A dutiable statement prepared under subsection (1) is
                            taken to be an instrument of transfer of the assets and is
                            chargeable with duty accordingly.
                     (2b)   Duty is payable by the receiving body.
20                                                                                       ".
           (3)        Section 31C(4) is repealed.

     21.              Section 31D repealed
                      Section 31D is repealed.




                                                                                  page 19
     Stamp Amendment Bill 2001



     s. 22



     22.           Sections 32 to 35 replaced
                   Sections 32, 33, 33A, 34, 34A, 34B, 34C and 35 are repealed
                   and the following sections are inserted instead --
     "
5            33.         Valuation of land or other property
                   (1)   When determining the value of any land or other
                         property for the purpose of a stamp Act --
                           (a) the existence of any overriding power of
                                revocation or reconveyance is to be
10                              disregarded;
                           (b) the value of an undivided share in the land or
                                other property, whether held jointly or in
                                common, is to be ascertained by multiplying
                                the total value of the land or other property by
15                              the share expressed as a fraction; and
                           (c) when applying the ordinary principles of
                                valuation --
                                   (i) it is to be assumed that a hypothetical
                                        purchaser would, when negotiating the
20                                      price of the land or other property, have
                                        knowledge of all existing information
                                        relating to the land or other property;
                                        and
                                  (ii) no account is to be taken of any amount
25                                      that a hypothetical purchaser would
                                        have to expend to reproduce, or
                                        otherwise acquire a permanent right of
                                        access to and use of, existing
                                        information relating to the land or other
30                                      property.




     page 20
                                          Stamp Amendment Bill 2001



                                                                  s. 22



     (2)   When determining the unencumbered value of any
           land or other property for the purposes of a stamp
           Act --
             (a) an encumbrance on the land or other property is
5                  to be disregarded; and
             (b) an interest, agreement or arrangement (not
                   being an encumbrance) that --
                      (i) has the effect of reducing the value of
                           the land or other property; and
10                   (ii) was granted or made on or after
                           27 December 1996,
                   is, subject to subsection (3), to be disregarded.
     (3)   An interest, agreement or arrangement is not to be
           disregarded if, in the Commissioner's opinion --
15           (a) it was not granted or made for the purpose of
                   reducing the value of the land or other property;
                   and
             (b) it was not granted to or made in favour of --
                      (i) the taxpayer;
20                   (ii) in the case of an instrument chargeable
                           under item 19 of the Second Schedule --
                           the person on whom the land or other
                           property is settled or agreed to be
                           settled, or to whom the land or other
25                         property is given or agreed to be given,
                           or for whom it is declared to be held in
                           trust;
                    (iii) in the case of a relevant acquisition to
                           which Division 3 of Part IIIBA
30                         applies -- the person who acquired the
                           majority interest or further interest; or




                                                               page 21
     Stamp Amendment Bill 2001



     s. 22



                                 (iv)   a person who is associated with, or
                                        related to (within the meaning of
                                        section 76), a person referred to in
                                        subparagraph (i), (ii) or (iii).
5                  (4)   In this section --
                         "land" includes an estate or interest in --
                              (a) freehold land, whether or not registered
                                    under the Transfer of Land Act 1893;
                              (b) a Crown lease registered under the Transfer
10                                  of Land Act 1893; or
                              (c) a mining tenement registered under the
                                    Mining Act 1978,
                              or any buildings on, or fixtures annexed to, or to
                              buildings on, any such land, Crown lease or
15                            mining tenement.

             34.         Duplicates and counterparts
                         A duplicate or counterpart of a stamped instrument is
                         chargeable with duty under item 9 of the Second
                         Schedule.

20           35.         Unlodged transfers -- independent person's
                         obligations
                   (1)   This section applies in relation to a transfer of property
                         if the instrument of transfer has not been lodged before
                         the end of the period within which it is required under a
25                       Stamp Act to be lodged.
                   (2)   Where a person who is not a party to the transfer --
                          (a) has custody or control of the instrument of
                               transfer; or
                          (b) in dealing with the property, acts on the
30                             authority of, in reliance on or in pursuance of
                               the instrument of transfer,

     page 22
                                                   Stamp Amendment Bill 2001



                                                                              s. 23



                   the person must lodge the instrument, or notify the
                   Commissioner about the instrument, as soon as
                   practicable after the person becomes aware, or ought
                   reasonably to have become aware, that the instrument
5                  has not been lodged before the end of the period within
                   which it is required to be lodged under a Stamp Act.
                   Penalty: $20 000.
           (3)     A notification under subsection (2) must set out, to the
                   extent that the information can be ascertained from the
10                 transfer or is otherwise known to the person --
                     (a) the nature of the transfer;
                     (b) the names of the parties to the transfer;
                     (c) the date on which the transfer was first
                           executed;
15                   (d) a summary of the principal terms of the transfer
                           (such as the property to which it relates and the
                           consideration paid or payable); and
                     (e) any prescribed information.
           (4)     In this section --
20                 "instrument of transfer" means an instrument of
                        transfer, or a dutiable statement, on which duty is
                        payable under item 4 of the Second Schedule;
                   "transfer" includes conveyance.
                                                                                ".

25   23.   Section 36 amended
           Section 36 is amended by deleting "this State" and inserting
           instead --
           "     Western Australia    ".




                                                                        page 23
     Stamp Amendment Bill 2001



     s. 24



     24.             Sections 37 to 39A replaced
                     Sections 37, 38, 39 and 39A are repealed and the following
                     section is inserted instead --
     "
5            38.           Instruments held in escrow
                           For the purposes of a stamp Act an escrow is taken to
                           be an instrument duly executed and delivered and is
                           liable to duty accordingly.
                                                                                      ".

10   25.             Section 49A amended
                     Section 49A is amended as follows:
                       (a) by deleting the subsection designation (1);
                      (b) in paragraph (a) by deleting "in writing";
                       (c) by repealing subsection (2).

15   26.             Section 50 amended
           (1)       Section 50(1) is repealed and the following subsection is
                     inserted instead --
                 "
                     (1)   A person must not draw, make, issue, accept, endorse,
20                         transfer, negotiate, present for payment or pay any bill
                           of exchange or promissory note which is liable to duty
                           and is not stamped.
                           Penalty: $20 000.
                                                                                      ".
25         (2)       Section 50(2) is amended by deleting "duly".
           (3)       Section 50(3) and (4) are repealed.

     27.             Section 50A repealed
                     Section 50A is repealed.

     page 24
                                                     Stamp Amendment Bill 2001



                                                                            s. 28



     28.         Section 50B amended
                 Section 50B(1) and (2) are amended by deleting "duly".

     29.         Section 50D amended
                 Section 50D is amended as follows:
5                  (a) by deleting the subsection designation (1);
                  (b) by deleting "duly" in both places where it occurs;
                   (c) by repealing subsections (2), (3) and (4).

     30.         Section 52 repealed
                 Section 52 is repealed.

10   31.         Heading deleted
                 The heading "Conveyances on Sale" immediately before
                 section 63 is deleted.

     32.         Section 63 amended
                 Section 63(4)(a)(i) is amended by deleting "body corporate (as
15               defined in section 9 of the Corporations Act)" and inserting
                 instead --
                 "   corporation   ".

     33.         Section 63AA amended
           (1)   Section 63AA(1) is amended by deleting "a form approved by
20               the Commissioner" and inserting instead --
                 "   an approved form      ".
           (2)   Section 63AA(4) is amended by deleting "in writing".
           (3)   Section 63AA(5) is amended by deleting "written".




                                                                          page 25
     Stamp Amendment Bill 2001



     s. 34



           (4)       After section 63AA(5) the following subsection is inserted --
                 "
                     (6)     If the Commissioner decides not to register a unit trust
                             scheme as a pooled investment trust or an equity trust,
5                            the unit trustee may challenge the validity or
                             correctness of that decision in accordance with Part 4
                             of the Taxation Administration Act 2001 as if the unit
                             trustee were a taxpayer and the decision were a
                             decision affecting the trustee's liability to pay duty.
10                                                                                      ".

     34.             Section 63AB amended
           (1)       Section 63AB(8) is amended by deleting "a form approved by
                     the Commissioner" and inserting instead --
                     "     an approved form    ".
15         (2)       Section 63AB(9) is repealed.

     35.             Section 63AC amended
           (1)       Section 63AC(1) is amended by deleting "a form approved by
                     the Commissioner" and inserting instead --
                     "     an approved form    ".
20         (2)       Section 63AC(3) is amended by deleting "in writing".
           (3)       Section 63AC(4) is amended by deleting "written".
           (4)       After section 63AC(4) the following subsection is inserted --
                 "
                     (5)     If the Commissioner decides not to grant the unit trust
25                           scheme interim registration as a pooled investment
                             trust or an equity trust, the unit trustee may challenge
                             the validity or correctness of that decision in
                             accordance with Part 4 of the Taxation Administration
                             Act 2001 as if the unit trustee were a taxpayer and the


     page 26
                                                           Stamp Amendment Bill 2001



                                                                                    s. 36



                           decision were a decision affecting the trustee's liability
                           to pay duty.
                                                                                        ".

     36.             Section 63AD amended
5                    Section 63AD(4)(c) and (6)(b) are amended by deleting "in
                     writing".

     37.             Section 63AE amended
           (1)       Section 63AE(1) is amended by deleting all of the words from
                     and including "and lodge" to the end of the subsection and
10                   inserting instead --
                     "
                           a dutiable statement.
                           Penalty: $20 000.
                                                                                        ".
15         (2)       Section 63AE(2) is amended as follows --
                      (a) by deleting "statement shall" and inserting instead --
                            " dutiable statement must ";
                      (b) by deleting paragraph (a) and inserting the following
                            paragraph instead --
20                          " (a) be in an approved form; ".
           (3)       Section 63AE(3) is repealed.

     38.             Section 63AF amended
                     Section 63AF(1) is repealed and the following subsection is
                     inserted instead --
25               "
                     (1)   A dutiable statement prepared under section 63AE is
                           taken to be an instrument effecting or evidencing the
                           transfers and dispositions details of which are included


                                                                                page 27
     Stamp Amendment Bill 2001



     s. 39



                           in the dutiable statement under section 63AE(2)(c) or
                           (d) and is chargeable with duty accordingly.
                                                                                     ".

     39.         Section 63A amended
5          (1)   Section 63A(1) is amended by inserting after "states that
                 value," --
                 "
                           then despite section 33 and sections 21 and 22 of the
                           Taxation Administration Act 2001,
10                                                                                   ".
           (2)   Section 63A(2) is amended by deleting all the words from and
                 including "and the Commissioner" to the end of the subsection.

     40.         Section 65 amended
                 Section 65(1) is amended by deleting "in accordance with the
15               provisions of this Act".

     41.         Section 66 amended
                 Section 66 is amended by deleting "in accordance with this Act"
                 and inserting instead --
                 "    accordingly      ".

20   42.         Section 67 amended
                 Section 67 is amended by deleting the subsection
                 designation "(1)".

     43.         Section 69 amended
                 Section 69(1) is amended as follows:
25                   (a)    in paragraphs (a) and (b) by deleting "in this section
                            called" in each place where it occurs;



     page 28
                                                       Stamp Amendment Bill 2001



                                                                              s. 44



                     (b)   by deleting "several" and inserting instead --
                           " 2 or more ".

     44.         Section 70 amended
           (1)   Section 70(1) is amended as follows:
5                 (a) in the definition of "chargeable with duty" in
                        paragraph (b) by inserting after "12(1) or (3)" --
                        " of the Second Schedule ";
                  (b) in the definition of "exempt chattels" --
                           (i) after paragraph (a) by inserting --
10                              " or ";
                          (ii) in paragraph (b) by deleting "motor".
           (2)   Section 70(3)(a)(ii) is amended by deleting "several" and
                 inserting instead --
                 "    2 or more    ".

15   45.         Section 71 amended
                 Section 71 is amended by deleting "several" and inserting
                 instead --
                 "    2 or more    ".

     46.         Heading deleted
20               The heading "Transfer of mortgages" immediately before
                 section 72 is deleted.

     47.         Section 72 amended
           (1)   Section 72(2) is amended by deleting "several" and inserting
                 instead --
25               "    2 or more    ".



                                                                            page 29
     Stamp Amendment Bill 2001



     s. 48



           (2)   Section 72(4) is amended by deleting all the words from and
                 including "and the Commissioner" to the end of the subsection.

     48.         Heading deleted
                 The heading "Documents Treated as Conveyances"
5                immediately before section 73 is deleted.

     49.         Section 73 amended
                 Section 73 is amended as follows:
                   (a) by deleting the subsection designation "(1)";
                  (b) by deleting "in this Act otherwise provided" and
10                      inserting instead --
                        " otherwise provided by a stamp Act ".

     50.         Section 73A amended
           (1)   Section 73A(1) is amended as follows:
                  (a) by deleting "in this section referred to as";
15                (b) by deleting "in accordance with the provisions of this
                        Act";
                  (c) by deleting all the words from and including "sum of the
                        amount paid" to the end of the subsection and inserting
                        instead --
20               "
                      sum of --
                        (a) the amount paid by way of consideration for the
                             granting of the option; and
                        (b) the amount payable in the event of the option
25                           being exercised.
                                                                              ".




     page 30
                                                     Stamp Amendment Bill 2001



                                                                               s. 50



     (2)        Section 73A(5) is amended by deleting all the words from and
                including "the Commissioner shall refund" to the end of the
                subsection and inserting instead --
                "
5                     then --
                        (c) the duty chargeable on the agreement or the
                             conveyance or transfer (as the case may be) is
                             reduced to the amount of duty that would have
                             been payable if the consideration had been the
10                           amount referred to in subsection (1)(a) only;
                             and
                        (d) any reconveyance or retransfer referred to in
                             paragraph (b) is chargeable with duty under
                             item 6 of the Second Schedule.
15                                                                               ".
     (3)        After section 73A(5) the following subsections are inserted --
           "
               (5a)   Subject to section 17 of the Taxation Administration
                      Act 2001, the Commissioner must make any
20                    reassessment necessary to give effect to this section.
               (5b)   For the purposes of subsection (5a), section 17 of the
                      Taxation Administration Act 2001 applies as if the
                      original assessment had been made --
                        (a) when the reconveyance or retransfer referred to
25                            in subsection (5)(b)(i) occurred; or
                        (b) on the expiry, referred to in subsection (5)(a),
                              of the time within which the option could have
                              been exercised,
                      whichever is later.
30                                                                               ".




                                                                          page 31
     Stamp Amendment Bill 2001



     s. 51



     51.         Section 73AA amended
           (1)   Section 73AA(1)(c) is amended by inserting before
                 "exercise" --
                 " the ".
5          (2)   Section 73AA(1)(d) is amended as follows:
                  (a) by inserting before "exercise" --
                        " the ";
                  (b) by deleting "a natural person" and inserting instead --
                        " an individual ".
10         (3)   Section 73AA(1)(f) is amended by deleting ", if the
                 Commissioner is satisfied that the conveyance or transfer" and
                 inserting instead --
                 "   but which the Commissioner is satisfied   ".

     52.         Section 73B amended
15         (1)   Section 73B(1) is amended as follows:
                  (a) by deleting "in this section referred to as";
                  (b) by deleting "in accordance with the provisions of
                        this Act".
           (2)   Section 73B(3) is amended as follows:
20                (a) by deleting "in this subsection referred to as";
                  (b) by deleting all the words from and including "the
                        Commissioner shall" to the end of the subsection and
                        inserting instead --
                 "
25                     the amount of duty payable on the agreement is
                       reduced to the amount of duty that would have been
                       payable if the consideration had been equal to the
                       amount of the payment or payments paid or due and



     page 32
                                                          Stamp Amendment Bill 2001



                                                                                    s. 53



                           payable by the determiner when the determination was
                           made.
                                                                                      ".
           (3)       After section 73B(3) the following subsections are inserted --
5                "
                     (4)   Subject to section 17 of the Taxation Administration
                           Act 2001, the Commissioner must make any
                           reassessment necessary to give effect to this section.
                     (5)   For the purposes of subsection (4), section 17 of the
10                         Taxation Administration Act 2001 applies as if the
                           original assessment had been made when the
                           determination was made.
                                                                                      ".

     53.             Section 73C amended
15         (1)       Section 73C(3) is amended by deleting all the words from and
                     including "the Commissioner shall" to the end of the subsection
                     and inserting instead --
                     "
                           the amount of duty payable on the instrument is
20                         reduced to the amount of duty that would have been
                           payable if the consideration had been equal to the
                           amount paid or payable in respect of any occasion or
                           occasions referred to in the instrument that have
                           occurred before the person exercised the option or
25                         failed to renew the right of option.
                                                                                      ".
           (2)       After section 73C(3) the following subsections are inserted --
                 "
                     (4)   Subject to section 17 of the Taxation Administration
30                         Act 2001, the Commissioner must make any
                           reassessment necessary to give effect to this section.



                                                                               page 33
     Stamp Amendment Bill 2001



     s. 54



                 (5)     For the purposes of subsection (4), section 17 of the
                         Taxation Administration Act 2001 applies as if the
                         original assessment had been made when the person
                         exercised the option or failed to renew the right of
5                        option.
                                                                                 ".

     54.         Section 73D amended
           (1)   Section 73D(1) is amended as follows:
                  (a) in the definition of "disposition" in paragraph (d) by
10                      inserting after "with respect to" --
                        " the ";
                  (b) after the definition of "transfer" by deleting "and".
           (2)   Section 73D(2) is amended as follows:
                  (a) in paragraph (b) by deleting "duly stamped under this
15                      Act" and inserting instead --
                        " stamped ";
                  (b) by inserting after the subsection --
                        " Penalty: $20 000. ".
           (3)   Section 73D(3) is repealed.
20         (4)   Section 73D(4)(a) is amended by deleting "the State" and
                 inserting instead --
                 "     Western Australia   ".
           (5)   Section 73D(6a) is amended as follows:
                  (a) in paragraph (b) by deleting "ad valorem duty has been
25                      paid by such a person in another jurisdiction" and
                        inserting instead --
                        " interstate duty has been paid by such a person ";




     page 34
                                                              Stamp Amendment Bill 2001



                                                                                       s. 55



                         (b)    in paragraph (c) by deleting "the State" and inserting
                                instead --
                                " Western Australia ".
           (6)       Section 73D(8) is amended by deleting "for not less than 2 years
5                    after the day on which it is delivered to him" and inserting
                     instead --
                     "
                               in accordance with section 79 of the Taxation
                               Administration Act 2001
10                                                                                         ".
           (7)       Section 73D(9) is repealed.

     55.             Section 73DA amended
           (1)       Section 73DA(1) is repealed and the following subsection is
                     inserted instead --
15               "
                     (1)       For the purposes of section 73D(4), a unit trustee who
                               has a majority interest is a company that is beneficially
                               entitled to land and chattels (as defined in section 76)
                               situated in Western Australia is taken to hold an
20                             undivided share in the land and chattels to the extent
                               provided in subsection (2).
                                                                                           ".
           (2)       Section 73DA(2) is amended by deleting "the State" and
                     inserting instead --
25                   "     Western Australia     ".
           (3)       Section 73DA(3)(a) is amended by deleting "applies and" and
                     inserting instead --
                     "     applies or    ".




                                                                                    page 35
     Stamp Amendment Bill 2001



     s. 56



     56.         Section 73E amended
           (1)   Section 73E(2) is amended as follows:
                     (a)    by inserting after "Australia as" --
                            " a ";
5                    (b)    in paragraph (b) by deleting "duly stamped under this
                            Act" and inserting instead --
                            " stamped ";
                     (c)    after the subsection by inserting --
                            " Penalty: $20 000. ".
10         (2)   Section 73E(3) is repealed.
           (3)   Section 73E(9) is amended by deleting "for not less than 2 years
                 after the day on which the transfer or instrument is delivered to
                 it" and inserting instead --
                 "
15                         in accordance with section 79 of the Taxation
                           Administration Act 2001
                                                                                    ".
           (4)   Section 73E(10) is repealed.

     57.         Section 73F amended
20         (1)   Section 73F(1) is amended in the definition of "business
                 licence", in paragraph (b) by deleting "the State" and inserting
                 instead --
                 "    Western Australia      ".
           (2)   Section 73F(3) is amended as follows:
25                (a) by deleting "For the purposes of this Act, where" and
                        inserting instead --
                        " Where ";



     page 36
                                                         Stamp Amendment Bill 2001



                                                                                s. 58



                     (b)    by deleting "the State" and inserting instead --
                            " Western Australia ".
           (3)   Section 73F(4)(a) and (b) are amended by deleting "the State"
                 and inserting instead --
5                "    Western Australia     ".

     58.         Section 74 amended
           (1)   Section 74(3)(c) is amended by deleting "duly".
           (2)   Section 74(4) is amended by deleting all the words from and
                 including "and the Commissioner" to the end of the subsection.

10   59.         Section 74A amended
           (1)   Section 74A(3) is amended as follows:
                     (a)    after paragraph (d)(i) by inserting --
                            " or ";
                     (b)    after paragraph (e) by inserting --
15                          " and ".
           (2)   Section 74A(4) is amended by inserting after the definition
                 of "B" --
                 "    and     ".

     60.         Section 75 amended
20         (1)   Section 75(3)(c) is amended by inserting before "exercise" --
                 " the       ".
           (2)   Section 75(3)(d) is amended as follows:
                     (a)    by inserting before "exercise" --
                            " the ";
25                   (b)    by deleting "a natural person" and inserting instead --
                            " an individual ".

                                                                              page 37
     Stamp Amendment Bill 2001



     s. 61



           (3)   Section 75(3)(f) is amended by deleting "if the Commissioner is
                 satisfied that the conveyance or transfer" and inserting
                 instead --
                 "    but which the Commissioner is satisfied      ".
5          (4)   Section 75(4) is repealed.

     61.         Sections 75A and 75AA replaced
                 Sections 75A and 75AA are repealed and the following section
                 is inserted instead --
     "
10           75A.          Power to exempt instruments made for charitable
                           or similar purposes
                           The Commissioner may exempt from ad valorem duty
                           any deed of gift, conveyance, transfer, settlement or
                           other instrument operating as a voluntary disposition of
15                         property, or any conveyance on the purchase of
                           property, if the Commissioner is satisfied that it has
                           been made for the purposes of a university or for
                           charitable or similar public purposes.
                                                                                      ".

20   62.         Section 75AB amended
                 Section 75AB is amended as follows:
                   (a) by deleting "When the Commissioner is satisfied that
                         any instrument" and inserting instead --
                 "
25                     The Commissioner may exempt from ad valorem duty
                       any instrument that the Commissioner is satisfied
                                                                                  ";
                     (b)    by deleting ", he may exempt from ad valorem duty, or
                            refund any ad valorem duty paid on, that instrument".




     page 38
                                                 Stamp Amendment Bill 2001



                                                                         s. 63



     63.     Section 75ABA amended
             Section 75ABA(1) is amended by deleting "and the instrument
             is to be endorsed accordingly".

     64.     Section 75AE replaced
5            Section 75AE is repealed and the following section is inserted
             instead --
     "
           75AE.   Concessional rates for certain residential or
                   business property
10           (1)   A conveyance or transfer of residential property or
                   business property is chargeable with duty under
                   item 4(5) of the Second Schedule if --
                      (a) duty on the conveyance or transfer would, but
                          for this section, be chargeable under item 4(1)
15                        of the Second Schedule;
                     (b) the value of the property does not exceed
                          $135 000; and
                      (c) the property is conveyed or transferred to --
                             (i) one person who is an eligible purchaser;
20                          (ii) in the case of business property -- 2 or
                                   more purchasers all of whom are
                                   eligible purchasers; or
                           (iii) in the case of residential property --
                                   2 or more purchasers --
25                                     (I) at least one of whom is an
                                             eligible purchaser; and
                                      (II) all of whom are either eligible
                                             purchasers or government
                                             bodies.




                                                                      page 39
     Stamp Amendment Bill 2001



     s. 64



               (2)   Subject to section 17 of the Taxation Administration
                     Act 2001, the Commissioner must make any
                     reassessment necessary to give effect to this section.
               (3)   In this section --
5                    "business property" means property that is or
                          includes a business undertaking;
                     "eligible purchaser" means --
                          (a) in relation to a residential property, an
                                 individual who --
10                              (i) occupies, or after purchasing the
                                      property will occupy, the dwellinghouse
                                      on the property as his or her principal
                                      place of residence;
                               (ii) intends to so occupy the dwellinghouse
15                                    for an indefinite period; and
                              (iii) is not acquiring, and does not intend to
                                      hold, the property as agent, trustee or
                                      otherwise on behalf of another person;
                                 and
20                        (b) in relation to a business property, a person
                                 who --
                                (i) is not a government body;
                               (ii) after purchasing the property will carry
                                      on the business undertaking that is or is
25                                    part of the property; and
                              (iii) intends to carry on that business for an
                                      indefinite period;
                     "residential property" means property that includes a
                          dwellinghouse.
30                                                                                ".




     page 40
                                                    Stamp Amendment Bill 2001



                                                                            s. 65



     65.     Section 75AF amended
             Section 75AF(1) is amended by deleting "several" and inserting
             instead --
             "     2 or more   ".

5    66.     Section 75AG replaced
             Section 75AG is repealed and the following section is inserted
             instead --
     "
           75AG. Reduction of duty or refund for first home owner
10           (1)     The duty payable under item 4(1), 4(5) or 19 of the
                     Second Schedule on the conveyance or transfer of
                     residential property is reduced in accordance with
                     subsection (2) if --
                       (a) each of the persons (other than government
15                           bodies) to whom the property is conveyed or
                             transferred --
                                (i) intends to occupy the dwellinghouse as
                                     his or her principal place of residence;
                                     or
20                             (ii) is a trustee holding the property on trust
                                     for a person who it is intended will
                                     occupy the dwellinghouse as his or her
                                     principal place of residence;
                       (b) at least one of the persons to whom the property
25                           is conveyed or transferred is --
                                (i) a first home owner; or
                               (ii) a trustee holding the property on trust
                                     for a first home owner;
                             and




                                                                         page 41
     Stamp Amendment Bill 2001



     s. 66



                      (c)   the value of the property does not exceed --
                               (i) if the property is situated north of the
                                    26th parallel of south latitude --
                                    $202 500; or
5                             (ii) otherwise -- $135 000.
               (2)   The duty payable on the conveyance or transfer is
                     reduced by an amount equal to R in the formula --
                          A
                     R=     ×C
                          B
                     where --
10                     A is the combined interest in the property,
                           expressed as a percentage, of all the people to
                           whom the property is conveyed or transferred
                           who are --
                              (i) first home owners; or
15                           (ii) trustees holding the property on trust for
                                  first home owners;
                       B is the combined interest in the property,
                           expressed as a percentage, of all the people
                           (including first home owners and trustees) to
20                         whom the property is conveyed or transferred
                           who are not government bodies; and
                       C is the lesser of --
                              (i) $500; and
                             (ii) the amount of duty that would, but for
25                                this section, be payable on the
                                  conveyance or transfer.
               (3)   A refund, calculated in accordance with subsection (4),
                     of duty paid under item 4(1), 4(5) or 19 of the
                     Second Schedule on the conveyance or transfer of land



     page 42
                                           Stamp Amendment Bill 2001



                                                                    s. 66



           to a first home owner or to a trustee who holds the land
           on trust for a first home owner is payable if --
             (a) either --
                       (i) the land is vacant land; or
5                     (ii) the land is residential property but since
                            the date of the conveyance or transfer
                            the first home owner has not occupied
                            the dwellinghouse;
             (b) within 48 months after the date of the
10                  conveyance or transfer construction
                    commences on the land of --
                       (i) where the land is vacant land, a
                            dwellinghouse; or
                      (ii) where the land is residential property, a
15                          new dwellinghouse;
             (c) each of the persons (other than government
                    bodies) who own the land --
                       (i) intends to occupy the dwellinghouse
                            referred to in paragraph (b) as his or her
20                          principal place of residence; or
                      (ii) is a trustee holding the land on trust for
                            a person who it is intended will occupy
                            the dwellinghouse referred to in
                            paragraph (b) as his or her principal
25                          place of residence;
                    and
             (d) the value of the vacant land or residential
                    property at the time of the conveyance or
                    transfer did not exceed $52 000.
30   (4)   The refund is an amount equal to R in the formula --
                D
           R=     ×C
                E


                                                                 page 43
     Stamp Amendment Bill 2001



     s. 66



                     where --
                        D   is the interest in the land, expressed as a
                            percentage, of the first home owner or trustee
                            (as the case requires) as at the building date;
5                       E   is the combined interest in the land, expressed
                            as a percentage, of all the people (including the
                            first home owner or trustee) who are owners of
                            the land as at the building date other than
                            government bodies; and
10                      C   is lesser of --
                               (i) $500; and
                              (ii) the amount of duty paid on the
                                    conveyance or transfer of the vacant
                                    land to the first home owner or trustee
15                                  (as the case requires).
               (5)   If the conveyance or transfer is or was chargeable with
                     duty under item 19 of the Second Schedule, this section
                     does not apply unless the Commissioner is satisfied
                     that the duty was or will be (as the case requires) paid
20                   by a person to whom the property is conveyed or
                     transferred who is a first home owner.
               (6)   Subject to section 17 of the Taxation Administration
                     Act 2001, the Commissioner must make any
                     reassessment necessary to give effect to this section.
25             (7)   In this section --
                     "first home owner", in relation to the conveyance or
                          transfer of property, means an individual who,
                          immediately before the conveyance or transfer --
                          (a) does not own, and has not previously owned,
30                              any residential property, except as a trustee;
                                and



     page 44
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                                                             s. 66



         (b)   is not, and has not been, the beneficiary of a
               trust of any residential property where --
              (i) the individual is or was entitled to
                     occupy the dwellinghouse on the
5                    property as his or her principal
                     residence; and
             (ii) if the property is in Australia, the
                     conveyance or transfer of the property
                     to the trustee was chargeable with duty
10                   under item 4(1), 4(5) or 19 of the
                     Second Schedule or a corresponding
                     law of another State or Territory;
               and
         (c) where the property is conveyed or
15             transferred to the individual, he or she is not
               acquiring the property as a trustee;
     "residential property" means property (whether in
         Western Australia or elsewhere) that includes a
         dwellinghouse;
20   "trustee" --
         (a) includes an executor, an administrator, a
               guardian, a receiver, a liquidator, a person
               acting in any other fiduciary capacity and a
               person who in any other capacity has
25             possession, control, or management of the
               property of a person who is under a legal
               disability; and
         (b) does not include a discretionary trustee or a
               unit trustee;
30   "vacant land" means land on which there is not a
         dwellinghouse.
                                                                 ".



                                                          page 45
     Stamp Amendment Bill 2001



     s. 67



     67.         Section 75C amended
           (1)   Section 75C(3) is amended by deleting "writing in a form
                 approved by the Commissioner" and inserting instead --
                 "   an approved form    ".
5          (2)   Section 75C(3a) is amended by deleting "and it shall be
                 endorsed or stamped, as applicable, accordingly".
           (3)   Section 75C(3b) is repealed.
           (4)   Section 75C(4) is amended in the definition of "lot", in
                 paragraph (a) by deleting "Land Tax Assessment Act 1976" and
10               inserting instead --
                 "   Land Tax Assessment Act 2001     ".

     68.         Section 75D amended
           (1)   Section 75D(1) is amended in the definition of "family
                 member" as follows:
15                (a) after paragraph (d) by deleting "or";
                  (b) by deleting paragraph (e) and inserting instead --
                        "
                            (e)   the spouse or former spouse of the person; or
                            (f)   the spouse of a person referred to in
20                                paragraph (a), (b), (c) or (d),
                                                                                  ".
           (2)   Section 75D(1) is amended in the definition of "instrument of
                 conveyance" by deleting "statement required to be lodged under
                 Part IIIBA" and inserting instead --
25               "   Part IIIBA statement     ".




     page 46
                                                          Stamp Amendment Bill 2001



                                                                                  s. 69



     69.         Section 75E amended
           (1)   Section 75E(1) is amended as follows:
                    (a)    by deleting "in this section and in section 75HA referred
                           to as";
5                   (b)    by deleting "in this section and in section 75HA the
                           person is referred to as";
                    (c)    after paragraph (d) by deleting "and" and inserting
                           instead --
                           " or ".
10         (2)   Section 75E(5) is amended as follows:
                  (a) by deleting "or refund has been allowed" and inserting
                        instead --
                        " has been granted ";
                  (b) by deleting "or refund" in the second place where it
15                      occurs.
           (3)   Section 75E(6) is amended as follows:
                  (a) in paragraph (a) by deleting "or refund has been
                        allowed" and inserting instead --
                        " has been granted ";
20                (b) by deleting "or refund" in the second place where it
                        occurs.
     70.         Section 75F replaced
                          Section 75F is repealed and the following section is
                          inserted instead --
25   "
             75F.         Exemption of duty for farming property
                          If the Commissioner is satisfied that this Part applies to
                          an instrument of conveyance, the Commissioner may,
                          on receiving an application under section 75H --
30                          (a) exempt the instrument from duty; or

                                                                               page 47
     Stamp Amendment Bill 2001



     s. 71



                            (b)    in the circumstances referred to in section 75G,
                                   partially exempt the instrument from duty.
                                                                                      ".

     71.         Section 75G amended
5          (1)   Section 75G(1) is amended as follows:
                     (a)    by deleting "this Act" and inserting instead --
                            " a stamp Act ";
                     (b)    in paragraph (d) by deleting "section 75A" and inserting
                            instead --
10                          "
                                   section 33 and sections 21 and 22 of the
                                   Taxation Administration Act 2001
                                                                                      ".
           (2)   Section 75G(3) is amended in the definition of "A" by deleting
15               "section 75A" and inserting instead --
                 "
                           section 33 and sections 21 and 22 of the Taxation
                           Administration Act 2001
                                                                                      ".

20   72.         Section 75H replaced
                 Section 75H is repealed and the following section is inserted
                 instead --
     "
             75H.          Application for exemption
25               (1)       An application for an exemption under section 75F is
                           to be made in an approved form by the person
                           acquiring the farming property, interest or share or, if
                           there is more than one such person, by all of them.
                 (2)       Despite section 17(1) of the Taxation Administration
30                         Act 2001, an application for a reassessment of the duty

     page 48
                                                          Stamp Amendment Bill 2001



                                                                                    s. 73



                           payable on an instrument to which this Part applies on
                           the basis that an exemption under section 75F should
                           have been, but was not, granted in relation to the
                           instrument cannot be made more than 12 months after
5                          the day on which the instrument was stamped.
                                                                                      ".
     73.         Section 75HA amended
           (1)   Section 75HA(1) is amended as follows:
                   (a) by deleting the definition of "farming exemption" and
10                       inserting the following definition instead --
                 "
                       "farming exemption" means an exemption or partial
                            exemption granted by the Commissioner under this
                            Part;
15                                                                                    ";
                     (b)    at the end of the definition of "relevant proportion" by
                            deleting the full stop and inserting a semicolon instead;
                     (c)    after the definition of "relevant proportion" by inserting
                            the following definition --
20               "
                           "the transferor" has the meaning given in
                               section 75E(1).
                                                                                      ".
           (2)   Section 75HA(3) is amended as follows:
25                 (a) by deleting "allowed" and inserting instead --
                         " granted ";
                   (b) by deleting "and lodge with the Commissioner a
                         statement in a form approved by the Commissioner."
                         and inserting instead --
30               "
                       a dutiable statement in respect of the taxable event.
                       Penalty: $20 000.
                                                                                      ".

                                                                               page 49
     Stamp Amendment Bill 2001



     s. 73



        (3)        After subsection (3) the following subsection is inserted --
              "
                  (3a)       A dutiable statement is to be in an approved form.
                                                                                         ".
5       (4)        Section 75HA(4) is amended as follows:
                    (a) by deleting "lodge a statement under subsection (3)" and
                          inserting instead --
                          " prepare a dutiable statement ";
                    (b) by deleting paragraph (a) and inserting the following
10                        paragraph instead --
                         "
                               (a)   a dutiable statement in respect of the farming
                                     exemption has previously been prepared under
                                     this section and lodged with the Commissioner;
15                                                                                       ".
        (5)        Section 75HA(5) to (10) are repealed and the following
                   subsections are inserted instead --
              "
                   (5)       If a dutiable statement is prepared in respect of a
20                           farming exemption for an instrument of conveyance
                             referred to in section 75E(1)(e)(i) or (ii), the dutiable
                             statement is taken to be an instrument operating as a
                             voluntary disposition under section 75(1) of the current
                             exempted property and is chargeable with duty
25                           accordingly.
                   (6)       If --
                               (a)   a dutiable statement is required to be prepared
                                     under this section in respect of a farming
                                     exemption for an instrument of conveyance
30                                   referred to in section 75E(1)(e)(iii);




     page 50
                                          Stamp Amendment Bill 2001



                                                                   s. 73



            (b)   a section 76AG statement is required to be
                  prepared in respect of the acquisition that is the
                  subject of the instrument of conveyance; and
            (c)   at the date of the taxable event the relevant
5                 farming company is beneficially entitled to all
                  or part of the farming land to which the
                  section 76AG statement relates,
           then the dutiable statement prepared under this section
           is taken to be an instrument operating as a voluntary
10         disposition under section 75(1) of the relevant
           proportion of the farming land or of that part of the
           farming land and is chargeable with duty accordingly.
     (7)   If --
            (a)   a dutiable statement is required to be prepared
15                under this section in respect of a farming
                  exemption for an instrument of conveyance
                  referred to in section 75E(1)(e)(iii); and
            (b)   either --
                     (i) a section 76AG statement was not
20                        required to be prepared in respect of the
                          acquisition that is the subject of the
                          instrument of conveyance; or
                    (ii) a section 76AG statement was required
                          to be prepared, but at the date of the
25                        taxable event the relevant farming
                          company is not beneficially entitled to
                          any part of the farming land to which
                          the section 76AN statement relates,
           then the dutiable statement prepared under this section
30         is taken to be an instrument operating as a voluntary
           disposition under section 75(1) of the current exempted
           property and is chargeable with duty accordingly.



                                                                page 51
     Stamp Amendment Bill 2001



     s. 74



                (8)   The amount of duty payable in respect of a dutiable
                      statement prepared in respect of a farming exemption
                      for an instrument of conveyance referred to in
                      section 75E(1)(e)(ii) or (iii) is reduced (up to the
5                     amount of duty payable in respect of the dutiable
                      statement) by the amount of any duty previously paid
                      on the instrument of conveyance.
                                                                                 ".

     74.        Section 75I replaced
10              Section 75I is repealed and the following section is inserted
                instead --
     "
             75I.     Part IIIBA companies
                (1)   Where --
15                      (a)   the Commissioner is satisfied that an
                              instrument of conveyance of a share in a
                              farming company referred to in
                              section 75E(1)(c), (d)(iii) or (e)(iii) is an
                              instrument to which this Part applies; and
20                     (b)    the transaction to which that instrument relates
                              gives rise to a liability to prepare a
                              section 76AG statement,
                      the Commissioner may --
                        (c) if the land to which the section 76AG statement
25                           relates comprises only farming land in Western
                             Australia -- exempt the section 76AG
                             statement from duty; or
                        (d) if the land to which the section 76AG statement
                             relates does not only comprise farming land in
30                           Western Australia -- partially exempt the
                             section 76AG statement from duty.



     page 52
                                                       Stamp Amendment Bill 2001



                                                                               s. 75



                 (2)    The amount of a partial exemption is the amount equal
                        to R in the formula --
                             A
                        R=     xC
                             B
                        where --
5                         A is the value of the farming property in Western
                              Australia;
                          B is the value of all the land and chattels the
                              subject of the section 76AG statement; and
                          C is the amount of the duty --
10                              (a) that would be chargeable on the
                                       section 76AG statement; or
                                (b) where section 76AH(3) applies, that
                                       would ultimately be chargeable on the
                                       section 76AG statement,
15                            if this Part did not apply to it.
                 (3)    Despite section 17(1) of the Taxation Administration
                        Act 2001, an application for a reassessment of the duty
                        payable on a section 76AG statement on the basis that
                        an exemption under section 75I should have been, but
20                      was not, granted in relation to the section 76AG
                        statement cannot be made more than 12 months after
                        the day on which the section 76AG statement was
                        stamped.
                                                                                    ".

25   75.         Section 75J amended
           (1)   Section 75J(1) is amended as follows:
                  (a)    in the definition of "foreign person" by inserting after
                         paragraph (a) --
                         " or ";


                                                                            page 53
     Stamp Amendment Bill 2001



     s. 76



                         (b)    by deleting the definitions of "Part IIIBA statement" and
                                "section 31B or 31C statement" and inserting the
                                following definition instead --
                     "
5                              "section 31B or 31C statement" means a dutiable
                                   statement prepared under section 31B or 31C;
                                                                                       ".
           (2)       Section 75J(4) is repealed.

     76.             Section 75JA amended
10         (1)       Section 75JA(1a)(c) is amended by deleting "and is".
           (2)       Section 75JA(2)(b) is amended by deleting "lodged" and
                     inserting instead --
                     "     prepared ".
           (3)       Section 75JA(3) is amended as follows:
15                       (a)    by deleting "statement relates --" and inserting
                                instead --
                                " Part IIIBA statement relates -- ";
                         (b)    in paragraph (c) by deleting "writing in a form approved
                                by the Commissioner" and inserting instead --
20                              " an approved form ".
           (4)       After section 75JA(4) the following subsections are inserted --
                 "
                     (5)       A decision by the Commissioner under subsection (3)
                               is a non-reviewable decision.
25                   (6)       In this section --
                               "instrument" does not include a section 31B or 31C
                                    statement.
                                                                                       ".



     page 54
                                                        Stamp Amendment Bill 2001



                                                                                s. 77



     77.         Section 75JB amended
           (1)   Section 75JB(1) is amended as follows:
                     (a)   in paragraph (b) by deleting "under this Act" and
                           inserting instead --
5                          " from duty ";
                     (b)   in paragraph (d)(iii) --
                              (i) by deleting "lodged" and inserting instead --
                                   " prepared ";
                             (ii) by deleting "paid in respect of that" and inserting
10                                 instead --
                                   " paid on that Part IIIBA ".
           (2)   Section 75JB(2)(b) is amended by deleting "has been paid in
                 this State or elsewhere" and inserting instead --
                 " or interstate duty has been paid      ".
15         (3)   Section 75JB(3)(b) is amended by deleting "lodged" and
                 inserting instead --
                 "    prepared ".
           (4)   Section 75JB(4) is amended as follows:
                  (a) after paragraph (b) by deleting "or";
20                (b) by deleting "writing in a form approved by the
                        Commissioner" and inserting instead --
                        " an approved form ".
           (5)   Section 75JB(5f)(c) and (5h) are amended by deleting "writing
                 in a form approved by the Commissioner" and inserting
25               instead --
                 "    an approved form     ".
           (6)   Section 75JB(5i) is repealed.



                                                                             page 55
     Stamp Amendment Bill 2001



     s. 78



           (7)       Section 75JB(8) is amended by deleting "fine" and inserting
                     instead --
                     "     penalty tax   ".
           (8)       After section 75JB(8) the following subsection is inserted --
5                "
                     (9)     A decision by the Commissioner under subsection (7)
                             is a non-reviewable decision.
                                                                                      ".

     78.             Section 75JBA amended
10         (1)       Section 75JBA(3) is amended by deleting "writing in a form
                     approved by the Commissioner" and inserting instead --
                     "     an approved form    ".
           (2)       Section 75JBA(4) is repealed.

     79.             Section 75JC amended
15         (1)       Section 75JC(1) is repealed and the following subsection is
                     inserted instead --
                 "
                     (1)     A person acting on behalf of a body corporate that
                             proposes to be party to a transaction or transfer that
20                           would give rise to --
                               (a) an instrument which, if executed; or
                               (b) an obligation to prepare a section 31B or 31C
                                    statement or a Part IIIBA statement which, if
                                    finalised,
25                           might be exempt from duty under section 75JA or
                             75JB, may request the Commissioner to determine
                             whether a draft of that instrument or statement, if
                             executed or finalised, would be so exempt.
                                                                                      ".


     page 56
                                                            Stamp Amendment Bill 2001



                                                                                       s. 80



           (2)       Section 75JC(2) is amended by deleting "writing in a form
                     approved by the Commissioner" and inserting instead --
                     "     an approved form     ".
           (3)       Section 75JC(5)(a) is amended by deleting "lodged" and
5                    inserting instead --
                     "     finalised   ".

     80.             Section 75JD amended
           (1)       Section 75JD(1), (2) and (3) are repealed and the following
                     subsections are inserted instead --
10               "
                     (1)     An application for an exemption under section 75JA or
                             75JB must be made in an approved form.
                     (2)     Despite section 17(1) of the Taxation Administration
                             Act 2001, an application for a reassessment of the duty
15                           payable on --
                               (a) an instrument referred to in section 75JA(2)(a)
                                    or (2a) or 75JB(3)(a); or
                               (b) a Part IIIBA statement referred to in
                                    section 75JA(2)(b) or 75JB(3)(b),
20                           on the basis that an exemption under section 75JA or
                             75JB (as the case requires) should have been, but was
                             not, granted in relation to the instrument or statement
                             cannot be made more than 12 months after the date of
                             execution of the instrument or the occurrence of the
25                           relevant acquisition.
                     (3)     Subject to section 17(2), (3) and (4) of the Taxation
                             Administration Act 2001, the Commissioner must make
                             any reassessment necessary to give effect to
                             sections 75JA and 75JB.
30                                                                                       ".


                                                                                 page 57
     Stamp Amendment Bill 2001



     s. 81



           (2)   Section 75JD(4) is amended as follows:
                  (a) by deleting "fine" in the first place where it occurs and
                        inserting instead --
                        " penalty tax under section 75JE(b) or 75JF(b) ";
5                 (b) by deleting "for the duty and fine" and inserting
                        instead --
                        " notice ".

     81.         Section 75JDA amended
           (1)   Section 75JDA(2) is amended as follows:
10                (a) by deleting "or statement" and inserting instead --
                        " or Part IIIBA statement ";
                  (b) by deleting "lodged" and inserting instead --
                        " finalised ".
           (2)   Section 75JDA(3) and (4) are amended by deleting "or
15               statement" and inserting instead --
                 " or Part IIIBA statement    ".

     82.         Section 75JE amended
           (1)   Section 75JE(1) is amended as follows:
                  (a) by deleting the subsection designation "(1)";
20                (b) in paragraph (b) --
                           (i) by deleting "a fine" and inserting instead --
                               " penalty tax ";
                          (ii) by deleting "for that duty and fine" and inserting
                               instead --
25                             " notice ";




     page 58
                                                     Stamp Amendment Bill 2001



                                                                              s. 83



                  (c)   in paragraph (c) --
                           (i) by deleting "fine" in the first place where it
                               occurs and inserting instead --
                               " penalty tax ";
5                         (ii) by deleting "for the duty and fine" and inserting
                               instead --
                               " notice ";
                  (d)   in paragraphs (d), (da) and (e) by deleting "fine" in each
                        place where it occurs and inserting instead --
10                      " penalty tax ";
                  (e)   in paragraph (f) --
                           (i) by deleting "fine" and inserting instead --
                               " penalty tax ";
                          (ii) by deleting "to have been duly" and inserting
15                             instead --
                               " to be, and always to have been, ".
           (2)   Section 75JE(2) is repealed.

     83.         Section 75JF amended
           (1)   Section 75JF(1) is amended as follows:
20                (a) by deleting the subsection designation "(1)";
                  (b) in paragraph (a) by deleting "statement" and inserting
                        instead --
                        " Part IIIBA statement ";
                  (c) in paragraph (b) --
25                         (i) by deleting "statement" in both places where it
                               occurs and inserting instead --
                               " Part IIIBA statement ";
                          (ii) by deleting "a fine" and inserting instead --
                               " penalty tax ";

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                     (iii)   by deleting "for that duty and fine" and inserting
                             instead --
                             " notice ";
               (d)   in paragraph (c) --
5                       (i) by deleting "fine" in the first place where it
                             occurs and inserting instead --
                             " penalty tax ";
                       (ii) by deleting "for the duty and fine" and inserting
                             instead --
10                           " notice ";
               (e)   in paragraph (d) by deleting "fine:" and inserting
                     instead --
                     " penalty tax -- ";
               (f)   in paragraph (d)(i) by deleting "statement lodged under
15                   section 76AG" and inserting instead --
                     " section 76AG statement ";
               (g)   in paragraph (d)(ii) --
                        (i) by deleting "statement lodged under
                             section 76AN" and inserting instead --
20                           " section 76AN statement ";
                       (ii) by deleting "lodge the" and inserting instead --
                             " prepare the section 76AN ";
               (h)   in paragraph (e) by deleting "fine" in both places where
                     it occurs and inserting instead --
25                   " penalty tax ";
               (i)   in paragraph (f) --
                        (i) by deleting "fine the" and inserting instead --
                             " penalty tax the Part IIIBA ";




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                                (ii)     by deleting "to have been duly" and inserting
                                         instead --
                                         " to be, and always to have been, ".
           (2)       Section 75JF(2) is repealed.

5    84.             Section 75JG amended
           (1)       Section 75JG(1) is repealed and the following subsection is
                     inserted instead --
                 "
                     (1)     If a person contravenes section 75JA(3)(c) or 75JB(4)
10                           or (5f)(c) --
                               (a) the person commits an offence; and
                               (b) if the offence is committed by a body corporate,
                                      an officer (as defined in section 9 of the
                                      Corporations Act) of the body corporate who is
15                                    knowingly a party to the contravention commits
                                      an offence.
                             Penalty:
                               (a) $20 000; and
                               (b) an amount equal to the duty chargeable on the
20                                    instrument or Part IIIBA statement had it not
                                      been exempted under section 75JA or 75JB.
                                                                                         ".
           (2)       Section 75JG(2) is amended by deleting "fine" in both places
                     where it occurs and inserting instead --
25                   "     penalty tax     ".
           (3)       Section 75JG(3) is amended as follows:
                      (a) by deleting all of the words from and including "against
                            this Act" to the end of the subsection;




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                     (b)    by inserting after the subsection --
                 "
                           Penalty:
                            (a) $20 000; and
5                           (b) an amount equal to the duty that would have
                                  been chargeable on --
                                   (i)    if a draft instrument or statement has
                                          been provided to the Commissioner
                                          under section 75JC -- the instrument or
10                                        statement had it been executed or
                                          finalised; or
                                   (ii)   if a request has been made under
                                          section 75JBA or an application has
                                          been made under section 75JB(5g) or
15                                        75JD -- the instrument or statement
                                          concerned.
                                                                                   ".

     85.         Section 76 amended
           (1)   Section 76(1) is amended as follows:
20                (a) in the definition of "acquire" --
                           (i) after paragraph (b)(ii) by deleting "or";
                          (ii) after paragraph (b)(iii) by inserting --
                                " or ";
                         (iii) in paragraph (c) by deleting "declared by this Act
25                              to be";
                  (b) in the definition of "chattels" --
                           (i) in paragraph (b) by deleting "motor";
                          (ii) after paragraph (b) by inserting --
                                " or ";



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                     (c)    in the definition of "minerals" by deleting "Earth" and
                            inserting instead --
                            " earth ";
                     (d)    in the definition of "mining tenement", in paragraph (a)
5                           by deleting "or the Mining Act 1904 ".
           (2)   Section 76(2)(a)(v) is amended by deleting "natural person" and
                 inserting instead --
                 "     individual    ".
           (3)   Section 76(2)(b) is amended as follows:
10                (a) by deleting "a person" and inserting instead --
                        " an individual ";
                  (b) in subparagraphs (i), (ii) and (iii) by deleting "person"
                        and inserting instead --
                        " individual ".
15         (4)   Section 76(3)(a) is amended by deleting "natural persons" and
                 inserting instead --
                 "     individuals    ".
           (5)   Section 76(3)(d) and (e) are amended as follows:
                   (a) by deleting "a natural person" and inserting instead --
20                      " an individual ";
                  (b) by deleting "the natural person" and inserting instead --
                        " the individual ".
     86.         Sections 76A to 76AF replaced
                 Sections 76A, 76AA, 76AB, 76AC, 76AD, 76AE and 76AF are
25               repealed and the following sections are inserted instead --
     "
             76A.          Relevant acquisitions by trustees
                 (1)       Subject to subsection (2) if by a relevant acquisition a
                           person, in the person's capacity as a trustee, acquires a

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                     majority interest or a further interest in a WA company
                     or a corporation, this Part applies as if the person had
                     acquired the interest beneficially.
               (2)   If the combined interest in the WA company or
5                    corporation of a beneficiary and any person related to
                     the beneficiary is greater than the combined interest of
                     the trustee and any person related to the trustee --
                       (a) the relevant acquisition is taken to have been
                              made by the beneficiary;
10                     (b) the section 76AG statement or section 76AN
                              statement prepared by the trustee in relation to
                              the relevant acquisition is taken to have been
                              prepared by the beneficiary; and
                       (c) the section 76AG statement or section 76AN
15                            statement is chargeable with duty accordingly.
               (3)   In this section --
                     "beneficiary" means a person beneficially entitled to
                          the interest in the WA company or corporation
                          acquired by the trustee, whether the person's
20                        interest is vested, contingent or discretionary;
                     "interest", "majority interest" and "further
                          interest" --
                          (a) in relation to a section 76AG statement, have
                                the meanings given by section 76AK; and
25                        (b) in relation to a section 76AN statement, have
                                the meanings given by section 76AR;
                     "relevant acquisition" has the meaning given by
                          section 76AJ or 76AQ (as the case requires).

             76AA. Assessment in the absence of a dutiable statement
30                   If the Commissioner suspects that a corporation is
                     required by section 76AN to prepare a dutiable
                     statement in respect of a relevant acquisition but no

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                                                                                   s. 87



                           such statement has been lodged, the Commissioner
                           may exercise the Commissioner's powers under
                           sections 19 and 20 of the Taxation Administration
                           Act 2001 as if --
5                            (a) the corporation were a corporation to which
                                   Division 3 applies;
                             (b) an acquisition had occurred; and
                             (c) the acquisition resulted in a person having an
                                   entitlement referred to in section 76AR(1) to
10                                 such an extent as the Commissioner may
                                   determine.
                                                                                     ".

     87.         Division heading amended
                 The heading to Part IIIBA Division 2 is amended by deleting
15               "the State" and inserting instead --
                 "    Western Australia             ".

     88.         Section 76AG amended
           (1)   Section 76AG(1) is amended as follows:
                     (a)    by deleting "and lodge with the Commissioner a
20                          statement" and inserting instead --
                            " a dutiable statement ";
                     (b)    by inserting after the subsection --
                            " Penalty: $20 000. ".
           (2)   Section 76AG(2) is amended by deleting "and lodge a
25               statement" and inserting instead --
                 "    a dutiable statement     ".




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        (3)       Section 76AG(3) is repealed and the following subsection is
                  inserted instead --
              "
                            (3)   A dutiable statement must be in an approved
5                                 form.
                                                                                  ".
        (4)       Section 76AG(4) is amended by deleting "statement shall be in
                  a form approved by the Commissioner and" and inserting
                  instead --
10                "     dutiable statement   ".
        (5)       Section 76AG(4)(d) and (da) are amended as follows:
                   (a) by deleting "the State" and inserting instead --
                         " Western Australia ";
                   (b) by deleting "that date" and inserting instead --
15                       " the date of the acquisition ".
        (6)       Section 76AG(4)(e) is amended by deleting "that date" and
                  inserting instead --
                  " the date of the acquisition     ".
        (7)       Section 76AG(4)(f) is amended by deleting "statement is
20                lodged" and inserting instead --
                  "     dutiable statement is prepared   ".
        (8)       Section 76AG(5) is repealed and the following subsection is
                  inserted instead --
              "
25                (5)     A dutiable statement prepared under subsection (1) is
                          taken to be an instrument evidencing the relevant
                          acquisition and is chargeable with duty accordingly.
                                                                                  ".




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                                                                              s. 89



           (9)   Section 76AG(5a) is amended as follows:
                  (a) by deleting "statement lodged" and inserting instead --
                        " dutiable statement prepared ";
                  (b) by deleting "statement." and inserting instead --
5                       " dutiable statement. ".
      (10)       Section 76AG(5b)(b) and (c) are amended by inserting after
                 "WA company or" --
                 "   any   ".
      (11)       Section 76AG(5c) is amended as follows:
10                 (a) by deleting "written";
                  (b) by deleting "lodged the statement" and inserting
                        instead --
                        " prepared the dutiable statement ".
      (12)       Section 76AG(5d) is amended as follows:
15                 (a) by deleting "lodged the statement" and inserting
                        instead --
                        " prepared the dutiable statement ";
                  (b) by deleting ", in writing," and "written".
      (13)       Section 76AG(5e) and (6) are repealed.

20   89.         Section 76AH amended
           (1)   Section 76AH(1) is amended as follows:
                  (a) by deleting "statement to which section 76AG(5)
                        applies" and inserting instead --
                        " section 76AG statement ";
25                (b) in paragraphs (a) and (b) by deleting "statement" and
                        inserting instead --
                        " section 76AG statement ".



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        (2)    Section 76AH(2) is amended in the definition of "A" by
               deleting "the State" and inserting instead --
               "   Western Australia   ".
        (3)    Section 76AH(3) is amended as follows:
5               (a) by deleting "on a statement" and inserting instead --
                      " on a section 76AG statement ";
                (b) by deleting "lodge" and inserting instead --
                      " prepare ";
                (c) by deleting "statement previously lodged under that
10                    section" and inserting instead --
               "
                     section 76AG statement previously prepared in relation
                     to the acquisition
                                                                              ".
15      (4)    Section 76AH(4) is amended as follows:
                (a) by deleting "statement to which section 76AG(5)
                      applies" and inserting instead --
                      " section 76AG statement ";
                (b) by deleting "the statement" in both places where it
20                    occurs and inserting instead --
                      " the section 76AG statement ";
                (c) in paragraph (a) by deleting "31D" and inserting
                      instead --
                      " 31C ";
25              (d) after paragraph (b) by inserting --
                      " or ";
                (e) in paragraph (c) by deleting "the State" and inserting
                      instead --
                      " Western Australia ".


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                                                                                       s. 90



           (5)        Section 76AH(5) is amended by deleting "statement" and
                      inserting instead --
                      "     section 76AG statement    ".

     90.              Section 76AI amended
5          (1)        Section 76AI(2)(a) and (b) are amended by deleting "the State"
                      in each place where it occurs and inserting instead --
                      "     Western Australia    ".
           (2)        Section 76AI(2a), (2b) and (2c) are repealed and the following
                      subsection is inserted instead --
10               "
                     (2a)     If the Commissioner makes a determination under
                              subsection (2) --
                                (a) the Commissioner is to give notice of it to the
                                      person who made the relevant acquisition;
15                              (b) the notice is to contain reasons for the
                                      determination; and
                                (c) for the purposes of section 76AG(5)(b) the
                                      relevant acquisition is taken to have occurred
                                      when the notice is given.
20                                                                                       ".
     91.              Section 76AL amended
           (1)        Section 76AL(1) is amended as follows:
                       (a) by deleting "in this section called";
                       (b) by deleting "the State" and inserting instead --
25                           " Western Australia ".
           (2)        Section 76AL(2) and (3)(a) and (b) are amended by deleting
                      "the State" and inserting instead --
                      "     Western Australia    ".



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     s. 92



     92.             Section 76AM amended
           (1)       Section 76AM(1) is repealed.
           (2)       Section 76AM(2) is amended as follows:
                       (a) by deleting the subsection designation (2);
5                      (b) by deleting "Where" and inserting instead --
                             " Without limiting section 17(1)(c), where ";
                       (c) by inserting after "Division" --
                     "
                           on the section 76AG statement prepared in relation to
10                         the acquisition
                                                                                   ".

     93.             Division heading amended
                     The heading to Part IIIBA Division 3 is amended by deleting
                     "the State" and inserting instead --
15                   "   Western Australia      ".

     94.             Section 76AN amended
           (1)       Section 76AN(1) is amended as follows:
                      (a) by deleting "and lodge with the Commissioner a
                            statement" and inserting instead --
20                          " a dutiable statement ";
                      (b) by inserting after the subsection --
                            " Penalty: $20 000. ".
           (2)       Section 76AN(2) is repealed and the following subsection is
                     inserted instead --
25               "
                            (2)   A dutiable statement must be in an approved
                                  form.
                                                                                   ".

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                                                                                 s. 94



     (3)       Section 76AN(3) is amended by deleting "statement shall be in
               a form approved by the Commissioner and" and inserting
               instead --
               "     dutiable statement    ".
5    (4)       Section 76AN(3)(d) and (da) are amended as follows:
                   (a)    by deleting "the State" and inserting instead --
                          " Western Australia ";
                   (b)    by deleting "that date" and inserting instead --
                          " the date of the acquisition ".
10   (5)       Section 76AN(3)(e) is amended by deleting "that date" and
               inserting instead --
               " the date of the acquisition      ".
     (6)       Section 76AN(3)(f) is amended by deleting "statement is
               lodged" and inserting instead --
15             "     dutiable statement is prepared    ".
     (7)       Section 76AN(4) is repealed and the following subsection is
               inserted instead --
           "
               (4)       A dutiable statement prepared under subsection (1) is
20                       taken to be an instrument evidencing the relevant
                         acquisition and is chargeable with duty accordingly.
                                                                                   ".
     (8)       Section 76AN(4a) is amended as follows:
                (a) by deleting "statement lodged" and inserting instead --
25                    " dutiable statement prepared ";
                (b) by deleting "statement." and inserting instead --
                      " dutiable statement. ".
     (9)       Section 76AN(4c) is amended by deleting "written".


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       (10)      Section 76AN(4d) is amended by deleting ", in writing," and
                 "written".
       (11)      Section 76AN(4e) and (5) are repealed.

     95.         Section 76AO amended
5          (1)   Section 76AO(1) is amended as follows:
                  (a) by deleting "statement to which section 76AN(4)
                        applies" and inserting instead --
                        " section 76AN statement ";
                  (b) in paragraphs (a) and (b) by deleting "statement" and
10                      inserting instead --
                        " section 76AN statement ".
           (2)   Section 76AO(2) is amended in the definition of "A" by
                 deleting "the State" and inserting instead --
                 "   Western Australia   ".
15         (3)   Section 76AO(3) is amended as follows:
                  (a) by deleting "on a statement" and inserting instead --
                        " on a section 76AN statement ";
                  (b) by deleting "lodge" and inserting instead --
                        " prepare ";
20                (c) by deleting "statement previously lodged under that
                        section" and inserting instead --
                 "
                       section 76AN statement previously prepared in relation
                       to the acquisition
25                                                                              ".
           (4)   Section 76AO(4) is amended as follows:
                  (a) by deleting "statement to which section 76AN(4)
                        applies" and inserting instead --
                        " section 76AN statement ";

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                                                                                        s. 96



                          (b)    by deleting "the statement" in both places where it
                                 occurs and inserting instead --
                                 " the section 76AN statement ";
                          (c)    in paragraph (a) by deleting "31D" and inserting
5                                instead --
                                 " 31C ";
                          (d)    after paragraph (b) by inserting --
                                 " or ";
                          (e)    in paragraph (c) by deleting "the State" and inserting
10                               instead --
                                 " Western Australia ".
           (5)        Section 76AO(5) is amended by deleting "statement" and
                      inserting instead --
                      "     section 76AN statement      ".

15   96.              Section 76AP amended
           (1)        Section 76AP(1)(a)(i) and (2)(a) and (b) are amended by
                      deleting "the State" in each place where it occurs and inserting
                      instead --
                      "     Western Australia     ".
20         (2)        Section 76AP(2a), (2b) and (2c) are repealed and the following
                      subsection is inserted instead --
                 "
                     (2a)       If the Commissioner makes a determination under
                                subsection (2) --
25                                (a) the Commissioner is to give notice of it to the
                                        corporation;
                                  (b) the notice is to contain reasons for the
                                        determination; and



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     s. 97



                          (c)   for the purposes of section 76AN(4)(b) the
                                relevant acquisition is taken to have occurred
                                when the notice is given.
                                                                                  ".

5    97.         Section 76AS amended
           (1)   Section 76AS(1) is amended as follows:
                  (a) by deleting "in this section called";
                  (b) by deleting "the State" and inserting instead --
                        " Western Australia ".
10         (2)   Section 76AS(2) and (3)(a) and (b) are amended by deleting
                 "the State" and inserting instead --
                 "     Western Australia   ".

     98.         Section 76AT repealed
                 Section 76AT is repealed.

15   99.         Sections 76AU to 76AY replaced
                 Sections 76AU to 76AY are repealed and the following section
                 is inserted instead --
     "
             76AU. Reassessment where deeming provision applied
20               (1)     If, on the application of a person who has paid, or is
                         liable to pay, duty on a Part IIIBA statement, the
                         Commissioner is satisfied that --
                            (a) but for the operation of a deeming provision in
                                  relation to a contract or agreement --
25                                  (i) the duty would not have been
                                          chargeable; or
                                   (ii) the amount of the duty would have been
                                          less;
                                  and

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                                                                    s. 99



            (b)   the contract or agreement has been --
                     (i) if a deeming-in provision applied --
                         rescinded, annulled or otherwise
                         terminated without being completed; or
5                   (ii) if a deeming-out provision applied --
                         completed,
           the duty chargeable on the Part IIIBA statement is the
           duty that would have been payable had the deeming
           provision not applied to the contract or agreement.
10   (2)   In a case where a deeming-in provision applied,
           subsection (1) does not apply if the Commissioner is
           not satisfied that the rescission, annulment or other
           termination of the contract or agreement was not part
           of a scheme or arrangement under which the object of
15         the contract or agreement has been or may be achieved
           in another way.
     (3)   This section is in addition to the provisions of the
           Taxation Administration Act 2001 relating to the
           reassessment of duty and does not affect the operation
20         of those provisions.
     (4)   In this section --
           "deeming-in provision" means section 76AI(5)(a),
                76AI(6)(a), 76AP(5)(a) or 76AP(6)(a);
           "deeming-out provision" means section 76AI(5)(b),
25              76AI(6)(b), 76AP(5)(b) or 76AP(6)(b);
           "deeming provision" means a deeming-in provision or
                a deeming-out provision.
                                                                      ".




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     s. 100



     100.       Part IIIC replaced (sections 76B to 76CB)
                Part IIIC is repealed and the following Part is inserted
                instead --
     "

5                         Part IIIC -- Vehicle licences
              76B.    Interpretation in Part IIIC
                (1)   In this Part --
                      "Commonwealth Act" means the Interstate Road
                           Transport Act 1985 of the Commonwealth;
10                    "corresponding State law" means a law of any other
                           State or a Territory corresponding to the Road
                           Traffic Act 1974;
                      "dealer" means a person who --
                           (a) carries on the business of selling new
15                                vehicles;
                           (b) is the holder of a dealer's licence under the
                                  Motor Vehicle Dealers Act 1973;
                           (c) carries on the business of acquiring new or
                                  used vehicles for resale or disposal under
20                                hire purchase or leasing agreements; or
                           (d) in the course of the person's business, takes
                                  possession of vehicles that are the subject of
                                  hire purchase or leasing agreements and
                                  resells them;
25                    "Director General" means the chief executive officer
                           of the department of the Public Service principally
                           assisting in the administration of the provisions of
                           the Road Traffic Act 1974 that section 5 of that Act
                           defines as the "licensing provisions of this Act";




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                                                           s. 100



     "discretionary trustee" means a trustee of any
          property over which any person has a power of
          appointment that was not created by will;
     "eligible vehicle" means a motor vehicle (as defined in
5         the Road Traffic Act 1974 but not including a
          trailer, semi-trailer or caravan) --
          (a) that is constructed or designed, or has been
                 modified, to include or have permanently
                 affixed to it, specialised equipment; and
10        (b) that is designed to be driven or controlled by
                 a person carried in or on the vehicle;
     "grant", in relation to a licence, includes renew;
     "heavy vehicle" means a vehicle with a gross vehicle
          mass of more than 4.5 tonnes;
15   "licence" means a vehicle licence granted under
          Part III of the Road Traffic Act 1974, but does not
          include a duplicate licence or a certified copy of a
          licence granted under that Act;
     "net value", in relation to the grant or transfer of the
20        licence for an eligible vehicle, means the market
          value of the vehicle as if the specialised equipment
          attached to it at the time the application for the
          grant or transfer was made was not attached to it;
     "non-beneficial", in relation to a change of ownership
25        of a vehicle, has the meaning given in
          section 76C(1);
     "purchase price", in relation to a vehicle, includes any
          amount --
          (a) allowed by the seller on a trade-in or an
30               exchange of any article;
          (b) paid to the seller for anything included with
                 or incorporated into the vehicle; or
          (c) paid to the seller for the preparation of the
                 vehicle for delivery to the purchaser;

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     s. 100



                     "specialised equipment" means --
                         (a) a crane;
                         (b) an excavator, road roller, road grader,
                                bulldozer, mechanical shovel, plough, rotary
5                               hoe or similar plant;
                         (c) hoisting equipment for lifting, partial lifting
                                or towing other vehicles;
                         (d) bitumen spraying equipment;
                         (e) a cement agitator;
10                        (f) garbage collection equipment;
                         (g) road sweeping equipment;
                         (h) a refrigeration unit;
                          (i) a stock crate;
                          (j) a tank for transporting liquids;
15                       (k) equipment to make the vehicle habitable by a
                                person in the course of a journey; or
                          (l) any similar plant or equipment;
                     "trustee" does not include a discretionary trustee or a
                         unit trustee;
20                   "unit trustee" means a trustee of a unit trust scheme;
                     "unit trust scheme" means a private unit trust scheme
                         within the meaning in section 63(2);
                     "vehicle" means a vehicle that is required to be
                         licensed under the Road Traffic Act 1974.
25             (2)   For the purposes of this Part, a vehicle is taken to be
                     used solely for the purpose mentioned in
                     section 76D(4) or (5) if it is used only for that purpose
                     and for minor incidental purposes.




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                                                                    s. 100



     76C.    Non-beneficial change of ownership
       (1)   On application by a person to whom the licence for a
             vehicle has been or is to be transferred the
             Commissioner may authorise duty to be charged on the
5            transfer in accordance with section 76D(2) if the
             Commissioner is satisfied that --
               (a) the change in the legal ownership of the vehicle
                     to which the licence relates that necessitated, or
                     will necessitate, the transfer of the licence did
10                   not, or will not, change the beneficial
                     ownership of the vehicle; and
               (b) the transferor of the licence --
                        (i) acquired the legal ownership of the
                             vehicle in his or her capacity as trustee,
15                           discretionary trustee or unit trustee (as
                             the case requires); and
                       (ii) paid duty on the grant or transfer to him
                             or her of the licence.
       (2)   An application for an authorisation is to be made to the
20           Commissioner in an approved form.
       (3)   For the purposes of subsection (1)(a), a change in the
             legal ownership of a vehicle does not change the
             beneficial ownership of the vehicle if --
               (a) the change in the legal ownership of the vehicle
25                   is made to effect the appointment of a new
                     trustee, or the retirement of a trustee, whether
                     the trust is expressed or implied;
               (b) the legal ownership of a vehicle passes to a
                     beneficiary from a trustee or a person in any
30                   other fiduciary capacity (except a discretionary
                     trustee or a unit trustee), under a trust, whether
                     express or implied;



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                    (c)   the legal ownership of the vehicle passes to a
                          beneficiary under a discretionary trust (whether
                          express or implied) from the discretionary
                          trustee otherwise than as a result of the exercise
5                         by the trustee of a power of appointment;
                    (d)   the legal ownership of the vehicle passes to a
                          beneficiary under a discretionary trust from the
                          discretionary trustee as a result of the exercise
                          by the trustee of a power of appointment if --
10                           (i) the beneficiary is an individual;
                            (ii) the beneficiary acquires the vehicle for
                                  his or her own use and benefit; and
                           (iii) at the time the trustee acquired the
                                  vehicle the beneficiary was named or
15                                described in the instrument which
                                  created the power of appointment as a
                                  beneficiary or as a member of a class of
                                  beneficiaries in whose favour the
                                  discretionary trustee was empowered by
20                                that instrument to appoint the vehicle;
                    (e)   the legal ownership of the vehicle passes to the
                          holder of a unit in a unit trust scheme from the
                          unit trustee if the change in the legal ownership
                          of the vehicle --
25                           (i) has the effect of reducing the rights of
                                  the transferee in respect of the trust
                                  property to the extent of the vehicle or
                                  the value of the vehicle; and
                            (ii) does not have the effect of varying,
30                                abrogating or altering the rights of the
                                  holder or holders of other units under
                                  the unit trust scheme in respect of the
                                  remaining trust property;
                          or


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                                                                    s. 100



               (f)   the change in the legal ownership of the
                     vehicle --
                        (i) does not pass a beneficial interest in the
                            vehicle;
5                      (ii) is not made in contemplation of the
                            passing of a beneficial interest in the
                            vehicle; and
                      (iii) is not part of, or made pursuant to, a
                            scheme whereby any beneficial interest
10                          in the vehicle, whether vested or
                            contingent, has passed or will or may
                            pass.

     76D.    Duty on the grant or transfer of a vehicle licence
       (1)   Subject to this section, duty is payable on the grant or
15           transfer of a licence in accordance with item 14 of the
             Second Schedule.
       (2)   Subject to this section, duty is payable on the transfer
             of a licence in accordance with item 6 of the Second
             Schedule if --
20             (a) the vehicle to which the licence relates is
                      transferred under a testamentary instrument or
                      on an intestacy to a person entitled to it under
                      the instrument or on the intestacy; or
               (b) the Commissioner has granted an authorisation
25                    in respect of the transfer of the licence under
                      section 76C(1) or 112UE(2).
       (3)   Duty is not payable on --
              (a) the grant of a licence if no fee is payable under
                     the Road Traffic Act 1974 for the grant of the
30                   licence; or




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     s. 100



                      (b)    the transfer of a licence if no fee would be
                             payable under the Road Traffic Act 1974 for the
                             grant of the licence if it was granted to the
                             transferee on the date of the transfer.
5              (4)   Duty is not payable on the transfer of a licence to a
                     dealer, if --
                       (a) the dealer has acquired the vehicle to which the
                             licence relates solely for the purpose of
                             reselling it to another person;
10                     (b) the resale is in the ordinary course of the
                             dealer's business; and
                       (c) the application for the transfer of the licence is
                             accompanied by a certificate certifying that
                             while the applicant holds the licence the vehicle
15                           will be used solely for the purpose referred to in
                             paragraph (a).
               (5)   Duty is not payable on the grant of a licence to a dealer
                     if --
                        (a) the dealer acquired the vehicle to which the
20                           licence relates solely for the purpose of --
                                (i) selling it to another person in the
                                     ordinary course of that business; or
                               (ii) demonstrating it to prospective
                                     purchasers;
25                           and
                        (b) the application for the grant of the licence is
                             accompanied by a certificate certifying that
                             while the applicant holds the licence the vehicle
                             will be used solely for the purposes referred to
30                           in paragraph (a).




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                                                                  s. 100



     (6)   The duty payable on the grant or transfer of a licence
           for an eligible vehicle ("vehicle B") is to be calculated
           on the net value of the vehicle if --
             (a) the applicant holds, or previously held, the
5                  licence for another eligible vehicle
                   ("vehicle A");
             (b) the applicant is the last person to hold a licence
                   for vehicle A;
             (c) the duty paid by the applicant on the grant or
10                 transfer of the licence for vehicle A was
                   assessed on the market value of vehicle A
                   including the specialised equipment that was
                   then attached to it ("original equipment");
             (d) the original equipment has been removed from
15                 vehicle A and attached to vehicle B; and
             (e) the application for the grant or transfer of the
                   licence for vehicle B is accompanied by a
                   certificate certifying that while the applicant
                   holds the licence for vehicle B --
20                    (i) vehicle B will not be used if the original
                           equipment has been removed from it; or
                     (ii) if the original equipment is removed
                           from vehicle B and vehicle B is used
                           with different equipment, the original
25                         equipment will not be attached to any
                           other vehicle for which the applicant
                           intends to become the licence holder.
     (7)   A certificate for the purposes of subsection (4)(c),
           (5)(b) or (6)(e) must be in an approved form and be
30         signed by the applicant for the grant or transfer of the
           licence.




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                (8)   Subject to section 17 of the Taxation Administration
                      Act 2001, the Commissioner must make any
                      reassessment necessary to give effect to this section.

              76E.    Determination of value and assessment of duty
5               (1)   When an application is made for the grant or transfer of
                      a licence the Director General must assess the amount
                      of duty payable on it.
                (2)   For the purpose of making the assessment, if duty is
                      payable on the grant or transfer in accordance with
10                    item 14 of the Second Schedule the Director General
                      must determine --
                         (a) the market value; or
                        (b) if section 76D(6) applies, the net value,
                      of the vehicle to which the licence relates.
15              (3)   For the purpose of determining the market value or net
                      value of the vehicle the Director General may, by
                      notice given to the applicant, require the applicant to
                      provide, within a period stated in the notice, evidence
                      of the market value of the vehicle and the applicant
20                    must comply with that requirement.
                      Penalty: $20 000
                (4)   An assessment made under subsection (1) is an official
                      assessment for the purposes of the Taxation
                      Administration Act 2001.

25            76F.    Payment of duty
                      Duty payable on the grant or transfer of a licence and
                      any penalty tax is payable --
                        (a) to the Director General in accordance with the
                             Road Traffic Act 1974; or



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                                                                   s. 100



              (b)   if the assessment or a reassessment is made by
                    the Commissioner, in accordance with the
                    Taxation Administration Act 2001.

     76G.    Applicant's statement of value in application
5            A person who applies under the Road Traffic Act 1974
             for the grant or transfer of a licence (other than a
             transfer chargeable with duty under section 76D(2))
             must include in the application a statement signed by
             the applicant setting out --
10             (a) the applicant's estimate of the market value of
                     the vehicle to which the licence relates at the
                     time of the application; and
               (b) if the applicant is a purchaser of the vehicle, the
                     purchase price paid for the vehicle.
15           Penalty: $20 000.

     76H.    Seller's obligation to notify purchase price
       (1)   A person who ceases to be the owner of a vehicle and
             is required under the Road Traffic Act 1974 to notify
             the Director General of the new owner must (unless the
20           transfer of the licence for the vehicle is, or will be,
             chargeable with duty under section 76D(2)) include in
             that notice a statement signed by the person setting
             out --
                (a) the purchase price (if any) received for the
25                   vehicle to which the licence relates; and
               (b) the person's estimate of the market value of the
                     vehicle at the time the person ceased to be the
                     owner of it.
             Penalty: $20 000.




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     Stamp Amendment Bill 2001



     s. 100



                 (2)  A dealer who sells a new vehicle must, within 7 days
                      after the sale, give to the Director General a statement
                      signed by the dealer setting out --
                        (a) the purchase price received for the vehicle; and
5                       (b) the dealer's estimate of the market value of the
                              vehicle at the time the vehicle was sold.
                   Penalty: $20 000.
                 (3)   If --
                         (a)   a person understates, in a statement under this
10                             section, the purchase price or estimated market
                               value of a vehicle; and
                         (b) the duty payable on the grant or transfer of the
                               licence for that vehicle is initially assessed on a
                               value for the vehicle that is less than the proper
15                             market value,
                       the person is jointly and severally liable with the
                       purchaser to pay the difference between the amount of
                       duty as initially assessed and the amount of duty
                       assessed on the vehicle's proper market value.

20            76I.     Use of dealer registered vehicle for other purposes
                 (1)   If under section 76D(4) or (5) no duty was payable on
                       the grant or transfer of a licence to a dealer, then while
                       the dealer remains the licensee of the vehicle to which
                       the licence relates the dealer must not use, or allow any
25                     other person to use, the vehicle for a purpose other than
                       the purpose mentioned in section 76D(4) or (5) (as the
                       case may be).
                       Penalty: $20 000.
                 (2)   If a dealer contravenes subsection (1) --
30                       (a) the grant or transfer of the licence is taken not
                               to be, and never to have been, exempt from
                               duty under section 76D(4) or (5) (as the case
                               may be);

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                                              Stamp Amendment Bill 2001



                                                                      s. 100



               (b)    the grant or transfer of the licence is chargeable
                      with penalty tax of an amount equal to the
                      amount of duty chargeable on the grant or
                      transfer of the licence; and
5               (c)   the duty and penalty tax is due for payment
                      within one month after an assessment notice is
                      issued in respect of the grant or transfer of the
                      licence.
     76J.     Use of specialised equipment on another vehicle
10      (1)   If --
                (a) under section 76D(6) duty on the grant or
                      transfer of a licence for an eligible vehicle to a
                      person is calculated on the net value of the
                      vehicle; and
15              (b) while that person holds the licence for that
                      vehicle it is used with specialised equipment
                      other than the equipment that was attached to it
                      at the time the application for the grant or
                      transfer of the licence was made ("original
20                    equipment"),
              the person must not attach the original equipment to
              any other vehicle for which the licensee intends to
              become the licence holder.
              Penalty: $20 000.
25      (2)   If a licensee contravenes subsection (1) --
                 (a) the grant or transfer of the licence is taken to be,
                       and always to have been, chargeable with duty on
                       the market value of the eligible vehicle including
                       the specialised equipment attached to it;
30              (b) the grant or transfer of the licence is chargeable
                       with penalty tax of an amount equal to the
                       amount of duty chargeable on the grant or
                       transfer of the licence; and

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     Stamp Amendment Bill 2001



     s. 100



                       (c)   the duty and penalty tax is due for payment
                             within one month after an assessment notice is
                             issued in respect of the grant on transfer of the
                             licence.

5             76K.    Failure to apply for transfer of licence
                (1)   For the purposes of section 26 of the Taxation
                      Administration Act 2001, a failure by a person to apply
                      for the transfer of a licence when required by the Road
                      Traffic Act 1974 to do so is taken to be a contravention
10                    of a taxation Act.
                (2)   If it appears to the Commissioner that a person has
                      failed to apply for the transfer of a licence when
                      required by the Road Traffic Act 1974 to do so,
                      section 20 of the Taxation Administration Act 2001
15                    applies as if --
                        (a) the transfer were an instrument required to be
                               lodged under a taxation Act; and
                        (b) an application for the transfer had been made as
                               required by the Road Traffic Act 1974.

20            76L.    Powers of Director General and Commissioner
                (1)   For the purposes of this Part the Director General has
                      the functions of the Commissioner under sections 26
                      and 29 of the Taxation Administration Act 2001.
                (2)   The Commissioner has all of the functions of the
25                    Director General under this Part.
                (3)   For the purposes of the Taxation Administration
                      Act 2001 anything done by the Director General in the
                      exercise of a function conferred by subsection (1) is
                      taken to have been done by the Commissioner.




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                                                       Stamp Amendment Bill 2001



                                                                               s. 101



            76M.       Duty to be remitted to Commissioner
                       The Director General must, in accordance with any
                       agreement between the Director General and the
                       Commissioner --
5                        (a) provide to the Commissioner details of licences
                              granted or transferred and the duty and any
                              penalty tax paid in relation to them; and
                         (b) remit that duty and penalty tax to the
                              Commissioner.
10                                                                                  ".

     101.        Section 77 amended
                 Section 77(2) is amended by deleting all the words from and
                 including "and the Commissioner" to the end of the subsection.

     102.        Section 78 amended
15               Section 78(2) is amended by deleting "duly" in both places
                 where it occurs.

     103.        Section 79 amended
       (1)       Section 79(3) is amended by deleting "duly".
       (2)       Section 79(4) and (5) are repealed and the following subsection
20               is inserted instead --
             "
                 (4)   If the amount of rent payable under a lease, or to be
                       payable under a lease the subject of an agreement for a
                       lease, is --
25                       (a) nil;
                         (b) a nominal amount;
                         (c) less than the amount considered by the
                                Commissioner to be the fair market rent; or
                         (d) unascertainable at the time of granting or
30                              entering into the lease or agreement for a lease,


                                                                             page 89
     Stamp Amendment Bill 2001



     s. 104



                    the Commissioner may --
                      (e) determine the amount that the Commissioner
                           considers to be the fair market rent for the
                           property that is, or is to be, the subject of the
5                          lease; and
                      (f) assess the duty payable on the lease or
                           agreement for a lease as if the amount so
                           determined was the rent payable, or to be paid,
                           under the lease.
10                                                                             ".
        (3)    Section 79(6) is amended by deleting "In this Act, for" and
               inserting instead --
               "   For   ".

     104.      Section 80A amended
15             Section 80A is amended by deleting ", or refund any duty paid
               on,".

     105.      Section 83 amended
        (1)    Section 83(1a)(b) is amended by deleting "a natural person" and
               inserting instead --
20             " an individual ".
        (2)    Section 83(1b) is amended by deleting "a natural person" and
               inserting instead --
               " an individual ".
        (3)    Section 83(3) is amended as follows:
25              (a) by inserting before "executed" --
                      " first ";
                (b) by deleting all the words from and including ", without
                      prejudice" to the end of the subsection and inserting
                      instead --
30                    " is chargeable with duty accordingly. ".

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                                                           Stamp Amendment Bill 2001



                                                                                  s. 106



       (4)       Section 83(6) is repealed and the following subsection is
                 inserted instead --
             "
                 (6)       Additional duty referred to in subsection (3) may be
5                          paid as further advances or loans are made or as the
                           indebtedness is increased.
                                                                                      ".
       (5)       Section 83(7) is amended by deleting "stamps concerned had
                 been impressed on or affixed to the original instrument." and
10               inserting instead --
                     "
                           original instrument had been stamped with the
                           additional duty.
                                                                                      ".

15   106.        Section 84 amended
       (1)       Section 84(1) is amended by deleting "out of the State" and
                 inserting instead --
                 " outside Western Australia          ".
       (2)       Section 84(2) is amended as follows:
20                (a) by deleting all the words from and including "any duty
                        of " to and including "Commonwealth" and inserting
                        instead --
                 "
                           interstate duty has been paid on the instrument, or any
25                         other instrument that secures the same money,
                                                                                     ";
                     (b)    in paragraph (b) by deleting "duty that is paid or payable
                            in that other State or Territory" and inserting instead --
                            " interstate duty ".




                                                                               page 91
     Stamp Amendment Bill 2001



     s. 106



        (3)    Section 84(2a)(b) is amended by inserting before "duty" --
               "   interstate ".
        (4)    Section 84(2b)(b) is amended by deleting "duty of a like nature
               to duty payable under subsection (1)" and inserting instead --
5              "   interstate duty ".
        (5)    Section 84(2c) is amended by deleting all the words from and
               including "duty that" to the end of the subsection and inserting
               instead --
               "
10                      interstate duty that would otherwise be payable under a
                        law of that State or Territory.
                                                                                  ".
        (6)    Section 84(4) is amended as follows:
                (a) by deleting "in writing";
15              (b) by deleting "duty on the instrument, or any other
                      instrument securing the same moneys, in another State
                      or Territory of the Commonwealth" and inserting
                      instead --
               "
20                      interstate duty on the instrument, or any other
                        instrument securing the same money
                                                                                  ".
        (7)    Section 84(4)(a) is amended by deleting "duty had been paid in
               another State or Territory" and inserting instead --
25             "   interstate duty had been paid     ".
        (8)    Section 84(4)(b), (c) and (d) are deleted and the following
               paragraphs are inserted instead --
                    "
                         (b)   the Commissioner is to make an assessment of
30                             the difference between the amount of duty

     page 92
                                                 Stamp Amendment Bill 2001



                                                                        s. 107



                          payable under subsection (1) and the duty paid
                          under paragraph (a), and issue an assessment
                          notice for that amount;
                    (c)   if the instrument is produced to the
5                         Commissioner within 3 months after the
                          assessment notice was issued, together with
                          proof of payment of the interstate duty, the
                          Commissioner is to cancel the assessment
                          notice and endorse the instrument accordingly;
10                  (d)   if paragraph (c) is not complied with --
                             (i) the duty and any penalty tax is payable
                                   within 3 months after the assessment
                                   notice was issued;
                            (ii) no reduction shall be allowed for any
15                                 interstate duty paid; and
                           (iii) the instrument is available only for the
                                   amount in respect of which duty has
                                   been paid under paragraph (a) as if the
                                   instrument related to property only in
20                                 Western Australia until the duty and
                                   penalty tax is paid in full.
                                                                             ".
     107.    Section 87 amended
       (1)   Section 87(1) is amended by deleting "duly".
25     (2)   Section 87(1a) is amended by deleting "a form approved by the
             Commissioner" and inserting instead --
             "   an approved form    ".
       (3)   Section 87(2) is amended by deleting "duly".
       (4)   Section 87(3) is repealed.




                                                                      page 93
     Stamp Amendment Bill 2001



     s. 108



     108.      Section 88 amended
               Section 88(2)(b) is deleted and the following paragraph is
               inserted instead --
                    "
5                      (b) if the option or right is granted after the
                             execution of the instrument, the instrument is
                             taken to have been first executed on the day on
                             which the option or right was granted.
                                                                               ".
10   109.      Section 88A amended
        (1)    Section 88A(1) is amended by deleting "kind." and inserting
               instead --
               "
                     kind as if it had been first executed on the day on
15                   which it became an instrument of security.
                                                                               ".
        (2)    Section 88A(2) is repealed.

     110.      Section 90A amended
               Section 90A is amended by deleting ", or refund any duty paid
20             on,".

     111.      Section 92 amended
               Section 92 is amended by deleting "the State" in both places
               where it occurs and inserting instead --
               "   Western Australia   ".




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                                                   Stamp Amendment Bill 2001



                                                                          s. 112



     112.     Section 92A replaced
              Section 92A is repealed and the following section is inserted
              instead --
     "
5           92A.    Dutiable statement required if policy issued outside
                    Western Australia
              (1)   Every person resident in Western Australia who
                    effects --
                      (a) a policy of life insurance; or
10                    (b) any insurance in respect of --
                              (i) property in Western Australia; or
                             (ii) any liability, loss or damage occurring
                                  or brought about by the happening of
                                  any event within Western Australia,
15                  for which insurance a policy of insurance is or is to be
                    issued or renewed outside Western Australia shall
                    within one month after effecting the insurance prepare
                    and lodge with the Commissioner a dutiable statement
                    in respect of the insurance.
20                  Penalty: $20 000.
              (2)   A dutiable statement is to be in an approved form.
              (3)   A dutiable statement prepared under subsection (1) is
                    taken to be a policy of insurance in respect of the
                    insurance to which it relates and is chargeable with
25                  duty accordingly.
              (4)   The duty payable on a dutiable statement prepared
                    under subsection (1) is payable --
                      (a) by the person who effected the insurance; and
                      (b) within one month after the insurance was
30                         effected.


                                                                         page 95
     Stamp Amendment Bill 2001



     s. 113



               (5)     Subsections (1) to (4) do not apply if, before a dutiable
                       statement prepared under subsection (1) is stamped, a
                       policy of insurance for the insurance referred to in
                       subsection (1) is stamped.
5              (6)     A person resident in Western Australia must not accept
                       payment of, or agree to have allowed on account, any
                       money on or in respect of any insurance the policy for
                       which is or is to be issued or renewed outside Western
                       Australia unless the policy, or a dutiable statement in
10                     respect of the insurance, has been stamped.
                       Penalty: $20 000.
                                                                                   ".

     113.      Section 92AA repealed
               Section 92AA is repealed.

15   114.      Section 92B amended
        (1)    Section 92B(1) is amended as follows:
                (a) by deleting "the State" in each place where it occurs and
                      inserting instead --
                      " Western Australia ";
20              (b) by deleting "a return" and inserting instead --
                      " a statement ";
                (c) by deleting "in writing";
                (d) by inserting after the subsection --
                      " Penalty: $20 000. ".
25      (2)    Section 92B(2) is amended by deleting "return" in each place
               where it occurs and inserting instead --
               "     statement   ".
        (3)    Section 92B(3) and (4) are repealed.



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                                                      Stamp Amendment Bill 2001



                                                                            s. 115



       (4)        Section 92B(5) is amended as follows:
                   (a) by deleting "return and any written particulars" and
                         inserting instead --
                         " statement ";
5                  (b) by deleting "are" in both places where it occurs and
                         inserting instead --
                         " is ".
     115.         Section 94 amended
       (1)        Section 94(1) is repealed and the following subsections are
10                inserted instead --
             "
                  (1)   A person who receives or takes credit for any premium
                        or consideration for any contract of insurance must,
                        within 3 months after receiving or taking credit for
15                      such premium or consideration, make out, execute and
                        have stamped, a policy of such insurance.
                        Penalty: $20 000.
                 (1a)   A person must not make, execute, or deliver out, or pay
                        or allow in account, or agree to pay or allow in
20                      account, any money on or in respect of any policy of
                        insurance which is not stamped.
                        Penalty: $20 000.
                                                                                  ".
       (2)        Section 94(2) is amended by deleting all of the words from and
25                including "the State shall" to the end of the subsection and
                  inserting instead --
                  "
                        Western Australia must notify the Commissioner, in an
                        approved form, that the contract of insurance has been
30                      made, entered into or renewed.
                        Penalty: $20 000.
                                                                                  ".

                                                                           page 97
     Stamp Amendment Bill 2001



     s. 116



        (3)    Section 94(3) is repealed.
        (4)    Section 94(3a) is amended as follows:
                (a)   by deleting "the State" and inserting instead --
                      " Western Australia ";
5               (b)   by deleting "this State" and inserting instead --
                      " Western Australia ".
        (5)    Section 94(4) is amended as follows:
                (a) by deleting "upon a return furnished under
                      subsection (1) of that section" and inserting instead --
10                    " on a dutiable statement ";
                (b) by deleting "the return" and inserting instead --
                      " the dutiable statement ";
                (c) by deleting "the State" and inserting instead --
                      " Western Australia ".

15   116.      Section 95 amended
               Section 95 is amended as follows:
                (a)   by deleting "a transfer or assignment of a policy of fire
                      insurance nor upon";
                (b)   by deleting "upon which the duty imposed by this Act
20                    has been paid before such time." and inserting
                      instead --
                      " that has been stamped. ".

     117.      Section 95A repealed
               Section 95A is repealed.

25   118.      Section 96 amended
        (1)    Section 96(1) is amended by deleting "that is issued or renewed
               on or after 1 November 1989".


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                                                    Stamp Amendment Bill 2001



                                                                          s. 119



         (2)   Section 96(3) is amended by deleting "under this Act".

     119.      Section 97 repealed
               Section 97 is repealed.

     120.      Part IVA replaced (sections 112AB to 112FU)
5              Part IVA is repealed and the following Part is inserted
               instead --
     "
                     Part IV -- Unlisted WA securities
            100.    Interpretation
10                  In this Part --
                    "issuer", in relation to an unlisted WA security, means
                         the body that issued the security;
                    "overseas transfer" means a transfer of an unlisted
                         WA security that --
15                       (a) is quoted on a financial market that is
                               situated outside Australia and is not a
                               recognized financial market; and
                         (b) is registered outside Australia on a branch
                               register of the WA company;
20                  "register", when used as a verb in relation to an
                         overseas transfer, means register in a register kept
                         under Chapter 2C of the Corporations Act;
                    "security" means a marketable security or right in
                         respect of shares;
25                  "unlisted WA security" means a security that --
                         (a) is situated in Western Australia; and
                         (b) is not quoted on a recognized financial
                               market.



                                                                         page 99
     Stamp Amendment Bill 2001



     s. 120



              101.    Share buy-back
                      For the purposes of this Part a buy-back by a company
                      of its own shares or stocks in accordance with --
                        (a) Division 4B of Part 2.4 of the Corporations
5                             Law as in force immediately before the
                              commencement of Schedule 1 to the Company
                              Law Review Act 1998 of the Commonwealth; or
                        (b) Division 2 of Part 2J.1 of the Corporations Act,
                      is taken to be a transfer of shares or stocks.

10            102.    Securities situated in Western Australia
                (1)   For the purposes of a stamp Act, a security of a WA
                      company is situated in Western Australia, irrespective
                      of where the register on which it is registered by the
                      company is situated and despite section 1070A(4) of
15                    the Corporations Act or any other law.
                (2)   A security of a foreign company is situated in Western
                      Australia if the security is registered on a register kept
                      by the company in Western Australia.
                (3)   A unit in a unit trust scheme is situated in Western
20                    Australia if --
                       (a) the scheme's principal register is kept in
                              Western Australia; or
                       (b) where the scheme's principal register is not
                              kept in Australia, the scheme's manager, or if
25                            the scheme does not have a manager, the
                              trustee, is --
                                 (i) an individual resident in Western
                                      Australia;
                                (ii) a WA company; or




     page 100
                                             Stamp Amendment Bill 2001



                                                                     s. 120



                     (iii)   a foreign company with a registered
                             office under the Corporations Act in
                             Western Australia.
       (4)   A security of a company that is taken under the
5            Corporations Act to be registered in another State or
             Territory, is not situated in Western Australia even if it
             is registered on a register in Western Australia.
       (5)   Subsection (1) is declared to be a Corporations
             legislation displacement provision for the purposes of
10           section 5G of the Corporations Act in relation to
             section 1070A(4) of that Act.

     103.    Prohibition on registration of unstamped transfer
       (1)   The issuer of an unlisted WA security must not register
             a transfer of the security, other than an overseas
15           transfer, unless the issuer is given an instrument of
             transfer --
               (a) that sets out --
                        (i) the consideration given for the transfer;
                       (ii) if the transfer is to give effect to a sale
20                           of the security, the date of the sale; and
                      (iii) the date on which the instrument was
                             executed by each party to it;
                     and
               (b) that has been stamped or is not chargeable with
25                   duty.
             Penalty: $20 000.
       (2)   The right or title of a transferee or subsequent holder of
             an unlisted WA security is not invalidated only because
             a transfer of the security was registered in
30           contravention of this section.



                                                                 page 101
     Stamp Amendment Bill 2001



     s. 120



              104.    Registration of an overseas transfer
                (1)   Nothing in this Part prevents a WA Company from
                      registering an overseas transfer --
                        (a) whether or not there is an instrument of
5                             transfer; and
                        (b) whether or not duty has been paid on the
                              transfer.
                (2)   Before a WA Company registers an overseas transfer
                      for which there is not an instrument of transfer, the
10                    WA company must prepare a dutiable statement in
                      respect of the transfer.
                (3)   A dutiable statement is to be in an approved form.
                (4)   A dutiable statement prepared under subsection (2) is
                      taken to be an instrument of transfer of the unlisted
15                    WA securities the subject of the overseas transfer.
                (5)   If a WA company registers an overseas transfer in
                      respect of which duty has not been paid, the WA
                      company is liable to pay the duty chargeable on the
                      instrument of transfer or the dutiable statement
20                    prepared under subsection (2) (as the case may be).
                (6)   Duty payable by a WA company under subsection (4)
                      is to be paid in accordance with section 105.

              105.    Return of overseas transfers and payment of duty
                (1)   Within 15 days after the end of a month in which a WA
25                    company registers an overseas transfer, the WA
                      company must --
                        (a) lodge with the Commissioner a return in an
                             approved form of all overseas transfers
                             registered by the WA company in that month
30                           other than those that are exempt from duty; and


     page 102
                                             Stamp Amendment Bill 2001



                                                                    s. 120



              (b)   when lodging the return, pay to the
                    Commissioner the amount of duty payable on
                    the instrument of transfer for, or the dutiable
                    statement prepared under section 104 in respect
5                   of, each transfer to which the return relates.
             Penalty: $20 000.
       (2)   On payment of duty under subsection (1) in respect of
             an overseas transfer, the instrument of transfer or the
             dutiable statement (as the case may be) is taken to have
10           been stamped.
       (3)   The right or title of a transferee or subsequent holder of
             a security is not invalidated by reason only that the
             issuer contravened subsection (1).

     106.    Valuing an unlisted WA security
15     (1)   The value of an unlisted WA security is to be
             determined --
               (a) as if the constitution or governing rules of the
                    issuer satisfied any requirements of the
                    Australian Stock Exchange Limited that must
20                  be satisfied before the security could be quoted
                    on the Australian Stock Exchange Limited; and
               (b) disregarding a provision in the constitution or
                    governing rules of the issuer providing for the
                    valuation of the security.
25     (2)   Despite subsection (1), the Commissioner may
             determine the value of an unlisted WA security to be
             the amount the Commissioner considers would be
             received by the holder of the security if the issuer were
             to be voluntarily wound up on the day of the transfer.




                                                                 page 103
     Stamp Amendment Bill 2001



     s. 121



              107.        Retention of instruments of transfer
                          An issuer must retain an instrument of transfer for, or a
                          dutiable statement prepared under section 104 in
                          respect of, the transfer of an unlisted WA security for
5                         at least 5 years after the transfer is registered by the
                          issuer.
                          Penalty: $20 000.
                                                                                       ".
     121.         Section 112HA amended
10      (1)       Section 112HA(4), (5), (6) and (7) are repealed and the
                  following subsections are inserted instead --
              "
                  (4)     If this section applies the WA company must prepare a
                          dutiable statement in relation to the capital reduction or
15                        the rights alteration and share cancellation, unless the
                          capital reduction, or the rights alteration and the share
                          cancellation, also result in a relevant acquisition
                          occurring under Part IIIBA.
                          Penalty: $20 000.
20                (5)     A dutiable statement must be in an approved form.
                  (6)     A dutiable statement prepared under this section is
                          taken to be an instrument evidencing the capital
                          reduction or the rights alteration and share cancellation
                          and is chargeable with duty at the rate provided for in
25                        item 4A of the Second Schedule on the dutiable value.
                                                                                       ".
        (2)       Section 112HA(10) is repealed.
        (3)       Section 112HA(11) is amended by deleting "statement" and
                  inserting instead --
30                "     dutiable statement   ".
        (4)       Section 112HA(12) and (13) are repealed.

     page 104
                                                  Stamp Amendment Bill 2001



                                                                          s. 122



     122.    Section 112I amended
       (1)   Section 112I(1) is amended in the definition of "service costs"
             by deleting "in writing".
       (2)   Section 112I(1a)(a) is amended by deleting "under this Act".

5    123.    Section 112J amended
       (1)   Section 112J(1) is amended as follows:
              (a) by deleting "the State" in both places where it occurs
                    and inserting instead --
                    " Western Australia ";
10            (b) by inserting after the subsection --
                    " Penalty: $20 000. ".
       (2)   Section 112J(1a) is repealed.
       (3)   Section 112J(2) is amended by deleting "the State" in each
             place where it occurs and inserting instead --
15           "   Western Australia    ".
       (4)   Section 112J(3) is amended by deleting "such form as the
             Commissioner approves in writing" and inserting instead --
             "   an approved form    ".
       (5)   Section 112J(3a)(b) is amended by deleting "the State" and
20           inserting instead --
             "   Western Australia    ".
     124.    Section 112K amended
       (1)   Section 112K(1) is amended as follows:
              (a) by deleting "statement in such form as the
25                  Commissioner requires in writing" and inserting
                    instead --
                    " return in an approved form ";

                                                                     page 105
     Stamp Amendment Bill 2001



     s. 124



                 (b)   in paragraph (a) and (a)(ii) by deleting "statement" and
                       inserting instead --
                       " return ";
                 (c)   by deleting paragraphs (a)(iii) and (iv) and inserting the
5                      following subparagraphs instead --
                             "
                               (iii) the total amount received by him or her
                                     during the last preceding month in
                                     respect of his or her rental business on
10                                   which interstate duty has been paid if
                                     the rate of interstate duty is less than the
                                     rate specified in subparagraph (ii); and
                               (iv) an amount determined by deducting the
                                     amount of the interstate duty from the
15                                   sum equal to 1.8% of the sum arrived at
                                     by deducting service costs from the total
                                     amount referred to in subparagraph (iii)
                                     as set out in the return;
                                                                                  ";
20               (d)   in paragraph (b) --
                          (i) by deleting "on that statement";
                         (ii) by deleting "statement" in the other 2 places
                                where it occurs and inserting instead --
                                " return ";
25                      (iii) by deleting "in cash";
                 (e)   by inserting after the subsection --
                       " Penalty: $5 000. ".
        (2)     Section 112K(1a) is amended as follows:
                 (a)   by deleting "statement" and inserting instead --
30                     " return ";
                 (b)   by inserting after the subsection --
                       " Penalty: $5 000. ".

     page 106
                                               Stamp Amendment Bill 2001



                                                                        s. 124



     (3)   Section 112K(1c) is amended by deleting "statement" and
           inserting instead --
           "   return ".
     (4)   Section 112K(2) is amended as follows:
5           (a) in paragraph (a) --
                     (i) by deleting "year a statement" and inserting
                         instead --
                         " year an annual return ";
                    (ii) by deleting "in a statement" and inserting
10                       instead --
                         " in a monthly return ";
            (b) in paragraph (b) --
                     (i) by deleting "on that statement";
                    (ii) by deleting "statement" in the second place
15                       where it occurs and inserting instead --
                         " return ";
            (c) by inserting after the subsection --
                  " Penalty: $5 000. ".
     (5)   Section 112K(2a) is amended by deleting "writing in such form
20         as the Commissioner approves in writing" and inserting
           instead --
           "   an approved form   ".
     (6)   Section 112K(3) is amended as follows:
            (a) by deleting "statement" in both places where it occurs
25                and inserting instead --
                  " return ";
            (b) by inserting after the subsection --
                  " Penalty: $20 000. ".



                                                                  page 107
     Stamp Amendment Bill 2001



     s. 125



        (7)     Section 112K(4) is amended by deleting "in writing" in both
                places where it occurs.
        (8)     Section 112K(5) is repealed.

     125.       Section 112KA amended
5       (1)     Section 112KA(1) is amended as follows:
                  (a) by deleting all the words from the beginning of the
                        subsection (including the subsection designation "(1)")
                        to and including "where --" and inserting instead --
                "
10                    A registered person is exempt from duty under this Part
                      in respect of a financial year if --
                                                                                         ";
                    (b)       in paragraphs (a) and (b) by deleting "to which the
                              statement relates,".
15      (2)     Section 112KA(2) is repealed.

     126.       Section 112L amended
                Section 112L(d)(i), (ii) and (iii) are amended by deleting "the
                State" and inserting instead --
                "    Western Australia          ".

20   127.       Section 112N amended
        (1)     Section 112N(1) is amended as follows:
                 (a) by deleting paragraph (f) and inserting the following
                       paragraph instead --
                          "
25                            (f)   rental business in respect of which interstate
                                    duty has been paid at a rate that is not less than
                                    the rate specified in section 112K(1)(a)(ii);
                                                                                         ";



     page 108
                                                          Stamp Amendment Bill 2001



                                                                                  s. 128



                     (b)    in paragraph (g), (g)(i) and (g)(ii) by deleting "the State"
                            and inserting instead --
                            " Western Australia ".
       (2)       Section 112N(2) is repealed.

5    128.        Section 112O amended
       (1)       Section 112O(1) is amended as follows:
                  (a) by deleting "keep or cause to be kept in the State" and
                        inserting instead --
                 "
10                         make, or cause to be made, and retain in Western
                           Australia
                                                                                      ";
                     (b)    by deleting "statement" and inserting instead --
                            " return ".
15     (2)       Section 112O(1a), (2) and (2a) are repealed and the following
                 subsection is inserted instead --
             "
                 (2)       A registered person shall make available for inspection
                           the books and records referred to in subsection (1).
20                                                                                    ".
       (3)       Section 112O(3) is amended as follows:
                  (a) in paragraph (a) by deleting "statement" and inserting
                        instead --
                        " return ";
25                (b) by deleting "statements" in each place where it occurs
                        and inserting instead --
                        " returns ".




                                                                               page 109
     Stamp Amendment Bill 2001



     s. 129



        (4)       Section 112O(4) is amended as follows:
                   (a) by deleting "statement" in the first 2 places where it
                         occurs and inserting instead --
                         " return ";
5                  (b) by deleting "on that statement if it" and inserting
                         instead --
                         " if the return ".
        (5)       Section 112O(5) is amended by deleting "in writing".

     129.         Section 112P amended
10      (1)       Section 112P(1) is amended as follows:
                      (a)    by deleting "the State" in both places where it occurs
                             and inserting instead --
                             " Western Australia ";
                      (b)    by deleting all the words from and including "he shall"
15                           to the end of the subsection and inserting instead --
                  "
                            the person is to prepare a dutiable statement in relation
                            to the transaction or offer.
                            Penalty: $20 000.
20                                                                                      ".
        (2)       Section 112P(2), (4) and (5) are repealed and the following
                  subsection is inserted instead --
              "
                  (2)       A dutiable statement must be in an approved form.
25                                                                                      ".




     page 110
                                                       Stamp Amendment Bill 2001



                                                                              s. 130



       (3)   Section 112P(6) is amended as follows:
              (a) by deleting "the State is not required to make a note or
                    memorandum" and inserting instead --
             "
5                      Western Australia is not required to prepare a dutiable
                       statement
                                                                                   ";
                 (b)    in paragraph (d), (d)(i) and (d)(ii) by deleting "the State"
                        and inserting instead --
10                      " Western Australia ".

     130.    Section 112Q amended
             Section 112Q(1) is amended by deleting "this Act" and inserting
             instead --
             "    a stamp Act      ".

15   131.    Section 112R amended
             Section 112R(1) is amended by deleting "this Act" and inserting
             instead --
             "    a stamp Act      ".

     132.    Section 112UA amended
20           Section 112UA is amended as follows:
                 (a)    in the definition of "Family Court Act" by deleting "the
                        Parliament of the State" and inserting instead --
                        " Western Australia ";
                 (b)    in the definition of "Family Law Act" by deleting
25                      "Parliament of the" in both places where it occurs.




                                                                           page 111
     Stamp Amendment Bill 2001



     s. 133



     133.       Section 112UB amended
                Section 112UB(2) is amended as follows:
                    (a)    in paragraph (b) by deleting "otherwise be dutiable
                           under the provisions of this Act other than this Part" and
5                          inserting instead --
                           " , but for this Part, be chargeable with duty ";
                    (b)    by deleting all the words from and including "the
                           Commissioner shall" to the end of the subsection and
                           inserting instead --
10              "
                          the maintenance agreement, order, or instrument of
                          conveyance or transfer is chargeable with duty in
                          respect of those other matters in accordance with this
                          Act other than this Part.
15                                                                                 ".

     134.       Section 112UC amended
                Section 112UC is amended by deleting "this Act" and inserting
                instead --
                "    a stamp Act       ".

20   135.       Section 112UD amended
                Section 112UD is amended as follows:
                    (a)    by deleting "this Act" in the first place where it occurs
                           and inserting instead --
                           " a stamp Act ";
25                  (b)    by deleting "duly stamped in accordance with this Act"
                           and inserting instead --
                           " stamped ".

     136.       Section 112UE amended
        (1)     Section 112UE(2)(c) is amended by deleting "motor".

     page 112
                                                        Stamp Amendment Bill 2001



                                                                              s. 137



         (2)       Section 112UE(5), (6) and (7) are repealed and the following
                   subsection is inserted instead --
               "
                   (5)   An application is to be made to the Commissioner in an
5                        approved form.
                                                                                    ".
     137.          Sections 112V to 118 replaced
                   Sections 112V, 113, 114, 115, 116, 117 and 118 are repealed
                   and the following sections are inserted instead --
10   "
            113.         Commissioner may impound unstamped documents
                         If it appears to the Commissioner that an instrument in
                         the Commissioner's possession or control (regardless
                         of how it came to be in the Commissioner's possession
15                       or control) is chargeable with duty but has not been
                         stamped, the Commissioner may impound the
                         instrument until the duty and any penalty tax payable in
                         respect of the instrument have been paid.
            114.         Commissioner may destroy instruments
20                 (1)   The Commissioner may destroy any instrument in the
                         Commissioner's possession or control if --
                          (a) 6 years have elapsed since the original
                               assessment of the amount of duty payable in
                               respect of the instrument was made; and
25                        (b) any amount that remains unpaid under a stamp
                               Act in respect of the instrument has been
                               written off under the Taxation Administration
                               Act 2001.




                                                                           page 113
     Stamp Amendment Bill 2001



     s. 138



                (2)   Neither the Commissioner, nor any person acting under
                      the Commissioner's authority, is liable in tort for any
                      act done under subsection (1).
                                                                                  ".
5    138.       Section 119 amended
                Section 119(7) is repealed.

     139.       Section 120 replaced
                Section 120 is repealed and the following section is inserted
                instead --
10   "
              120.    Regulations
                (1)   The Governor may make regulations prescribing all
                      matters that are required or permitted by a stamp Act to
                      be prescribed or are necessary or convenient to be
15                    prescribed to give effect to a stamp Act.
                (2)   Regulations may be made in relation to any or all of the
                      following matters --
                        (a) the fees payable under a stamp Act;
                        (b) the records required to be kept for the purposes
20                           of a stamp Act.
                (3)   Regulations may create offences and provide, in
                      respect of an offence so created, for the imposition of a
                      fine not exceeding $5 000.
                                                                                  ".
25   140.       First Schedule repealed
                The First Schedule is repealed.

     141.       Second Schedule amended
         (1)    The amendments in this section are to the Second Schedule.



     page 114
                                                     Stamp Amendment Bill 2001



                                                                             s. 141



     (2)   Item 4(5) is amended by deleting "the purchaser is an entitled
           person under section 75AE" and inserting instead --
           "
                     the conveyance or transfer is chargeable under section 75AE
5                    with duty under this subitem
                                                                                   ".
     (3)   Item 9 is amended by deleting "an instrument chargeable with
           duty" and inserting instead --
           "    a stamped instrument      ".
10   (4)   Item 13(1) is amended by deleting "duly".
     (5)   Item 14 is amended as follows:
             (a) by deleting the heading to the item and inserting
                  instead --
                      "
15                           VEHICLE LICENCES, GRANT OR TRANSFER
                                                                                   ";
               (b)    by deleting "issue" in each place where it occurs and
                      inserting instead --
                      " grant ";
20             (c)    in the third column --
                         (i) by deleting "issued" and inserting instead --
                              " granted ";
                        (ii) by deleting "section 76C(13)" and inserting
                              instead --
25                            " section 76H(2) ";
               (d)    in the first column, in subitem (1) by deleting "motor".
     (6)   Item 16(1)(a)(i)(A) is amended by deleting "Pay-roll Tax
           Assessment Act 1971" and inserting instead --
           "    Pay-roll Tax Assessment Act 2001      ".


                                                                          page 115
     Stamp Amendment Bill 2001



     s. 142



        (7)       Item 16(1)(a)(i)(B) is amended by deleting "section 10" and
                  inserting instead --
                  "     section 39 or 40    ".
        (8)       Item 16(1)(c) is amended as follows:
5                   (a) by deleting " -- on the amount calculated under
                         section 96(2)";
                    (b) by inserting after "8%" --
                         " of the amount calculated under section 96(2) ".
        (9)       Item 16 is amended in the third column by deleting "and see
10                section 94" and inserting instead --
                  "     and see sections 92A(4)(a) and 94     ".

     142.         Third Schedule amended
        (1)       The amendments in this section are to the Third Schedule.
        (2)       Item 1(4) is amended by inserting after paragraph (c) --
15                "     or     ".
        (3)       Item 3(1)(a) and (b) are amended by deleting "duly".
        (4)       Item 6(1) is deleted and the following subitem is inserted
                  instead --
              "
20                (1)        All leases or agreements for leases from --
                               (a)   the Crown;
                               (b)   the Minister to whom the administration of the Land
                                     Administration Act 1997 is for the time being
                                     committed, under that Act; or
25                             (c)   the Minister to whom the Mining Act 1978 is for the
                                     time being committed, under that Act.
                                                                                           ".



     page 116
                                                    Stamp Amendment Bill 2001



                                                                        s. 142



     (5)   Item 7(4) is amended by deleting "the State" and inserting
           instead --
           "   Western Australia     ".
     (6)   Item 8(2) is amended by deleting "the State" and inserting
5          instead --
           "   Western Australia    ".
     (7)   Item 9 is amended in the heading by deleting "MOTOR".
     (8)   Item 9 is amended as follows:
             (a) by deleting "motor" in each place where it occurs;
10           (b) by deleting "issue" in each place where it occurs and
                   inserting instead --
                   " grant ";
             (c) by deleting "issued" in each place where it occurs and
                   inserting instead --
15                 " granted ".
     (9)   Item 9(3) is amended by deleting "tractor or tractor plant, other
           than a prime mover, (as those terms are defined in the Road
           Traffic Act 1974)" and inserting instead --
           "   vehicle that is in a prescribed class of vehicles ".




 


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