Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts“44. (1) The determined amount of tax or stamp duty, as the case requires, is payable on a transfer being made of a marketable security—
(a) for which tax is not payable under Division 1;
(b) of an Australian incorporated company whose place of incorporation is in the Territory;
(c) of a company, other than an Australian incorporated company—
(i) where the transfer is an SCH regulated transfer—if the registered office of the company is in the Territory; or
(ii) where the transfer is a non-SCH regulated transfer—
(A) if the marketable security was, immediately before the transfer was executed, registered in a register kept in the Territory by a company; or
(B) where there is no register of marketable securities kept by the company in Australia—if the place of the registered office of the company is in the Territory; or
(d) that is a unit of a unit trust scheme —
(i) where the principal register of the trust is situated in the Territory; or
(ii) where the principal register is not situated in Australia—if the place of the registered office of the management company of the trust is in the Territory or, if the trustee is a natural person, the location of the principal residence of that person is in the Territory.
“(2) If tax or stamp duty has been paid under section 49F in respect of a change in beneficial ownership of a marketable security, tax or stamp duty is not payable under subsection (1) in respect of the transfer of the same security.
“45. (1) Tax is payable on an SCH regulated transfer of a marketable security—
(a) by the SCH participant that controls the transferee's holdings on the CHESS sub-register where the transfer is between 2 holdings on the CHESS sub-register;
(b) by the SCH participant that controls the transferor's holdings on the CHESS sub-register where the transfer is from a holding on the CHESS sub-register to a holding on a register that is not on the CHESS sub-register; or
(c) by the SCH participant that controls the transferee's holdings on the CHESS sub-register where the transfer is from a holding on a register that is not on a CHESS sub-register to a holding on the CHESS sub-register.
“(2) Tax is payable by a prescribed corporation for each non-SCH regulated transfer of a marketable security.
“(3) Subject to subsection (2), stamp duty is payable by the transferee for each non-SCH regulated transfer of a marketable security.
“45A. An SCH participant or a prescribed corporation that pays or is liable to pay tax on the transfer of a marketable security may recover from the transferee an amount equal to, and designated as, the amount of tax payable.
“45B. (1) An SCH participant or a prescribed corporation that is liable to pay tax shall keep a record of each SCH regulated transfer specifying—
(a) the date of the transfer;
(b) the names of the transferor and transferee;
(c) the quantity and full description of the marketable security or right to such a security;
(d) the transfer value of the marketable security or right per unit and in total (or where the duty chargeable is not ad valorem , the market value of the marketable security or right per unit and in total);
(e) the amount of the tax payable;
(f) whether the tax is ad valorem , or the transfer is of a kind referred to in paragraph 46 (1A) (a) or (b);
(g) if the SCH participant specifies under paragraph (e) that the transfer is of a kind referred to in paragraph 46 (1A) (a) or (b)—the ground relied on, and a copy of any instrument relied on in support of that ground;
(h) the nexus with the Territory; and
(i) such other information as is prescribed.
“(2) An SCH participant or a prescribed corporation that is required to keep a record under subsection (1) shall retain the record for at least 5 years after the date of the transfer to which the record relates.
Penalty:
(a) in the case of a natural person—$2,000;
(b) in the case of a body corporate—$10,000.
“(3) On recording the details of a transfer under subsection (1), an SCH participant shall include on the transfer document a participant identifier which shall have the effect of being a statement by the SCH participant that tax (if payable) has or will be paid by the SCH participant.
“(4) On recording the details of a transfer under subsection (1), a prescribed corporation shall affix to the instrument of transfer its seal which shall have the effect of being a statement by the corporation that tax (if payable) has or will be paid by it.
“(5) A person, other than an SCH participant, shall not—
(a) endorse the transfer document with a participant identifier without the participant's authority; or
(b) endorse the transfer document with a participant identifier purporting to be that of an SCH participant without the participant's authority.
Penalty: $10,000 or imprisonment for 12 months, or both.”.