New South Wales Bills Explanatory Notes

[Index] [Search] [Download] [Bill] [Help]

STAMP DUTIES (MISCELLANEOUS AMENDMENTS) BILL 1990

Act No. 95 of 1990

STAMP DUTIES (MISCELLANEOUS AMENDMENTS) BILL

1990

NEW SOUTH WALES
EXPLANATORY NOTE

(This Explanatory Note relates to this Bill as introduced into Parliament)

The object of this Bill is to amend the Stamp Duties Act 1920 so as:

(a) in relation to superannuation funds:

(i) to reduce in most cases the duty on instruments establishing and
amending superannuation funds;
(ii) to provide for instruments whereby an employer adopts the rules
of a superannuation fund to be liable to the same duty as
instruments establishing or amending Superannuation funds;
(b) to provide an exemption for the transfer of convertible notes in a unit trust
scheme;
(c) to increase the minimum amount of duty;
(d) to remove any time limitation for the recovery of an administrative fine or
penalty;
(e) to enable the production of certain unstamped instruments as evidence in
court proceedings;
(f) to provide a credit of duty for a variation instrument which is substantially
in conformity with the original instrument;
(g) to impose duty on the transfer of units in a unit trust scheme;
(h) to clarify the "Claytons contract" provisions in their application to a transfer
of shares not registered on a New South Wales register;
(i) to provide a concession for instruments relating to the Public Equity
Partnership Arrangement and the Rent/Buy Scheme;
(j) to remove the liability to duty of contract notes;
(k) to provide an exemption from hiring arrangement duty for the hire of on-site
caravans;

Stamp Duties (Miscellaneous Amendments) 1990
to provide for certain variations of leases to be liable for duty;
to make further provision concerning the interim stamping of leases subject
to rent variation;
to provide an exemption from duty for leases of accommodation for aged or
disabled persons;
to extend the loan security provisions where the secured property comprises
shares in a company incorporated in New South Wales;
to simplify the rate of duty on loan securities and to provide an exemption
from loan security duty for small additional advances;
to tighten the loan security anti-avoidance provisions relating to the use of
guarantees, indemnities and other instruments;
to broaden the exemption for mortgage-backed securities;
to extend foreign credit provisions relating to the stamping of loan securities
dutiable in a number of jurisdictions;
to provide for a credit to be available on collateral loan securities in respect
of duty paid on the same money;
in relation to insurance:

(i) to enable certain insurance returns to be lodged after payment
of the premium;
(ii) to provide for certain non-cancellable disability income policy
renewals to be dutiable under the new insurance provisions;
to amend. the provisions relating to acquisitions of company and unit trust
interests dutiable as conveyances of land:

(i) to enable the tracing provisions to be effective where the chain
of interests passes through a company outside New South Wales;
(ii) to strengthen the tracing provisions relating to the interposition
in a chain of interests of a discretionary trust;
(iii) to give the Chief Commissioner a discretion not to impose duty
where the imposition of duty would not be just and reasonable;
to enable the use, for death duty purposes, of forms approved by the Chief
Commissioner instead of form prescribed by the regulations;
to provide an exemption from nominal duty for instruments which are given
the effect of a deed after registration;
to extend the share scrip lending provision exemption;
to amend the off-shore banking exemption;
to amend provisions which allow an exemption from duty on a conveyance
of a family home to members of the family by a family company or the
conveyance by a family trust to a beneficiary of land owned by the trust as
at 31 December 1986.

The Bill also enacts consequential savings and transitional provisions.

2

Act No. 95 of 1990

Stamp Duties (Miscellaneous Amendments) 1990
Clause 1 specifies the short title of the proposed Act.

Clause 2 provides for the commencement of the provisions of the proposed Act
on various days. Those day are specified in the explanatory notes relating to the
various amendments.

Clause 3 is a formal provision which gives effect to the Schedules of amendments
to the Stamp Duties Act 1920.

CIause 4 amends the Stamp Duties (Amendment) Act 1988 to repeal certain
uncommenced provisions relating to the imposition of duty on transfers of units in
unit trust schemes.

Clause 5 is a formal provision which gives effect to the Schedule which amends
the Land Tax Management Act 1956.

Clause 6 provides that explanatory notes appearing in the Bill do not form part
of the proposed Act.

Schedules 1-3 make the amendments to the Stamp Duties Act 1920 described
above. Each amendment is explained in detail in the explanatory note relating to the
amendment concerned
Schedule 4 makes an amendment to the Land Tax Management Act 1956
consequential on the amendment made to the Stamp Duties Act 1920 and referred
to in paragraph (aa) above. The amendment is explained in detail in the explanatory
note relating to the amendment.

3

[Index] [Search] [Download] [Bill] [Help]