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STAMP DUTIES (AMENDMENT) BILL 1992*
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:
· to enable the Chief Commissioner to reduce assessments and make refunds of
duty and other amounts
· to clarify the circumstances in which the Chief Commissioner is entitled to
commission when making a refund of duty
· to simplify the arrangements for the payment of duty on cancelled agreements
· to enable the Chief Commissioner to assess or reassess the liability to duty of an
agreement under which the consideration is reduced before the agreement is
completed
· to enable objections (as well as appeals) to be made against assessments based
on valuations made by the Chief Commissioner
· to clarify the application of concessional provisions concerning instruments of
appointment
· to relax the requirements for obtaining concessional rates of duty on certain
conveyances of property to trustees and to provide a concession where shares are
transferred to trustees
· to extend the exemption from duty on separation agreements made under the De
Facto Relationships Act 1984
· to provide for leases of movable dwelling sites to be granted the same
concession as residential leases
· to clarify the provisions relating to loan securities which are used to secure bill
facility documents
· to ensure that loan security duty is payable where loan securities are transferred
between lenders at the instigation of the borrower
* Amended in committee--see table at end of volume.
Stamp Duties (Amendment) 1992 [Act 1992 No. 33]
· to provide for a refund of stamp duty on a motor vehicle certificate of
registration if the motor vehicle is subsequently found to have been stolen prior
to its purchase
· to enable the Chief Commissioner to serve a notice to a person at, the person's
post office box or document exchange box
· to provide that an additional loan security taken out to further secure the
obligations of First Home Purchase Scheme participants, Department of Housing
tenants or Community Tenancy Scheme tenants is exempt from duty
· to provide an exemption from conveyance and loan security duty for Community
Tenancy Scheme tenants who purchase their own homes
· to enact appropriate savings and transitional provisions.
Clause 1 specifies the short title of the proposed Act.
Clause 2 provides, generally, for the commencement of the provisions of the
proposed Act on the date of assent. If a provision is to commence or be taken to have
commenced on a day other than the date of assent, the day is also specified in the
explanatory note relating to the provision.
Clause 3 is a formal provision which gives effect to the Schedule of amendments to
the Principal Act.
Clause 4 provides that explanatory notes appearing in the Bill do not form part of
the proposed Act.
Schedule 1 makes the amendments to the principal Act described above. Each
amendment is explained in detail in the explanatory note relating to the amendment
concerned.