New South Wales Bills Explanatory Notes

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STATE REVENUE LEGISLATION AMENDMENT BILL 1995

[Act 1995 No 17]
New South Wales
State Revenue Legislation
Amendment Bill 1995

Explanatory note

This explanatory note relates to this Bill as introduced into Parliament.

Overview of Bill

The object of this Bill is to halve the stamp duty on transfers of securities
listed on the Australian Stock Exchange and to increase tobacco licence fees.

State Revenue Legislation Amendment Bill 1995 [Act 1995 No 17]
Explanatory note

Outline of provisions

Clause 1 sets out the name (also called the short title) of the proposed Act.

Clause 2 provides for the commencement of the proposed Act. The
provisions concerning tobacco licence fees are taken to have commenced on
28 May 1995 and the provisions concerning transfers of securities are to
commence on 1 July 1995.

Clause 3 gives effect to the Schedule of amendments to the Stamp Duties
Act 1920.

Clause 4 gives effect to the Schedule of amendments to the Business
Franchise Licences (Tobacco) Act 1987.

Clause 5 provides that the increase in tobacco licence fees is to apply in
respect of the fee for a licence taking effect on or after 28 June 1995.

Schedule 1 contains amendments to the Stamp Duties Act 1920 to halve the
present rate of stamp duty on transfers of securities listed on the Australian
Stock Exchange from 0.6 per cent to 0.3 per cent.

Schedule 2 amends the Business Franchise Licences (Tobacco) Act 1987 to
increase tobacco licence fees from $10 plus 75 per cent of the value of
tobacco sold by the licensee to $10 plus 100 per cent of the value of the
tobacco sold by the licensee.

Explanatory note page 2

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