TAXATION ADMINISTRATION ACT 1996 - SECT 42
Stamping of instruments
TAXATION ADMINISTRATION ACT 1996 - SECT 42
Stamping of instruments
42 Stamping of instruments
(1) If--
(a) an approval under this Division provides for an exemption from a
requirement for the stamping of an instrument, and
(b) the instrument is
endorsed in accordance with the conditions of the approval,
the instrument is
taken to be duly stamped but without affecting liability for the payment of
tax in relation to the instrument under the relevant taxation law.
(2) A
person who endorses an instrument otherwise than under and in accordance with
an approval under this Division so as to suggest or imply that the instrument
is properly so endorsed and as a result is taken to be duly stamped is guilty
of an offence.
: Maximum penalty--100 penalty units.
Note : An offence
against subsection (2) committed by a corporation is an executive liability
offence attracting executive liability for a director or other person involved
in the management of the corporation--see section 121.
(3) Despite subsection
(1), the endorsing of an instrument as referred to in subsection (1) (b) is
not evidence of an assessment of the duty payable under the Duties Act 1997
in respect of the instrument.
