• Specific Year
    Any

STAMP DUTIES ACT 1920 - SECT 74F Payment of duty on hiring arrangements by return

This legislation has been repealed.

STAMP DUTIES ACT 1920 - SECT 74F

Payment of duty on hiring arrangements by return

74F Payment of duty on hiring arrangements by return

(1) Any person liable to the payment of duty under the provisions of section 74E of this Act may apply to the Chief Commissioner in a form approved by him for approval to pay, in accordance with the provisions of this section, duty in respect of hiring arrangements.
(2) The Chief Commissioner may approve or refuse to approve any such application.
(3) Where the Chief Commissioner approves any such application he shall in the approval specify the date upon which the approval comes into force.
(4) A person whose application under subsection (1) of this section has been approved by the Chief Commissioner is, while the approval is in force, an approved person for the purposes of this section.
(5) Where duty has been paid in respect of a hiring arrangement in accordance with the provisions of this section, any instrument evidencing the terms and conditions of such hiring arrangement shall not be chargeable with duty as a hiring arrangement.
(6) An approved person shall, at the time the first or only payment is received in accordance with a hiring arrangement, make a record of such particulars relating to the hiring arrangements as the Chief Commissioner may by notice in writing given to him require.
(7) Subject to subsection (7A), an approved person shall:
(a) lodge a return in the approved form with the Chief Commissioner not later than the day notified to the approved person for the purposes of this subsection, and
(b) subject to subsection (7C), when he lodges that return, pay to the Chief Commissioner as stamp duty an amount equal to the sum of the amounts calculated, in respect of each hiring arrangement, at the prescribed rate in respect of the total amount received in respect of each such hiring arrangement during each calendar month that is within such period of calendar months as is specified in the notification under paragraph (a) of this subsection.
The prescribed rate for the purposes of paragraph (b) is 0.75 per cent in relation to amounts received under an equipment financing arrangement and 1.5 per cent in any other case.
(7A) If the total amount received during a calendar month in respect of hiring arrangements (other than equipment financing arrangements) by an approved person (not being a member of a group) or a group of which an approved person is a member:
(a) does not exceed $6,000--no stamp duty (as stamp duty on a hiring arrangement other than an equipment financing arrangement) is payable by the approved person in respect of that calendar month,
(b) does not exceed $5,500--a return is not required to be lodged under subsection (7) by the approved person in respect of stamp duty on a hiring arrangement other than an equipment financing arrangement, or
(c) exceeds $5,500 but does not exceed $6,000--a return is required to be lodged by the approved person even though no stamp duty (as stamp duty on a hiring arrangement other than an equipment financing arrangement) is payable by the approved person in respect of that calendar month, or
(d) exceeds $6,000--stamp duty (as stamp duty on a hiring arrangement other than an equipment financing arrangement) is payable only on that part of the amount that is in excess of $6,000.
(7AA) For the purposes of subsection (7A), a group is constituted in the same manner as under Subdivision 2 of Division 29.
(7B) Nothing in subsection (7) requires an approved person to pay to the Chief Commissioner as stamp duty an amount or amounts totalling more than $10,000 in respect of any one hiring arrangement but only if the hiring arrangement precludes the inclusion within it of other goods in replacement of, or in addition to, the original goods to which it relates (whether the other goods are of a class the same as, or of a class different from, the original goods).
(7C) In a case in which an amount of stamp duty (or duty of a like nature) is paid or payable on a hiring arrangement under a law of another State or Territory, the amount of duty chargeable under this Act is reduced by the lesser of:
(a) the amount of the duty paid or payable under the other law, or
(b) the amount of duty otherwise payable under this Act.
(7D) A reference in subsection (7) (b) to a total amount received in respect of a hiring arrangement during a calendar month does not include a reference to an amount so received that results in the passing to the hirer of title to the goods.
(8) An approved person shall, when he makes out an instrument which but for the provisions of subsection (5) of this section would be chargeable with duty as a hiring arrangement endorse on that instrument the words "Stamp Duty" followed by the serial number of the notice of approval issued to him by the Chief Commissioner under this section.
(9) An instrument endorsed in accordance with subsection (8) of this section shall be deemed to be duly stamped.
(14) The Chief Commissioner may by an instrument in writing cancel any approval granted under this section:
(a) on application by the person to whom the approval was granted, or
(b) for any reason he deems sufficient,
and shall in any such instrument specify the date on and from which the approval ceases to be in force.
(15) An approval so cancelled shall cease to be in force on and from the date specified in the instrument by which the approval is cancelled:

Provided that, before any approval is cancelled the approved person shall:
(a) unless the Chief Commissioner otherwise determines, furnish to the Chief Commissioner a statutory declaration stating the total amount which has been received by him in respect of hiring arrangements since he lodged his last return on which stamp duty has been paid under subsection (7) of this section together with the total amount still to be received in respect of hiring arrangements subsisting at the time of making such declaration, and
(b) pay to the Chief Commissioner as stamp duty at the time of lodging such declaration an amount calculated at one and one-half per centum of the total of such amounts on which stamp duty has not been paid under subsection (7) of this section.
The amount so calculated shall be recoverable as a debt due to the Crown:

Provided further that where the Chief Commissioner is satisfied that it is not reasonably practicable to calculate the total amount still to be paid under any subsisting hiring arrangement the provisions of subsection (1) of section 74G shall, mutatis mutandis, apply to such arrangement and for this purpose the Chief Commissioner may require the owner to continue to pay duty in respect of such hiring arrangement as an approved person.

Any person who in contravention of this subsection fails or neglects to furnish a statutory declaration or pay the duty calculated in accordance with this subsection shall be liable to a fine for such offence not exceeding 2 penalty units.