Queensland Bills Queensland Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
STAMP AMENDMENT BILL
1995
Queensland
STAMP AMENDMENT BILL 1995
TABLE OF PROVISIONS
Section Page
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Amendment of sch 1 (Stamp duties on instruments) . . . . . . . . . . . . 4
1995
A BILL
FOR
An Act to amend the Stamp Act 1894
s1 4 s3
Stamp Amendment
The Parliament of Queensland enacts-- 1
title 2
Short
Clause 1. This Act may be cited as the Stamp Amendment Act 1995. 3
amended 4
Act
Clause 2. This Act amends the Stamp Act 1894. 5
of sch 1 (Stamp duties on instruments) 6
Amendment
Clause 3. Schedule 1, MORTGAGE, BOND, DEBENTURE, AND 7
COVENANT, exemption 4-- 8
omit, insert-- 9
`4.(1) An instrument to which this heading applies given by a person, 10
entirely or partially, for the person's principal place of residence to the 11
following relevant extent-- 12
(a) for the purchase or erection of a prescribed first principal place of 13
residence, if the part of the amount secured by the instrument that 14
is attributable to the person's principal place of residence is not 15
more than $100 000--to the extent of the part; 16
(b) for the purchase or erection of a prescribed first principal place of 17
residence, if the part of the amount secured by the instrument that 18
is attributable to the person's principal place of residence is more 19
than $100 000--to the extent of $100 000; 20
(c) for the purchase or erection of a principal place of residence (other 21
than a prescribed first principal place of residence), if the part of 22
the amount secured by the instrument that is attributable to the 23
person's principal place of residence is not more than 24
$70 000--to the extent of the part; 25
(d) for the purchase or erection of a principal place of residence (other 26
than a prescribed first principal place of residence), if the part of 27
the amount secured by the instrument that is attributable to the 28
s3 5 s3
Stamp Amendment
person's principal place of residence is more than $70 000--to 1
the extent of $70 000; 2
(e) for the refinance of a principal place of residence, if the part of the 3
amount secured by the instrument that is attributable to the 4
person's principal place of residence is not more than 5
$100 000--to the extent of the part or the release amount, 6
whichever is the lesser; 7
(f) for the refinance of a principal place of residence, if the part of the 8
amount secured by the instrument that is attributable to the 9
person's principal place of residence is more than $100 000--to 10
the extent of $100 000 or the release amount, whichever is the 11
lesser. 12
`(2) For this exemption for the purchase or erection of a person's 13
principal place of residence, the "amount attributable to the person's 14
principal place of residence" is the amount that bears the same proportion to 15
the amount secured, or the sum of the amounts secured, as the 16
consideration for or the cost of erection of the person's principal place of 17
residence bears to the total consideration for the property purchased or to the 18
total cost of erection of the structure that is to be the place of residence or of 19
which the place of residence forms part. 20
`(3) For this exemption for the refinance of a person's principal place of 21
residence, the "amount attributable to the person's principal place of 22
residence" is the amount that bears the same proportion to the amount 23
secured on the refinance as the proportion used under subsection (2) for the 24
person's principal place of residence when it was purchased or erected. 25
`(4) If an amount mentioned in subsection (1) ("the amount") is the 26
sum of amounts from 2 or more instruments by which the amount is 27
secured, this exemption applies to each of the instruments. 28
`(5) In this exemption-- 29
"existing mortgage", for a person's principal place of residence, means a 30
mortgage over the land on which the person's principal place of 31
residence is situated. 32
"give" includes sign. 33
"place of residence" see section 55A. 34
"prescribed first principal place of residence" see section 55A. 35
s3 6 s3
Stamp Amendment
"prescribed principal place of residence" see section 55A. 1
"principal place of residence" means a prescribed first principal place of 2
residence or prescribed principal place of residence. 3
"refinance", of a person's principal place of residence, means the person 4
(the "borrower") enters into a financial arrangement involving the 5
land on which the residence is situated and under the arrangement-- 6
(a) the borrower obtains a release of an existing mortgage over 7
the land from the mortgagee; and 8
(b) the borrower gives an instrument of mortgage over the land 9
to a person, whether or not the same person (the "second 10
mortgagee"); and 11
(c) the second mortgagee actually or notionally provides the 12
release amount for the existing mortgage. 13
"release amount", for the refinance of a person's principal place of 14
residence, means the amount owing under the existing mortgage 15
(including principal and interest) on the day of the release.'. 16
17
[Index] [Search] [Download] [Related Items] [Help]