South Australian Consolidated Acts

STAMP DUTIES ACT 1923 - SECT 31F

31F—Lodgement of statement and payment of duty

        (1)         A person who is, or ought to be, registered must, not later than the 21st day of each month—

            (a)         lodge with the Commissioner a statement in the approved form setting out—

                  (i)         the total amount received during the previous month in respect of dutiable rental business; and

                  (ii)         the amount representing the component referable to equipment financing arrangements entered into before 1 October 2003 (the "old equipment financing component ); and

                  (iii)         the amount representing the component referable to equipment financing arrangements entered into on or after 1 October 2003 but before 1 July 2007 ("new equipment financing component No 1"); and

                  (iv)         the amount representing the component referable to equipment financing arrangements entered into on or after 1 July 2007 but before 1 July 2008 ("new equipment financing component No 2"); and

                  (v)         the amount representing the component referable to equipment financing arrangements entered into on or after 1 July 2008 but before 1 July 2009 ("new equipment financing component No 3"); and

                  (vi)         the amount representing the component referable to other kinds of rental business based on contracts entered into before 1 July 2007 ("general rental business component No 1"); and

                  (vii)         the amount representing the component referable to other kinds of rental business based on contracts entered into on or after 1 July 2007 but before 1 July 2008 ("general rental business component No 2 ); and

                  (viii)         the amount representing the component referable to other kinds of rental business based on contracts entered into on or after 1 July 2008 but before 1 July 2009 ("general rental business component No 3 ); and

Exception—

The statement need not include amounts received in respect of hire purchase agreements entered into before 1 January 2003.

            (b)         pay to the Commissioner duty equivalent to the aggregate of—

                  (i)         1.8% of the old equipment financing component; and

                  (ii)         0.75% of new equipment financing component No 1; and

                  (iii)         0.5% of new equipment financing component No 2; and

                  (iv)         0.25% of new equipment financing component No 3; and

                  (v)         if general rental business component No 1 exceeds a fraction of $6 000 calculated by dividing general rental business component No 1 by the aggregate of the general rental business components—1.8% of the amount of the excess; and

                  (vi)         if general rental business component No 2 exceeds a fraction of $6 000 calculated by dividing general rental business component No 2 by the aggregate of the general rental business components—1.2% of the amount of the excess; and

                  (vii)         if general business component No 3 exceeds a fraction of $6 000 calculated by dividing general rental business component No 3 by the aggregate of the general rental business components—0.6% of the amount of the excess.

        (2)         The amount to be disclosed in respect of dutiable rental business or a particular component of dutiable rental business under subsection (1)—

            (a)         is to include amounts received for services incidental or related to the business or the relevant component of the business; but

            (b)         is not to include amounts received to reimburse, offset or defray liability to GST.

Exception—

If an equipment financing arrangement (or a collateral agreement) provides that the financier is to be responsible for servicing the goods—

            (a)         the cost of servicing, if separately charged, need not be disclosed and is not liable to duty; or

            (b)         if the cost of servicing is not separately charged, a proportion of the consideration received by the financier that the Commissioner considers properly referable to servicing the goods, need not be disclosed and is not liable to duty.

        (3)         If the Commissioner is satisfied, on application in the approved form by a registered person, that the total on which duty is to be calculated for the ensuing 12 months is likely to be less than $120 000, the Commissioner may permit the person to lodge statements and pay duty on an annual basis.

        (4)         A person must comply with any conditions on which the Commissioner grants permission under subsection (3).

Maximum penalty: $10 000.

        (5)         The Commissioner may, at any time, revoke a permission granted under subsection (3) for breach of a condition or any other proper reason.