STAMP DUTIES ACT 1923 - SECT 38

STAMP DUTIES ACT 1923 - SECT 38

38—Duty in respect of policies effected outside South Australia

        (1)         A company, person or firm that is not required to be registered under section 33 and that obtains, effects or renews, outside the State, a policy of insurance wholly or partly in respect of property in the State, or a risk, contingency or event occurring in the State, must, within 1 month of obtaining, effecting or renewing the policy—

            (a)         lodge with the Commissioner a statement in the approved form containing such particulars of the policy and other information as the Commissioner requires in the particular case; and

            (b)         subject to subsection (2)—pay to the Commissioner duty equivalent to 11% of any premium paid to the insurer in respect of the policy.

        (2)         The Commissioner may allow a rebate of the duty payable on the proportion of a premium that is, in the Commissioner's opinion, properly attributable to the insurance of property outside the State or a risk, contingency or event occurring outside the State.

        (3)         Duty paid in accordance with this section must be denoted on the statement lodged under subsection (1).

        (4)         A company, person or firm that does not lodge a statement as required under this section is nevertheless liable to pay duty to the Commissioner as if the company, person or firm had lodged the statement required under this section immediately before the end of the period allowed for such lodgement.

        (5)         Subsection (1) does not apply to—

            (a)         a policy of insurance under which the only insurance provided is life insurance; or

            (b)         a premium paid to an insurer in respect of life insurance.