DUTIES ACT 2000 - SECT 257 Adhesive stamps

DUTIES ACT 2000 - SECT 257

    (1)     An adhesive stamp may be used to stamp the following instruments—

        (a)     a transfer of shares of a corporation or company that is not the legal or beneficial owner of land in Victoria, if the monetary consideration for the transfer is not less than the unencumbered value of the shares;

        (b)     a transfer of units in a unit trust scheme if the monetary consideration for the transfer is not less than the unencumbered value of the units;

        (c)     a lease or an assignment of a lease;

        (d)     a mortgage securing an amount not exceeding $10 000.

    (2)     An instrument that may be stamped by use of an adhesive stamp is not duly stamped unless—

        (a)     an adhesive stamp for the appropriate amount of duty is attached to the instrument; and

        (b)     the adhesive stamp is cancelled by marking the date of its cancellation on its face in such a way as to render it incapable of being used for any other instrument.

    (3)     Subject to subsection (4), a person must not remove an adhesive stamp that has been attached to an instrument and cancelled.

Penalty:     100 penalty units.

Note to

s. 257(3) inserted by No. 13/2013 s. 56(3).

Note

Section 130A of the Taxation Administration Act 1997 applies to an offence against this subsection.

    (4)     The Commissioner may remove an adhesive stamp that has been attached to an instrument and cancelled after an application for a refund of the duty denoted by the stamp has been approved.