South Australian Consolidated Acts South Australian Consolidated Acts31—Certain contracts to be chargeable as conveyances on sale
(1) Any contract or
agreement in writing for the sale of any estate or interest in any property
(including goods, wares and merchandise not being goods, wares and merchandise
agreed to be sold in the ordinary course of trade by a party whose business is
or includes the sale of such goods, wares and merchandise) except—
(a)
property which cannot vest in the purchaser except upon registration of a
conveyance; or
(c)
stock or financial products or shares in the stock, funds or capital of any
corporation, company or society,
shall be charged with the same ad valorem duty as if it were an actual
conveyance on sale of the estate or interest contracted or agreed to be sold.
(2) Where duty has
been duly paid on a contract or agreement in accordance with
subsection (1), any conveyance made to the purchaser in pursuance of the
contract or agreement shall not be chargeable with any duty, and the
Commissioner, upon application and upon the production of the contract or
agreement duly stamped, shall stamp the conveyance with a particular stamp
denoting that it is duly stamped.
(3) For the purposes
of this section, a receipt for the payment, in pursuance of any contract or
agreement, of any purchase money shall, in the absence of any further or other
instrument being or evidencing the contract or agreement, be charged with ad
valorem duty.
(4) If any such
contract or agreement as is mentioned in subsection (1) is afterwards
rescinded or annulled, or for any other reason is not substantially performed
or carried into effect so as to operate as, or to be followed by, a
conveyance, the person who paid the ad valorem duty upon the contract or
agreement shall be deemed to be possessed of stamped material rendered useless
by being inadvertently spoiled, within the meaning of section 106, and
the provisions of that section shall apply accordingly.
(5) This section shall
not apply to, or in respect of, any hire-purchase agreement within the meaning
of this Act.