Tasmanian Numbered Acts

DUTIES ACT 2001 (NO. 15 OF 2001)

TABLE OF PROVISIONS

           Long Title
           Preamble

           Chapter 1 - Preliminary

   PART 1 - Administration

   1.      Short title
   2.      Commencement

   PART 2 - General

   3.      Interpretation
   4.      Duty debt to Crown
   5.      Act read together with Taxation Administration Act 1997

           Chapter 2 - Transactions concerning dutiable property

   PART 1 - Introduction and overview

   6.      Imposition of duty on certain transactions concerning dutiable property
   7.      Imposition of duty on dutiable transactions that are not transfers
   8.      What form must a dutiable transaction take?
   9.      What is dutiable property?
   10.     When does a liability for duty arise?
   11.     Who is liable to pay the duty?
   12.     The liability of joint tenants
   13.     Necessity for written instrument or written statement
   14.     Lodging written instrument or written statement with Commissioner
   15.     When must duty be paid?
   16.     No double duty
   17.     What is the rate of duty?

   PART 2 - Dutiable value

   18.     What is the dutiable value of dutiable property?
   19.     What is the consideration for the transfer of dutiable property?
   20.     What is the unencumbered value of dutiable property?
   21.     Arrangements that reduce the dutiable value
   22.     Aggregation of dutiable transactions
   23.     Apportionment – dutiable property and other property
   24.     Apportionment – business assets in this and other jurisdictions
   25.     Partnership interests
   26.     Partitions
   27.     Effect of alteration in purchase price
   28.     Entitlements of joint purchasers

   PART 3 - Rates of duty

   29.     General rate
   30.     Marketable securities

   PART 4 - Special provisions

   31.     Interim payment of duty
   32.     Purchases "off the plan"
   33.     Cancelled agreements
   34.     Transfer arising from mortgage of land
   35.     Vesting order
   36.     Applications to bring land under Land Titles Act 1980

   PART 5 - Concessional rates of duty

           Division 1 - Trusts

   37.     Change in trustees
   38.     Transfers in relation to managed investment schemes
   39.     Property vested in an apparent purchaser
   40.     Transfers back from a nominee
   41.     Property passing to beneficiaries
   42.     Establishment of a trust relating to unidentified property and non-dutiable property
   43.     Instrument relating to managed investment scheme

           Division 2 - Superannuation

   44.     Instruments relating to superannuation
   45.     Transfer of property from one superannuation fund to another
   46.     Transfers to trustees or custodians of superannuation funds or trusts

           Division 3 - Miscellaneous

   47.     Deceased estates
   48.     Conversion of lots to strata title
   49.     Duty where no change of beneficial ownership
   50.     Adjustment of dutiable value of transfer on a company wind-up
   51.     Reduction of duty on transfer of marketable securities — payment in non-Australian jurisdiction

   PART 6 - Exemptions

   52.     Exemptions from duty
   53.     Exemptions relating to various transactions
   54.     Exemptions – marketable securities
   55.     Exemptions – transfers to married couples
   56.     Exemptions – break-down of marriages
   57.     Exemptions – de facto relationships

           Chapter 3 - Certain transactions treated as transfers

   PART 1 - Preliminary

   58.     Introduction and overview

   PART 2 - Acquisition of interests in certain landholders

           Division 1 - Land-rich private corporations

   59.     Meaning of private corporation
   60.     When is a private corporation land-rich?
   61.     Land holdings of private corporations
   62.     Constructive ownership of land holdings and other property: subsidiaries
   63.     Constructive ownership of land holdings and other property: discretionary trusts

           Division 2 - Acquisitions of interests in private corporations

   64.     What are interests and majority interests in private corporations?
   65.     How may an interest be acquired?

           Division 3 - Charging of duty

   66.     When does a liability for duty arise?
   67.     What is a relevant acquisition?
   68.     Acquisition statements
   69.     When must duty be paid?
   70.     Who is liable to pay the duty?
   71.     How duty is charged on relevant acquisitions

           Division 4 - General and supplemental

   72.     Exemptions
   73.     Maximisation of entitlements on distribution of property
   74.     Valuation of property
   75.     Phasing-in of duty
   76.     Agreements for sale or conveyance of land
   77.     Duty concession: acquisitions securing financial accommodation

   PART 3 - Entitlements arising from capital reductions or rights alterations

   78.     Definitions
   79.     When does a liability for duty arise?
   80.     When must duty be paid?
   81.     Who is liable to pay the duty?
   82.     Entitlement to voting shares arising from capital reduction or rights alteration
   83.     Form of statement
   84.     Assessment of duty

   PART 4 - Acquisition of land use entitlements by allotment of shares or issue of units

   85.     When does a liability for duty arise?
   86.     When must duty be paid?
   87.     Who is liable to pay the duty?
   88.     Acquisition of land use entitlement
   89.     Form of statement
   90.     Assessment of duty

   PART 5 - Allotment of shares by direction

   91.     Application of Part 5
   92.     When does a liability for duty arise?
   93.     When must duty be paid?
   94.     Who is liable to pay the duty?
   95.     Acquisition of shares by allotment
   96.     Allotment statement
   97.     Assessment of duty

           Chapter 4 - Lease instruments

   PART 1 - Introduction and overview

   98.     Imposition of duty
   99.     What is a lease?
   100.    How duty is charged on a lease instrument
   101.    What is the cost of a lease?
   102.    Splitting or redirection of cost of franchise arrangement (anti-avoidance provision)
   103.    Who is liable to pay the duty?
   104.    When must the duty be paid?

   PART 2 - Rates of duty

   105.    General rate
   106.    Nominal duty

   PART 3 - Unascertainable lease costs

   107.    Operation of Part 3
   108.    Estimate and subsequent adjustment
   109.    CPI method
   110.    Quantification of lessee's improvements

   PART 4 - Miscellaneous

   111.    Interim stamping of lease instrument
   112.    Reassessment of duty – early termination
   113.    Reassessment of duty – reduction of cost
   114.    Exemptions

           Chapter 5 - Hire of goods

   PART 1 - Introduction and overview

   115.    Imposition of duty
   116.    Hire of goods to which this Chapter applies – jurisdictional nexus
   117.    What are goods?
   118.    What is a hire of goods?
   119.    What is an equipment financing arrangement?
   120.    What form may a hire of goods take?
   121.    Exclusions from the definition of hire of goods
   122.    Special hiring agreements
   123.    What is the rate of duty?
   124.    What are hiring charges?
   125.    Payments exempted from hiring charges
   126.    Splitting or redirection of hiring charges (anti-avoidance provision)
   127.    Ascertainment and disclosure of place of use of goods

   PART 2 - What arrangements apply to persons who are in the business of hiring out goods (commercial hire businesses)?

   128.    Application of Part 2
   129.    Commercial hire businesses must be registered
   130.    Registration of commercial hire businesses
   131.    Cancellation of registration of commercial hire business
   132.    Duty base
   133.    Lodgment of returns and payment of duty
   134.    Returns of related bodies corporate

   PART 3 - What arrangements apply to other persons?

   135.    Statement of transaction
   136.    Lodgment of statement and payment of duty
   137.    Method of calculating total hiring charges if they are not readily ascertainable

           Chapter 6 - Mortgages

   PART 1 - Introduction and overview

   138.    Imposition of duty
   139.    What is a mortgage?
   140.    What is an advance?
   141.    Who is liable to pay the duty?
   142.    When does a liability arise?
   143.    When must duty be paid?
   144.    How is mortgage duty charged?
   145.    Consequences of non-payment of duty
   146.    Where is property located?

   PART 2 - Calculating the amount secured by a mortgage

   147.    Secured amount
   148.    Contingent liabilities
   149.    Mortgages over property not wholly within Tasmania
   150.    Advances secured by mortgage package
   151.    Stamping before advance
   152.    Security
   153.    Collateral securities

   PART 3 - Exempt instruments

   154.    Certain debentures and related instruments
   155.    Loan instruments in respect of certain industries
   156.    Miscellaneous exemptions
   157.    Refinancing of loans

   PART 4 - Miscellaneous

   158.    Unregistered mortgages protected by caveats (anti-avoidance provision)
   159.    Stamping counterpart or collateral instrument if mortgage is lost, destroyed or cannot be produced
   160.    Exchange of information
   161.    Collection of duty and endorsement of instruments

           Chapter 7 - Insurance

   PART 1 - General Insurance

   162.    Imposition of duty
   163.    What is general insurance?
   164.    What is a premium in relation to general insurance?
   165.    When is a premium paid?
   166.    What duty is payable?
   167.    Who is liable to pay the duty?
   168.    Circumstances in which duty is payable by the insured person
   169.    Records to be kept
   170.    Refunds where premiums are returned

   PART 2 - Life Insurance

   171.    Imposition of duty
   172.    What is life insurance?
   173.    Obligation to make out and execute a policy of life insurance
   174.    What duty is payable?
   175.    Who is liable to pay the duty?
   176.    Circumstances in which duty is payable by the insured person
   177.    Refund on cancellation of policy of life insurance

   PART 3 - How is duty paid by an insurer?

   178.    Who is an insurer?
   179.    Insurers must be registered
   180.    Application for registration
   181.    Cancellation of registration by the Commissioner
   182.    Cessation of business and cancellation of registration by the insurer
   183.    Register of insurers
   184.    Monthly returns and payment of duty
   185.    Recovery of duty by registered insurer

   PART 4 - Apportionment

           Division 1 - Apportionment of premiums and other amounts between Australian jurisdictions

   186.    Application of Division 1
   187.    Schedule of Apportionment
   188.    Apportionment in practice

           Division 2 - Apportionment of premiums and other amounts as between different types of insurance

   189.    Apportionment between different types of insurance

   PART 5 - Exempt insurance

   190.    What insurance is exempt from duty?

   PART 6 - Miscellaneous

   191.    Effect on contract of insurance of failure to comply with this Chapter

           Chapter 8 - Motor vehicle registration

   PART 1 - Introduction and overview

   192.    Imposition of duty
   193.    Lodgment of statement of dutiable value
   194.    Failure to register
   195.    Who is liable to pay the duty?
   196.    When does duty become payable?
   197.    What is the rate of duty?
   198.    What is the dutiable value of a motor vehicle?

   PART 2 - Circumstances in which duty not chargeable

   199.    Exemptions
   200.    Avoidance of double duty – duty paid in a corresponding Australian jurisdiction
   201.    No change in beneficial ownership
   202.    Reassessment of duty – repossession of stolen motor vehicle
   203.    Refund if contract, arrangement or agreement cancelled

   PART 3 - Trading stock and demonstrator vehicles of motor dealers

   204.    Exemptions for motor dealers
   205.    Application for exemption certificate
   206.    Grant or refusal of application
   207.    Form of exemption certificate
   208.    Period of exemption certificate
   209.    Notification of changes
   210.    Renewal of exemption certificate
   211.    Grant or refusal of renewal of application
   212.    Suspension and cancellation of exemption certificate
   213.    Continuing use of exemption certificate
   214.    Applicable exemptions
   215.    Improperly obtaining exemption
   216.    Change of purpose
   217.    Duty payable in certain circumstances
   218.    Record of exemption certificates

           Chapter 9 - Miscellaneous duties

   PART 1 - Duplicates and replicas

   219.    Duplicates or counterparts
   220.    Replicas

   PART 2 - Miscellaneous duties

   221.    Motor accident premium certificates
   222.    Miscellaneous instruments
   223.    Consumer credit contracts
   224.    Consumer credit contract exemptions

           Chapter 10 - General exemptions from duty

   PART 1 - Intergenerational rural transfers

   225.    Intergenerational rural transfers
   226.    Subsequent liability for duty in certain circumstances

   PART 2 - Miscellaneous exemptions

   227.    Miscellaneous exemptions

           Chapter 11 - Miscellaneous

   PART 1 - Stamping instruments

   228.    Provision of stamps
   229.    Limitation on use of designated stamps
   230.    Form of stamps to be used
   231.    Stamping of instruments
   232.    When is an instrument duly stamped?
   233.    Adhesive stamps
   234.    Licences to deal in stamps
   235.    Refunds – spoiled and unused stamps
   236.    Reassessments – failed instruments
   237.    Instruments to be separately charged with duty in certain cases
   238.    Execution of instruments
   239.    Stamping of instruments after execution
   240.    Stamping taken to constitute an assessment
   241.    Copies of instruments
   242.    Calculation of time

   PART 2 - Enforcement

   243.    Registration of instruments
   244.    Registration of transfers of shares
   245.    Registration of transfers of units
   246.    Receipt of instruments in evidence
   247.    Valuation of property
   248.    Assessment where consideration inadequate
   249.    Ascertainment of value of certain interests
   250.    Impounding of instruments

   PART 3 - Miscellaneous

   251.    Application of Act
   252.    Loans to pay duty on certain instruments
   253.    Agreements relating to loans
   254.    Recognised stock exchanges
   255.    Duty paid under former Act
   256.    Stamping under former Act
   257.    Regulations
   258.    Administration of Act
   259.    Savings and transitional provisions
   260.    Consequential amendments
   261.    Stamp Duties Act 1931 repealed
   262.    Stamp Duties Regulations 1998 rescinded
           SCHEDULE 1 - Savings and transitional provisions
           SCHEDULE 2 - Consequential Amendments