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STAMP DUTIES (AMENDMENT) BILL 1991
NEW SOUTH WALES
EXPLANATORY NOTE
(This Explanatory Note relates to this Bill as introdused into Parliament)
The object of this Bill is to amend the Stamp Duties Act 1920 so as:
(a) to gather into one Division, and to extend, the provisions of the Principal Act
relating to concessional duty for certain superannuation instruments
(Schedule 1);
(b) to impose duty on certain benefits attached to life insurance policies ("riders")
at 5 per cent of the first year's premium (Schedule 2);
(c) to remove from the principal Act provisions relating to duties which have been
abolished (Schedule 3);
(d) to re-enact, as provisions of the Principal Act, certain provisions found in the
regulations made under the Principal Act, this re-enactment arising as a
consequence of the staged repeal program for subordinate legislation contained
in the Subordinate Legislation Act 1989 (Schedule 4);
(e) to make miscellaneous amendments to the Principal Act (Schedule 5).
Clause 1 specifies the short title of proposed Act.
Clause 2 provides for the commencement of the provisions of the proposed Act on
various days. Most amendments are to commence on the date of assent to the proposed
Act or 1 January 1992, whichever is the later. If an amendment is to commence on
another day, that day and the reason for it is given in the explanatory note relating to the
amendment.
Clause 3 is a formal provision which gives effect to the Schedules of amendments
to the Principal Act.
Stamp Duties (Amendment) 1991
Clause 4 repeals clause 13 of the Stamp Duties Regulation 1991. Clause 13 of that
Regulation continued the effect of various regulations contained in the Stamp Duties
Regulations 1934 despite the repeal of those Regulations as a consequence of the staged
repeal program for subordinate legislation contained in the Subordinate Legislation Act
1989. Clause 13 is repealed as the substance of the regulations it continued is
transferred, via Schedule 4 of the proposed Act, into the body of the Principal Act.
Clause 5 provides that explanatory notes appearing in the Bill do not form part of
the proposed Act.
Schedules 1-5 make the amendments to the principal Act described above. Each
amendment is explained in detail in the explanatory note relating to the amendment
concerned.