Duties Regulations 2011


Tasmanian Crest
Duties Regulations 2011

I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Duties Act 2001 .

20 June 2011

PETER G. UNDERWOOD

Governor

By His Excellency's Command,

LARA GIDDINGS

Treasurer

1.   Short title

These regulations may be cited as the Duties Regulations 2011 .

2.   Commencement

These regulations take effect on 29 June 2011.

3.   Interpretation

In these regulations –
Act means the Duties Act 2001 ;
former Act means the Stamp Duties Act 1931 ;
prescribed day means 1 July 2001.

4.   Prescribed fees

(1)  The fees specified in Schedule 1 are prescribed as the fees payable to the Commissioner in respect of the matters to which they respectively relate.
(2)  The fees specified in Schedule 1 are GST exempt.

5.   Savings and transitional provisions

(1)  An objection made on or after the prescribed day to an assessment of duty payable under the former Act is to be determined in accordance with section 21 of the former Act.
(2)  An appeal made on or after the prescribed day in relation to an assessment of duty payable under the former Act is to be determined in accordance with section 22 of the former Act.

6.   Prescribed property

(1)  For the purposes of paragraph (c) of the definition of "mortgage-backed security", and paragraph (b) of the definition of "pool of mortgages", in section 3 of the Act –
prescribed property means the following –
(a) cash;
(b) bonds, debentures, stock or Treasury Bills, of a government authority;
(c) debentures, or stock, of a statutory authority constituted under the law of a government authority;
(d) notes or other securities of a government authority;
(e) deposits with authorised deposit-taking institutions;
(f) certificates of deposits, or other securities, issued by an authorised deposit-taking institution;
(g) bills of exchange, or promissory notes or other negotiable instruments, accepted, drawn or endorsed by an authorised deposit-taking institution;
(h) a guaranteed investment contract, expressed in Australian currency, of a type approved by the Commissioner;
(i) mortgage-backed securities.
(2)  For the purposes of the definition of prescribed property in subregulation (1)  –
government authority means –
(a) the Government of the Commonwealth; or
(b) the Government of Tasmania or another State; or
(c) the Administration of a Territory;
statutory authority means a body or authority, whether incorporated or not, that is established or constituted under a written law or under the royal prerogative, being a body or authority which, or of which the governing authority, wholly or partly comprises a person or persons appointed by the Governor, a Minister or another statutory authority, but does not include an Agency within the meaning of the State Service Act 2000 .
SCHEDULE 1 - Fees

Regulation 4

Column 1

Column 2

Column 3

Column 4

Item

Section of Act

Matter

Fee

(fee units)

1. 

205(2)(b)

Application for exemption certificate

352

2. 

210(2)(b)

Application for renewal of exemption certificate

314

Displayed and numbered in accordance with the Rules Publication Act 1953.

Notified in the Gazette on 29 June 2011

These regulations are administered in the Department of Treasury and Finance.