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These regulations may be cited as the Duties Regulations 2021 .
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Tasmania regulation
The Duties Regulations 2021 provide technical detail for the Duties Act 2001: they set specific fees (Schedule 1), list which financial assets qualify as "prescribed property" for mortgage-backed securities and mortgage pools, and preserve appeals/objections under the earlier Stamp Duties Act for matters from 1 July 2001. The rules mainly affect taxpayers, financial institutions and the Commissioner by fixing administrative fees, clarifying which assets trigger duty treatment and giving the Commissioner limited approval power for certain guaranteed investment contracts.
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Direct links to the current provisions in Duties Regulations 2021.
These regulations may be cited as the Duties Regulations 2021 .
These regulations take effect on 29 June 2021.
In these regulations –
Act means the Duties Act 2001 ;
former Act means the Stamp Duties Act 1931 ;
prescribed day means 1 July 2001.
(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 exclusive of GST.
(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.
(1) For the purposes of paragraph (c) of the definition of mortgage-backed security in section 3 of the Act, and paragraph (b) of the definition of pool of mortgages in section 3 of the Act, the following property is prescribed property:
(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 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 .
| Column 1 | Column 2 | Column 3 | | Item | Section of Act | Fee (fee units) | | 1. | 205(2)(b) | 352 | | 2. | 210(2)(b) | 314 |
Displayed and numbered in accordance with the Rules Publication Act 1953.
Notified in the Gazette on 16 June 2021
These regulations are administered in the Department of Treasury and Finance.
Sourced from Tasmanian Legislation Online (legislation.tas.gov.au), CC BY 4.0.
These regulations may be cited as the Duties Regulations 2021 .
These regulations take effect on 29 June 2021.
In these regulations –
Act means the Duties Act 2001 ;
former Act means the Stamp Duties Act 1931 ;
prescribed day means 1 July 2001.
(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 exclusive of GST.
(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.
(1) For the purposes of paragraph (c) of the definition of mortgage-backed security in section 3 of the Act, and paragraph (b) of the definition of pool of mortgages in section 3 of the Act, the following property is prescribed property:
(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 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 .
Regulation 4
| Column 1 | Column 2 | Column 3 | | Item | Section of Act | Fee (fee units) | | 1. | 205(2)(b) | 352 | | 2. | 210(2)(b) | 314 |
Displayed and numbered in accordance with the Rules Publication Act 1953.
Notified in the Gazette on 16 June 2021
These regulations are administered in the Department of Treasury and Finance.