36 The Stamp Amendment (Assessment) Act 2005 s. 7 and 8 read as follows:
“
Transitional provisions — offshore risk policies
(1) This section applies to the issue or renewal of a policy of insurance that effects offshore risk insurance, or both offshore risk insurance and other insurance, where the issue or renewal was effected on or after 1 July 1997 but before this Act received the Royal Assent.
(2) If the issue or renewal of the policy was effected before the commencement of the Taxation Administration Act 2003, that Act applies to a reassessment as if the issue or renewal had been effected after the commencement of that Act.
(3) Despite section 17 of the Taxation Administration Act 2003, the Commissioner may make a reassessment even if the respective original assessment was made more than 5 years before the reassessment.
(4) However, a person is not entitled to apply for a reassessment more than 12 months after the day on which this Act receives the Royal Assent.
(5) Where the policy of insurance effects both offshore risk insurance and other insurance then, despite section 35 of the Taxation Administration (Consequential Provisions) Act 2002, the Commissioner may make a reassessment even if the reassessment increases the amount of duty that a person is liable to pay in relation to the issue or renewal of the policy to the extent that it effects insurance other than offshore risk insurance.
(6) In this section —
**“duty”** means duty payable under the *Stamp Act 1921*;
**“offshore risk insurance”** has the meaning given to that term in section 97 of the *Stamp Act 1921* as inserted by section 5 of this Act;
**“original assessment”** has the meaning given to that term in the *Taxation Administration Act 2003*;
**“policy of insurance”** has the meaning given to that term in Part IIIF of the *Stamp Act 1921* as in force immediately before this Act received the Royal Assent;
**“reassessment”** means a reassessment as defined in the *Taxation Administration Act 2003*, being a reassessment of the amount of duty chargeable in respect of the issue or renewal of a policy of insurance to which this section applies.
8. Transitional provisions — Part IIIF
(1) An expression used in this section that is given a meaning in the Stamp Act 1921 (including old Part IIIF and new Part IIIF) has the meaning so given unless the contrary intention appears.
(2) New Part IIIF does not apply to or in respect of premiums or instalments paid to an insurer after commencement in respect of which duty, under old Part IIIF, became payable before commencement.
(3) A person who was an insurer (as defined in new Part IIIF) immediately before commencement is to be taken to have become an insurer on commencement for the purposes of new Part IIIF.
**“commencement”** means the time at which section 6 of this Act comes into operation;
“new Part IIIF” means Part IIIF of the Stamp Act 1921 as in force after commencement and, for the purposes of this section, is to be taken to include item 16 of the Second Schedule of the Stamp Act 1921 as in force after commencement;
“old Part IIIF” means Part IIIF of the Stamp Act 1921 as in force immediately before commencement and, for the purposes of this section, is to be taken to include item 16 of the Second Schedule and item 8 of the Third Schedule of the Stamp Act 1921, as in force immediately before commencement.
”.
37 The Revenue Laws Amendment (Taxation) Act 2007 s. 13(2) was repealed on 27 Jun 2008 by the Revenue Laws Amendment Act 2008 s. 7(3).
Defined terms
[This is a list of terms defined and the provisions where they are defined. The list is not part of the law.]
land 33(4), 63AA(1), 63AB(1), 73D(1), 75D(1), 76(1)
later acquisition 76AJ(3), 76AQ(3)
liability date 81
liable person 73DAA(2)
licence 75J(1), 76B(1)
life insurance 92
listed land‑holder corporation 76ATI(1)
listed land‑holder WA company 76ATB(1)
loan 81, 84
local government 4(1)
lot 75C(4)
maintenance agreement 112UA(1)
majority interest 76A(3), 76AK(2), 76AR(2)
majority shareholder 63(6)
managed investment scheme 74(1aa)
market value 76B(1)
marketable security 4(1)
member 74(1aa)
merging corporations 31B(5), 31B(6)
minerals 76(1)
mining tenement 73G(1), 76(1)
mining tenement conditional contract 4(1), 11
money 4(1)
mortgage 4(1), 81, 82(1)
mortgage duty 81
mortgage package 81, 91A(1), 91A(2)
net value 76B(1)
new vehicle 76B(1)
non‑beneficial 76B(1)
officer 73E(1)
offshore risk insurance 92
off‑the‑plan conditional contract 4(1), 10
old Part IVB Sch. 4 cl. 1(1)
old public unit trust 112UE(1)
option property 74B(1)
optional feature 76B(1)
order 112UA(1)
ordinary hiring arrangement 112IF
original equipment 76D(6), 76J(1)
other property 70(1)
own and control 75JB(5c)
parent body 75JB(5c)
Part IIIBA statement 4(1)
party 20(9)
payment 4(1), 73G(1)
plant breeder right 74C(1)
premium 92
prescribed relationship 75JB(5d)
previous duty 76ATA(5), 76ATH(5)
previous mortgage 86A(2), 86B(2)
primary advance 90(1)
primary produce contract 4(1), 9(2)
primary production 75D(1)
primary products 76(1)
private unit trust scheme 63AG(1)
property 74B(1), 112UA(1)
proprietor 74B(5)
provisional public trust 63(1)
purchase price 76B(1)
put option 74B(1)
qualified person 112Q(2)
qualifying period 75JB(5c)
receiving body 31C(1)
recognised financial market 4(1)
referable point 81
registered commercial hire business 112IF
registered insurer 92
registered organisation 92
registered unit trust scheme 73DB(1)
registrar 28(6)
reinsurance 92
related 4(1), 7(1)
related corporation 4(1)
relevant acquisition 76A(3), 76ATC(1), 76ATJ(1)
relevant aggregated dispositions 73DC(3)
relevant circumstances 75JB(5e)
relevant day 76AJ(4), 76AQ(4)
relevant disposition 73DD(5)
relevant interest 73DD(1)
relevant period 76AJ(5), 76AQ(5), 76AT(3), 76ATG(3)
relevant proportion 75HA(1)
replacement transaction 20(9)
representative 92
residential property 75AE(3)
restraint of trade arrangement 74C(1)
return period 92, 112IF
right in respect of shares 4(1)
rules 76(1)
sale 72(1)
scheme 76AV(1)
scheme land 63AA(1)
scheme property 74(1aa)
section 31B or 31C statement 75J(1)
section 76AG statement 4(1)
section 76AN statement 4(1)
section 76AT statement 4(1)
section 76ATG statement 4(1)
secured amount 81, 90(1)
security interest 81
share 73E(1), 76(1)
share transfer 75JB(4)
shareholding 76(1)
shares 75J(1)
specialised equipment 76B(1)
specified period 76AB(4)
stamp 4(1)
stamp Act 4(1)
start up period 63(1)
State hire of goods 112IC(1), 112IF
subdivision conditional contract 4(1), 12
supply 4(1)
surviving de facto partner of 2 years 4(1)
terminated on relevant grounds 4(1), 14
the determiner 73B(3)
the dutiable value 76AL(1), 76AS(1)
the initial instrument 75E(5)
the initial transfer 75E(6)
the intermediary 69(1)
the licensee 73F(2)
the property 73A(1), 73B(1)
the target 75JA(1)
the transferee 69(1), 75JA(1)
the transferor 69(1), 75E(1), 75E(1), 75HA(1)
transfer 35(4), 63(1), 70(1)
transfer or assignment 72(1)
transferee 75AG(12)
transferring body 31C(1)
transitional disposition 63AG(1)
trust 76(1)
Trust A 73D(1b)
Trust B 73D(1b)
trustee 63(1), 63(6), 75AE(4), 75D(1), 76B(1)
Trustee A 73D(1b)
unconditional 4(1)
unencumbered value 4(1)
unit 4(1), 63(1)
unit trust scheme 63(1), 76B(1)
unit trustee 63(1), 76B(1)
vehicle 75J(1), 76B(1)
vehicle A 76D(6)
vehicle B 76D(6)
WA company 4(1)
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