3Instrument for the appointment of a trustee

3 Instrument for the appointment of a trustee (1) An instrument for the appointment of a trustee is a dutiable instrument. (2) The duty payable on such an instrument is $20. 4 Lease of land in the Territory (1) A lease of land in the Territory is a dutiable instrument if duty is chargeable on the grant of the lease. (2) Duty is only chargeable on the grant of a lease if, in addition to or instead of rent payable for the lease, valuable consideration is given: (a) for the lease; or (b) for an option under which the lease is granted. (3) If valuable consideration in addition to, or instead of, rent is given for a lease, duty is to be calculated at the ad valorem conveyance rate on the amount or value of the consideration. (4) However, if a lease is entered into subsequent to, and in conformity with, an agreement for the lease that has been stamped with ad valorem duty, the duty payable on the lease is $5. 5 Motor vehicle certificate of registration (1) A motor vehicle certificate of registration is a dutiable instrument. (2) The duty payable on a motor vehicle certificate of registration is $3 for every $100 or fractional part of $100 of the dutiable value of the motor vehicle. 6 Policy of insurance (1) A policy of insurance is a dutiable instrument. (3) The duty on a policy of insurance: (a) is payable on the issue and each renewal of the policy; and

Stamp Duty Act 1978 128 (b) is: (i) for a policy issued, or renewed, for one year or less – 10% of the amount of the premium; and (ii) for a policy issued or renewed for a term of more than one year – 10% of the amount of the premium for each year and any fractional part of a year in the term. (4) The duty on a policy of insurance that is a life insurance rider is calculated in accordance with subclause (3) on the part of the premium payable for the life policy that is apportioned to the rider. 7 Instrument to correct error (1) An instrument to correct an error in a duly stamped instrument (the principal instrument) is itself a dutiable instrument. (2) If the Commissioner is satisfied that the sole purpose of the instrument is to correct an error that would not have increased the liability of the principal instrument to duty, the duty payable on such an instrument is $20. (3) If the Commissioner is not so satisfied, the duty is the difference between the amount of duty that should have been paid, and the amount actually paid, on the principal instrument plus interest and penalty tax assessed by the Commissioner on the basis that the person liable for duty on the principal instrument has been in default in respect of that sum since duty on the principal instrument fell due for payment. 8 Counterpart or copy of duly stamped instrument The Commissioner must, on lodgement of a counterpart or copy of a duly stamped instrument, stamp the counterpart or copy with a stamp indicating that the original has been duly stamped on payment to the Commissioner of a fee of $5. Note A counterpart or copy is itself dutiable in the same way as the original if the original has not been duly stamped.