Page 2642 - Week 09 - Wednesday, 24 August 1994
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Substitution
"13B. Section 56 of the Principal Act is repealed and the following section substituted:
Prerequisites for registration
'56. A transfer of a marketable security shall not be registered in the books of the company or unit trust to which the marketable security relates unless -
(a) in the case of a non-SCH regulated transfer, the instrument of transfer -
(i) bears statements in respect of the transactions to which the instrument relates, made under section 41 or a corresponding law, to the effect that stamp duty, if payable, has been or will be paid; or
(b) in the case of an SCH regulated transfer - the transfer document has been endorsed with the participant's identifier; or
(c) in the case of a transfer by a prescribed corporation - the instrument of transfer has affixed to it the seal of the corporation.'.".
Page 11, line 2, clause 15, paragraph (b), proposed new paragraph (ma) (Schedule 4), after proposed paragraph (m), insert the following paragraph:
"(ma) made solely by way of security or by way of re-transfer to a person from another person who held the marketable security by way of security, and that is not made in connection with a tax avoidance scheme;".
I apologise for the fact that the amendments were not sent around to some members earlier yesterday.
Subsequent to the presentation of the Stamp Duties and Taxes (Amendment) Bill 1994 on 19 May, there has been further consultation with the Australian Stock Exchange and the Law Society. Following those discussions, it was considered necessary to clarify certain aspects of the Bill. Madam Speaker, the Bill creates a liability in respect of a change in beneficial ownership of marketable securities. The proposed amendment avoids the imposition of double duty by ensuring that the subsequent transfer of legal title in the same transaction is not liable for stamp duty.
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