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This is a Bill, not an Act. For current law, see the Acts databases.

STAMP DUTY AMENDMENT BILL 2002

Mr Burke






A BILL
for
AN ACT

to amend the Stamp Duty Act


NORTHERN TERRITORY OF AUSTRALIA

stamp duty AMENDMENT ACT 2002

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No. of 2002
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TABLE OF PROVISIONS


Section

1. Short title

NORTHERN TERRITORY OF AUSTRALIA
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No. of 2002
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AN ACT


to amend the Stamp Duty Act




[Assented to 2002]
[Second reading 2002]




The Legislative Assembly of the Northern Territory enacts as follows:



1. Short title
This Act may be cited as the Stamp Duty Amendment Act 2002.

2. Commencement
This Act is taken to have come into operation on 1 July 2001.

3. Schedule 1
Schedule 1 to the Principal Act is amended –

(a) by inserting in item 17 ", or a public liability insurance policy" after "Work Health Act"; and
(b) by inserting after item 18 the following:
"19.Policies of Public Liability Insurance

(1) On every policy of insurance and, subject to paragraph (2), every renewal of a policy of insurance for a term of one year or less

(2) On a renewal of a policy of insurance for a term of one year or less if –

(a) the renewal is of a policy of insurance that was issued or last renewed on or before 1 July 2001; and

(b) the risk being insured against under the renewal is substantially the same as the risk that was insured against under the policy as issued or last renewed

(3) On every policy of insurance and, subject to paragraph (4), every renewal of a policy of insurance for a term of more than one year

(4) On a renewal of a policy of insurance for a term of more than one year if –

(a) the renewal is of a policy of insurance that was issued or last renewed on or before 1 July 2001; and

(b) the risk being insured against under the renewal is substantially the same as the risk that was insured against under the policy as issued or last renewed

10% of the amount of the premium.

The lesser of –

(a) 10% of the amount of the premium; or

(b) 10% of the amount of the premium that would have been payable if the renewal had taken effect on 1 July 2001.

In respect of each year and also of any fractional part of a year in the term – 10% of the amount of the premium.

In respect of each year of the term and also of any fractional part of a year in a term, the lesser of –

(a) 10% of the amount of the premium; or

(b) 10% of the amount of the premium that would have been payable if the renewal had taken effect on 1 July 2001.".


4. Schedule 2
Schedule 2 to the Principal Act is amended by inserting after item 32 the following:

"32A. Any policy of public liability insurance under which the insured is a public benevolent institution, or any renewal of such a policy, if the issue or renewal occurs on or after 1 July 2001.".


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