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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
Stamp Amendment Bill 2004
CONTENTS
1. Short title 1
2. Commencement 2
3. The Act amended 2
4. Section 33 amended 2
5. Section 97 inserted 2
6. Transitional provisions 3
342--1 page i
Western Australia
LEGISLATIVE ASSEMBLY
Stamp Amendment Bill 2004
A Bill for
An Act to amend the Stamp Act 1921 to exempt from duty policies of
insurance issued in respect of risks arising outside Australia and for
related and other minor matters.
The Parliament of Western Australia enacts as follows:
1. Short title
This Act may be cited as the Stamp Amendment Act 2004.
page 1
Stamp Amendment Bill 2004
s. 2
2. Commencement
(1) Subject to subsection (2), this Act comes into operation on the
day on which it receives the Royal Assent.
(2) Sections 5 and 6 are deemed to have come into operation on
5 1 July 1997.
3. The Act amended
The amendments in this Act are to the Stamp Act 1921*.
[* Reprint 14 as at 12 September 2003.
For subsequent amendments see Western Australian
10 Legislation Information Tables for 2003, Table 1, p. 365 and
Acts Nos. 56, 59 and 66 of 2003 and 11 and 12 of 2004.]
4. Section 33 amended
Section 33(3)(b)(iv) is amended by deleting "subparagraph (i),
(ii) (iii) or (iiia)" and inserting instead --
15 " subparagraph (i), (ii), (iii) or (iiia) ".
5. Section 97 inserted
After section 96 the following section is inserted in Part IIIF --
"
97. Offshore risk policies exempt from duty
20 (1) In this section --
"offshore risk insurance" means --
(a) the insurance of property located outside
Australia; or
(b) insurance against any liability, loss or damage
25 that arises or is brought about as a result of the
occurrence of an event outside Australia.
page 2
Stamp Amendment Bill 2004
s. 6
(2) Duty is not chargeable in respect of the issue or
renewal of a policy of insurance to the extent that the
policy effects offshore risk insurance.
(3) If a policy of insurance effects both offshore risk
5 insurance and other insurance, the proportion of the
total amount paid to the person with whom the policy
is effected in respect of the issue or renewal that is
attributable to the offshore risk insurance must be
specified in the policy if the proportion is ascertainable
10 at the time of the issue or renewal.
(4) If the proportion attributable to offshore risk insurance
is not ascertainable at that time, it must be calculated in
accordance with the method of apportionment from
time to time established as a practice of the
15 Commissioner and published under section 127 of the
Taxation Administration Act 2003.
(5) However, if the Commissioner is not satisfied that the
total amount has been appropriately apportioned under
subsection (3) or (4), the Commissioner may --
20 (a) determine the appropriate proportions; and
(b) reassess the amount of duty payable in respect
of the issue or renewal accordingly.
(6) Any amount paid or payable to the person with whom
the policy of insurance is effected on account of duty in
25 respect of the issue or renewal of the policy shall be
disregarded for the purpose of calculating the total
amount paid to the person in respect of the issue or
renewal.
".
30 6. Transitional provisions
(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
page 3
Stamp Amendment Bill 2004
s. 6
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
5 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
10 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
15 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
20 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 same meaning as it has in
25 section 97 of the Stamp Act 1921 as in force immediately
after this Act received the Royal Assent;
"original assessment" has the same meaning as it has in the
Taxation Administration Act 2003;
"policy of insurance" has the same meaning as it has in the
30 Stamp Act 1921;
page 4
Stamp Amendment Bill 2004
s. 6
"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
5 applies.
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