Stamp Amendment Bill 1996 (Qld)

Queensland

STAMP AMENDMENT BILL Queensland

STAMP AMENDMENT BILL 1996

TABLE OF PROVISIONS

Section Page 1 Short title 20.6... 4 2 Commencement .... 0.0.6... cece ccc cette eee eens 4 3 Actamended ....... 0... cece cnet tte ees 4 4 Insertion of new ss 69C-69M .... 2.6... 4 69C Purpose and application of exempting provisions............... 4 69D Definitions for exempting provisions ..................0000005 4 69E Meaning of "first home"... 2.0.6.0... cece eee eee 5 69F Meaning of "home borrower"... 0.6.6.6 e eee eee 5 69G Meaning of "home refinance borrower" .... 0.0.0... 00000 eee 6

69H Meaning of "home refinance mortgage" and "previous mortgage"... eee eee 6 691 Limited exemptions for certain owners ...............00000005 6 69J Failure to meet exemption criteria..............0. 2... c ee eee 7 69K Duty chargeable on certain exempt home mortgages............ 8 69L Duty chargeable on certain home refinance mortgages.......... 9

69M _ More than | instrument for home mortgage or home refinance mortgage ....... 6... cee eee eee eee 10

Amendment of sch | (Stamp duties on instruments) .................. 10

A BILL FOR

An Act to amend the Stamp Act 1894

Clause

Clause

Clause

Clause

sl 4 s4 Stamp Amendment

The Parliament of Queensland enacts—

Short title 1. This Act may be cited as the Stamp Amendment Act 1996.

Commencement

2. This Act commences on a day to be fixed by proclamation.

Act amended 3. This Act amends the Stamp Act 1894.

Insertion of new ss 69C-69M 4. After section 69B— insert— 'Purpose and application of exempting provisions

"69C.(1) The purpose of the exempting provisions is to reduce the duty payable by a person who borrows money to—

(a) buy or build the person's principal home; or

(b) refinance an existing loan over the person's principal home and gives the person's principal home as security when refinancing.