Australian Capital Territory Numbered Acts

STAMP DUTIES AND TAXES (AMENDMENT) ACT 1990 (NO. 18 OF 1990) - SECT 5

5. Section 4 of the Principal Act is amended—

    (a)     by omitting from subsection (1) the definitions of “dutiable agreement”, “dutiable assignment”, “dutiable lease” and “dutiable transfer”;

    (b)     by omitting from subsection (1) the definitions of “adhesive stamp” and “cancel”;

    (c)     by inserting in subsection (1) the following definition:

“ ‘dutiable transfer', in relation to a marketable security, means a transfer of the security on which stamp duty is payable by virtue of Division 2 of Part V;”;

    (d)     by inserting in subsection (1) the following definitions:

“ ‘licence code', in relation to a licensed vehicle dealer, means the name under which the dealer carries on business followed by the letters “LMVD” and the dealer's licence number;

‘licensed vehicle dealer' means a licensed dealer within the meaning of the Sale of Motor Vehicles Act 1977 ;

‘registered', in relation to a vehicle, means registered under the Motor Traffic Act;”; and

    (e)     by adding at the end the following subsections:

“(7) A reference in this Act to the acquisition of a business shall be read as including a reference to the acquisition of an interest in a business but not the acquisition of marketable securities in, or relating to, any proprietor of a business.

“(8) For the purposes of this Act, the acquisition of a business occurs—

        (a)     where there is an agreement in writing in respect of the acquisition—when the agreement has been signed by the parties to it; or

        (b)     where there is no such agreement—

              (i)     when 50% of the consideration for the acquisition has been paid or otherwise satisfied; or

              (ii)     when the person acquiring the business is in a position to control the business being acquired;

whichever first occurs.”.