Duties Regulation 2023

This regulation may be cited as the Duties Regulation 2023.

This regulation commences on 2 September 2023.

The dictionary in schedule 6 defines particular words used in this regulation.

For section 79 of the Act, each of the following unit trusts is declared to be a public unit trust—

a unit trust mentioned in schedule 1, part 1;

a unit trust mentioned in schedule 1, part 2, if the conditions mentioned in subsection (2) are satisfied for the trust.

For subsection (1)(b), the conditions are—

the trust is established and continues for the direct or indirect investment of funds of investors approved by the Treasurer; and

the trust—

is not established or managed for a particular investor mentioned in paragraph (a); or

if the trust is established or managed for a particular investor mentioned in paragraph (a)—has been approved by the Treasurer as eligible to be declared as a public unit trust; and

the Queensland Investment Corporation, or a company wholly owned by the corporation, is the trustee for the trust.

However, the Treasurer may approve a trust under subsection (2)(b)(ii) only if the Treasurer is satisfied the investor for whom the trust is established or managed has a sufficient connection with the State.

Each of the concessions for transfer duty mentioned in a provision of the Act stated in schedule 2, part 1 is a concession for transfer duty for an ELN transfer or ELN lodgement.

Each of the exemptions for transfer duty mentioned in a provision of an Act stated in schedule 2, part 2 is an exemption for transfer duty for an ELN lodgement.

For section 349(2)(a)(i) of the Act, duty is payable on 10% of the premium received, for a travel policy mentioned in schedule 3, item 43(a), for travel outbound from Australia, including baggage.

For section 366 of the Act, a premium for insurance is to be apportioned—

for a class of insurance stated in schedule 3, column 1—in the way stated opposite the class in column 2 of the schedule; and

for a banker’s blanket policy—by apportioning each class of insurance covered by the policy in the way the class is apportioned under paragraph (a); and

for an umbrella excess of loss policy—in the way the predominating class of insurance covered by the policy is apportioned under paragraph (a).

In a provision in schedule 3, unless a contrary intention appears in the provision, a reference to a person or thing is a reference to the person or thing covered by the insurance.

In this section—

predominating class of insurance means the class of insurance that attracts the highest net premium.

An activity, or a combination of any 2 or more activities, stated in schedule 4 is prescribed for schedule 6 of the Act, definition prescribed business.

Each of the following stock exchanges is prescribed for schedule 6 of the Act, definition recognised stock exchange, paragraph (b)—

the Sydney Stock Exchange Limited ACN 080 399 220;

the National Stock Exchange of Australia Limited ACN 000 902 063;

the New Zealand Exchange Limited;

the London Stock Exchange plc;

Euronext N.V.;

the New York Stock Exchange;

a stock exchange that is a member of the World Federation of Exchanges.

The fees payable under the Act are stated in schedule 5.

This section applies for working out the amount of a fee expressed in this regulation as a number of fee units.

For the purpose of the Acts Interpretation Act 1954, section 48C(3), the amount is to be rounded down to the nearest multiple of 5 cents.

Example—

Schedule 5, item 1(b) provides for a fee of 1.80 fee units. If the value of a fee unit for this regulation were $1.025, the number of dollars obtained by multiplying $1.025 by 1.80 would be $1.845. After rounding down, the amount of the fee would be $1.80.