Page 2641 - Week 09 - Wednesday, 24 August 1994
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Page 5, line 18, clause 9, proposed new subsection 44(2), add at the end of the proposed new section 44 the following new subsection:
"(2) If tax or stamp duty has been paid under section 49F in respect of a change in beneficial ownership of a marketable security, tax or stamp duty is not payable under subsection (l) in respect of the transfer of the same security.".
Page 7, line 9, clause 9, proposed new subsection 45B(5) (penalty provision), omit "6", substitute "12".
Page 9, lines 12 to 36 and page 10, lines 1 to 11, clause 13, omit the clause, substitute the following clauses:
Heading to Division 3 of Part V
"13. Before section 50 of the Principal Act the following section is inserted in Division 3 of Part V:
Liability on change of beneficial ownership where tax or duty not otherwise payable
'49F. (1) The determined amount of tax or stamp duty, as the case requires, is payable on a change in beneficial ownership of a marketable security.
'(2) Subsection (1) does not apply to a change in beneficial ownership in respect of which tax or stamp duty is otherwise payable under this Part.
'(3) Nothing in subsection (1) is to be taken to require the payment of tax or stamp duty in respect of an agreement for the change in beneficial ownership of a marketable security.
'(4) The determined amount of tax or stamp duty referred to in subsection (1) is payable by the person who acquires beneficial ownership in the marketable security.
'(5) A person who acquires beneficial ownership in a marketable security in respect of which tax or stamp duty is payable under this section shall lodge with the Commissioner a statement in a form approved by the Commissioner.
'(6) A statement referred to in subsection (5) shall be lodged not later than 30 days after the change in beneficial ownership in the marketable security.'.
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