Stamp Duties Amendment Act 1963

This commentary item was published in Public Information Bulletin Volume 5, December 1964.

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Outline of amendment

The 1963 Amendment Act makes important changes to the provisions of the Stamp Duties Act 1954 which deal with refunds of stamp duty.

Refund of stamp duty erroneously assessed or paid in error or excess

In terms of sections 35 and 41 of the principal Act provision is made to refund stamp duty or penalty erroneously assessed on a document or paid in error or excess if application for the refund is made within three years after the date of payment.

The amendment extends the period during which application for a refund can be made to six years after the date of payment.

Refund of stamp duty where instrument inoperative

Section 40 of the principal Act enables refunds to be made in cases where the duty has been properly assessed and paid but the document has failed to become fully operative and has been cancelled or destroyed.

The amendment extends the period during which application for a refund can be made from 12 months to six years after the date of execution of the instrument and removes the restriction which limited these refunds to ninety-five percent of the duty paid.

Refund of conveyance duty where agreement or conveyance rescinded

Section 98 of the principal Act deals with a refund in the special case where ad valorem duty has been paid on a conveyance or agreement of sale which has not been carried into effect and has been rescinded.

Here again, the amendment extends the period during which application for a refund can be made from twelve months to six years after the date of execution of the instrument.