SUCCESSION AND PROBATE DUTIES

Transcription

1 SUCCESSION AND PROBATE DUTIES 735 PRELIMINARY NOTE 741 INCOME TAX AND SUCCESSION AND PROBATE DUTillS (SAILORS, SOLDIERS, AND MEMBERS OF THE AIR FORCE) EXEMPTION ACTS, 1940 to Short title [Not reprinted] 5. Exemption from death duties of estate of persons dying on active service Extension of s. 5 to merchant seamen Extension of s. 5 to persons dying on active service with the forces of the United Nations, etc. 744 SUCCESSION AL~D PROBATE DUTillS ACT Preamble Short title Commencement of Act Interpretation What dispositions and devolutions of property shall confer successions. Definition of the terms.. successor,".. predecessor" 749 4A. Disposition of unpaid consideration for prior transaction (I) Joint tenants taking by survivorship to be deemed successors 751 (2) Joint contribution to a fund with survivorship 752 (3) Joint purchases of property with remainder to survivors General powers of appointment to confer successions Extinction of determinable charges to confer successions Persons now beneficially entitled to real property subject to leases for life not liable to duty Dispositions accompanied by the reservation of a benefit to the grantor, etc., to confer successions Dispositions to take effect at periods depending on death, or made for evading duty, to confer successions 754 loa. When registered proprietor may be called on to prove beneficial ownership 756 lob. Deposits, etc., in joint names, etc. 756 loco Moneys payable under life insurance policies 756 Returns by insurance companies Foreign firm holding shares in Queensland company E. Principal matrimonial home F. Annuities and other interests 759 log. Dispositions in recognition of services or pursuant to agreements with the deceased H. Exemption of certain superannuation benefits, etc Duties to be deemed stamp duties, and to be under the management of the Commissioner of Stamp Duties A. (I) Registration of duty as a charge 763 (2) Commissioner may apply for order to sell 764 Powers of Court 764 Application of proceeds 764 Court may order as to surplus B. What property not to be administered until probate or administration granted Duties on successions 765 l2a. [Refund of succession duty paid on personal property in certain cases] 773

2 736 SUCCESSION AND PROBATE DUTIES Vol. 16 Succession and Probate Duties Act continued 12B. [Relief from succession duty in cases of hardship] c. [Rebate of duty where successor dies within three years of date of death of predecessor] D. Concession to residents in isolated areas of the State Provision as to married persons chargeable with succession or legacy duties In what cases duty shall be payable when the successor is also the predecessor Provision as to joint predecessors 16. Duty on transmitted successions 17. Duties payable in respect of transferred interests Payment of duty in case of acceleration of the succession Succession subject to trusts for public purposes chargeable with duty [Repealed] 20. Duties to be paid on the successor becoming entitled in possession; but in the case of outstanding interests, on the determination thereof 779 Payment of duties on real property, annuities, etc. 780 Saving as to leases at rackrent Duty to be paid by four half-yearly instalments. Proviso as to death of successor before all instalments have become due " Charge of duty on property subject to beneficial leases Duty payable by corporations, etc., taking real estate Real property directed to be sold to be charged as personalty, except where the proceeds of sale are subject to be re-invested in realty Personal property subject to be invested in real property how to be charged Allowance to donce of general power of appointment Limited interests How value of annuities, and the duty thereon, to be calculated and paid Duty on legacies given by direction to purchase annuities to be calculated on the sums necessary to purchase them, and the annuities purchased to be reduced in proportion to the duty payable Where value of testamentary benefit can only be ascertained by application of the allotted fund, etc., duty to be charged on the money as applied How duty on legacies, etc., enjoyed by persons in succession, or having partial interests therein, shall be charged Plate, etc., while enjoyed in kind, not liable to duty till in possession of persons having power to dispose thereof Duty on legacies, etc., satisfied otherwise than in money, etc., to be paid according to the value of the satisfaction A. Application of preceding provisions as to assessment of personalty What allowance to bc made for incumbrances No allowance to be made in respect of contingent incumbrances unless they take effect The duty on successions to be calculated without regard to contingencies 786

3 SUCCESSION AND PROBATE DUTIES 737 Succession and Probate Duties Act continued 37. Duty to be charged only on property obtained by the successor, and to be refunded if he be afterwards deprived thereof, etc Allowance to be made to successor in respect of relinquished property Commissioner may compound duties; and enlarge the time for payment Commissioner may receive duty in advance, and allow discount, etc Commissioner may commute duties presumptively payable in respect of expectant successions Power to commute succession duty presumptively payable in certain cases Duty to be a first charge on the interest of the successor and persons claiming under him in the property, etc Proviso as to settled real property subject to a power of sale, exercisable with consent of successor, etc. 788 Duty of Registrar of Titles A. Duties of State officers to protect revenue Purchasers and mortgagees exempted from liability to succession duty after a specified period Separate assessments of properties What persons accountable for duty 791 Such persons may compound duties, etc Notice of succession to be given to the Commissioner, and an account of the property delivered A. Power to reassess Penalty on not giving notice of succession, etc. Penalty for neglect to pay duty 793 Summons for account Accounting party shall verify his account by production of books and documents; and Commissioner may, without fee, inspect and take copies of public books 794 Penalty A. Default in returns, etc B. Duty of public officers, etc c. Secrecy Power for accountable party to appeal Duty to be entered by the Commissioner in a book, and a stamped receipt to be given Protection to bona fide purchasers Discharge of executor, etc., from claim to duty on distribution of fund Courts in suits for the administration of property to provide for payment of duty Duty on Probates and Letters of Administration A. Property subject to probate duty Regulations A. Prima facie evidence 800 Effects of assessments, etc Notices may be in writing or print Power to acquire property undervalued Repeal 802 SCHEDULE 802

4 738 SUCCESSION AND PROBATE DUTIES Vol. 16 SUCCESSION AND PROBATE DUTIES ACT 1892 AMENDMENT ACT Short title Duty chargeable on all property locally situate 803 2A. [Repealed] 3. Probates, etc., not to issue until duties paid Power to compound duties under certain circumstances [Repealed] SUCCESSION AND PROBATE DUTIES ACT Preamble.. 1. Short title and construction of Act 2. Commencement of Act 3. [Not reprinted] Gifts made within two years of death Settlement of property taking effect after death of settlor 810 6, 7. [Not reprinted] 8. Duty to bear interest.. 8A. Duty not to bear interest 9, 10. [Not reprinted] 11. [Repealed] [Not reprinted] SUCCESSION AND PROBATE DUTIES ACTS AMENDMENT ACT of 1918, 9 Geo. 5 No. 16 Preamble Short title, construction, and commencement of Act [Not reprinted] 3. Amendment of s [Not reprinted] 7. Amendment of s [Not reprinted] 20. [Operation of amendment] , 22. [Not reprinted] 23. Saving of exemptions under 6 Geo. 5 No SUCCESSION AND PROBATE DUTIES ACTS DECLARATORY AND AMENDMENT ACT of 1935, 26 Geo. 5 No Short title Declaration of the meaning of certain provisions of the Principal Act 816 3, 4. [Not reprinted] SUCCESSION AND PROBATE DUTIES ACTS AMENDMENT ACT of 1952, 1 Eliz. 2 No Short title and construction. Collective title 2-5. [Not reprinted] 6. Interpretation

5 SUCCESSION AND PROBATE DUTIES 739 SUCCESSION AND PROBATE DUTIES ACTS AMENDMENT ACT 1969, No. 13 PART I-PRELIMINAR Y 1. Short title Parts of Act 819 II-AMENDMENTS OF THE SUCCESSION AND PROBATE DUTIES ACT Citation [Not reprinted] 7. Application of Part 819 III-AMENDMENT OF THE SUCCESSION AND PROBATE DUTIES ACT 1892 AMENDMENT ACT OF Citation [Not reprinted] IV-AMENDMENT OF THE SUCCESSION AND PROBATE DUTIES ACT OF Citation [Not reprinted] 12. Application of Part 820 REGULATIONS: Succession and Probate Duties Regulations of 1918 Gazette July-Dec. 1918, pp ; amended, Gazette Sep.-Dec. 1963, p ORDER IN COUNCIL: Succession and Probate Duties Act Exemption from succession and probate duty (Gazette: 28 Mar. 1970, p. 1162). RELATED LEGISLATION: Commonwealth death duties-see Estate Duty Act ; Estate Duty Assessment Act (Commonwealth). Gift duties-see title GIFT DUTY, Vol. 6, p Income tax-see Income Tax Assessment Act (Commonwealth).

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