Australian Capital Territory Tax (Hire-purchase Business)

No. 44 of 1969

An Act relating to the Imposition of Tax in respect of certain Hire-purchase Agreements executed in the Australian Capital Territory.

[Assented to 14 June 1969]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1. This Act may be cited as the Australian Capital Territory Tax (Hire-purchase Business) Act 1969.

Commencement.

2. This Act shall come into operation on a date to be fixed by Proclamation.

Incorporation.

3. The Australian Capital Territory Taxation (Administration) Act 1969 is incorporated and shall be read as one with this Act.

Imposition of tax.

4. Subject to this section, tax is imposed on the purchase price under a hire-purchase agreement—

(a) under which the owner is a registered owner; and

(b) that is entered into in the Territory after the commencement of this Act.

Rate of tax.

5. The rate of tax is one and a quarter per centum of the purchase price under the hire-purchase agreement.

Exemptions.

6. Tax is not imposed on—

(a) a hire-purchase agreement under which the purchase price does not exceed One hundred dollars;

(b) a hire-purchase agreement entered into by an authority of the Commonwealth or of a Territory prescribed for the purposes of this paragraph;

(i) a member of a diplomatic mission in Australia of the government of another country that does not impose stamp duty or any similar tax on hire-purchase agreements or grants in relation to Australia an exemption from any such stamp duty or similar tax corresponding to this exemption; or

(ii) a member of his family forming part of his household,

being a person who is not an Australian citizen or is not ordinarily resident in Australia; or

(d) a hire-purchase agreement under which the hirer is a public hospital, public benevolent institution, religious institution or public educational institution.