GIFT DUTY ASSESSMENT AMENDMENT ACT 1978

No. 24 of 1978

An Act to amend the Gift Duty Assessment Act 1941.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c.

1. (1) This Act may be cited as the Gift Duty Assessment Amendment Act 1978.

(2) The Gift Duty Assessment Act 1941 is in this Act referred to as the Principal Act.

Commencement

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Interpretation

3. Section 4 of the Principal Act is amended—

(a) by omitting from sub-section (1) the definition of “children” and substituting the following definition:

“‘child’, in relation to a person, includes an adopted child, a step-child or an ex-nuptial child of that person;”;

(b) by inserting after the definition of “gift duty” in sub-section (1) the following definitions:

“‘grandchild’, in relation to a person, means a person who is the child of a child of that person;

‘grandparent’, in relation to a person, means a person of whom that person is the grandchild;”; and

“‘member of the family’, in relation to a person, means the spouse, a child, a grandchild, a parent or a grandparent of that person;

‘parent’, in relation to a person, means a person of whom that person is the child;”.

Liability to pay gift duty

4. Section 11 of the Principal Act is amended by inserting “and before 1 July 1979” after “of this Act”.

Exemptions

5. Section 14 of the Principal Act is amended—

(a) by omitting paragraph (g) and substituting the following paragraph:

“(g) any gift by a person to, or wholly for the benefit of, a member or members of the family of the person;”; and

(b) by adding at the end thereof the following sub-section:

“(2) A gift by a person to or for the benefit of—

(a) a member or members of the family of the person; and

(b) a person or persons other than a member of the family of the first-mentioned person,

shall, to the extent that it is a gift to, or for the benefit of, the member or members of the family of the first-mentioned person, be deemed, for the purposes of paragraph (1)(g), to be a gift to, or wholly for the benefit of, that member or those members of the family.”.

Returns by donor

6. Section 19 of the Principal Act is amended by adding at the end of sub-section (4) “or any gift made on or after 1 July 1979”.

Application of amendments

7. The amendments made by sections 3 and 5 apply in relation to any gift made by a person on or after 21 November 1977.