Part 5Part 5 Allotment of shares by direction
137A Abolition of duty charged by this Part—effective 1 July 2013
(1) The duty charged by this Part is abolished on and from 1 July 2013.(2) The duty charged by this Part remains chargeable on an allotment of shares referred to in section 138 that occurs before 1 July 2013.
This Part applies to an allotment of shares to any person by a NSW company that is not listed on the Australian Securities Exchange or a recognised stock exchange at another person’s direction, in discharge of an obligation to that other person, whether that obligation arises as consideration for the purchase of property by the company or otherwise.
139 When does a liability for duty arise?
A liability for duty charged by this Part arises when the relevant shares are allotted.
A tax default does not occur for the purposes of the Taxation Administration Act 1996 if duty is paid within 3 months after the liability to pay the duty arises.
141 Who is liable to pay the duty?
Duty chargeable under this Part is payable by the person to whom the relevant shares are allotted.
142 Acquisition of shares by allotment
(1) A person to whom any shares are allotted in an allotment to which this Part applies must lodge a statement (an allotment statement) with the Chief Commissioner in respect of the allotment.(2) The statement must be lodged within 3 months after the shares are allotted.
An allotment statement required to be lodged by a person is to be in an approved form and is to contain the following information:(a) the name and address of the person,(b) the name of the relevant company,(c) the date on which the shares were allotted to the person,(d) such other information as may be required by the Chief Commissioner.
An allotment to which this Part applies is chargeable with duty at the rate of duty set out in section 33 in respect of a transfer of marketable securities on the dutiable value of the shares.