Schedule 1 Amendment of Real Property Act 1900 No 25

[1]   Section 3 Definitions

Omit the definition of Torrens assurance levy from section 3 (1) (a).

[2]   Section 134 Torrens Assurance Fund

Omit section 134 (2) (a). Insert instead:

  

(a)  any amounts that the Minister directs to be paid from fees paid to the Registrar-General for lodgment of any dealing, caveat or withdrawal of caveat,

[3]   Section 134 (2A)

Omit the subsection.

[4]   Section 134 (4)

Insert after section 134 (3):

  

(4)  The fee payable to the Registrar-General for lodgment of any dealing, caveat or withdrawal of caveat may be prescribed so as to include the amount to be paid into the Torrens Assurance Fund.

[5]   Section 134A Torrens assurance levy

Omit the section.

[6]   Section 144 Regulations

Omit section 144 (1) (b).

[7]   Section 144 (1) (c)

Omit “, expenses or levies”. Insert instead “or expenses”.

[8]   Section 144A Payment and recovery of fees or levies

Omit the section.

[9]   Schedule 3 Savings and transitional provisions

Insert at the end of clause 1 (1):

  

Real Property Amendment (Torrens Assurance Levy Repeal) Act 2011

[10]   Schedule 3, Part 10

Insert after Part 9:

  

Part 10 Real Property Amendment (Torrens Assurance Levy Repeal) Act 2011

25   Definitions

In this Part:

amending Act means the Real Property Amendment (Torrens Assurance Levy Repeal) Act 2011.

Torrens assurance levy means a levy paid under:

(a)  section 134A of this Act (as in force before its repeal by the amending Act), or

(b)  clause 26 of this Schedule.

26   Torrens assurance levy

Despite the repeal of clauses 12A and 18A and Part 2 of Schedule 1 to the Real Property Regulation 2008 by Schedule 2 to the amending Act, a levy is payable as if those provisions had not been repealed in respect of any dealing that is:

(a)  a transfer executed to give effect to a contract for the sale of land entered into on or after 1 July 2010 but before 1 July 2011, and

(b)  lodged with the Registrar-General on or after 1 July 2011.

27   Torrens Assurance Fund

(1)  The Minister (after consultation with the Treasurer) may direct that all or a proportion of amounts that have been paid to the Registrar-General as Torrens assurance levies are to be paid into the Torrens Assurance Fund.

(2)  The Minister may make such a direction at any time after the levies are paid into the Consolidated Fund, in which case the amounts are to be paid into the Torrens Assurance Fund without further appropriation.