Estate Duty Assessment

No. 95 of 1972

An Act relating to the Assessment of Duties upon the Estates of Deceased Persons.

[Assented to 24 October 1972]

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 and citation.

1.—(1.) This Act may be cited as the Estate Duty Assessment Act 1972.

(2.) The Estate Duty Assessment Act 1914–1970, as amended by this Act, may be cited as the Estate Duty Assessment Act 1914–1972.

Commencement.

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

Statutory exemption.

3. Section 18a of the Estate Duty Assessment Act 1914–1970 is amended—

(a) by omitting from paragraph (a) of sub-section (1.) the words “Twenty thousand” (wherever occurring) and inserting in their stead the words “Forty thousand”;

(b) by omitting from paragraph (b) of sub-section (1.) the words “Ten thousand” (wherever occurring) and inserting in their stead the words “Twenty thousand”; and

(c) by omitting sub-section (1a.) and inserting in its stead the following sub-section:—

“(1a.) In the case of an estate in relation to which Part IIIa. applies, the last preceding sub-section has effect as if—

(a) the references in sub-paragraphs (i) and (ii) of paragraph (a) to Forty thousand dollars (wherever occurring) were read as references to Forty-eight thousand dollars; and

(b) the references in sub-paragraphs (i) and (ii) of paragraph (b) to Twenty thousand dollars (wherever occurring) were read as references to Twenty-four thousand dollars.”.

Application of amendments.

4. The amendments made by the last preceding section apply in relation to the estates of persons who died or die on or after the sixteenth day of August, One thousand nine hundred and seventy-two.