Colin Biggers & Paisley

Queensland Office of State Revenue’s decision on insurance Stamp Duty refunds flowing from Qantas Case

We refer to our NewsFlash of 3 December 2009 in which we indicated that the Queensland Office of State Revenue (QLD OSR) was yet to provide a view on how it would take the Qantas case into account concerning the historical and on going payment of stamp duty under the Duties Act 2001 (Qld) (QLD Duties Act) for insurers not authorised under the Insurance Act 1973 (Cth) to carry on insurance business.

QLD OSR has now released details of its decisions that flow from the Qantas case.

Gary Newton was involved in the drafting of a proposed National Uniform Torrens Legislation for Australia

There is a proposal in Australia to have uniform Torrens Legislation apply across the country. At present there are eight different Torrens title systems which, although similar, are not identical.

The introduction of the uniform system will hopefully take the best from each of the systems and also allow for easier dealings in property across state borders in Australia. It will also assist the national electronic conveyancing and other property initiatives which are also being developed.

Overview of the new Financial Ombudsman Service (FOS) Terms of Reference (TOR)

FOS is one of the external dispute resolution (EDR) schemes approved by ASIC under Chapter 7 of the Corporations Act 2001 (Cth) (Corporations Act) and provides EDR services for up to 80% of Australian banking, insurance and investment disputes.

After a long period of consultation a new single set of TOR has been approved by ASIC and FOS.

Possible entitlement to refund of stamp duty on insurance policies

The NSW Supreme Court of Appeal in Chief Commissioner of State Revenue v Qantas Airways Ltd [2009] NSWCA recently confirmed the decision of the Supreme Court in Qantas Airways Ltd v Chief Commissioner of State Revenue [2008] NSWSC 1049 that stamp duty was not payable under the Duties Act 1997 (NSW) on premiums paid to insurers neither registered nor authorised as general insurers under the Insurance Act 1973 (Cth) until 20 June 2006 when the legislation was amended.