This regulation may be cited as the Duties Regulation 2023.
This regulation commences on 2 September 2023.
The dictionary in schedule 6 defines particular words used in this regulation.
4Declared public unit trust—Act, s 79
(1)For section 79 of the Act, each of the following unit trusts is declared to be a public unit trust—(a)a unit trust mentioned in schedule 1, part 1;(b)a unit trust mentioned in schedule 1, part 2, if the conditions mentioned in subsection (2) are satisfied for the trust.(2)For subsection (1)(b), the conditions are—(a)the trust is established and continues for the direct or indirect investment of funds of investors approved by the Treasurer; and(b)the trust—(i)is not established or managed for a particular investor mentioned in paragraph (a); or(ii)if the trust is established or managed for a particular investor mentioned in paragraph (a)—has been approved by the Treasurer as eligible to be declared as a public unit trust; and(c)the Queensland Investment Corporation, or a company wholly owned by the corporation, is the trustee for the trust.(3)However, the Treasurer may approve a trust under subsection (2)(b)(ii) only if the Treasurer is satisfied the investor for whom the trust is established or managed has a sufficient connection with the State.
5Concessions and exemptions for transfer duty—ELN transfers and ELN lodgements
(1)Each of the concessions for transfer duty mentioned in a provision of the Act stated in schedule 2, part 1 is a concession for transfer duty for an ELN transfer or ELN lodgement.(2)Each of the exemptions for transfer duty mentioned in a provision of an Act stated in schedule 2, part 2 is an exemption for transfer duty for an ELN lodgement.
6Duty payable on travel insurance—Act, s 349
For section 349(2)(a)(i) of the Act, duty is payable on 10% of the premium received, for a travel policy mentioned in schedule 3, item 43(a), for travel outbound from Australia, including baggage.
7Apportionment of premiums—Act, s 366
(1)For section 366 of the Act, a premium for insurance is to be apportioned—(a)for a class of insurance stated in schedule 3, column 1—in the way stated opposite the class in column 2 of the schedule; and(b)for a banker’s blanket policy—by apportioning each class of insurance covered by the policy in the way the class is apportioned under paragraph (a); and(c)for an umbrella excess of loss policy—in the way the predominating class of insurance covered by the policy is apportioned under paragraph (a).(2)In a provision in schedule 3, unless a contrary intention appears in the provision, a reference to a person or thing is a reference to the person or thing covered by the insurance.(3)In this section—predominating class of insurance means the class of insurance that attracts the highest net premium.
8Activities for prescribed business
An activity, or a combination of any 2 or more activities, stated in schedule 4 is prescribed for schedule 6 of the Act, definition prescribed business.
Each of the following stock exchanges is prescribed for schedule 6 of the Act, definition recognised stock exchange, paragraph (b)—(a)the Sydney Stock Exchange Limited ACN 080 399 220;(b)the National Stock Exchange of Australia Limited ACN 000 902 063;(c)the New Zealand Exchange Limited;(d)the London Stock Exchange plc;(e)Euronext N.V.;(f)a stock exchange that is a member of the World Federation of Exchanges.
The fees payable under the Act are stated in schedule 5.
11Rounding of amounts expressed as numbers of fee units
(1)This section applies for working out the amount of a fee expressed in this regulation as a number of fee units.(2)For the purpose of the Acts Interpretation Act 1954, section 48C(3), the amount is to be rounded down to the nearest multiple of 5 cents.Schedule 5, item 1(b) provides for a fee of 1.80 fee units. If the value of a fee unit for this regulation were $1.025, the number of dollars obtained by multiplying $1.025 by 1.80 would be $1.845. After rounding down, the amount of the fee would be $1.80.
1A unit trust that existed before 22 July 1994 for which the Queensland Investment Corporation is the trustee
1A unit trust—(a)that is established and continues for making investments for the purpose of the Queensland Future (Debt Retirement) Fund established under the Queensland Future Fund Act 2020; and(b)all of the units in which are held, directly or indirectly, by a government entity or government owned corporation
2QIC Cash Enhanced Fund
3QIC Infrastructure Portfolio No. 1 Trust
4QIC Infrastructure Portfolio No. 2 Trust
5QIC Long Term Diversified Fund
6QIC Office Property Fund
7QIC Private Equity Fund No. 2
8QIC Private Equity Fund No. 3
9QIC Private Equity Fund No. 5
10QIC Registry Trust
11QIC Retail (No. 2) Fund
•section 91•section 92•section 105•section 105A
1the Act•section 117•section 124•section 125•section 130A•section 130B•section 136•section 143•section 145•section 147•section 149•section 151•section 152•section 424•section 426•section 429•section 430(b)•section 430(c)•section 431A
2Family Law Act 1975 (Cwlth)•section 90•section 90L•section 90WA
Class of insurance | Way apportioned | |
1 | Aviation non-ownership liability | State in which the insured person resides |
2 | Aviation hull, aviation hull third party property liability and aviation hull personal liability— | |
(a) high capacity regular public transport aircraft | Number of take-offs and landings in the previous year in each State for all aircraft covered by the policy (whether operated by the insured person or by a subsidiary) | |
(b) another aircraft | State in which the aircraft is usually located or stored in a hangar (whether operated by the insured person or by a subsidiary) | |
3 | Bloodstock | State in which the bloodstock is usually located |
4 | Boiler explosion | Value of property or sum insured or exposure level for each State |
5 | Burglary | Value of property or sum insured or exposure level for each State |
6 | Business interruption | Reasonably estimated profit revenue, fees, rent or other business measurement factor for each State |
7 | Care, custody and control of bloodstock | State in which the bloodstock is usually located |
8 | Cash in transit | Number of premises or value of property or sum insured or exposure level for each State |
9 | Company reimbursement | Estimated salaries and wages or number of persons working in each State |
10 | Comprehensive crime policy | Estimated salaries and wages or number of persons working in each State |
11 | Contract works | Value of property or sum insured or exposure level for each State |
12 | Contractors risk | Value of property or sum insured or exposure level for each State |
13 | Crop | Value of property or sum insured or exposure level for each State |
14 | Deterioration of stock | Value of property or sum insured or exposure level for each State |
15 | Directors and officers | Estimated turnover, sales or number of persons working in each State |
16 | Disability— | |
(a) individual | State in which the business is registered or State in which the insured person resides | |
(b) group | State in which the business is registered or State in which the insured person resides | |
17 | Fidelity guarantee | Estimated salaries and wages or number of persons working in each State |
18 | Fire | Value of property or sum insured or exposure level for each State |
19 | General property | Value of property or sum insured or exposure level for each State |
20 | Home building and contents | Value of property or sum insured or exposure level for each State |
21 | Industrial special risk— | |
(a) property | Value of property or sum insured or exposure level for each State | |
(b) consequential loss | Reasonably estimated profit revenue, fees, rent or other business measurement factor for each State | |
22 | Legal expense insurance | Estimated salaries and wages or number of persons working in each State |
23 | Livestock | State in which the livestock is usually located |
24 | Loss of profits | Reasonably estimated profit revenue, fees, rent or other business measurement factor for each State |
25 | Machinery breakdown (including computers and engineering) | Value of property or sum insured or limit of liability declared for each State |
26 | Marine— | |
(a) builders risk | Value of property or sum insured or exposure level for each State | |
(b) carriers legal liability, charterers liability and hull liability for coastal and international shipping | State which is the predominant location of the vessel | |
(c) private pleasure craft | State in which the vessel is registered or State in which the insured person resides | |
27 | Medical indemnity | Subscriptions paid in each State |
28 | Money | Number of premises or value of property or sum insured or exposure level for each State |
29 | Mortgage insurance— | |
(a) if security consists of 2 or more properties located in different States | Value of property located in each State | |
(b) otherwise | State in which the property is usually located | |
30 | Motor vehicle, including extended warranty insurance— | |
(a) commercial motor vehicle | State in which vehicle is registered or taken to be registered | |
(b) private use motor vehicle | State in which vehicle is usually located or stored in a garage | |
(c) federal interstate motor vehicle | State in which vehicle is registered or taken to be registered | |
(d) unregistered motor vehicle | State in which vehicle is usually located or stored in a garage | |
31 | Non-appearance—entertainment industry | Ticket sales in each State |
32 | Occupational—professional indemnity | Estimated salaries and wages, or number of persons working, in each State or reasonably estimated profit revenue, fees or rent for each State |
33 | Personal accident and illness— | |
(a) individual | State in which the business is registered or State in which the insured person resides | |
(b) group | State in which the business is registered or State in which the insured person resides | |
34 | Personal liability— | |
(a) individual | State in which the insured person resides | |
(b) business | State in which the business is registered | |
35 | Personal property | Value of property or sum insured or exposure level for each State |
36 | Pluvius | Value of property or sum insured or exposure level for each State |
37 | Public liability, product liability or broadform | Estimated salaries and wages, or number of persons working, in each State or floor area units, turnover or sales, number of premises or rent for each State |
38 | Railway property or public liability | Number of kilometres travelled by the rolling stock in each State in the 12-month period immediately before the insurance policy’s inception or renewal |
39 | Sprinkler leakage | Value of property or sum insured or exposure level for each State |
40 | Strata unit | Value of property or sum insured or exposure level for each State |
41 | Title insurance | State in which the property is located |
42 | Trade credit policies | Estimated turnover or sales in each State |
43 | Travel— | |
(a) outbound from Australia, including baggage— | ||
(i) individual | State in which the insured person resides | |
(ii) business | State in which the business is registered | |
(b) within Australia— | ||
(i) individual | State in which the insured person resides | |
(ii) business | State in which the business is registered |
1Excavating and earthmoving
2Framing pictures
3Gunsmithing
4Locksmithing
5Manufacturing, processing and packaging
6Operating any of the following—(a)a beauty salon or barber shop;(b)a bus service;(c)a cinema;(d)a crematorium;(e)an engineering workshop;(f)a laundry or laundrette;(g)a newsagency, travel agency or real estate agency;(h)a repair and service workshop;(i)a rental business;(j)a restaurant or cafe;(k)a service station;(l)a sports complex or gymnasium;(m)a warehouse or bulk storage complex
7Operating as an undertaker or a funeral director
8Printing and publishing
9Repairing boots and shoes
10Retailing and wholesaling, whether or not involving repairing or installing goods sold
11Upholstering
Fee units | ||
1 | Fee payable to the commissioner for returning, by post, an instrument or statement lodged for assessment— | |
(a) first instrument or statement | 5.45 | |
(b) each additional instrument or statement, including a copy | 1.80 | |
2 | Fee for instrument lodged on which duty is not imposed (Act, s 495(3)) | 42.70 |
exposure level means the maximum possible monetary risk to the insurer if the insurer agrees to indemnify an insured person under an insurance contract.
federal interstate motor vehicle means a motor vehicle registered under the repealed Interstate Road Transport Act 1985 (Cwlth).
high capacity regular public transport aircraft, for schedule 3, item 2(a), means an aircraft employed in regular public transport operations under the Civil Aviation Regulations 1988 (Cwlth), whose certificate of type approval under those regulations permits the aircraft to have—
(a)a maximum seating capacity of more than 38 seats; or
(b)a capacity to carry a maximum payload of more than 4,200kg.
limit of liability declared means the maximum amount, mentioned in an insurance contract, payable to an insured person under the insurance contract.
predominant location, for a vessel mentioned in schedule 3, item 26(b), means—
(a)if the insured person has disclosed to the insurer that the vessel will operate from its port of registration for the insurance year—the port of registration for that insurance year; or
(b)if the insured person has disclosed to the insurer that the vessel will operate from more than 1 port during the insurance year—the port from which it will operate for most of that insurance year; or
(c)if the insured person has disclosed to the insurer that the vessel will operate from more than 1 port during the insurance year but no port can be identified as the port from which the vessel will operate for most of the insurance year—the vessel’s port of registration for that insurance year.
Queensland Investment Corporation means the Queensland Investment Corporation established under the Queensland Investment Corporation Act 1991.