Part IV - Estate And Gift Duty Amendments
Archived legislative commentary on Part IV - Estate And Gift Duty Amendments from PIB vol 181 Jun 1989.
This commentary item was published in Public Information Bulletin Volume 181, June 1989
Section 2 - Custody And Release Of Administration By Commissioner
At present section 43 of the Estate and Gift Duties Act requires that every administration of an estate has to be sent to the Commissioner for the checking of estate duty liability before it can be released.
This amendment to section 43 will permit the Commissioner to allow the court to release certain classes of estate without referral to the Commissioner. The classes of estate to be exempt will be required to be given by notice in the Gazette. The classes to be exempt will be those estates which because of their value will not be liable for estate duty.
The exemption will only apply if a declaration that the estate is of an exempt class given to the court.
Section 3 - Administrators' Statement To Be Delivered To Commissioner
This section amends section 46 of the Estate and Gift Duties Act. It provides that an administrators' statement will only need to be delivered to the Commissioner where the administration was required to be sent to the Commissioner, or the Commissioner specifically requested an administrators' statement.
If the Commissioner specifically requests an administrators' statement then the time given for delivery shall not be earlier than 6 months after the grant of administration or less than 2 months after the date of the request.
Section 4 - Assessment of Estate Duty
This section makes a consequential amendment to section 49 of the principal Act.
Section 5 - Consequential Amendment to Administration Act
This section makes a consequential amendment to a related section in the Administration Act.