Australian Capital Territory Numbered Acts

DUTIES ACT 1999 (NO. 7 OF 1999) - SECT 122

(1)     Duty is payable by a broker at the concessional rate on—

        (a)     a purchase by a broker, on the broker's own account, of marketable securities, being securities of the same type as those intended to be sold by the broker during the period of 3 months after the purchase;

        (b)     a sale by the broker, on the broker's own account, of marketable securities of the same type as those purchased by the broker during the period of 3 months before the sale on which duty was payable under paragraph (1) (a) or (2) (a);

        (c)     a sale by the broker, on the broker's own account, of marketable securities of the same type as those intended to be purchased by the broker during the period of 3 months after the sale; and

        (d)     a purchase by the broker, on the broker's own account, of marketable securities of the same type as those sold by the broker during the period of 3 months before the purchase on which duty was payable under paragraph (1) (c) or (2) (c).

(2)     Duty is payable by a broker at the concessional rate on—

        (a)     a purchase by the broker, on behalf of another broker who is acting on its own account as principal (in this section referred to as the “principal broker”) of marketable securities, being securities of the same type as those intended to be sold by the principal broker during the period of 3 months after the purchase;

        (b)     a sale by the principal broker, or by another broker on behalf of the principal broker, of marketable securities of the same type as those purchased on behalf of the principal broker during the period of 3 months before the sale on which duty was payable under paragraph (1) (a) or (2) (a);

        (c)     a sale by the broker on behalf of a principal broker of marketable securities of the same type as those intended to be purchased by the principal broker during the period of 3 months after the sale; and

        (d)     a purchase by the principal broker, or by another broker on behalf of the principal broker, of marketable securities of the same type as those sold on behalf of the principal broker during the period of 3 months before the purchase on which duty was payable under paragraph (1) (c) or (2) (c).

(3)     Duty payable on a sale or purchase under subsection (2) is payable by the broker who effects or reports the sale or purchase through SEATS.

(4)     For the purpose of ascertaining whether or not a sale or purchase of marketable securities on behalf of a principal broker is made for a purpose relevant to subsection (2), a broker is entitled to rely on representations made in writing by the principal broker.