The Governor of the Commonwealth Bank has asked for my advice as to whether stamp duty would be chargeable on withdrawals, whether by cheque or other form, from the Savings Bank Department of the Commonwealth Bank of Australia.

There is no provision for stamp duties under the law of the Commonwealth, so no stamp duty would be chargeable under Commonwealth law.

The liability to State stamp duty might depend upon the form of the instrument. If for instance it were a negotiable instrument, I think that stamp duty might be payable on it as such.

But a document required merely for the purpose of enabling a depositor to receive money from the Bank would not in my opinion be subject to stamp duty under a State Act, nor would a document which enabled the money to be paid to his agent.

In my opinion a withdrawal form such as is provided for in the draft Rules of the Bank submitted to this Department for advice on 24 June would not be liable to State stamp duty.

[Vol. 10, p. 177]