Revenue Legislation (Miscellaneous Amendments) Act 2002
An Act to amend the Duties Act 2001 , the Land Tax Act 2000 and the Land Tax Rating Act 2000
[Royal Assent 20 June 2002]
Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:
PART 1 - Preliminary
This Act may be cited as the Revenue Legislation (Miscellaneous Amendments) Act 2002 .
This Act commences on 1 July 2002 but, if this Act does not receive the Royal Assent on or before that day, this Act is taken to have commenced on that day.
PART 2 - Duties Act 2001 Amended
In this Part, the Duties Act 2001 is referred to as the Principal Act.
4. Section 3 amended (Interpretation)
Section 3 of the Principal Act is amended as follows:(a) by omitting the definition of ADR ;(b) by omitting the definition of commercial hire business ;(c) by omitting the definitions of consumer credit contract and Consumer Price Index ;(d) by omitting the definition of cost ;(e) by omitting the definition of equipment financing arrangement ;(f) by omitting the definitions of fit-out costs and foreign resident ;(g) by omitting the definitions of hire of goods , hire purchase agreement and hiring charges ;(h) by omitting the definitions of lease and lease instrument and substituting the following definition:lease, in relation to land or premises, includes an agreement for a lease of land or premises or any licence or other written document for or relating to the occupancy or tenancy of land or premises;(i) by omitting the definition of marketable securities ;(j) by omitting the definition of special hiring agreement ;(k) by omitting the definition of variation .
5. Section 9 amended (What is dutiable property?)
Section 9 of the Principal Act is amended as follows:(a) by omitting paragraphs (e) and (f) from subsection (1) ;(b) by omitting from subsection (1)(k) ", other than shares, units or an interest in shares or units referred to in paragraphs (e) and (f) ";(c) by omitting from subsection (1)(l)(ii) "property; or" and substituting "property.";(d) by omitting subparagraph (iii) from subsection (1)(l) ;(e) by omitting subsection (3) .
6. Section 22 amended (Aggregation of dutiable transactions)
Section 22 of the Principal Act is amended by omitting subsection (7) .
7. Section 30 repealed
Section 30 of the Principal Act is repealed.
8. Section 37 amended (Change in trustees)
Section 37(2) of the Principal Act is amended by omitting "Subject to section 54(5) , duty" and substituting "Duty".
9. Section 40 amended (Transfers back from a nominee)
Section 40(1)(a) of the Principal Act is amended by omitting "(other than marketable securities)".
10. Section 42 amended (Establishment of a trust relating to unidentified property and non-dutiable property)
Section 42 of the Principal Act is amended by omitting subsection (6) .
11. Section 45 amended (Transfer of property from one superannuation fund to another)
Section 45(2) of the Principal Act is amended by omitting ", or $1 in the case of marketable securities".
12. Section 46 amended (Transfers to trustees or custodians of superannuation funds or trusts)
Section 46 of the Principal Act is amended by omitting subsection (3) and substituting the following subsection:(3) The duty chargeable on a dutiable transaction to which this section applies is $20.
13. Section 47 amended (Deceased estates)
Section 47(1) of the Principal Act is amended by omitting ", or $1 in the case of marketable securities,".
14. Section 49 substituted
Section 49 of the Principal Act is repealed and the following section is substituted:49. Duty where no change of beneficial ownership
The duty chargeable on a transfer of dutiable property is $20 if the Commissioner is satisfied there is no change in the beneficial ownership of the property.
15. Section 50 amended (Adjustment of dutiable value of transfer on a company wind-up)
Section 50(2) of the Principal Act is amended by omitting ", or $1 in the case of marketable securities".
16. Section 51 repealed
Section 51 of the Principal Act is repealed.
17. Section 54 repealed
Section 54 of the Principal Act is repealed.
18. Section 71 amended (How duty is charged on relevant acquisitions)
Section 71(4) of the Principal Act is amended by omitting the definition of C and substituting the following definition:C is any marketable securities duty paid or payable under a law of another Australian jurisdiction.
19. Section 75 amended (Phasing-in of duty)
Section 75 of the Principal Act is amended as follows:(a) by omitting the formula and substituting the following formula:(b) by omitting "Part;" from the definition of B and substituting "Part.";(c) by omitting the definition of C .
20. Chapter 3, Part 3 repealed
Part 3 of Chapter 3 of the Principal Act is repealed.
21. Section 85 amended (When does a liability for duty arise?)
Section 85 of the Principal Act is amended by omitting "otherwise than in circumstances to which Part 5 applies".
22. Chapter 3, Part 5 repealed
Part 5 of Chapter 3 of the Principal Act is repealed.
23. Chapters 4 and 5 repealed
Chapters 4 and 5 of the Principal Act are repealed.
24. Section 190 amended (What insurance is exempt from duty?)
Section 190 of the Principal Act is amended as follows:(a) by omitting from paragraph (m) "$200." and substituting "$200;";(b) by inserting the following paragraphs after paragraph (m) :(n) insurance effected by a separate policy in a distinct sum against a claim for public liability;(o) insurance in a distinct sum against a claim for public liability included in a package of insurance other than in a domestic policy covering home or contents or both home and contents.
25. Sections 222 , 223 and 224 repealed
Sections 222 , 223 and 224 of the Principal Act are repealed.
26. Sections 244 and 245 repealed
Sections 244 and 245 of the Principal Act are repealed.
27. Schedule 1 amended (Savings and transitional provisions)
Schedule 1 to the Principal Act is amended by omitting clauses 4 and 5 .
PART 3 - Land Tax Act 2000 Amended
In this Part, the Land Tax Act 2000 is referred to as the Principal Act.
29. Section 37A inserted
After section 37 of the Principal Act , the following section is inserted in Part 3:37A. Land tax rebate (Transitional circumstances)
(1) The owner of land may apply to the Commissioner for a rebate of land tax paid if at the commencement of a financial year the owner was –(a) the owner of principal residence land; and(b) the owner of other land –(i) that was purchased with the intention that it become the principal residence land of the owner; or(ii) that was the principal residence land of the owner in the period of 3 months preceding the commencement of the financial year.(2) A rebate is payable in respect of the land tax paid on the other land.(3) The Commissioner is to grant a rebate of land tax under this section if the Commissioner is satisfied that –(a) the owner became the owner of the principal residence land or the other land during the period of 3 months preceding the commencement of the financial year; and(b) the principal residence land of the owner was –(i) the principal residence land of the owner in the period of 3 months preceding the commencement of the financial year; or(ii) the other land became the principal residence land of the owner in the financial year; and(c) before 1 October of the financial year the owner entered into a contract to sell or otherwise disposed of –and the new owner took possession of the land in the financial year; and(i) the principal residence land; or(ii) the other land –(d) no rent or other income was derived from the principal residence land or the other land during the period in which the owner owned both the principal residence land and the other land; and(e) the owner did not recover a proper proportion of any land tax paid or payable in accordance with section 40(1) ; and(f) an application for a rebate has been lodged by the owner in a form approved by the Commissioner –(i) after the sale or other disposition of the land and the new owner has taken possession of the land referred to in paragraph (c) ; and(ii) not later than 3 months after the end of the financial year.
PART 4 - Land Tax Rating Act 2000 Amended
In this Part, the Land Tax Rating Act 2000 is referred to as the Principal Act.
31. Schedule 1 substituted
Schedule 1 to the Principal Act is repealed and the following Schedule is substituted:SCHEDULE 1 - Rate of land tax
Assessed or apportioned assessed land value of land
Amounts and rates of land tax
Less than $15 000
Nil
$15 000 - $99 999.99
$25 and 0.55 cents for each dollar of the assessed land value or apportioned assessed land value in excess of $15 000
$100 000 - $199 999.99
$492.50 and 1.25 cents for each dollar of the assessed land value or apportioned assessed land value in excess of $100 000
$200 000 - $499 999.99
$1 742.50 and 2.25 cents for each dollar of the assessed land value or apportioned assessed land value in excess of $200 000
$500 000 or more
$8 492.50 and 2.5 cents for each dollar of the assessed land value or apportioned assessed land value in excess of $500 000
PART 5 - Transitional provisions
32. Transitional provisions in relation to Duties Act 2001
(1) Any word or expression used in this section has the same meaning as in the Duties Act 2001 in force immediately before the commencement of this Act.(2) After 1 July 2002 –(a) a lessor is not required to produce to the Commissioner a lease instrument for periodic assessment at any estimate date determined by the Commissioner under section 108 ; and(b) any additional duty that would have been payable if the periodic assessment had been made is not payable; and(c) any refund of duty that would have been payable if the periodic assessment had been made is not payable.(3) If duty has been paid or a liability to duty exists on a lease before 1 July 2002 and an application for a reassessment of duty paid on a lease instrument has been made under section 112 of the Duties Act 2001 on or after 23 May 2002, the Commissioner may refuse to grant a refund of any duty that would have been refundable if this subsection had not been enacted if satisfied that, at any time after the termination of the lease, the lessee or an associated person has occupied the leased property, or substantially the same property, with the agreement, express or implied, of the lessor other than as a result of the sale of the property to the lessee or associated person.(4) A refund of duty is not payable on an application for a reassessment of duty paid on a lease instrument that is lodged under section 113 of the Duties Act 2001 on or after 23 May 2002.(5) A registered commercial hire business must lodge a return with the Commissioner by 21 July 2002 and pay to the Commissioner the appropriate amount of duty, in accordance with section 133 , in relation to the hire of goods entered into before 1 July 2002 for which duty has not been paid before the commencement of this Act.(6) A person hiring out goods, other than a commercial hire business, must lodge a written statement with the Commissioner within 3 months after the written statement was required to be made out under section 135 and pay to the Commissioner the appropriate amount of duty as required under section 136 .(7) After 1 July 2002 –(a) a person hiring out goods is not required to make out any further written statements as required under section 137 ; and(b) any additional duty that would have been payable under section 137 is not payable.(8) Section 170 does not apply, on or after 20 May 2002, in relation to the cancellation of a policy of insurance against a claim for public liability obtained before 1 July 2002 if an equivalent policy with the same insurer, or person to which section 168 applies, is obtained immediately following the cancellation of the first-mentioned policy.(9) A person who is a policy holder may apply to the Commissioner for a rebate of duty paid by an insurance company in respect of the policy held by that person relating to –(a) insurance effected by a separate policy in a distinct sum against a claim for public liability; or(b) insurance in a distinct sum against a claim for public liability included in a package of insurance other than in a domestic policy covering home or contents or both home and contents.(10) A rebate under subsection (9) is payable in respect of an insurance policy that takes effect on or after 20 May 2002 but before 1 July 2002 if the Commissioner is satisfied that –(a) the person has paid the insurance premium on or after 20 May 2002; and(b) the policy covers some period after 30 June 2002.(11) A rebate under subsection (9) is payable in respect of an insurance policy that takes effect after 30 June 2002 if the Commissioner is satisfied that –(a) the person has paid the insurance premium on or after 20 May 2002 but before 1 July 2002; and(b) the policy covers some period after 30 June 2002.(12) The amount of the rebate payable under subsection (10) or (11) is calculated in accordance with the following formula:where –R is the amount of rebate payable;D is the duty paid;N is the number of days occurring after 30 June 2002 for which the insurance policy provides cover;Y is the number of days for which the insurance policy provides cover.
[Second reading presentation speech made in:
House of Assembly on 13 JUNE 2002
Legislative Council on 18 JUNE 2002]