Duties (Amendment) Act 2001 (Vic)
Duties (Amendment) Act 2001
Act No. 46/2001
TABLE OF PROVISIONS
Section Page PART 1—PRELIMINARY 1
1. Purposes 1 2. Commencement 2
PART 2—DUTIES ACT 2000 3
3. Definitions 3 4. Declarations of trust 7 5. Unencumbered value of marketable securities 8 6. Aggregation of dutiable transactions—land used for primary production 8 7. Exemptions and concessions for trusts 10 8. New section 48A inserted 11
48A. Amalgamation of industrial organisations 11
9. Land-rich private corporations 11 10. Credit for duty paid in another Australian jurisdiction 12 11. Statement of special hiring agreement 12 12. Mortgage duty 12 13. New section 155 substituted 13
155. Extent mortgage is enforceable 13
14. Further mortgage duty amendments 14 15. New section 165 substituted 17
165. Collateral securities 17
16. Refinancing of loans 17 17. Amendment of Part heading in Chapter 7 (Mortgages) 18 18. Insurance duty 18 19. New sections 234A and 234B inserted 18
234A. Amalgamation of industrial organisations 18 234B. Financial sector (transfers of business) 19
20. New sections 251A and 251B inserted 19 251A. Mortgage-backed securities 19
251B. Instruments issued for the purpose of creating, issuing or
marketing mortgage-backed securities 20
21. Instruments effecting more than one transaction 20 22. Returns systems 20
i
Section Page
23. New sections 264A, 264B and 264C inserted 21 264A. Application for authorisation 21
264B. Conditions of authorisation 21 264C. Gazettal or service of notices 22 24. Endorsement of instruments and payment of duty by authorised
persons 22 25.
Registration of instruments 23 26.
Payment of fees by stamps 23 27. Consequential amendment to Taxation Administration Act
1997 23 28.
Consequential amendment to Road Safety Act 1986 24 29.
Transitional provisions 24 30.
Transitional provision for authorised persons 26 31.
Statute law revision 27
PART 3—LAND TAX ACT 1958 28
32. Equalization factor for City of Melbourne 28
═══════════════
ENDNOTES 29
ii
Victoria
No. 46 of 2001
Duties (Amendment) Act 2001†
[Assented to 27 June 2001]
The Parliament of Victoria enacts as follows:
PART 1—PRELIMINARY
1. Purposes
The purposes of this Act are—
(a)
to make miscellaneous amendments to the Duties Act 2000;
(b)
to amend the Land Tax Act 1958 with respect to the land tax equalization factor for the City of Melbourne.
Duties (Amendment) Act 2001
Act No. 46/2001 s. 2
2. Commencement
(1) This Part and Part 3 come into operation on the
day on which this Act receives the Royal Assent. (2) Part 2 comes into operation on 1 July 2001.
_______________
Duties (Amendment) Act 2001
| s. 3 | Act No. 46/2001 |
PART 2—DUTIES ACT 2000
See:
| Act No. | 3. Definitions |
| 79/2000. | |
| Statute Book: | (1) In section 3 of the Duties Act 2000— |
| dpc.vic. | (a) insert the following definitions— |
| gov.au |
' "authorised deposit-taking institution"
has the same meaning as in the Banking
Act 1959 of the Commonwealth;
"collateral mortgage" means a mortgage
that secures all or part of the same
advance as another mortgage, security
instrument or mortgage package that
has been duly stamped under this Act
or a corresponding Act;
"dutiable proportion", for a mortgage, means the proportion of the amount secured by the mortgage worked out under section 159;
"industrial organisation" means an
association of employees or employers registered as an organisation under the Workplace Relations Act 1996 of the
Commonwealth;
"liability date", for a mortgage, means the
date the mortgage is liable under
section 152 for mortgage duty;
"mortgage-backed security" means—
(a)
an entitlement or interest of a person in—
(i) a right or entitlement of a or entitlement in respect of a
Duties (Amendment) Act 2001
Act No. 46/2001 s. 3 mortgage or pool of
mortgages; or
(ii) money payable by a
mortgagor under a mortgage
or pool of mortgages
(whether or not on the same
terms and conditions as
apply under the mortgage)—whether or not the person is
entitled to a transfer or assignment
of the mortgage or pool ofmortgages; or
(b) an instrument that—
(i) is a debenture, promissory
note, bill of exchange, stock,
bond, note or other document
creating, evidencing or
acknowledging
indebtedness; and(ii) is issued or made by a corporation—
the payments under which are
derived by the corporation
substantially, or to the extent
declared under sub-section (2)(c),
from the receipts, whether of
capital or income, from amortgage or pool of mortgages; or
(c) an entitlement, interest or
instrument of a class declared
under sub-section (2)(a); or(d)
an instrument by which an interest in or mortgage or charge over an entitlement, interest or instrument
Duties (Amendment) Act 2001
| s. 3 | Act No. 46/2001 |
mentioned in paragraph (a), (b) or
(c) is created—
but does not include—
(e)
a mortgage (other than a mortgage referred to in paragraph (d)); or
(f) a transfer of a mortgage; or
(g) a declaration of trust; or
(h) an entitlement, interest or
instrument of a class declared
under sub-section (2)(b);"pool of mortgages" means a pool or collection of assets—
(a) that consists solely of mortgages; or (b) the extent declared under sub-
section (2)(d), of mortgages or ofthat consists substantially, or to both, and may include—
(i) cash;
(ii) investments of a kind
referred to in section 4(1)(a),
(b), (c), (d), (e), (f), (g), (h),
(i), (ia), (j), (k) or (o) of the
Trustee Act 1958 as in force
immediately before the
commencement of section 4
of the Trustee and Trustee
Companies (Amendment)
Act 1995;(iii) assets of a class of assets (2)(e);
Duties (Amendment) Act 2001
Act No. 46/2001 s. 3 "referrable point", for the dutiable
proportion of a mortgage, means the
document or approved method used to
work out the dutiable proportion undersection 159;';
(b) for the definition of "Australian Stock ' "Australian Stock Exchange" means
Australian Stock Exchange Limited
(A.C.N. 008 624 691);';
(c) in the definition of "complying insert "or 42A";
(d)
for the definition of "mortgage" substitute— ' "mortgage"—
(a)
subject to paragraph (b), has the meaning given by section 149;
(b)
for the purposes of section 251A and the definitions of "mortgage- backed security" and "pool of
mortgages" means a mortgage of
any estate or interest in land,
including a leasehold estate or
interest in land, whether the land
is situated in Victoria or
elsewhere, and includes a charge
over any such land;';
(e) at the foot of the definition of "person" insert— 'Note: "person" also includes a body corporate—see section 38 of the Interpretation of Legislation Act 1984.';
(f)
in the definition of "recognised stock exchange", for paragraphs (b) and (c) substitute—
Duties (Amendment) Act 2001
| s. 3 | Act No. 46/2001 |
"(b) Bendigo Stock Exchange Ltd (A.C.N. 087 708 898); or
(c) Newcastle Stock Exchange Limited
(A.C.N. 000 902 063); or(d) a stock exchange prescribed as a purposes of this Act;".
(2) At the end of section 3 of the Duties Act 2000
insert—
"(2) The Governor in Council, by order published
in the Government Gazette, may declare—
(a) a class of entitlements, interests or instruments to be mortgage-backed securities; (b) a class of entitlements, interests or securities;
(c)
the extent to which payments are derived by a corporation from the receipts of a mortgage or pool of mortgages;
(d)
the extent to which a pool of assets consists of mortgages or money paid under mortgages, or both, to be a pool of mortgages;
(e)
a class of assets to be assets included in a pool of mortgages.".
4. Declarations of trust
In the Table in section 8 of the Duties Act 2000, in column 3, omit ", or directing the declaration of,".
Duties (Amendment) Act 2001
Act No. 46/2001 s. 6
5. Unencumbered value of marketable securities
In section 22 of the Duties Act 2000, after sub-
section (4) insert—
"(5) In computing for the purposes of thisChapter the unencumbered value of any marketable securities of a company, there must be disregarded any provision in the constitution of the company which, or the operation of which, restricts or would restrict the sale or disposition or reduces or would reduce the unencumbered value of the marketable securities, and the marketable securities are to be valued as if no such provision existed.
(6) Despite anything to the contrary in this
section, the Commissioner may adopt as the
unencumbered value of any marketable
securities of a company the net benefit that,
in the opinion of the Commissioner, the
holder of the marketable securities would
receive after payment of all income taxes in
respect of the marketable securities in the
event of the company being voluntarily
wound up at the time the dutiable transaction
occurred, whether or not any such winding
up was intended or contemplated at that
time.".
6. Aggregation of dutiable transactions—land used for primary production
In section 24 of the Duties Act 2000, after sub- section (2) insert—
Duties (Amendment) Act 2001
Act No. 46/2001
"(2A) Dutiable transactions are not to be aggregated under this section if the Commissioner is satisfied that—
(a) each item or part of dutiable property to which the arrangement referred to in sub-section (1) relates is— (i) an estate in land referred to in section 9(1)(ga), (h) or (ha) of the Land Tax Act 1958; or
(ii) goods in Victoria held or used in connection with land referred to in sub-paragraph (i); or
(iii) property referred to in section referred to in sub-paragraph (i) or (ii); and
(b)
following the series of dutiable transactions giving effect to or arising from the arrangement referred to in sub-section (1), the land referred to in paragraph (a) will continue to be used for primary production.
(2B) A transferee of a dutiable transaction
referred to in sub-section (2A) must make a written declaration to the Commissioner, at or before the time at which an instrument or statement relating to the transaction is
lodged for stamping—
(a)
disclosing details known to the transferee of all of the items or parts of the dutiable property included or to be included in the arrangement referred to in sub-section (1); and
Duties (Amendment) Act 2001
Act No. 46/2001 s. 7
(b) that following the series of dutiable transactions giving effect to or arising from the arrangement, the land will continue to be used for primary production. (2C) A declaration required by sub-section (2B) must be in the approved form.".
7. Exemptions and concessions for trusts
(1) In section 33 of the Duties Act 2000, for sub-
sections (3) and (4) substitute—
"(3) No duty is chargeable under this Chapter in
respect of a transfer of dutiable property to a made solely—
person other than a special trustee if the
(a)
because of the retirement of a trustee or the appointment of a new trustee, or other change in trustees; and
(b)
in order to vest the property in the trustees for the time being entitled to hold it.
(4) If the Commissioner is not satisfied as
mentioned in sub-section (3), the transfer is chargeable with duty, unless sub-section (5) applies.".
(2) In section 36 of the Duties Act 2000—
(a)
in sub-section (1), for "the trusts contained in a declaration of trust" substitute "a trust";
(b)
in sub-section (2), for paragraph (a) substitute—
Duties (Amendment) Act 2001
| s. 8 | Act No. 46/2001 |
"(a) wholly or substantially the same as the
property that became an asset of the
trust and that—
(i) duty charged by this Act has been paid upon the property becoming an asset of the trust; or
(ii) no duty was chargeable upon the property becoming an asset of the trust; or".
(3) In section 36 of the Duties Act 2000, for sub-
section (3) substitute—
"(3) Sub-section (1) applies only if the transferee
was, or became, a beneficiary at the time at
which duty became chargeable.".
8. New section 48A inserted
After section 48 of the Duties Act 2000 insert—
"48A. Amalgamation of industrial organisationsNo duty is chargeable under this Chapter in
respect of a transfer of dutiable property
made under, or in accordance with, the rules
of an industrial organisation, if the transfer is
made to another industrial organisation as a
consequence of the amalgamation of two ormore industrial organisations.".
9. Land-rich private corporations
(1) In section 77 of the Duties Act 2000—
(a)
in paragraph (c) for "unit—" substitute "unit; or";
(b) after paragraph (c) insert—
Duties (Amendment) Act 2001
Act No. 46/2001 s. 12 "(d) the variation or alteration of a right of a
holder of any such share or unit,
including on payment of a call on
partially paid-up shares; or
(e)
in the case of a company limited by guarantee, becoming a member of the company, removing a person from membership of the company or altering members' rights—";
(c)
for "(b) or (c)" substitute "(b), (c), (d) or (e)".
(2) In section 80(1) of the Duties Act 2000, after
"Commissioner" insert "within 3 months after the
date of the relevant acquisition".
(3) In section 84(1)(a) of the Duties Act 2000, after
"Chapter 2" insert "(other than an acquisition
consisting of a change in beneficial ownership of
the land as a result of the issue, transfer,
redemption or cancellation of units in a unit trust
scheme)".
10. Credit for duty paid in another Australian jurisdiction
In section 137(1) of the Duties Act 2000, omit
"that charges duty at a rate that equals or exceedsthe rate referred to in section 134".
11. Statement of special hiring agreement
In section 146(1) of the Duties Act 2000, for
"$10 000" substitute "$1 333 333".
12. Mortgage duty
(1) In the Duties Act 2000—
(a)
in section 148, after "mortgages." insert 'Duty chargeable under this Chapter is called "mortgage duty".'.
(b) in section 149—
Duties (Amendment) Act 2001
| s. 13 | Act No. 46/2001 |
(i) in paragraph (a), for "the date referred to in section 152(1) or (2)" substitute "the liability date";
(ii) in paragraph (b), for "any property" substitute "property wholly or partly";
(iii) in paragraph (c), after "property" insert "wholly or partly in Victoria";
(iv) in paragraph (d), after "property" insert "wholly or partly";
(c) in section 152(2), after "in respect of it" insert "under this or a corresponding Act".
(2) In section 152 of the Duties Act 2000, for sub-
section (3) substitute—
"(3) An instrument of security that does not affect
property in Victoria at the date of first
execution but that affects land in Victoria at
any time within 12 months after that date
becomes liable to duty as a mortgage on the
date on which it first affects the land, unless
it is duly stamped under a corresponding
Act.".(3) In section 152(4) of the Duties Act 2000 omit "or
instruments creating a charge on property in
Victoria".
13. New section 155 substituted
For section 155 of the Duties Act 2000
substitute—
'155. Extent mortgage is enforceable
Duties (Amendment) Act 2001
Act No. 46/2001
(1) A mortgage or mortgage package on which
duty is imposed under this Act or a
corresponding Act is enforceable only to the
extent of the amount secured by the
mortgage or mortgage package in respect of
which duty has been paid under this Act or a
corresponding Act.
(2) Sub-section (1) does not apply if the
property affected by a mortgage or mortgage
package ("secured property") is partly inand partly outside Victoria if—
(a)
duty has been paid on the total advances under the mortgage or mortgage package when the mortgage duty paid is taken with the duty paid under a corresponding Act; and
(b)
the proportion of secured property in Victoria used to determine mortgage duty liability is—
(i) based on a referrable point for the mortgage; and
(ii) not incorrect by more than 5%.'.
14. Further mortgage duty amendments
(1) In section 157 of the Duties Act 2000, for sub-
section (1) substitute—
"(1) A mortgage is chargeable with duty assessed
on the amount of advances actually secured
by it and recoverable under it.".(2) In section 157(2) of the Duties Act 2000, for "to secure an amount" substitute "to be stamped in respect of an amount of advances".
(3) In section 157 of the Duties Act 2000, for sub- section (3) substitute—
Duties (Amendment) Act 2001
| s. 14 | Act No. 46/2001 |
"(3) For the purpose of sub-section (1), if—
(a)
a mortgage has been duly stamped for an amount of advances secured by the mortgage; and
(b)
a further advance secured by the mortgage is made; and
(c)
the total amount of advances secured by the mortgage exceeds the amount for which the mortgage has been duly stamped—
the amount of advances secured by the
mortgage is the amount by which the amount
of advances secured by the mortgage
exceeds the amount for which the mortgagehas been duly stamped.".
(4) In the Duties Act 2000—
(a)
in section 158(1), for "amount of the contingent liability" substitute "whole or part of the amount of the contingent liability secured by the mortgage";
(b)
in section 159(2), for "date of the advance or further advance" substitute "liability date";
(c)
in section 159(4) and (6), for "date referred to in section 152(1) or (2)" substitute "liability date";
(d) in section 159(9)(b)—
(i) in sub-paragraph (i), for "loan" substitute "advance";
(ii) in sub-paragraph (ii), for "loan" substitute "mortgage".
Duties (Amendment) Act 2001
Act No. 46/2001 s. 14 (5) In section 160 of the Duties Act 2000, for sub-
sections (1) to (5) substitute—
'(1) If—
(a)
at a liability date, 2 or more security instruments secure or partly secure the same money; and
(b)
at least one of the instruments is a security affecting property wholly or partly outside Victoria; and
(c)
at least one of the instruments is a mortgage—
the instruments are known as a "mortgage
package".
(2) Also, a "mortgage package" may include—
(a)
a mortgage executed after the liability date if the Commissioner is satisfied that the mortgage was intended to be part of the package; and
(b)
a mortgage previously collateral to an earlier advance under some or all of the other mortgages in the package.
(3) Mortgage duty must be assessed in
accordance with the Part on the mortgage
package as if the instruments comprising the
mortgage package were one mortgage first
executed on the day the last instrument to be
executed was executed.(4) If 2 or more mortgages over property within Victoria form part of the security for a mortgage package, one of those mortgages must be stamped with the mortgage duty paid in Victoria for the mortgage package and the other mortgages must be stamped as collateral mortgages.
Duties (Amendment) Act 2001
| s. 15 | Act No. 46/2001 |
(5) Evidence of the location and percentage
value of any property is to be made by either
party to the mortgage by way of the
statement referred to in section 159(7).'.
(6) In the Duties Act 2000—
(a) in section 161—
(i) in sub-section (1), for "has occurred" substitute "has been made";
(ii) in sub-section (4), for "160(5) and (6) apply" substitute "160(6) applies";
(b)
in section 164(b)(i), for "loan" substitute "advance".
15. New section 165 substituted
For section 165 of the Duties Act 2000 substitute—
"165. Collateral securities
Mortgage duty is not chargeable in respect of that part of an amount secured by a collateral mortgage that is secured by—
(a)
a mortgage or security instrument that has been duly stamped under this Act or a corresponding Act; or
(b)
a mortgage package that has been duly stamped under section 160 or a corresponding Act.".
16. Refinancing of loans
In section 166(3) of the Duties Act 2000, for "(being an amount in relation to which mortgage duty has been paid or in relation to which an exemption from duty has been obtained)" substitute "(being an amount in relation to which the earlier mortgage was duly stamped)".
Duties (Amendment) Act 2001
Act No. 46/2001
17. Amendment of Part heading in Chapter 7 (Mortgages)
For the heading to Part 4 of Chapter 7 of the
Duties Act 2000 substitute—
"PART 4—EXEMPTIONS".
18. Insurance duty
In the Duties Act 2000—
(a) in section 184, for paragraph (c) "(c) who is authorized under the Insurance
Act 1973 of the Commonwealth to carry on insurance business.";
(b) in section 202(c) for "Insurance Act 1973" substitute "Life Insurance Act 1995"; (c) in section 204(1), for paragraph (a) "(a) if the insurer's registration under the
Life Insurance Act 1995 of the
Commonwealth is cancelled; or".
19. New sections 234A and 234B inserted
After section 234 of the Duties Act 2000 insert—
"234A. Amalgamation of industrial organisations
(1) No duty is chargeable under this Chapter on
an application for transfer of registration of amotor vehicle made to effect a transfer of the
vehicle from an industrial organisation to
another industrial organisation as a
consequence of the amalgamation of two or
more industrial organisations.(2) Sub-section (1) applies only if the transfer is made under, or in accordance with, the rules of the transferring industrial organisation.
Duties (Amendment) Act 2001
| s. 20 | Act No. 46/2001 |
234B. Financial sector (transfers of business)
No duty is chargeable under this Chapter on an application for transfer of registration of a motor vehicle made as a consequence of the vehicle becoming an asset of a receiving
body under Part 3 of the Financial Sector
(Transfers of Business) Act 1999 of theCommonwealth.".
20. New sections 251A and 251B inserted
After section 251 of the Duties Act 2000 insert—
"251A. Mortgage-backed securities
(1) No duty is chargeable under this Act in
respect of a mortgage over the interest of a
person in a pool of mortgages relating to
debt securities that are mortgage-backed
securities issued by the person to secure the
repayment of financial accommodation
provided to the person.
(2) No duty is chargeable under this Act in
respect of a mortgage of a mortgage or pool of mortgages or part of a pool of mortgages in connection with creating, issuing,
marketing or securing a mortgage-backedsecurity.
(3) No duty is chargeable under this Act in
respect of—
(a) the issue or making of a mortgage- backed security; or (b) the transfer or assignment of or other security; or
Duties (Amendment) Act 2001
Act No. 46/2001 s. 20 (c) the discharge, cancellation or
termination of a mortgage-backed
security.(4) No duty is chargeable under this Act in
respect of a mortgage of a mortgage or pool of mortgages or part of a pool of mortgages for the purpose of creating, issuing,
marketing or securing a mortgage-backedsecurity—
(a) to a person entitled to a mortgage- backed security or a trustee or agent for such a person; or (b) by or to a person who issues, makes or endorses a mortgage-backed security; or (c) to a person who provides security (whether as a guarantor, surety or otherwise) to a person entitled to a mortgage-backed security or a trustee or agent for such a person—
if the mortgage is executed on or after 1 July
2001.
251B. Instruments issued for the purpose of
creating, issuing or marketing mortgage-
backed securities
No duty is chargeable under this Act in respect of an instrument that, in the Commissioner's opinion, was executed for the purpose of creating, issuing or marketing mortgage-backed securities.".
21. Instruments effecting more than one transaction
In section 261 of the Duties Act 2000, for
"several" substitute "two or more".
22. Returns systems
Duties (Amendment) Act 2001
Act No. 46/2001
(1) In section 264(1) of the Duties Act 2000, for "by instrument" substitute "by written notice".
(2) In section 264 of the Duties Act 2000, for sub-
section (2) substitute—
"(2) An authorisation may be given on the
initiative of the Commissioner or on
application.(3) The Commissioner may vary or cancel an authorisation by written notice.".
23. New sections 264A, 264B and 264C inserted
After section 264 of the Duties Act 2000 insert—
"264A. Application for authorisation
(1) An application for an authorisation under
this Part must be made to the Commissioner
in the approved form.
(2) The Commissioner may grant or refuse an application for an authorisation under this Part.
264B. Conditions of authorisation
(1) An authorisation under this Part is subject to
any conditions specified by the or by subsequent written notice.
(2) The conditions of an authorisation may
include—
(a) conditions as to the means by which returns are to be lodged or payments are to be made; (b) conditions requiring the payment of determined in accordance with
Duties (Amendment) Act 2001
Act No. 46/2001 s. 23 section 25 of the Taxation amounts that are not paid at the times they are required to be paid in accordance with the authorisation. (3) If an authorisation is given under this Part to a specified person or persons of a specified class, the conditions of the authorisation are binding on that person or persons of that
class and that person or a person of that class
is guilty of an offence if any of theconditions is contravened.
Penalty: 100 penalty units in the case of a
body corporate;
20 penalty units in any other case.
264C. Gazettal or service of notices
A written notice under this Part may be given by—
(a) publishing it in the Government Gazette; or (b) serving it on the person to whom it relates.". 24. Endorsement of instruments and payment of duty by authorised persons
(1) In section 265 of the Duties Act 2000, for sub- section (3) substitute— "(3) An instrument is taken—
(a)
to be duly stamped to the amount of duty shown on the endorsement; or
Duties (Amendment) Act 2001
| s. 26 | Act No. 46/2001 |
(b)
to be duly stamped as exempt from duty if the endorsement states that the instrument or transaction is exempt—
but without affecting liability for the
payment of duty in relation to the instrument
or transaction under this Act.".(2) At the foot of section 265(5) of the Duties Act 2000 omit "Penalty: 5 penalty units.".
(3) In section 265 of the Duties Act 2000, after sub-
section (5) insert—
"(6) If an authorised person contravenes sub-
section (5), the Commissioner may recover
in a court of competent jurisdiction as a debt
due to the State an amount equal to double
the amount that would have been payable by
the authorised person under section 266 had
the correct amount of duty been endorsed onthe instrument.".
25. Registration of instruments
In section 269 of the Duties Act 2000, at the end of paragraph (b) insert—
'; or
(c)
it is marked "interim stamp only" in accordance with section 30 or 121.'.
26. Payment of fees by stamps
Part 4 of Chapter 12 of the Duties Act 2000 is repealed.
27. Consequential amendment to Taxation
Administration Act 1997In Schedule 1 to the Duties Act 2000, after item 6.5 insert—
Duties (Amendment) Act 2001
Act No. 46/2001 s. 29 '6.6 After section 100 insert—
"100A. Objections concerning the value of land
(1) If an objection concerns the value of any land, the Commissioner must refer the matter to the Valuer-General for valuation of the land.
(2) The objector must pay the cost of the valuation under sub-section (1) if—
(a) the objector had provided any the value of the land; and
(b) the Valuer-General's valuation exceeds 15% or more; and
(c)
the valuation as determined on the objection, or on appeal or review, exceeds the value provided by the objector by 15% or more.".'.
28. Consequential amendment to Road Safety Act 1986
In Schedule 1 to the Duties Act 2000, after item 5 insert—
'5A. Road Safety Act 1986
In sections 5AB(1)(j) and 9A(1), for "Stamps Act
1958" substitute "Duties Act 2000".'.
29. Transitional provisions
(1) In clause 4 of Schedule 2 to the Duties Act 2000, for "after" substitute "on or after".
(2) In clause 5 of Schedule 2 to the Duties Act 2000, after sub-clause (3) insert—
"(3A) Despite sub-clause (2), section 68 of the former Act continues to apply to a dutiable transaction or series of dutiable transactions that take place on or after
1 July 2001 if the agreement giving rise to that
Duties (Amendment) Act 2001
Act No. 46/2001
transaction or series of transactions was entered into
before 1 July 2001.".(3) In clause 5 of Schedule 2 to the Duties Act 2000, after sub-clause (5) insert—
"(6) Despite anything to the contrary in section 28, the rate
as a result of an agreement entered into before 21
of duty chargeable on a transfer of land that is made of the amount determined as follows or, if that amount is an amount of dollars and fifty cents, to the nearest whole dollar below that amount— Dutiable value of
the land Rate of duty Not more than $20 000 1!4% of the dutiable
valueMore than $20 000 but $280 plus 2!4% of that not more than $100 000 part of the dutiable value that exceeds $20 000 More than $100 000 but $2200 plus 6% of that not more than $760 000 part of the dutiable value that exceeds $100 000 More than $760 000 $41 800 plus 5!5% of the dutiable value that exceeds $760 000".
(4) In clause 6(2)(c) of Schedule 2 to the Duties Act
2000, for "that section" substitute "those
sections".
(5) In clause 6 of Schedule 2 to the Duties Act 2000, for sub-clause (3) substitute—
"(3) However, sub-clause (2) and Chapter 3 do not apply
so as to aggregate, for the purpose of determining
whether a relevant acquisition has been made or
whether duty is chargeable under this Act, interests
that were acquired before the commencement day and
that would not have been aggregated under the law as
in force at the time the interests were acquired.".
Duties (Amendment) Act 2001
Act No. 46/2001 s. 29
(6) In clause 9 of Schedule 2 to the Duties Act
2000—
(a) in sub-clause (1)(b), for "a further advance that occurs" insert "an advance or a further advance that is made"; (b) in sub-clause (2), for "A mortgage" substitute "Subject to sub-clause (4), a mortgage". (7) In clause 9 of Schedule 2 to the Duties Act 2000, after sub-clause (3) insert—
"(4) Despite sub-clause (2), a mortgage first executed
before the commencement day that secures amounts
liable or contingently liable under a bill facility
referred to in section 150(1)(b) is chargeable with
duty under Chapter 7 on or after that day on the
amount by which the advances secured by it exceeds
the amount secured or contingently secured by it on
30 June 2001.
(5) Despite sub-clause (3), if—
(a) an advance was made under a mortgage before the commencement day, being a mortgage over property partly within and partly outside Victoria; and
(b)
the mortgage is not stamped before the commencement day—
duty on the mortgage is to be determined in
accordance with section 137DA of the former Act asin force immediately before the commencement day.".
30. Transitional provision for authorised persons
In Schedule 2 to the Duties Act 2000, after clause
15 insert—
"16. Authorised persons
(1) A person who, immediately before the
commencement day, was an authorized person under
section 40A of the former Act is taken to be an
authorised person under section 264.
Duties (Amendment) Act 2001
Act No. 46/2001
(2) A condition to which the authorization of a person
under section 40A was subject immediately before the
commencement day is taken to be a condition
specified on the person's authorisation by the
Commissioner under section 264B.".
31. Statute law revision
In section 238(4) of the Duties Act 2000, for
"sub-section (4)" substitute "sub-section (3)".
_______________
Duties (Amendment) Act 2001
Act No. 46/2001 s. 32
PART 3—LAND TAX ACT 1958
See:
32. Equalization factor for City of Melbourne Act No.
6289.
In section 3 of the Land Tax Act 1958, after sub- Reprint No. 10 section (5) insert— as at
14 October
"(5A) Despite anything to the contrary in sub- section (5) or the Land Tax (Equalization
1999 and
amending
Factors) Regulations 2000, the prescribed
Act No. 69/2000.
equalization factor that applies for the year LawToday: 2001 in respect of land within the area of the
dpc.vic.City of Melbourne is, and must be taken gov.au always to have been, 1·06.".
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Duties (Amendment) Act 2001
| Endnotes | Act No. 46/2001 |
ENDNOTES
†
Minister's second reading speech—
Legislative Assembly: 17 May 2001
Legislative Council: 12 June 2001
The long title for the Bill for this Act was "to make miscellaneous
amendments to the Duties Act 2000, to amend the Land Tax Act 1958
with respect to the land tax equalization factor for the City of Melbourne
and for other purposes."
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