Duties Amendment Act 2008 (ACT)

Duties Amendment Act 2008

A2008-17

Contents

Page

1. Name of Act  2

2. Commencement  2

3. Legislation amended  2

4. Section 60 heading  2

5. New part 2.5A  2

6. New chapter 16  3

Duties Amendment Act 2008

A2008-17

An Act to amend the Duties Act 1999

The Legislative Assembly for the Australian Capital Territory enacts as follows:

1. Name of Act

   This Act is the Duties Amendment Act 2008.

2. Commencement

   (1)This Act (other than section 4) commences, or is taken to have commenced, on 30 June 2008.

   (2)Section 4 commences, or is taken to have commenced, on 1 July 2008.

3. Legislation amended

   This Act amends the Duties Act 1999.

4. Section 60 heading

   substitute

5. Declaration of trust relating to managed investment scheme

6. New part 2.5A

   insert

Part 2.5AExpiry—duty on certain instruments

72BExpiry—provisions relating to duty on certain instruments

This part and the following provisions expire on 30 June 2008:

·     section 59 (Establishment of a trust relating to unidentified property and non-dutiable property)

·     section 60 (1) (Instrument relating to managed investment scheme)

·     section 61 (Instruments relating to superannuation).

NoteThe expiry takes effect at midnight on 30 June 2008 (see Legislation Act, s 85 (3)).

1. New chapter 16

   insert

Chapter 16Transitional—Duties Amendment Act 2008

NoteThe Duties Amendment Act 2008 inserted s 72B which provides for the expiry of s 59 (Establishment of a trust relating to unidentified property and non-dutiable property), s 60 (1) (Instrument relating to managed investment scheme) and s 61 (Instruments relating to superannuation) on 30 June 2008.

1. Meaning of repealed provisions—ch 16

   In this chapter:

   repealed provisions means the provisions expired under section 72B (Expiry—provisions relating to duty on certain instruments).

2. Application of repealed provisions

   (1)Despite the expiry of the repealed provisions—

   (a)the expiry of a repealed provision does not affect any obligation to pay duty under the provision in relation to—

   (i)for section 60 (1)—an instrument executed before 1 July 2008; or

   (ii)for section 59 or section 61—an instrument first executed before 1 July 2008; and

   (b)for paragraph (a)—the repealed provision continues to apply as if it had not expired.

   (2)Also, despite the expiry of the repealed provisions, each repealed provision, as in force immediately before 1 July 2008, continues to apply to an instrument mentioned in the provision if an arrangement was made before 1 July 2008 the only or main purpose of which was to defer until 1 July 2008 or later—

   (a)for section 60 (1)—the execution of the instrument; or

   (b)for section 59 or section 61—the first execution of the instrument;

   so that the repealed provision would not apply to the instrument.

3. Transitional regulations—ch 16

   (1)A regulation may prescribe transitional matters necessary or convenient to be prescribed because of the enactment of section 72B by the Duties Amendment Act 2008.

   (2)A regulation may modify this chapter (including in relation to another territory law) to make provision in relation to anything that, in the Executive’s opinion, is not, or is not adequately or appropriately, dealt with in this chapter.

   (3)A regulation under subsection (2) has effect despite anything elsewhere in this Act.

   (4)A regulation under subsection (2) expires 12 months after the day it commences.

4. Expiry—ch 16

   This chapter expires on 30 June 2013.

Endnotes

1. Presentation speech

   Presentation speech made in the Legislative Assembly on 6 May 2008.

2. Notification

   Notified under the Legislation Act on 30 June 2008.

3. Republications of amended laws

   For the latest republication of amended laws, see certify that the above is a true copy of the Duties Amendment Bill 2008, which was passed by the Legislative Assembly on 26 June 2008.

   Clerk of the Legislative Assembly

   © Australian Capital Territory 2008