Revenue Legislation Amendment Act 2003 (ACT)

Revenue Legislation Amendment Act 2003

A2003-29

Contents

Page

Part 1Preliminary

Name of Act 2
Commencement 2

Part 2Duties Act 1999

Act amended—pt 2 3
New section 70A 3
New section 91A 4
Rate of duty

Section 208 (1) 5
New section 208AA 5
Corporate reconstructions—exemptions

Section 232 6
Objections and review of decisions

New section 252 (1) (ea) and (eb) 6
New section 252 (1) (sa) 6
Section 252 (1) (y) 6
Section 252 (1) (z) 7
Section 252 (1) 7

Part 3Gaming Machine Act 1987

Act amended—pt 3 8
Definitions for Act

Section 4, definition of prescribed percentage, paragraph (b) (iv) 8

Revenue Legislation Amendment Act 2003

A2003-29

An Act to amend the Duties Act 1999 and the Gaming Machine Act 1987

Notified under the Legislation Act 2001 on 30 June 2003

(see Legislative Assembly for the Australian Capital Territory enacts as follows:

Part 1Preliminary

Name of Act
This Act is the Revenue Legislation Amendment Act 2003.
Commencement
This Act commences on 1 July 2003.
NoteThe naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).

Part 2Duties Act 1999

Act amended—pt 2
This part amends the Duties Act 1999.
New section 70A
insert

70ACorporate reconstructions—concessional duty for dutiable transactions

This section applies to a dutiable transaction if—
(a)by the transaction, property is—
(i)transferred (or agreed to be transferred) by a member of a group of corporations to another member of the same group; or
(ii)vested in a member of the group, if the property was owned immediately before the vesting by another member of the same group; and
(b)the transaction is approved by the commissioner in accordance with any guidelines determined under subsection (4).
Duty for the transaction is payable at 5% of the amount that would, apart from this section, be payable for the transaction.
An approval for subsection (1) (b) may be given subject to conditions.
The Minister may, in writing, determine guidelines for approvals.
A determination is a disallowable instrument.
NoteA disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act.
In this section:
corporation includes a unit trust scheme.
New section 91A
insert

91ACorporate reconstructions—concessional duty for relevant acquisitions

This section applies to the making of a relevant acquisition (the transaction) if—
(a)by the transaction, property is—
(i)transferred (or agreed to be transferred) by a member of a group of corporations to another member of the same group; or
(ii)vested in a member of the group, if the property was owned immediately before the vesting by another member of the same group; and
(b)the transaction is approved by the commissioner in accordance with any guidelines determined under subsection (4).
Duty for the transaction is payable at 5% of the amount that would, apart from this section, be payable for the transaction.
An approval for subsection (1) (b) may be given subject to conditions.
The Minister may, in writing, determine guidelines for approvals.
A determination is a disallowable instrument.
NoteA disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act.
In this section:
corporation includes a unit trust scheme.
relevant acquisition—see section 86.
Rate of duty
Section 208 (1)
after
subsection (2)
insert
and section 208AA
New section 208AA
in part 9.1, insert

208AA Corporate reconstructions—concessional duty for motor vehicle registration applications

This section applies to an application to register a motor vehicle if—
(a)the application is made by a member of a group of corporations; and
(b)immediately before the application was made, the vehicle was registered in the name of another member of the same group; and
(c)the application is approved by the commissioner in accordance with any guidelines determined under subsection (4).
Duty for the application is payable at 5% of the amount that would, apart from this section, be payable for the application.
An approval for subsection (1) (c) may be given subject to conditions.
The Minister may, in writing, determine guidelines for approvals.
A determination is a disallowable instrument.
NoteA disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act.
In this section:
corporation includes a unit trust scheme.
Corporate reconstructions—exemptions
Section 232
omit
Objections and review of decisions
New section 252 (1) (ea) and (eb)
insert
(ea)under section 70A (3) imposing a condition on an approval under section 70A (1) (b); or
(eb)under section 91A (3) imposing a condition on an approval under section 91A (1) (b); or
New section 252 (1) (sa)
insert
(sa)under section 208AA (3) imposing a condition on an approval under section 208AA (1) (c); or
Section 252 (1) (y)
omit
duty; or
insert
duty.
Section 252 (1) (z)
omit
Section 252 (1)
renumber paragraphs when Act next republished under Legislation Act

Part 3Gaming Machine Act 1987

Act amended—pt 3
This part amends the Gaming Machine Act 1987.
Definitions for Act
Section 4, definition of prescribed percentage, paragraph (b) (iv)
substitute
(iv)in relation to that part of the gross revenue that exceeds $50 000—27.0%; or

Endnotes
Republications of amended laws
For the latest republication of amended laws, see align="center">[Presentation speech made in Assembly on 19 June 2003]
I certify that the above is a true copy of the Revenue Legislation Amendment Bill 2003 which originated in the Assembly as the Revenue Legislation Amendment Bill 2003 (No 2) and was passed by the Legislative Assembly on 26 June 2003.
Acting Clerk of the Legislative Assembly
© Australian Capital Territory 2003