Revenue Legislation Amendment Act 2006 (Qld)

Queensland Revenue Legislation Amendment Act 2006 Act No. 34 of 2006

Queensland Revenue Legislation Amendment Act 2006 Contents Part 1 1 2 Part 2 3 4 5 6 7 Part 3 8 9 10 11 Part 4 12 13 14 15 16 17 Page Preliminary Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Amendment of Duties Act 2001 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Amendment of s 63 (What is the value of a trust acquisition or trust surrender). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Amendment of s 80 (What is a majority trust acquisition) . . . . . . 4 Amendment of s 159 (What are interests and majority interests in a corporation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Amendment of s 165 (What is a land rich corporation) . . . . . . . . 5 Amendment of LandTaxAct1915 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Amendment of s 16 (Taxpayer to furnish returns) . . . . . . . . . . . . 5 Replacement of s 62 (Application of particular amendments) . . . 5 62 Application of particular amendments . . . . . . . . . . . . 6 Replacement of sch 1 (Amounts and rates of land tax— particular individuals) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Schedule 1 Amounts and rates of land tax—particular individuals Amendment of Pay-rollTaxAct1971 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Amendment of s 17 (Definitions for sdiv 1). . . . . . . . . . . . . . . . . . 7 Amendment of s 23 (Definition for sdiv 2) . . . . . . . . . . . . . . . . . . 7 Amendment of s 29 (Definitions for sdiv 1). . . . . . . . . . . . . . . . . . 7 Amendment of s 33 (Definitions for sdiv 2). . . . . . . . . . . . . . . . . . 7 Amendment of s 37 (Definitions for sdiv 1). . . . . . . . . . . . . . . . . . 7

2 Revenue Legislation Amendment Act 2006No. 34, 2006 18 Amendment of s 41 (Definitions for sdiv 2). . . . . . . . . . . . . . . . . . 8 19 Amendment of s 52 (Meaning of criteria for registration) . . . . . . . 8 20 Amendment of s 87 (Notification requirement—employers exempt from lodging periodic returns) . . . . . . . . . . . . . . . . . . . . . 8 21 Insertion of new s 97A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 97A Application of particular amendments . . . . . . . . . . . . 8

Queensland Revenue Legislation Amendment Act 2006 Act No. 34 of 2006 An Act to amend the Duties Act 2001 , the Land Tax Act 1915 and the Pay-roll Tax Act 1971 [Assented to 16 June 2006]

s1 4 Revenue Legislation Amendment Act 2006 The Parliament of Queensland enacts— s5 No. 34, 2006 Part 1 Preliminary 1 Short title This Act may be cited as the Revenue Legislation Amendment Act 2006 . 2 Commencement Parts 3 and 4 commence on 1 July 2006. Part 2 Amendment of Duties Act 2001 3 Act amended in pt 2 This part amends the Duties Act 2001 . 4 Amendment of s 63 (What is the value of a trust acquisition or trust surrender) Section 63(7)(a), ‘more than 50%’— omit, insert— ‘50% or more’. 5 Amendment of s 80 (What is a majority trust acquisition ) Section 80(a) and (b), ‘more than 50%’— omit, insert— ‘50% or more’.

s 6 5 s 10 Revenue Legislation Amendment Act 2006No. 34, 2006 6 Amendment of s 159 (What are interests and majority interests in a corporation) Section 159(2), ‘more than 50%’— omit, insert— ‘50% or more’. 7 Amendment of s 165 (What is a land rich corporation ) Section 165(1)(b), ‘80%’— omit, insert— ‘60%’. Part 3 Amendment of Land Tax Act 1915 8 Act amended in pt 3 This part amends the Land Tax Act 1915 . 9 Amendment of s 16 (Taxpayer to furnish returns) Section 16(1)(b)(iv)— omit, insert— ‘(iv) for the financial year beginning on 1 July 2005—$450 000 or more; or (v) for a financial year beginning on or after 1 July 2006—$500 000 or more;’. 10 Replacement of s 62 (Application of particular amendments) Section 62— omit, insert—

s 11 6 s 11 Revenue Legislation Amendment Act 2006No. 34, 2006 ‘62 Application of particular amendments ‘This Act, as amended by the Revenue Legislation Amendment Act 2006 , applies to land tax levied for the financial year beginning on 1 July 2006 and each later financial year.’. 11 Replacement of sch 1 (Amounts and rates of land tax—particular individuals) Schedule 1— omit, insert— ‘Schedule 1 Amounts and rates of land tax—particular individuals section 9(a) Column 1 Taxable value less than $500 000 $500 000 or more but less than $750 000 $750 000 or more but less than $1 250 000 $1 250 000 or more but less than $2 000 000 $2 000 000 or more but less than $3 000 000 $3 000 000 or more Column 2 Tax payable nil $500 plus 0.7c for each $ more than $500 000 $2 250 plus 1.45c for each $ more than $750 000 $9 500 plus 1.5c for each $ more than $1 250 000 $20 750 plus 1.675c for each $ more than $2 000 000 1.25c for each $ of the taxable value’.

s 12 7 s 17 Revenue Legislation Amendment Act 2006No. 34, 2006 Part 4 Amendment of Pay-roll Tax Act 1971 12 Act amended in pt 4 This part amends the Pay-roll Tax Act 1971 . 13 Amendment of s 17 (Definitions for sdiv 1) Section 17, definitions actual periodic deduction and fixed periodic deduction , ‘70833’— omit, insert— ‘83333’. 14 Amendment of s 23 (Definition for sdiv 2) Section 23, definition fixed periodic deduction , ‘70833’— omit, insert— ‘83333’. 15 Amendment of s 29 (Definitions for sdiv 1) Section 29(1), definition annual deduction , ‘850000’— omit, insert— ‘1000000’. 16 Amendment of s 33 (Definitions for sdiv 2) Section 33, definition annual deduction , ‘850000’— omit, insert— ‘1000000’. 17 Amendment of s 37 (Definitions for sdiv 1) Section 37, definition final deduction , ‘850000’—

s 18 8 s 21 Revenue Legislation Amendment Act 2006No. 34, 2006 omit, insert— ‘1000000’. 18 Amendment of s 41 (Definitions for sdiv 2) Section 41, definition final deduction , ‘850000’— omit, insert— ‘1000000’. 19 Amendment of s 52 (Meaning of criteria for registration ) Section 52(a), ‘$16346’— omit, insert— ‘$19230’. 20 Amendment of s 87 (Notification requirement—employers exempt from lodging periodic returns) Section 87(1)(b), ‘$70833’— omit, insert— ‘$83333’. 21 ‘97A Insertion of new s 97A Part 6, division 3, after section 97— insert— Application of particular amendments ‘This Act, as amended by the Revenue Legislation Amendment Act 2006 , applies for pay-roll tax levied on taxable wages paid or payable in the financial year beginning on 1 July 2006 and each later financial year.’. © State of Queensland 2006