Revenue Legislation Repeal Act 2005 (ACT)

Revenue Legislation Repeal Act 2005

A2005-2

Contents

Page

1. Name of Act  2

2. Commencement  2

3. Notes  2

4. Legislation repealed  2

5. Debits Tax Act 1997, new part 6 2

6. Credit Act 1985, section 75 (1) 3

7. Credit Act 1985, section 75 (2) 3

8. Credit Act 1985, section 75A 3

9. State Bank of South Australia (Transfer of Undertaking) Act 1994, section 12 3

Revenue Legislation Repeal Act 2005

A2005-2

An Act for the repeal of certain revenue legislation, and for other purposes

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

1. Name of Act

   This Act is the Revenue Legislation Repeal Act 2005.

2. Commencement

   This Act commences on the day after its notification day.

   NoteThe naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).

3. Notes

   A note included in this Act is explanatory and is not part of this Act.

   NoteSee the Legislation Act, s 127 (1), (4) and (5) for the legal status of notes.

4. Legislation repealed

   This Act repeals the following legislation:

   ·     Financial Institutions Duty Act 1987 A1987-43

   ·     Financial Institutions Duty Regulation 1990 SL1990-17.

5. Debits Tax Act 1997, new part 6

   insert

Part 6End of effect of Act

1. No liability for debits from 1 July 2005

   (1)A person is not liable under section 11 (1) to pay tax on a taxable debit made on or after 1 July 2005 to a taxable account.

   (2)A person is not liable under section 11 (2) to pay tax on an eligible debit made on or after 1 July 2005 to an account other than a taxable account.

2. No returns required for months from July 2005

   A financial institution is not required to give a return under section 17 (Return in respect of taxable debits) for any month after June 2005.

3. Expiry of Act from 1 July 2006

   This Act expires on 30 June 2006.

4. Credit Act 1985, section 75 (1)

   omit

   Subject to section 75A, an agreement

   substitute

   An agreement

5. Credit Act 1985, section 75 (2)

   omit

   Subject to section 75A, any amount

   substitute

   Any amount

6. Credit Act 1985, section 75A

   omit

7. State Bank of South Australia (Transfer of Undertaking) Act 1994, section 12

   omit

Endnotes

1. Presentation speech

   Presentation speech made in the Legislative Assembly on 9 December 2004.

2. Notification

   Notified under the Legislation Act on 22 February 2005.

3. Republications of amended laws

   For the latest republication of amended laws, see certify that the above is a true copy of the Revenue Legislation Repeal Bill 2005, which originated in the Legislative Assembly as the Revenue Legislation Repeal Bill 2004 and was passed by the Assembly on 15 February 2005.

   Clerk of the Legislative Assembly

   Australian Capital Territory 2005