Revenue Legislation (Tax Reform) Amendment Act 2013 (ACT)

Revenue Legislation (Tax Reform) Amendment Act 2013

A2013-17

Contents

Page

1            Name of Act  2

2            Commencement  2

3            Legislation amended—sch 1  2

Schedule 1 Legislation amended  3

Part 1.1    Land Tax Act 2004  3

Part 1.2    Rates Act 2004  3

Revenue Legislation (Tax Reform) Amendment Act 2013

A2013-17

An Act to amend the Land Tax Act 2004 and the Rates Act 2004

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

1. Name of Act

   This Act is the Revenue Legislation (Tax Reform) Amendment Act 2013.

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. Legislation amended—sch 1

   This Act amends the legislation mentioned in schedule 1.

Schedule 1Legislation amended

(see s 3)

Part 1.1Land Tax Act 2004

[1.1]Section 9 (1) (c)

omit

[1.2]Section 9 (4), definition of commercial land

omit

[1.3]Division 4.1 heading

omit

[1.4]Division 4.2

omit

[1.5]Dictionary, definition of qualifying parcel of land

omit

Part 1.2Rates Act 2004

[1.6]Section 14 (1)

omit

that has an average unimproved value of the threshold amount or less

[1.7]Section 14 (2)

omit

that has an average unimproved value of more than the threshold amount

[1.8]Section 14 (2), formula

substitute

[1.9]Section 14 (3), definition of TA

omit

[1.10]Section 34 (1)

substitute

(1)This section applies to a parcel of land that is a qualifying parcel of land.

[1.11]Section 34 (3), formula

substitute

[1.12]Section 34 (4), definition of TA or threshold amount

omit

[1.13]New section 46 (2) (f)

insert

(f)if the owner, or each owner, is not a pensioner—that—

(i)at least 1 owner is 65 years old or older; and

(ii)the total income of the owner, or all the owners, is not more than an amount determined by the Minister (the income threshold amount); and

(iii)the unimproved value of the parcel is more than a value determined by the Minister (the determined value); and

(iv)the owner’s or owners’ equity in the parcel is not less than a percentage determined by the Minister (the determined percentage).

NotePower to make a statutory instrument includes power to make different provision in relation to different matters or different classes of matters (see Legislation Act, s 48).

[1.14]New section 46 (9) and (10)

insert

(9)A determination under subsection (2) (f), or subsection (10), definition of income, is a disallowable instrument.

NoteA disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act.

(10)In this section:

income, of an owner, means the income of the owner worked out in the way determined by the Minister.

[1.15]New section 52 (1) (g)

insert

(g)if the determination relates to the person or people mentioned in section 46 (2) (f)—

(i)the total income of the owner, or all the owners, is more than the income threshold amount; or

(ii)the unimproved value of the parcel is less than or equal to the determined value; or

(iii)the owner’s or owners’ equity in the parcel is less than the determined percentage.

[1.16]Section 52 (3), new definitions

insert

determined percentage—see section 46 (2) (f) (iv).

determined value—see section 46 (2) (f) (iii).

income, of an owner—see section 46 (10).

income threshold amount—see section 46 (2) (f) (ii).

[1.17]Schedule 1, section 1.1 (2)

omit

that has an average unimproved value of more than the threshold amount

[1.18]Schedule 1, section 1.1 (2), formula

substitute

[1.19]Schedule 1, section 1.1 (3), definition of TA (or threshold amount)

omit

[1.20]Schedule 1, section 3.1 (3), formula

substitute

[1.21]Schedule 1, section 3.1 (4), definition of TA (or threshold amount)

omit

Endnotes

1. Presentation speech

   Presentation speech made in the Legislative Assembly on 11 April 2013.

2. Notification

   Notified under the Legislation Act on 22 May 2013.

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 (Tax Reform) Amendment Bill 2013, which was passed by the Legislative Assembly on 9 May 2013.

   Clerk of the Legislative Assembly

   © Australian Capital Territory 2013