State Revenue and Other Legislation Amendment (Budget) Act 2007 (NSW)
An Act to make miscellaneous amendments to State revenue legislation and other legislation in connection with the Budget for the year 2007–08.
This Act is the State Revenue and Other Legislation Amendment (Budget) Act 2007.
This Act commences on the date of assent to this Act, except as provided by subsection (2).
The following provisions commence, or are taken to have commenced, on the dates indicated:
• Schedule 1 [9] and [10]—1 September 2007
• Schedule 2—1 July 2007
• Schedule 4 (except Schedule 4 [4] and [8]–[12]) and Schedule 5—on the date of assent to this Act or 1 July 2007, whichever is the later
• Schedule 4 [4] and [8]–[12]—1 July 2007
The Acts specified in Schedules 1–5 are amended as set out in those Schedules.
This Act is repealed on the day following the day on which all of the provisions of this Act have commenced.
The repeal of this Act does not, because of the operation of section 30 of the Interpretation Act 1987, affect any amendment made by this Act.
(Section 3)
Insert at the end of section 77:
See also section 221B, which extends a general mortgage duty exemption to all mortgages associated with owner occupied housing, and takes effect on and from 1 September 2007.
Omit “1 January 2011” wherever occurring.
Insert instead “1 July 2009”.
Omit “subsections (2)–(4)” from section 210 (1).
Insert instead “subsection (2)”.
Omit “, except as provided by subsection (4)”.
Omit the subsections and note (3) at the end of the subsections.
Insert after section 221 (2):
This section does not prevent section 221B from applying in respect of a mortgage.
Section 221B extends a general mortgage duty exemption to all mortgages associated with owner occupied housing, and takes effect on and from 1 September 2007.
Insert after Part 3:
In this Part:
(a) any improvements to the parcel of land on which the dwelling house is constructed, and
(b) the maintenance, repair or renovation of the dwelling house or of an improvement referred to in paragraph (a).
(a) a lot within the meaning of the Strata Schemes Management Act 1996, and
(b) a land use entitlement that confers a right to occupy a private dwelling house.
Mortgage duty is not chargeable in respect of a mortgage if the mortgage secures an advance or advances made for the purpose of owner occupied housing and no other advances.
If a mortgage secures an advance made for the purpose of owner occupied housing and another advance that is not made for that purpose, mortgage duty is not chargeable in respect of the mortgage in relation to the amount advanced for the purpose of owner occupied housing.
This section applies in respect of a mortgage only if the borrower under the mortgage is a natural person or, if there is more than one borrower, each of them is a natural person.
An advance is made for the purpose of owner occupied housing if it is to be applied wholly or predominantly for one or more of the following purposes:
(a) financing the acquisition of a residence,
(b) financing the construction of a residence,
(c) financing alterations or additions to a residence,
(d) financing the acquisition of residential land,
(e) repaying another advance, if the advance to be repaid was made for the purpose of owner occupied housing (within the meaning of this section).
For the purposes of this section, a
To avoid doubt, an exemption provided for by this section is not available in respect of any advance that is to be applied wholly or predominantly for business or investment purposes (or both).
The Chief Commissioner may, by written instrument, determine the criteria that may be applied by lenders for the purpose of establishing that the exemption provided for by this section applies in respect of an advance.
Without limiting subsection (7), the Chief Commissioner may determine that an advance is taken to be made for the purpose of owner occupied housing if it meets criteria set out in any APRA reporting standard relating to housing finance that is specified by the Chief Commissioner to be applicable to the exemption under this section.
A determination made by the Chief Commissioner under this section:
(a) may be varied or revoked by the making of a further determination, and
(b) has effect according to its tenor.
The exemption provided for by this section takes effect on and from 1 September 2007.
Mortgage duty is not chargeable in respect of a mortgage if the mortgage secures an advance or advances made for the purpose of investment housing and no other advances.
If a mortgage secures an advance made for the purpose of investment housing and another advance that is not made for that purpose, mortgage duty is not chargeable in respect of the mortgage in relation to the amount advanced for the purpose of investment housing.
This section applies in respect of a mortgage only if the borrower under the mortgage is a natural person or, if there is more than one borrower, each of them is a natural person.
An advance is made for the purpose of investment housing if it is to be applied wholly or predominantly for one or more of the following purposes:
(a) financing the acquisition of investment housing,
(b) financing the construction of investment housing,
(c) financing alterations or additions to investment housing,
(d) repaying another advance, if the advance to be repaid was made for the purposes of investment housing (within the meaning of this section).
For the purposes of this section,
The Chief Commissioner may, by written instrument, determine the criteria that may be applied by lenders for the purpose of establishing that the exemption provided for by this section applies in respect of an advance.
Without limiting subsection (6), the Chief Commissioner may determine that an advance is taken to be made for the purpose of investment housing if it meets criteria set out in any APRA reporting standard relating to personal or commercial finance that is specified by the Chief Commissioner to be applicable to the exemption under this section.
A determination made by the Chief Commissioner under this section:
(a) may be varied or revoked by the making of a further determination, and
(b) has effect according to its tenor.
The exemption provided for by this section takes effect on and from 1 July 2008.
Omit the heading. Insert instead:
Omit section 223 (4).
Omit the definition.
Insert after section 278 (9):
This section does not prevent section 221B from applying in respect of a mortgage.
Section 221B extends a general mortgage duty exemption to all mortgages associated with owner occupied housing, and takes effect on and from 1 September 2007.
Insert at the end of clause 1 (1):
State Revenue and Other Legislation Amendment (Budget) Act 2007
Insert at the end of Schedule 1, with appropriate Part and clause numbers:
An exemption provision does not apply to a mortgage or instrument of security first executed before the effective date of the exemption provision unless an advance or further advance is made in respect of the mortgage or instrument on or after that effective date (and in such a case the exemption provision applies only in respect of the advance or further advance).
For the purposes of this clause:
(Section 3)
Omit “2 July” from section 15A (2A). Insert instead “31 July”.
Omit “are forfeited”.
Insert instead “are, except as provided by section 15B, forfeited”.
Insert after section 15A:
This section applies in relation to a large-scale club that has not, by 31 July 2007, reduced the number of poker machine entitlements allocated in respect of its relevant premises to the number required under section 15A (1).
A large-scale club to which this section applies may, on or before 31 July 2007 or such later date as may be prescribed by the regulations (
The levy is $3,390 for each of the remaining poker machine entitlements that the large-scale club intends to retain in accordance with this section (
If, on or before the due date, the large-scale club:
(a) pays the levy for each of the retained entitlements, and
(b) is authorised under Part 5 to dispose of the number of approved poker machines that corresponds to the number of poker machine entitlements that the club was required, in accordance with the regulations, to transfer in respect of the year ending 2 April 2007 (
the 2007 annual target ), and(c) removes that number of approved poker machines from its relevant premises, and
(d) forfeits to the Board one-third of the entitlements comprising the 2007 annual target,
the retained entitlements are not forfeited under section 15A (2A).
If:
(a) the large-scale club forfeits poker machine entitlements under subsection (4) (d), and
(b) the club subsequently transfers, in accordance with this Division, any of the retained entitlements,
each of the entitlements forfeited under subsection (4) (d) is, for the purposes of that subsequent transfer, taken to be one of the entitlements that the club is required to forfeit to the Board under section 20 (3) (b).
Accordingly, the large-scale club is exempt from the operation of section 20 (3) (b) to the extent that the club is not required to forfeit poker machine entitlements from a transfer block under that section if those entitlements are, because of subsection (5), already taken to have been forfeited under this section.
If a large-scale club to which this section applies has not, by 1 December 2008, reduced the number of poker machine entitlements allocated in respect of its relevant premises to the number required under section 15A (1), the remaining number of entitlements that the club was required to transfer in order to reach that reduced number are forfeited to the Board.
Any levy paid to the Director-General under this section is to be paid into a fund, called the Community Development Fund, administered by the Department of the Arts, Sport and Recreation.
Money held in the Community Development Fund may be applied:
(a) for such community benefits as the Director-General considers appropriate, or
(b) for such other purposes as may be authorised or permitted by or under this or any other Act.
Omit section 21A (3) and (4).
Insert after section 210 (2) (x):
the purposes for which money in the Community Development Fund (as referred to in section 15B) may be applied.
Insert at the end of clause 1 (1):
State Revenue and Other Legislation Amendment (Budget) Act 2007, but only to the extent that it amends this Act
(Section 3)
Insert “and ending with 2006” after “commencing with 2005” wherever occurring in section 3AJ (1) and (2).
Insert after section 3AJ:
Except as provided by subsection (2), in respect of the taxable value of all the land owned by any person at midnight on 31 December in any year (commencing with 2007) there is to be charged, levied, collected and paid under the provisions of the Principal Act and in the manner prescribed under that Act, land tax for the period of 12 months commencing on 1 January in the next succeeding year and at the rates set out in Schedule 12.
In respect of the taxable value of all the land owned by a person at midnight on 31 December in any year (commencing with 2007) where:
(a) the owner is a company classified under section 29 of the Principal Act as a non-concessional company, or
(b) the land is subject to a special trust,
land tax for the period of 12 months commencing on 1 January in the next succeeding year is, except as provided by section 27 (2A) of the Principal Act, to be charged, levied, collected and paid as referred to in subsection (1) at the rate of 1.6 cents for each $1 of the taxable value.
If the total amount of land tax payable pursuant to this section by any person in any year would, but for this subsection, be less than $100, no land tax is payable.
Insert after Schedule 11:
(Section 3AK)
Where the taxable value assessed under the Principal Act | Rates of land tax payable |
is not more than the tax threshold | nil |
is more than the tax threshold | $100 plus 1.6c for each $1 in excess of the tax threshold |
(Section 3)
Omit the definition of
Omit “, the State Rail Authority” from the definition of
Omit “, RIC or the State Rail Authority” wherever occurring in section 88G (1) and (2).
Insert instead “or RIC”.
Omit “State Rail Authority” from the definition of
Insert instead “SRA Residual Holding Corporation”.
Insert after section 94 (6):
In this section and Schedule 4, a reference to the Minister, in relation to the transfer of any assets, rights or liabilities of the SRA Residual Holding Corporation, is to be read as a reference to the Treasurer.
Insert after clause 18:
An order may not be made under this Part in relation to the transfer of staff to or from the SRA after the commencement of this clause.
In this Schedule,
Omit paragraph (a) of the definition of
Insert instead:
RailCorp, RIC and Transport Infrastructure Development Corporation, and
Insert at the end of clause 2 (1):
State Revenue and Other Legislation Amendment (Budget) Act 2007
Insert at the end of Schedule 7 with appropriate Part and clause numbers:
On the repeal of clause 6 of Schedule 8, the person holding office as the Chief Executive of the State Rail Authority immediately before that repeal ceases to hold that office.
No compensation or remuneration is payable to any person because of the operation of this clause.
Subject to the regulations, a reference in any Act (other than this Act) or instrument, or in any other document, to the State Rail Authority is to be read as a reference to the SRA Residual Holding Corporation.
Without limiting subclause (1), the regulations may provide that a reference in any Act (other than this Act), instrument or other document to the State Rail Authority is to be read as a reference to another statutory corporation.
Omit “
Insert instead “
Insert after clause 1 (1):
On and from the commencement of this subclause:
(a) the corporate name of the State Rail Authority of New South Wales is changed to the State Rail Authority Residual Holding Corporation, and
(b) that body, for all purposes (including the rules of private international law), continues in existence under its new name so that its identity is not affected.
Omit “State Rail Authority”.
Insert instead “SRA Residual Holding Corporation”.
Insert after clause 1:
In this Schedule:
Omit “State Rail Authority”.
Insert instead “SRA Residual Holding Corporation”.
Omit clause 3 (1). Insert instead:
The SRA Residual Holding Corporation has the following functions:
(a) such functions as may be necessary or convenient to enable it to exercise its rights and discharge its obligations under or in connection with a special lease or any sublease or sub-sublease of the property to which a special lease applies,
(b) to acquire any or all of the property the subject of a special lease or any other property that it is necessary or convenient for the Corporation to acquire in connection with the exercise of the Corporation’s functions in relation to a special lease,
(c) any other functions conferred or imposed on it by or under this or any other Act.
The SRA Residual Holding Corporation may do any thing that is supplemental or incidental to the exercise of its functions.
Omit “State Rail Authority”.
Insert instead “SRA Residual Holding Corporation”.
Omit the clause. Insert instead:
The SRA Residual Holding Corporation may sell, lease or otherwise dispose of any of its property.
Despite subclause (1), the SRA Residual Holding Corporation may not transfer, novate or otherwise dispose of any rights or liabilities under any special lease unless the Treasurer has determined that the disposal will not breach any term of any special lease or the disposal is required by a term of a special lease.
Omit “
Insert instead “
Omit the clauses.
Omit the clause. Insert instead:
The affairs of the SRA Residual Holding Corporation are to be managed and controlled by the Treasurer.
Any act, matter or thing done in the name of, or on behalf of, the SRA Residual Holding Corporation by the Treasurer is taken to have been done by the Corporation.
Omit the clause.
Omit the clause. Insert instead:
The SRA Residual Holding Corporation may delegate to any person any of the functions of the Corporation, other than this power of delegation.
A delegate may sub-delegate to an authorised person any function delegated by the SRA Residual Holding Corporation if the delegate is authorised in writing to do so by the Corporation.
In this clause,
(a) a member of staff of the SRA Residual Holding Corporation, or
(b) a person of a class prescribed by the regulations or approved by the Treasurer.
Omit the clauses. Insert instead:
The SRA Residual Holding Corporation may arrange for the use of the services of any staff or facilities of any government department or public authority, including the staff or facilities of RailCorp, RIC or the New South Wales Treasury Corporation.
A person whose services are made use of by the SRA Residual Holding Corporation under subclause (1) is taken to be a member of staff of the Corporation.
Without limiting subclause (1), the SRA Residual Holding Corporation may appoint any such person to a position with the Corporation that is designated by the Corporation and may remove the person from that designated position at any time.
Omit the clauses.
Omit “State Rail Authority”.
Insert instead “SRA Residual Holding Corporation”.
Omit the clause. Insert instead:
The seal of the SRA Residual Holding Corporation is to be kept by the Treasurer and affixed to a document only:
(a) in the presence of the Treasurer or a member of staff of the Corporation authorised by the Treasurer, and
(b) with an attestation by the signature of the Treasurer or that member of staff of the fact of the affixing of the seal.
Omit the clause.
Omit “State Rail Authority” wherever occurring.
Insert instead “SRA Residual Holding Corporation”.
Insert after clause 19 (1):
A proclamation may not be made under subclause (1) unless the Treasurer has certified that the dissolution of the SRA Residual Holding Corporation will not result in a breach of any term of a special lease.
Omit “the Authority” wherever occurring.
Insert instead “the Corporation”.
Insert “except that, in so applying those provisions, a reference to the Minister is to be read as a reference to the Treasurer” after “rail authority”.
Omit the subclause.
Omit the clause.
Omit “State Rail Authority” wherever occurring.
Insert instead “SRA Residual Holding Corporation”.
Omit “State Rail Authority” wherever occurring.
Insert instead “SRA Residual Holding Corporation”.
Omit “State Rail Authority” wherever occurring.
Insert instead “SRA Residual Holding Corporation”.
(Section 3)
Bennelong Point (Parking Station) Act 1985 No 189Omit “the State Rail Authority”. Insert instead “RailCorp”.
Electricity Supply Act 1995 No 94Omit “, Rail Infrastructure Corporation or the State Rail Authority” from the definition of
Insert instead “or Rail Infrastructure Corporation”.
First State Superannuation Act 1992 No 100Omit “State Rail Authority of New South Wales”.
Glenreagh to Dorrigo Railway (Closure) Act 1993 No 65Omit “the State Rail Authority”.
Insert instead “the Rail Infrastructure Corporation”.
Omit the definition of
Omit “Authority” wherever occurring. Insert instead “Corporation”.
Local Government Act 1993 No 30Omit “the State Rail Authority”.
Insert instead “the State Rail Authority Residual Holding Corporation”.
Omit “the State Rail Authority” from the definition of
Insert instead “the State Rail Authority Residual Holding Corporation Corporation”.
New South Wales Retirement Benefits Act 1972 No 70Omit the matter relating to the State Rail Authority. Insert instead:
Rail Corporation | All persons employed by the Corporation |
Omit “the State Rail Authority” wherever occurring in clauses 7 and 8.
Insert instead “Rail Corporation”.
Pipelines Act 1967 No 90Omit “State Rail Authority of New South Wales,” from paragraph (a) of the definition of
Omit “The State Rail Authority.” from Part 1.
Public Finance and Audit Act 1983 No 152Omit “State Rail Authority of New South Wales”.
Insert instead “State Rail Authority Residual Holding Corporation”.
Public Sector Employment and Management Act 2002 No 43Omit “Chief Executive of the State Rail Authority” from Part 2.
Omit “the State Rail Authority” from clause 23 (1) (a).
Insert instead “the State Rail Authority Residual Holding Corporation”.
Omit “that Authority”. Insert instead “that Corporation”.
Rural Fires Act 1997 No 65Omit “the State Rail Authority,”.
Omit “the State Rail Authority,” from paragraph (c) of the definition of
Omit “the State Rail Authority,” from paragraph (c) of the definition of
Omit “State Rail Authority of New South Wales” from Part 1.
State Authorities Superannuation Act 1987 No 211Omit “State Rail Authority of New South Wales” from Part 1.
State Development and Industries Assistance Act 1966 No 10Omit “the State Rail Authority,” from section 20 (1) (b).
Superannuation Act 1916 No 28Omit “State Rail Authority of New South Wales” from Part 1.
Omit “State Rail Authority of New South Wales” from Part 1.
Transport Appeal Boards Act 1980 No 104Omit “the State Rail Authority and”.
Omit “the State Rail Authority,” from the definition of
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