State Revenue Legislation (Amendment) Act 1994 (NSW)
STATE REVENUE LEGISLATION (AMENDMENT) ACT
1994 No. 48
NEW SOUTH WALES
TABLE OF PROVISIONS
1. Short title
2. Commencement
3. Amendment of Business Franchise Licences (Petroleum Products) Act 1987 No. 94
4. Amendment of Business Franchise Licences (Tobacco) Act 1987 No. 93
5. Amendment of Debits Tax Act 1990 No. 112
6. Amendment of Health Insurance Levies Act 1982 No. 159
7. Repeal of Health Insurance Levies Regulation 1983
8. Amendment of Land Tax Management Act 1956 No. 26
9. Amendment of Pay-roll Tax Act 1971 No. 22
10. Amendment of Revenue Laws (Reciprocal Powers) Act 1987 No. 86
11. Amendment of Stamp Duties Act 1920 No. 47
12. Amendment of Stamp Duties (Financial Institutions Duty) Regulation 1982
13. Amendment of Stamp Duties Regulation 1991
14. Amendment of various Acts
15. Amendment of Valuation of Land Act 1916 No. 2
16. Transitional provision—disclosure of information
17. Explanatory notes
SCHEDULE 1—AMENDMENT OF BUSINESS FRANCHISE LICENCES
(PETROLEUM PRODUCTS) ACT 1987
SCHEDULE 2-AMENDMENT OF BUSINESS FRANCHISE LICENCES (TOBACCO) ACT 1987
SCHEDULE 3—AMENDMENT OF DEBITS TAX ACT 1990
SCHEDULE 4—AMENDMENT OF HEALTH INSURANCE LEVIES ACT 1982
SCHEDULE 5—AMENDMENT OF LAND TAX MANAGEMENT ACT 1956
SCHEDULE 6—AMENDMENT OF PAY-ROLL TAX ACT 1971SCHEDULE 7—AMENDMENT OF REVENUE LAWS (RECIPROCAL POWERS)
ACT 1987
ii
State Revenue Legislation (Amendment ) A c t 1 9 9 4 N o . 4 8 SCHEDULE 8—AMENDMENT OF STAMP DUTIES ACT 1920—FINANCIAL
INSTITUTIONS DUTY
SCHEDULE 9—AMENDMENT OF STAMP DUTIES ACT 1920—TRANSFER OF
MARKETABLE SECURITIES
SCHEDULE 10—AMENDMENT OF STAMP DUTIES ACT 1920—EXEMPTIONS
FROM AND REDUCTIONS IN DUTY
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT 1920—MISCELLANEOUS
SCHEDULE 12—AMENDMENT OF VARIOUS ACTS—DISCLOSURE OF
INFORMATION
SCHEDULE 13—AMENDMENT OF VALUATION OF LAND ACT 1916
SUMMARY OF PROVISIONS AFFECTED
Business Franchise Licences (Petroleum Products) Act 1987
Provision affected Amending Schedule The whole Act (except s. 9)
s. 9
s. 13
s. 14
s. 48B
s. 48C
s. 48D
ss. 48EA, 48EB
s. 52BA
s. 62
s. 65
s. 75
Business Franchise Licences (Tobacco) Act 1987
Provision affected Amending Schedule The whole Act (except s. 9) s. 9 2 (2) s. 13 2 (4) s. 52BA
s. 69
s. 72
s. 82iii
State Revenue Legislation (Amendment) Act 1994 No. 48
Debits Tax Act 1990
Provision affected Amending Schedule s. 3 s. 41 Schedule 3 Health Insurance Levies Act 1982
Provision affected Amending Schedule s. 10 s. s. 10A s. 11 S. 11A s. 12 s. 20
Schedule 3
Health Insurance Levies Regulation 1983
Provision affected Amending provision The whole Regulation cl. 7 Land Tax Management Act 1956
Provision affected Amending Schedule s. 3 s. 4 s. 6 s. 10
s. 10B s. 10T s. 21C s. 26
S. 47 s. 55 s. 61 s. 61A
s. 62
ss. 62HA–62HE
s. 62J
Schedule 2
iv
State Revenue Legislation (Amendment) Act 1994 No. 48
Pay-roll Tax Act 1971
Provision affected Amending Schedule s. 3 s. 5 s. 6 s. 10
s. 13A s. 16I s. 46B s. 50A
Schedule 6
Revenue Laws (Reciprocal Powers) Act 1987
Provision affected Amending Schedule s. 3 s. 4 s. 5 s. 9
s. 10 s. 12 s. 13
SS. 16A–16C
Stamp Duties Act 1920
Provision affected Amending Schedule s. 3
s. 3A
s. 8
s. 8A
s. 9
s. 38E
s. 40A
ss. 40B, 40C
s. 44
s. 44A
s. 44F
s. 66E
s. 66G
s. 73
s. 74E
s. 74F
s. 75A
s. 83V
State Revenue Legislation (Amendment) Act 1994 No. 48
Stamp Duties Act 1920—continued
Provision affected Amending Schedule s. 84
s. 84CAB
s. 84CAC
s. 88I
s. 91
Part 3, Division 26A, ss. 94B–94M
Part 3, Division 27, heading
s. 95
s. 95AA
s. 95A
s. 96
s. 96A
s. 96B
Part 3, Division 27, Subdivision 2,heading
s. 97
Part 3, Division 27, Subdivision 3,
heading
s. 97A
s. 97ABs. 97AC
ss . 97ADG–97ADI s. 97C s. 97D s. 98 s. 98A s. 98J s. 98JA
s. 98O s. 98R s. 98U s. 98W s. 99A s. 127 s. 129CA s. 131
s. 131A
s. 131AASecond Schedule—Stamp Duties and
Exemptions (29) Second Schedule—General 10 (13), (14), 11 (14) Exemptions from Stamp Duty
under Part 3
Schedule 2A 10 (15) Tenth Schedule 11 (30)
vi
State Revenue Legislation (Amendment) Act 1994 No. 48
Stamp Duties (Financial Institutions Duty) Regulation 1982
Provision affected Amending provision cl. 3 cl. 12 cll. 4–8 cl. 12 cll. 11–15 cl. 12
Stamp Duties Regulation 1991
Provision affected Amending provision cl. 6 cl. 13
Valuation of Land Act 1916
Provision affected Amending Schedule Long title s. 4 s. 14A
s. 27s. 27B s. 58 s. 58AB s. 58AD STATE REVENUE LEGISLATION (AMENDMENT) ACT
1994 No. 48
Act No. 48, 1994
An Act to make miscellaneous amendments to certain State revenue
legislation, and for other purposes. [Assented to 2 June 1994] State Revenue Legislation (Amendment) Act 1994 No. 48
The Legislature of New South Wales enacts:
Short title
l . This Act may be cited as the State Revenue Legislation (Amendment) Act 1994.
Commencement
2. (1) This Act commences on the date of assent, except as provided
by this section.
(2) Section 13 and Schedules 1 (4), 8 (8), 9 and 11 (24)–(29) commence on a day or days to be appointed by proclamation.
(3) Sections 6 and 7 and Schedules 4, 6 (3) (a)–(e), (g) and (h), 8 (1) (a), in so far as it inserts the definition of “rollover” into section 98 (1) of the Stamp Duties Act 1920, (d) and (e) and 10 (1)–(5), (10), (11) and (15) commence on l July 1994.
(4) Schedule 5 (2)–(4) are taken to have commenced on 31 December
1992.
(5) Schedule 5 (8) is taken to have commenced on 28 January 1994. (6) Schedule 5 (14) (e) is taken to have commenced on 9 April 1990. (7) Schedule 6 (3) (f) is taken to have commenced on 1 January 1992. (8) ,Schedule 6 (3) (i) and (j) are taken to have commenced on 1
September 1993 (the day on which the Charitable Fundraising Act 1991 commenced).
(9) Schedule 8 (2) (e), in so far as it inserts paragraph (ib) into section 98A of the Stamp Duties Act 1920, is taken to have commenced on 9 November 1993.
(10) Schedule 8 (7) (b) is taken to have commenced on 1 May 1993.
(11) Schedule 10 (7)–(9) are taken to have commenced on 1 January
1993.
(12) Schedule 10 (13) is taken to have commenced on 1 July 1992.
Amendment of Business Franchise Licences (Petroleum Products)
Act 1987 No. 943. The Business Franchise Licences (Petroleum Products) Act 1987 is amended as set out in Schedule 1.
State Revenue Legislation (Amendment) Act 1994 No. 48
Amendment of Business Franchise Licences (Tobacco) Act 1987
No. 934. The Business Franchise Licences (Tobacco) Act 1987 is amended as set out in Schedule 2.
Amendment of Debits Tax Act 1990 No. 112
5. The Debits Tax Act 1990 is amended as set out in Schedule 3.
Amendment of Health Insurance Levies Act 1982 No. 159
6. The Health Insurance Levies Act 1982 is amended as set out in
Schedule 4.
Repeal of Health Insurance Levies Regulation 1983
7. The Health Insurance Levies Regulation 1983 is repealed.
Amendment of Land Tax Management Act 1956 No. 26
8. The Land Tax Management Act 1956 is amended as set out in
Schedule 5.
Amendment of Pay-roll Tax Act 1971 No. 22
9. The Pay-roll Tax Act 1971 is amended as set out in Schedule 6 .
Amendment of Revenue Laws (Reciprocal Powers) Act 1987 No. 86
10. The Revenue Laws (Reciprocal Powers) Act 1987 is a mended as set out in Schedule 7.
Amendment of Stamp Duties Act 1920 No. 47
11. The Stamp Duties Act 1920 is amended as set out in Schedules
8–11.
Amendment of Stamp Duties (Financial Institutions Duty)
Regulation 198212. The Stamp Duties (Financial Institutions Duty) Regulation 1982
is amended:
(a)
by omitting from clause 3 (1) the definitions of‘ “approved superannuation scheme”, “finance contract”, “pastoral finance company”, “Protective Commissioner” and “retailer” ;
(b) by omitting clauses 4–8 and 11–15.
State Revenue Legislation (Amendment) Act 1994 No. 48Amendment of Stamp Duties Regulation 1991
13. The Stamp Duties Regulation 1991 is amended by omitting clause 6.
Amendment of various Acts
14. Each Act specified in Schedule 12 is amended as set out in that
Schedule.
Amendment of Valuation of Land Act 1916 No. 2
15. The Valuation of Land Act 1916 is amended as set out in Schedule 13.
Transitional provision—disclosure of information
16. The amendments made by section 14 and Schedule 12 apply to
information or records obtained by a person whether before, on or after
the date of assent to this Act.
Explanatory notes
17. The matter appearing under the heading “Explanatory note” in any of the Schedules does not form part of this Act.
State Revenue Legislation (Amendment) Act I994 No. 48
SCHEDULE l—AMENDMENT OF BUSINESS FRANCHISE
LICENCES (PETROLEUM PRODUCTS) ACT 1987
(Sec. 3)
Extension of off-road diesel fuel scheme
(1) Section 48B (Definitions):
(a) In section 48B, insert in alphabetical order:
“marine purpose” means the purpose of propelling diesel-engined marine vessels on water;
(b)
In the definition of “off-road purpose” in section 48B, after “any purpose”, insert “(including marine purposes)”.
(2) Section 48C (Authorities to sell diesel fuel for off-road
purposes):
In section 48C (3), after “authorities” where secondly occurring, insert “, the variation or revocation of conditions of authorities (whether imposed by the regulations or the Chief Commissioner)”.
(3) Section 48D (Permits to purchase diesel fuel for off-road
purposes):
In section 48D (3), after “permits” where secondly occurring, insert “, the variation or revocation of conditions of permits (whether imposed by the regulations or the Chief Commissioner)”.
(4) Sections 48EA, 48EB:
After section 48E, insert:
Permit not required for sale and purchase of diesel fuel for marine purposes
48EA. (1) The holder of an authority is authorised to sell diesel fuel for marine purposes to any person, subject to and in accordance with the regulations and the conditions of the authority.
(2) A permit is not required for the purchase of diesel fuel for marine purposes.
Records to be kept
48EB. The regulations may require the holder of an
authority or permit and a purchaser of diesel fuel for marine
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 1—AMENDMENT OF BUSINESS FRANCHISE
LICENCES (PETROLEUM PRODUCTS) ACT 1987— continuedpurposes to keep records in respect of sales and purchases of the diesel fuel and may make other provision concerning any such records.
Explanatory note-items (1)–(4) Under the Business Franchise Licenses (Petroleum Products) Act 1987 the fee for a licence to sell petroleum products is calculated according to the value of the petroleum products sold by the licensee in a particular period. However, if the Chief Commissioner grants a licensee an authority to sell diesel fuel for off-road purposes, sales of diesel fuel are not taken into account when calculating the licence fee. At present, the holder of an authority is only authorised to sell diesel fuel for off-road purposes to the holder of a permit (also granted by the Chief Commissioner).
Items (1)–(4) extend this scheme to allow the holder of an authority to sell diesel fuel for use in propelling marine vessels on water to any person (whether or not that person holds a permit under the Act). The holder of an authority will be required to comply with the regulations and the conditions of the authority with respect to such sales. The proposed amendments also provide that the holder of an authority or permit or a purchaser of diesel fuel for marine
purposes may be required to keep records of sales and purchases of diesel fuel. Powers of Tribunal
(5) Section 52BA:
After section 52B, insert:
Furnishing of information and documents to, and giving evidence before, the Tribunal
52BA. (1) For the purposes of a review, the Tribunal may, by notice in writing served on any person, require the person to do any one or more of the following:
(a) to send to the Tribunal, on or before a day specified in the notice, a statement setting out such information as is so specified; (b) to send to the Tribunal, on or before a day specified in the notice, such documents as are so specified; (c) to attend at a hearing before the Tribunal, on a day specified in the notice, to give evidence. (2) The day specified in the notice must be not less than 21 days after service of the notice or such shorter period as the Tribunal on the application of the appellant or the Chief Commissioner directs.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 1—AMENDMENT OF BUSINESS FRANCHISE
LICENCES (PETROLEUM PRODUCTS) ACT 1987— continued(3) If documents are given to the Tribunal under this section, the Tribunal:
(a) may take possession of, and make copies of or take extracts from, the documents; and (b) may keep possession of the documents for such period as is necessary for the purposes of the investigation to
which they relate; and(c) during that period must permit them to be inspected at all reasonable times by persons who would be entitled to inspect them if they were not in the possession of the Tribunal. (4) A person, other than a licensee or an employee or representative of a licensee, who attends at a hearing because of a notice under this section is entitled to be paid by the State such allowances as are prescribed by the regulations or (subject to the regulations) as are approved by the Treasurer.
(5) A person must not, without reasonable excuse, fail to comply with a notice served under this section.
Maximum penalty: 100 penalty units or imprisonment for 6 months, or both.
Explanatory note—item (5)
Item (5) gives the Business Franchise Licence Fees (Petroleum Products) Appeals Tribunal power to require a person to provide information or attend a hearing in connection with the review of a licence fee assessment. It will be an offence not to comply with such a requirement. The proposed amendment also allows witnesses to be paid an allowance for attending at a hearing.
Updating of Act
(6) Section 9:
Omit the section, insert instead:
Grouping of related bodies corporate
9. Bodies corporate constitute a group if each is a related body corporate (within the meaning of the Corporations Law) with respect to the other.
(7) The whole Act. (except for section 9):
Omit “corporation” and “corporations” wherever occurring, insert instead “body corporate” and “bodies corporate” respectively.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 1—AMENDMENT OF BUSINESS FRANCHISE LICENCES (PETROLEUM PRODUCTS) ACT 1987— continued
(8) Sections 13 (Corporate business) and 14 (Corporate relationship): Omit “(within the meaning of the Companies (New South Wales) Code)” wherever occurring, insert instead “(within the meaning of the Corporations Law)”.
(9) Section 65 (Information given by officers of bodies corporate):
(a)
In section 65 (l), after “officer” where firstly occurring, insert “(within the meaning of the Corporations Law)”.
(b)
From section 65 (l), omit “(within the meaning of the Companies (New South Wales) Code)”.
(10) Section 75 (Service of documents by Chief Commissioner):
From section 75 (2), omit “sections 528, 529 and 530 of the Companies (New South Wales) Code”, insert instead “sections 220 and 363 of the Corporations Law”.
Explanatory no—items (6)–(10)
Items (7), (8). (9) and (10) update references in the Act to the Companies (New South Wales) Code to the Corporations Law and replace references to particular sections with the equivalent section or term in the current Corporations Law. The term “corporation” is replaced by the broader term “body corporate” to make it clear that the Act applies to all bodies corporate and not merely to corporations within the meaning of the Corporations Law.
Item (6) of the proposed amendments repeals and remakes section 9 €or the same purposes.
SCHEDULE 2—AMENDMENT OF BUSINESS FRANCHISE
LICENCES (TOBACCO) ACT 1987
(Sec. 4)
Powers of Tribunal
(1) Section 54BA:
After section 54B, insert:
Furnishing of information and documents to, and giving evidence before, the Tribunal
54BA. ( l ) For the purposes of a review, the Tribunal may, by notice in writing served on any person, require the person to do any one or more of the following:
State Revenue Legislation (Amendment) Act 1994 No. 4 8
SCHEDULE 2—AMENDMENT OF BUSINESS FRANCHISE
LICENCES (TOBACCO) ACT 1987— continued
(a) to send to the Tribunal, on or before a day specified in the notice, a statement setting out such information as is so specified; (b) to send to the Tribunal, on or before a day specified in the notice, such documents as are so specified; (c) to attend at a hearing before the Tribunal, on a day specified in the notice, to give evidence. (2) The day specified in the notice must be not less than 21 days after service of the notice or such shorter period as the Tribunal on the application of the appellant or the Chief Commissioner directs.
(3) If documents are given to the Tribunal under this section, the Tribunal:
(a) may take possession of', and make copies of or take extracts from, the documents; and (b) may keep possession of the documents for such period as is necessary for the purposes of the investigation to which they relate; and (c) during that period must permit them to be inspected at all reasonable times by persons who would be entitled to inspect them if they were not in the possession of the Tribunal. (4) A person, other than a licensee or an employee or representative of a licensee, who attends at a hearing because of a notice under this section is entitled to be paid by the State such allowances as are prescribed by the regulations or (subject to the regulations) as are approved by the Treasurer.
(5) A person must not, without reasonable excuse, fail to comply with a notice served under this section.
Maximum penalty: 100 penalty units or imprisonment for 6 months, or both.
Explanatory note—item (1)
Item (1) gives the Business Franchise Licence Fees (Tobacco) Appeals Tribunal power to require a person to provide information or attend a hearing in connection with the review of a licence fee assessment. It will be an offence not to comply with such a requirement. The proposed amendment also allows witnesses to be paid an allowance for attending at a hearing.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 2—AMENDMENT OF BUSINESS FRANCHISE
LICENCES (TOBACCO) ACT 1987— continued
Updating of Act
(2) Section 9:
Omit the section, insert instead:
Grouping of related bodies corporate
9. Bodies corporate constitute a group if each is a related
body corporate (within the meaning of the Corporations Law)
with respect to the other.
(3) The whole Act (except for section 9):
Omit “corporation” and “corporations” wherever occurring, insert instead “body corporate” and “bodies corporate” respectively.
(4) Sections 13 (Corporate business) and 14 (Corporate relationship): Omit “(within the meaning of the Companies (New South Wales) Code)” wherever occurring, insert instead “(within the meaning of the Corporations Law)”.
(5) Section 72 (Information given by officers of bodies corporate):
(a) In section 72 (1), after ‘‘officer” where firstly occurring, insert “(within the meaning of the Corporations Law)”. (b) From section 72 (l), omit “(within the meaning of the Companies (New South Wales) Code)”. (6) Section 82 (Service of documents by Chief Commissioner): From section 82 (2), omit “sections 528, 529 and 530 of the Companies (New South Wales) Code”, insert instead “sections 220 and 363 of the Corporations Law”.
Explanatory note—items (2)–(6)
Items (3), (4), (5) and (6) update references in the Act to the Companies (New South Wales) Code to the Corporations Law and replace references to particular sections or defined terms with the equivalent section or term in the current Corporations Law. The term “corporation” is replaced by the broader term “body corporate” to make it clear that the Act applies to all bodies corporate and not merely to corporations within the meaning of the Corporations Law.
Item (2) of the proposed amendments repeals and remakes section 9 for the same purposes.
~- State Revenue Legislation (Amendment) Act 1994 No. 48 SCHEDULE 3—AMENDMENT OF DEBITS TAX ACT 1990
(Sec. 5)
Amendments
(1) Section 3 (Definitions):
(2) Schedule 3 (Transitional provisions): After clause 5 (2), insert: (3) Despite the other provisions of this clause, anything done or purporting to be done before 31 December 1993 under the arrangement made under clause 2 is taken to have been validly done.
Explanatory note—items (1) and (2)
The amendment in item (1) corrects a wrong cross-reference.
The amendment in item (2) recognises that the arrangement entered into between the Chief Commissioner and the Commonwealth Commissioner of Taxation for the assessment, receipt and collection of debits tax by the Commonwealth on behalf of the State was extended from 31 December 1992 to 31 December 1993 and validates anything done or purporting to be done under the arrangement during the period of its extension.
(Sec. 6 )
Payment of monthly levy
( l ) Section Omit the section, insert instead:
10:
Monthly levy payable
10. An organisation which, on the first day in any month, carries on the business in New South Wales of providing health benefits to contributors is liable to pay to the Chief Commissioner, on or before the 15th day of that month, the monthly levy calculated in accordance with section 10A.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 4—AMENDMENT OF HEALTH INSURANCE
LEVIES ACT 1982—continued
Explanatory note—item (1)
Section 10 currently provides that any organisation that carries on the business of providing health benefits to contributors, in any month, will be liable for a monthly levy payable on or before the 15th day of the third month following the month on which it carried on that business (e.g. a monthly levy for June is currently payable on or before 15 September). However, if the organisation ceases to carry on that business, any monthly levy accrued, but remaining unpaid, is payable ‘immediately on the cessation of business.
The proposed amendment to section 10 removes the 3 month delay in payment of the levy and provides instead that any organisation carrying on such a business, on the first day of any month, is required to pay the monthly levy on or before the 15th day of the same month (i.e. the levy for 1 July 1994 will be payable on or before 15 July 1994 and so on). The provisions requiring payment of any outstanding monthly levies immediately on the date of the cessation of business are consequentially omitted.
Calculation of monthly levy
(2) Section 10A (Calculation of monthly levy):
(a)
From section 10A (l), omit “any relevant month”, insert instead “a month”.
(b)
From section 10A (l), omit the words “is the amount in dollars of the monthly levy to be obtained”, insert instead “is the monthly levy in dollars”.
(c)
From section 10A (l), omit “the relevant month” wherever occurring, insert instead “the month”.
(d)
From section 10A (2), omit the definition of “relevant month”.
(e) Omit section 10A (3) (b), insert instead:
(b) are members of one or more of the following classes of contributors: (i) persons who contribute to an organisation for the purpose of securing entitlement only to benefits other than basic health benefits;
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 4—AMENDMENT OF HEALTH INSURANCE
LEVIES ACT 1982—continued
(ii) persons who hold one or more of the following cards issued to them by the Commonwealth:
• Concession Card
• Health Benefits Card
• Pensioner Health Benefits and Transport Concession Card • Pharmaceutical Benefits Concession Card
and Social Security Card;
(iii) persons who are in receipt of a service pension under Part III of the Veterans’ Entitlements Act 1986 of the Commonwealth,
Explanatory note—item (2)
Section 10A sets out the formula for calculating the monthly levy. The proposed amendments to section 10A remove references to “relevant month” as a consequence of the proposed amendment to section 10. Section 10A (3). which specifies certain contributors who are not to be counted for the purposes of calculating the monthly levy, is amended to incorporate into the Act those classes of persons currently prescribed under the Health Insurance Levies Regulation 1983 (which is to be consequentially repealed).
Monthly returns
(3) Section 11 (Requirement to furnish a monthly return):
Omit “(or has, within the previous 3 months, carried on)”.
Explanatory note—item (3)
Section 11 is consequentially amended as a result of the proposed amendment to section 10.
Assessment of monthly levy
(4) Section 11A:
After section 11, insert: circumstances
11A, (1) If an organisation is liable to pay a monthly levy
under section 10 but is unable to determine accurately the
number of contributors for the purpose of calculating the
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 4—AMENDMENT OF HEALTH INSURANCE
LEVIES ACT 1982—continued amount of the levy, the organisation is to make an estimate of the number of its contributors for the purpose of paying the levy.
(2) The organisation must, once the precise number of contributors becomes known to it, inform the Chief Commissioner of the number of contributors.
(3) The organisation:
(a)
must then assess the difference between the amount paid and the amount of the monthly levy; and
(b)
must pay any additional amount required or it may apply for a refund if the amount paid exceeds the monthly levy.
(4) An application for any such refund is to be made to the Chief Commissioner within 3 years following the payment of the relevant monthly levy. (5) Section 12 (Assessment of monthly levy by Chief
Commissioner):
(a) Omit section 12 (1).
(b) From section 12 (2), omit “and, for that purpose, may make such a determination of the matters referred to in subsection (1) as he considers reasonable in the circumstances of the case, notwithstanding any determination made by the organisation under subsection ( l )” , insert instead “having regard to any relevant information or assessment under section 11A”.
Explanatory note—items (4) and (5)
Assessment of monthly levy by organisations in certain circumstances
(items (4) and (5) (a))Section 12 (1) currently permits an organisation which is liable to pay a monthly levy but is unable to determine the precise number of contributors who are permanently resident outside New South Wales (and thereby exempted for the purpose of the calculation of the levy) or any other matter (including the number of single or family contributors (or both)), to make what it considers a reasonable determination of its liability.
The proposed amendments will replace section 12 (1) with section 11A which requires an organisation that is unable to determine the number of its contributors when the monthly levy is due to estimate those numbers for the purpose of paying the levy. The organisation must then inform the Chief
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 4—AMENDMENT OF HEALTH INSURANCE
LEVIES ACT 1982—continued
Commissioner when it obtains the information allowing the precise monthly levy to be calculated and, on the basis of that information, pay any additional levy required or apply for a refund.
Assessment of monthly levy by Chief Commissioner (item (5) (b))
Transitional provisions (6) Schedule 3 (Transitional provisions):
(a) After “ 1 February 1993” in clause 4, insert “and before 1 July 1994”. (b) After clause 4, insert: Legislation (Amendment) Act 1994
5. (1) Without limiting the generality of section 30 of the Interpretation Act 1987, the amendments to this Act made by the State Revenue Legislation (Amendment) Act 1994 do not affect:
(a) any liability (which arose before 1 July 1994) to pay a monthly levy on or before the date on which it would have been due if the amendments had not taken effect; and (b) the requirement to furnish a return with that monthly levy in accordance with section 11 as in force immediately before the commencement of the amendments. (2) An adjustment of the prescribed rate applies to the calculation of the monthly levy for the month in which the adjustment is made only if the adjustment takes effect on the first day of that month.
Explanatory note—item (6) The transitional provisions inserted by item (6) will remove any doubt that the amendments to the Act will not affect any liability to pay a monthly levy that arose before the commencement of the amendments. Such a levy will be due on
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 4—AMENDMENT OF HEALTH INSURANCE
LEVIES ACT 1982—continued
or before the date it would have been due if the amendments had not been made, and it must be accompanied by the return required under section 11 as in force before the commencement of the amendments.
A provision has been included to remove any doubt that where there is an adjustment of the prescribed rate that adjustment will only affect the calculation of the monthly levy for the month in which the adjustment is made if the adjustment takes effect on the first day of that month.
SCHEDULE 5—AMENDMENT OF LAND TAX
MANAGEMENT ACT 1956
(Sec. 8) Valuation of land
(1) Section 61 (Valuing rent-controlled land):
Omit section 61 (3) and (4), insert instead:
(3) The Chief Commissioner is not required to make a determination as to whether land is rent-protected unless the owner of the land has applied to the Chief Commissioner for the determination (in the form required by the Chief Commissioner and accompanied by such supporting information as the Chief Commissioner may request).
(2) Section 61A:
After section 61, insert:
Valuing Crown lease restricted land
61A. (1) Land that is “Crown lease restricted” is to have its land value determined taking into account the restrictions on the disposition or manner of use that apply to the land by reason of its being the subject of the lease concerned.
(2) Land is “Crown lease restricted” if it is subject to a lease referred to in section 58F of the Valuation of Land Act 1916.
(3) Section 62:
Omit the section, insert instead:
Deductions: profitable expenditure and subdivision
62. In determining the land value of land, there is to be
deducted the amount of any allowance or allowances
State Revenue Legislation (Amendment) Act 1994 No. 48
ascertained under Divisions 2 (Allowances for profitable expenditure) and 2A (Allowances for subdivision). (4) Part 7, Division 2A:
After Division 2 of Part 7, insert:
Division 2A—Allowances for subdivision
Definition
62HA. In this Division, ‘“subdivider”, in relation to a lot in a deposited plan, means the person who, immediately before the registration of the plan, owned all the land comprising the lots in the plan.
Lots which qualify for subdivision alIowance
62HB. (1) A lot in a deposited plan qualifies for an allowance (a “subdivision allowance”) under this Division if the lot is owned by the subdivider.
(2) If a lot qualifies for a subdivision allowance, the Chief Commissioner is to ascertain the allowance in respect of that lot in accordance with this Division.
(3) An allowance (including a nil allowance) ascertained by the Chief Commissioner under this Division is to be entered by the Chief Commissioner in the Register in respect of a land value to which it relates and is to be shown in any assessment to which it is applicable.
How subdivision allowance is ascertained
62HC. (1) The amount of the subdivision allowance in respect of a lot in a deposited plan is the proportionate amount of the discount from sale price of all lots in that plan that in the opinion of the Chief Commissioner would be applicable to the lot.
(2) The “discount from sale price”, in relation to lots in a deposited plan, means the amount (if any) that in the opinion of the Chief Commissioner is the difference between:
(a)
the total of the land values of the lots had they been sold separately; and
(b)
the total of the land values of the lots had they been sold to one person.
SCHEDULE 5—AMENDMENT OF LAND TAX MANAGEMENT
ACT 1956—continued
(3) The allowance to be ascertained in respect of a particular land value is to be calculated as at the date as at which that land value is ascertained.
When allowance is not available
62HD. A subdivision allowance under this Division is not available in respect of a lot in a deposited plan:
(a)
if any building is erected, or any works are carried out, on the lot after the registration of the plan; or
(b)
if no such building is erected and no such works are carried out—on and from the 31 December following the third anniversary of the registration of the plan.
Allowance can be objected against
62HE. (1) An objection may be made to an allowance under this Division as if it were a land value.
(2) The right to object in respect of the land value of land includes the right to object on the ground that an allowance under this Division in respect of the land value has not been made.
Explanatory note—items (1)–(4)
Valuing rent-controlled land (item (1))Section 61 of the Land Tax Management Act 1956 provides that land that the Chief Commissioner has determined is “rent-protected” is to have its land value determined by taking into account any restriction imposed by the Landlord and Tenant (Amendment) Act 1948 (‘‘the 1948 Act”) on the rent at which the premises or a part of the premises on the land may be let. Land is “rent-protected” if there is a fair rent applicable to the premises or a part of the premises on the land under the 1948 Act.
Currently, under section 61, the Chief Commissioner is not required to make a determination that land is rent-protected unless the owner applies for the determination and provides supporting information requested by the Chief Commissioner and the Rent Controller under the 1948 Act certifies to the Chief Commissioner that the land is rent-protected.
The Rent Controller has informed the Chief Commissioner that it is not possible to provide the certificates required. The proposed amendments therefore remove the requirement for certification by the Rent Controller and substitute a requirement that the Chief Commissioner be satisfied that the land is rent-protected on the basis of appropriate information supplied by the owner.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 5—AMENDMENT OF LAND TAX MANAGEMENT
ACT 1956—continued
Valuing land leased from the Crown (item (2))
Under section 58F of the Valuation of Land Act 1916 (which replaced section 160E of the Local Government Act 1919), the Valuer-General is required to furnish a “land rating factor” in respect of land held under certain classes of lease from the Crown. That factor is the land value of the land reduced by the amount attributable to the restrictions on the disposition or manner of use that apply to the land by reason of its being the subject of the lease concerned.
Before the repeal and re-enactment of Part 7 of the Land Tax Management Act 1956 (which included section 54), section 54 (1C) of that Act required a land rating factor, where determined under section 160E, to be taken to be the land value of the land for land tax purposes.
Item (2) of the proposed amendments preserves the substance of the old section 54 (1C) by requiring a valuation of land under the Land Tax Management Act 1956 to take the restrictions on disposition and use into account if the land concerned is held under a lease referred to in section 58F of the Valuation of Land Act 1916.
Allowances for subdivision (items (3) and (4))
Under the Valuation of Land Act 19 16, certain allowances are noted on the valuation roll when land is valued (e.g. an allowance for expenditure by the owner, occupier or lessee on improvements to the land). The Land Tax Management (Amendment) Act 1992 (“the amending Act”) inserted similar provisions into the Land Tax Management Act 1956 in relation to the determination of the value of land for the purposes of that Act.
Item (4) of the proposed amendments provides €or allowances in respect of subdivision similar to those provided by section 58AB of the Valuation of Land Act 1916, Those allowances were not included in the amending Act. Item (3) of the proposed amendments makes a consequential amendment.
Liability of lessees of land owned by public authorities
(5) Section 3 (Definitions):
After the definition of “Company” in section 3 ( l ) , insert:
“Crown” includes a statutory body representing the
Crown.
(6) Section 21C (Liability of lessees o f land owned by the Crown
etc.):
(a)
From section 21C (1) and (2) and (6) (d) and (g), omit “, a county council or a public authority” wherever occurring, insert instead “or a county council”.
State Revenue Legislation (Amendment) Act I994 No. 48
SCHEDULE 5—AMENDMENT OF LAND TAX MANAGEMENT
ACT 1956—continued
(b)
From section 21C (2), omit “, county council or public authority”, insert instead “or county council” .
(c)
From section 21C (6 ) (c), omit “(other than the Crown in the capacity of a public authority)”.
(d) Omit section 21C (6) (e).
(e)
From section 21C (7), omit “other than land owned by a public authority”.
(7) Schedule 2 (Savings and transitional provisions):
At the end of Schedule 2, insert:
State Revenue Legislation (Amendment) Act 1994
Leases from public authorities
23. The amendments made to section 21C by the State Revenue Legislation (Amendment) Act 1994 do not create a liability for land tax in respect of a lease exempted from the operation of that section by section 21C (6) (d) before the date of commencement of the amendments.
Explanatory note—items (5)–(7)
Items (5)–(7) are intended to clarify the application of the Land Tax
Management Act 1956 to statutory bodies that represent the Crown.As there may be a differing liability under the Act for lessees of Crown land and lessees of land owned by public authorities, item (7) preserves the position existing before the amendment in relation to leases of existing lessees.
Miscellaneous
(8) Section 10T (Concession for unoccupied land intended to be owner’s principal place of residence):
(a) After section 10T (2), insert:
(2A) Subsection (2) (a) does not apply in respect of the land referred to in subsection (4) (b).
(b) Omit subsection (4), insert instead:
(4) This section applies to a person’s ownership of land only for the 2 tax years immediately following the tax year in which:
(a) the person became owner; or
State Revenue Legislation (Amendment) Act 1994 No. 48
(b) the person, whose land was eligible for an exemption from tax under section 10 (1) (r) or for a reduction in land value under section 10 (4) in that tax year, ceased to be able to use and occupy the land as his or her principal place of residence because of damage to or destruction of the residence on the land by an event such as fire, earthquake, storm, accident or malicious damage, unless the Chief Commissioner extends or further extends its operation in a particular case on the basis of an acceptable delay in that case.
(4A) This section does not apply in respect of land referred to in subsection (4) (b) unless the land concerned was the principal place of residence, for the purposes of section 10 (1) (r) or (4), of the person referred to in subsection (4) (b) immediately before the relevant damage or destruction occurred.
(9) Section 26 (Purchaser and vendor):
After section 26 (2), insert:
(2A) The Chief Commissioner may exempt the vendor from the operation of subsection (1) (c) if:
(a) the agreement for sale has been completed by conveyance and the conveyance has been registered or otherwise recorded by the Registrar-General; and (b) the vendor does not have, under the agreement or otherwise, an option to re-purchase the land concerned or an entitlement to share in profits on a future sale of the land and does not retain a similar interest in, or' entitlement in relation to, the land; and (c) the Chief Commissioner is satisfied that the agreement for sale was made in good faith and not for the purpose of evading the payment of land tax. (2B) An exemption granted under subsection (2A) is of no effect in respect of a particular tax year if, at any time during that year, the vendor obtains an option, entitlement or interest referred to in subsection (2A) (b).
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 5—AMENDMENT OF LAND TAX MANAGEMENT
ACT 1956—continued
(10) Section 47 (Land tax to be first charge on land):
(a)
After “certified” in section 47 (1C), insert “against the Chief Commissioner and”.
(b)
After “land” in section 47 (1C) (b), insert “(other than a genuine purchaser for value who has not obtained possession of the land)”.
(11) Section 55 (Chief Commissioner to ascertain land values):
After section 55 (4), insert:
(5) A land value in relation to a land tax year may be ascertained even if the land concerned did not exist, as at the 1 July preceding the tax year, in the form of the parcel of land in which it exists at the t h e its value is ascertained. If any part of the land concerned was, as at that 1 July, included in another parcel of land for which a value as at that date has been ascertained, the Chief Commissioner is to reascertain the value of that other parcel.
(12) Section 62J (Land that is eligible to have unutilised value
ascertained):
From section 62J (1) (a) and (b), omit “on which there is a single dwelling-house used or occupied as such” wherever occurring, insert instead “used or occupied solely as the site of a single dwelling-house and”.
Explanatory note—items (8)–(12)
Bushfire and similar relief (item (8))On 28 January 1994, the Treasurer issued a Press Release stating that the residents who had lost their homes in the recent bushfires would be allowed up to 2 years to rebuild without being subject to land tax. A further extension may be granted if there has been justifiable delay. Item (8) gives effect to this commitment and extends it to apply to other similar cases, such as earthquake, storm, accident or malicious damage.
Sale and leaseback of land (item (9))
At present, under section 26 of the Land Tax Management Act 1956, when land is sold and then leased back by the vendor, the vendor remains liable for land tax as a secondary owner. The purchaser is the primary taxpayer but the vendor is also liable to pay land tax although a deduction from the tax payable by the vendor is allowed to prevent double taxation. The effect of the present provision is to impose a land tax burden on a vendor that would not be incurred if the vendor leased similar land from someone else.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 5—AMENDMENT OF LAND TAX MANAGEMENT
ACT 1956—continued
The proposed amendment enables the Chief Commissioner of Land Tax to exempt a vendor from the payment of land tax in the circumstances described if the sale has been completed and the Chief Commissioner is satisfied that the agreement for sale was made in good faith and not for the purpose of evading the payment of land tax.
Effect of land tax certificates (item (10))
Item (10) (a) provides that the conclusive evidence afforded by a land tax certificate issued under section 47 of the Land Tax Management Act 1956 is conclusive evidence only against the Chief Commissioner of Land Tax.
Item (10) (b) is intended to clarify that a purchaser under a contract who has not entered into possession of the land is not an owner of the land and is not precluded from accepting the accuracy of a land tax certificate.
Ascertainment of land values (item (11))
Item (11) makes it clear that the Chief Commissioner may ascertain the value of a particular parcel of land even if the land came into existence in the form of that parcel (for example, as the result of a subdivision) after the valuation date.
Unutilised value allowance (item (12))
An owner of land that is used or occupied as the site of a single dwelling house but which is zoned or otherwise designated for the purposes of industry, commerce, residential flat buildings or residential subdivision is entitled, under section 9A of the Land Tax Management Act 1956, to postponement of part of the land tax payable in respect of the land value of the land for up to 5 years.
The amount of land tax that may be postponed under section 9A is based on “unutilised value”, that is, that part of the value of the land that is attributable to the zoning or designation for industry, commerce, residential units or residential subdivision.
Currently, under section 62J, land is eligible to have an unutilised value allowance ascertained if it comprises a parcel of land on which there is a single dwelling house used or occupied as such and the land is zoned or otherwise designated for the purposes of industry, commerce, residential flat buildings or residential subdivision.
The proposed amendment makes it clear that the eligibility to have an unutilised land value allowance ascertained arises only if the land is used or occupied solely as the site of a single dwelling house.
Statute law revision
(13) Section 4 (Chief Commissioner, Deputy Chief Commissioner and other officers):
Omit subsection (10).
State Revenue Legislation (Amendment) Act I994 No. 48
SCHEDULE 5—AMENDMENT OF LAND TAX MANAGEMENT
ACT 1956—continued
(14) Section 10 (Land exempted from tax):
(a) Omit section 10 (1) (f) (i) and (ii), insert instead:
(i) an association of employers or employees registered as an organisation under Part IX of the Industrial Relations Act 1988 of the Commonwealth;
(b) Omit section 10 (1) (f) (iii), insert instead:
(iii) an industrial organisation of employers or employees
registered or recognised as such under the Industrial
Relations Act 1991;
(c)
From section 10 (1) (f) (iv), omit “subparagraphs (i)–(iii)”, insert instead “subparagraph (i) or (iii)”.
(d)
From section 10 (1) (f) (v), omit “subparagraphs (i)–(iv)”, insert instead “subparagraph (i), (iii) or (iv)”.
(e) Omit section 10 (1) (g) (ii), insert instead:
(ii) the provision of a child care service the subject of a licence under the Children (Care and Protection) Act 1987, a residential child care centre licensed under that Act or a school registered under the Education Reform Act 1990;
(f) From section 10 (1) (g) (ix), omit “the Mental Health Act 1958”, insert instead “the Mental Health Act 1990”.
(15) Section 10B (Taxation of land owned by certain authorities):
Omit section 10B ( l ) , insert instead:
(1) In this section, “prescribed authority” means: (a) the State Authorities Superannuation Board; and (b) the Building Services Corporation.
(16) Section 10T (Concession for unoccupied land intended to be owner’s principal place of residence):
After “section” in subsection (3), insert “9C or”.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 5—AMENDMENT OF LAND TAX MANAGEMENT
ACT 1956—continued
Explanatory note—items (13)–(16) Arrangements for use of other staff (item (13))
Item (13) omits a provision made redundant by the enactment of the Public
Sector Management Act 1988.
Obsolete references (items (14) (a)–(d) and (f) and (15))
Items (14) (other than (14) (e)) and (15) of the proposed amendments remove or update obsolete references by way of statute law revision and make consequential amendments.
Exemptions from land tax for certain child day care centres and
kindergartens (item (14) (e))
Section 10 (1) (g) (ii) of the Act previously granted an exemption from land tax to a “place licensed” under Part 7 of the Child Welfare Act 1939. Such places included certain non-residential (as well as residential) child care centres. The repeal of the relevant provisions of the Child Welfare Act 1939 necessitated an amendment to section 10 (1) (g) (ii). That amendment had the unintended consequence of removing the exemption in so far as it applied to non-residential centres.
The premises on which non-residential child care is provided are not licensed under the Children (Care and Protection) Act 1987 (which replaced the repealed provisions of the Child Welfare Act 1939). Instead, the relevant licence specifies the person or body to whom it is granted, the child care service to which it relates and the person authorised by the licence to have the overall supervision of the provision of that child care service.
Item (14) (e) of the proposed amendment reinstates the exemption from land tax for non-residential child care centres (so far as is possible), with effect from the date of its removal, by providing an exemption for land used or occupied solely as a site for the provision of a child care service the subject of such a licence. The proposed amendment also updates an obsolete reference.
Unoccupied land intended as residence (item (16))
Section 10T of the Land Tax Management Act 1956 grants a concession to a new owner of land who has acquired the land with the intention that it becomes his or her principal place of residence. Intended use and occupation in this case is to be regarded as actual use and occupation so as to give effect to the concession. However, the concession is not available if the new owner already owns land which is used and occupied as the principal place of residence. One category of land (namely, a flat) has been inadvertently omitted from the exceptions to this concession and item (16) remedies this omission.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 6—AMENDMENT OF PAY-ROLL TAX ACT 1971
(Sec. 9)
Amendments
(1) Section 3 (Definitions):
From section 3 (l), omit the definition of “council”, insert instead:
“council” has the same meaning as in the Local Government Act 1993;
“county council” has the same meaning as in the Local Government Act 1993;
(2) Section 6 (Wages liable to pay-roll tax):
Omit section 6 (1) (a), insert instead:
(a) are wages that are paid or payable in New South Wales, other than wages so paid or payable: (i) to a person who does not perform or render any services to that employer in New South Wales during any part of the relevant month and performs or renders those services wholly in one other State; or
(ii) to a person for services performed or rendered wholly outside Australia for more than 6 months after wages were first paid to that person for services so performed or rendered; or
(3) Section 10 (Exemption from pay-roll tax):
(a) Omit section 10 (1) (b), insert instead: (a2) by a public benevolent institution (other than an
instrumentality of the State);
(b) by a public hospital;
(b) Omit section 10 (1) (e), insert instead:
(e)
by or on behalf of a council or county council, except to the extent that the wages were paid for or in connection with the following trading undertakings:
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 6—AMENDMENT OF PAY-ROLL TAX ACT 1971— continued
(i) the supply of electricity, water, sewerage services, gas, liquefied petroleum gas or hydraulic power and the supply and installation of associated fittings and appliances and of pipes and apparatus;
(ii) the operation of an abattoir or a public food market, parking station, cemetery, crematorium or hostel;
(iii) the operation of a coal mine and the supply and distribution of coal;
(iv) the operation of a transport service;
(v) the supply of building materials;
(vi) a prescribed activity;
(vii) the construction of any building or work or the installation of plant, machinery or equipment for use in or in connection with any of the activities listed in subparagraphs (i)–(v);
In section 10 (1) ( j ) and (j1), after “organisation” wherever occurring, insert “(other than a school or college, statutory body or an instrumentality of the State)”.
From section 10 (1) (k), omit “or a statutory body”, insert instead “, statutory body or an instrumentality of the State”.
Omit section 10 (1) (l).
At the end of section 10 (1) (n), insert: ; or
(o) to an employee in respect of any period during which the employee was taking part in bush fire fighting activities as a volunteer member of a bush fire brigade under the Bush Fires Act 1949 (but not in respect of wages paid or payable as recreation leave, annual leave,, long service leave or sick leave). In section 10 (1A), after “Paragraphs”, insert “(a1), (a2),”. From section 10 (2), omit “(k) and (1)” and “, institution or
statutory body”, insert instead “and (k)” and “or institution”
respectively.
In section 10 (2), after “(j),” insert “(j1)”.
State Revenue Legislation (Amendment) Act I994 No. 48
SCHEDULE 6—AMENDMENT OF PAY-ROLL TAX ACT 1971—
continued
(j) From section 10 (2), omit “charitable work of the charity”, insert instead “charitable, benevolent, philanthropic or patriotic work of the charity or the charitable work of the organisation”.
(4) Section 13A (Inclusion of fringe benefits in returns etc.):
(a)
From section 13A (2), omit “fringe benefits taxable amount” wherever occurring, insert instead “aggregate fringe benefits amount”.
(b)
In section 13A (2) (a), after “within the meaning of” where firstly occurring, insert “section 136 of”.
(c)
In section 13A (2) (b), after “within the meaning of” where firstly occurring, insert “section 136 of”.
(5) Section 16I (Designated group employers):
In section 16I ( l ) , after “may”, insert “ , with the approval of the Chief Commissioner,”.
(6) Section 46B (Signature by or for employers):
In section 46B (1) (d), after “council” where firstly occurring, insert “or county council”.
(7) Section 50A:
After section 50, insert:
Savings, transitional and other provisions
50A. Schedule 6 has effect.
(8) Schedule 6:
After Schedule 5, insert:
SCHEDULE 6—SAVINGS, TRANSITIONAL AND
OTHER PROVISIONS
(Sec. 50A)
Part 1—Preliminary
Savings and transitional regulations
1. (1) The regulations may contain provisions of a savings or transitional nature consequent on the enactment of the following Acts:
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 6—AMENDMENT OF PAY-ROLL TAX ACT 1971—
continued
State Revenue Legislation (Amendment) Act 1994
(2) Any such provision may, if the regulations so provide,
take effect from the date of assent to the Act concerned or a
later day.(3) To the extent to which any such provision takes effect from a date that is earlier than the date of its publication in the Gazette, the provision does not operate so as:
(a)
to affect, in a manner prejudicial to any person (other than the State or an authority of the State), the rights of that person existing before the date of its publication; or
(b)
to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before the date of its publication.
Part 2—Provisions consequent on the enactment of
the State Revenue Legislation (Amendment) Act 1994
Application of amendments to certain wages2. The amendments made by Schedule 6 (3) (a)–(e) and (g) to the State Revenue Legislation (Amendment) Act 1994 extend to wages paid or payable before 1 July 1994 but not so as to affect exemptions already granted in respect of wages paid or payable before that date.
Explanatory note—items (1)–(8)
Amendments by way of statute law revisionLocal Government Act 1993 consequentials. Items ( l ) , (3) (b) and (6) make amendments that are consequential on the enactment of the Local Government Act 1993. Item (3) (b) amends section 10 (1) (e) to specify the kind of trading activities of a council that are exempted from pay-roll tax. Item (6) amends section 46B to ensure that a document is taken to be lodged by a county council under the new Act if it is signed by an employee authorised by that council.
Charitable Fundraising Act 1991 consequentials. Item (3) (i) amends section 10 (2) to include a reference to the exemption contained in section 10 (1) (j1), which was inserted by the Charitable Fundraising Act 1991. Section 10 (2) ensures that certain exemptions under section 10 (1) apply to wages which are paid or payable to employees in respect of the time they are engaged in charitable work. Item (3) (i) makes a consequential amendment to that section.
State Revenue Legislation (Amendment) Act I994 No. 4 8
SCHEDULE 6—AMENDMENT OF PAY-ROLL TAX ACT 1971—
continued
Clarification Item (2) replaces section 6 (1) (a) with a new paragraph to make it clear that pay-roll tax is not payable on any wages for services performed or rendered wholly in one other State during the relevant calender month.
Bush fires
Item (3) (f) amends section 10 (1) to ensure that certain wages that are paid or payable to an employee during any period in which the employee was a volunteer bush fire fighter are not subject to pay-roll tax.
Exemptions for state government instrumentalities
Item (3) (a) and (c)–(e) makes amendments to certain exemptions from the payment of pay-roll tax to ensure that State instrumentalities are excluded from the operation of the exemptions. Item (3) (g) and (h) makes consequential amendments to section 10 (1A) and (2).
Value of fringe benefits
Item (4) amends section 13A to ensure that recent changes to section 136 of the Fringe Benefits Tax Assessment Act 1986 of the Commonwealth by which the term “fringe benefits taxable amount” was replaced by the term “aggregate fringe benefits amount” are reflected in the section.
Designated group employers
Item (5) amends section 16I to enable the Chief Commissioner of Pay-roll Tax to accept or reject a designated group employer nominated by a group of employers for the purposes of the Act.
Transitional provisions
Items (7) and (8) will enable the making of savings and transitional regulations as a consequence of the amendment of the Pay-roll Tax Act 1971 and also provide that certain amendments made by the proposed Act concerning wages that are not liable to pay-roll tax extend to wages paid or payable before the commencement of the amendments.
SCHEDULE 7—AMENDMENT OF REVENUE LAWS
(RECIPROCAL POWERS) ACT 1987
(Sec. 10)
Amendments
(1) Section 3 (Definitions):
(a)
From the definition of “authorised revenue officer” in section 3 ( l ) , omit “by virtue of section 4 or 5”, insert instead “under section 4, 5 or Part 4A”.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 7—AMENDMENT O F REVENUE LAWS (RECIPROCAL POWERS) ACT 1987—continued
(b)
In the definition of “Commonwealth revenue officer” in section 3 (1), after “other impost,”, insert “or any other person engaged in the administration or execution of such a
law,”
(c)
In the definition of “New South Wales revenue officer” in section 3 ( l ) , after “New South Wales revenue law,”, insert ‘‘or any other person engaged in the administration or execution of such a law,”.
(d)
In section 3 (l), from the definition of “officer”, omit “the meaning ascribed to that expression by the Companies (New South Wales) Code”, insert instead “the same meaning as it has in section 82A of the Corporations Law”.
(e)
In the definition of “State revenue officer” in section 3 (l), after “other impost,”, insert “or any other person engaged in the administration or execution of such a law,”.
(f) Omit section 3 (4).
Section 4 (Investigation by a designated Commonwealth or
State revenue officer):From section 4 ( l ) , omit “ , or authorise in writing another Commonwealth or State revenue officer appointed for the purpose of or in connection with the administration or execution of that law to exercise,”.
Section 5 (Investigation on behalf of a designated
Commonwealth or State revenue officer):From section 5 ( l ) , omit “ , or another New South Wales revenue officer authorised by that officer,” .
Section 9 (Power of the relevant principal New South WaIes revenue officer to obtain information and evidence):
Omit section 9 (7) and (8).
Section 10 (Power of a designated Commonwealth or State revenue officer to obtain information and evidence):
Omit section 10 (7) and (8).
Section 12 (Provision of information to certain persons and bodies):
(a) From section 12 (1), omit “, and any person authorised by
that oficer,” . State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 7—AMENDMENT OF REVENUE LAWS
(RECIPROCAL POWERS) ACT 1987—continued
(b)
From section 12 (1) (a), omit “, or a person designated by such an officer,".
(c) Omit section 12 (1) (b), insert instead:
(b) the Australian Securities Commission, or a person authorised by that Commission, for the purposes of the administration or execution of any law that is: (i) a national scheme law within the meaning of the Corporations (New South Wales) Act 1990; or
(ii) a relevant Act for the purposes of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980 of the Commonwealth; or
(iii) a relevant Code for the purposes of a law of a State corresponding to that Commonwealth Act;
(d) Omit section 12 (1) (f) .
(7) Part 4A (sections 16A–16C):
After Part 4, insert:
PART 4A—DELEGATION POWERS
Delegation by relevant principal New South Wales revenue officers
16A. (1) Delegation. A relevant principal New South Wales revenue officer may delegate any of his or her functions or powers under this Act (other than this power of delegation) to a New South Wales revenue officer.
(2) Subdelegation. That New South Wales revenue officer may in turn subdelegate to another New South Wales revenue officer any function or power so delegated if authorised by the terms of the delegation to do so.
Delegation by prescribed New South WaIes revenue officers
16B. (1) Delegation. The New South Wales revenue officer prescribed in respect of a New South Wales revenue law for the purposes of section 12 may delegate any of his or her functions or powers under that section (other than this power of delegation) to another New South Wales revenue officer.
State Revenue Legislation (Amendment) Act 1994 No. 48 SCHEDULE 7—AMENDMENT OF REVENUE LAWS (RECIPROCAL POWERS) ACT 1987—continued (2) Subdelegation. That other New South Wales revenue officer may in turn subdelegate to another New South Wales revenue officer any function or power so delegated if authorised by the terms of the delegation to do so.
Delegation by Commonwealth or State revenue officers
16C. (1) DeIegation. A Commonwealth or State revenue
officer may delegate any of his or her functions or powersunder this Act (other than this power of delegation) to
another Commonwealth or State revenue officer.
(2) Subdelegation. That other Commonwealth or State revenue officer may in turn subdelegate to another Commonwealth or State revenue officer any function or power so delegated if authorised by the terms of the delegation to do so.Explanatory note—items (1)–(7) Amendment of certain definitions
Item (1) (b), (c) and (e) extends the definitions of “Commonwealth revenue officer”, “New South Wales revenue oficer” and ‘‘State revenue officer” to include persons engaged in the administration or execution of the revenue law concerned (currently the definitions relate to persons holding particular "offices" under the revenue law concerned).
Removal of restriction on the making of orders
Section 3 (3) of the Act provides for the Governor-in-Council by orders:
to declare a revenue law of the Commonwealth or another State to be a
recognised revenue law for the purposes of the Act; and• to designate an office under that law to be the designated Commonwealth or State revenue office for that law; and • to declare the holder of a New South Wales revenue office to be the relevant principal New South Wales revenue officer for that law. Currently, section 3 (4) requires that such an order be made only if the Commonwealth or the State concerned has, or has agreed, to give reciprocal functions and powers to appropriate New South Wales officers. Item (1) (f) omits this requirement.
Delegation powers
Item (7) inserts new Part 4A which set outs the general delegation powers of the various officers who exercise powers and functions under the Act (currently the Act in this regard provides only for the delegation of certain specific powers and functions). Consequential amendments on the insertion of Part 4A are made by items (l) (a), (2)–(5) and (6) (a) and (b).
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 7–AMENDMENT OF REVENUE LAWS
(RECIPROCAL POWERS) ACT 1987—continued
Statute law revision
Item (1) (d) amends the definition of “officer” of a corporation by replacing a reference to superseded legislation.
Item (6) (c) omits a reference to the National Companies and Securities Commission (which has been abolished) and replaces it with a reference to the Australian Securities Commission (the body that assumed the functions of the National Companies and Securities Commission). Item (6) (d) makes a consequential amendment.
SCHEDULE 8—AMENDMENT OF STAMP DUTIES ACT
1920—FINANCIAL INSTITUTIONS DUTY
(Sec. 11)
Definitions (1) Section 98 (Definitions):
(a) In section 98 (l), insert in alphabetical order:
“excluded person” means any of the following:
(a) a corporation whose sole or principal business is the operation of a complying superannuation fund within the meaning of section 267 of the Income Tax Assessment Act 1936 of the Commonwealth; (b) a corporation that is registered under the Life Insurance Act 1945 of the Commonwealth; (c) a corporation whose sole or principal business is insurance business within the meaning of the Insurance Act 1973 of the Commonwealth; (d) a corporation that is a registered medical benefits organisation or a registered hospital benefits organisation under the National Health Act 1953 of the Commonwealth; (e) a dealer. (not being a person referred to in paragraph (a), (c), (d) or (e) of the definition of “financial institution”) who does not carry on a business of dealing in securities except: (i) in the capacity of official receiver or trustee within the meaning of the Bankruptcy Act 1966 of the Commonwealth; or
State Revenue Legislation (Amendment) Act 1994 No. 48 SCHEDULE 8—AMENDMENT OF STAMP DUTIES ACT 1920—
FINANCIAL INSTITUTIONS DUTY—continued
(ii) in the capacity of administrator, liquidator or provisional liquidator of a corporation, or of controller of property of a corporation, or
as a person appointed by a court to carry on
the business concerned;
(f) a dealer (being a corporation that is not a person referred to in paragraph (a), (c), (d) or (e) of the definition of “financial institution”) that carries on, or holds itself out as carrying on, a business of dealing in debentures of that corporation but does not carry on a business of dealing in any other securities;
(g) a licensed insurer under the Workers Compensation Act 1987;
(h) a retailer;
(i) a pastoral finance company;
“finance contract” means:
(a) a credit contract; or
(b)
a contract or agreement made with a body corporate that, if made with a natural person, would be a credit contract;
“foreign exchange hedging agreement” means a contract
or agreement the effect of which is to hedge, cover orchange a liability to pay or an entitlement to receive:
(a) in foreign currency (or Australian dollar equivalent) into another foreign currency (or Australian dollar equivalent) or into Australian dollars; or (b) in Australian dollars into a foreign currency (or Australian dollar equivalent);
“group return” means a return made out in accordance with section 98JA by a registered person on behalf of a group of which the person is a member, where the receipts specified in the return are the sum of the dutiable receipts of each member of the group;
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 8—AMENDMENT OF STAMP DUTIES ACT 1920—
FINANCIAL INSTITUTIONS DUTY—continued
“hiring arrangement” means a hiring arrangement within the meaning of section 74D;
“pastoral finance company” means:
a person whose sole or principal business is that of financing pastoral pursuits or whose sole or principal business is that of a stock or station agent to whom an order in force under section 11 of the Banking Act 1959 of the Commonwealth applies; or
a person, a substantial part of whose business is, in the Chief Commissioner’s opinion, that of financing pastoral pursuits or a substantial part of whose business is, in the Chief Commissioner’s opinion, that of a stock or station agent to whom such an order applies and who is approved by the Chief Commissioner as a pastoral finance company;
“Protective Commissioner” means the person holding the office of Protective Commissioner under the Protected Estates Act 1983;
“retailer” means:
(a) a person whose sole or principal business is that of selling goods by retail; or (b) a person, a substantial part of whose business is, in the Chief Commissioner’s opinion, that of selling goods by retail and who is approved by the Chief Commissioner as a retailer;
“rollover” of a term deposit means the renewal with or the retention by a financial institution of the whole or part of the term deposit (either at call or for a further specified period and with or without accrued interest) at the end of the specified period for which the term deposit was previously made;
(b)
From section 98 (l), omit the definitions of “designated person”, “designated receipts” and “short term dealing”, insert instead:
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 8—AMENDMENT OF STAMP DUTIES ACT 1920—
FINANCIAL INSTITUTIONS DUTY—continued
“designated person” means:
(a) a financial institution; or
(b) a retailer; or
(c) a pastoral finance company; or(d) the Protective Commissioner;
“designated receipts” means:
(a) receipts of a financial institution; (b)
receipts of a retailer (including interest and charges) received in relation to the repayment of the whole or any part of the amount financed under a finance contract or a hiring arrangement; or
(c)
receipts of a pastoral finance company (including interest and charges) received in relation to the repayment of the whole or any part of the amount financed under a finance contract or a hiring arrangement; or
(d) receipts of the Protective Commissioner;
“short term dealing” means:
(a)
the making or receiving of a deposit (other than a deposit to the credit of an account with a bank that is repayable on demand or to the credit of a current account, in either case, kept by the bank for another person) if the amount of the deposit is not less than $50,000 and is deposited:
(i) at call; or
(ii) for a term not exceeding 185 days; or(iii) for a term not exceeding 185 days and thereafter at call; or
(b)
the making or receiving of a loan or advance if the amount of the loan or advance is not less than $50,000 and is loaned or advanced:
(i) at call; or
(ii) for a term not exceeding 185 days; or(iii) for a term not exceeding 185 days and thereafter at call; or
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 8—AMENDMENT OF STAMP DUTIES ACT 1920—
FINANCIAL INSTITUTIONS DUTY—continued
(c)
a dealing in securities, bills of exchange, promissory notes, certificates of deposit, or interest bearing deposits, if the amount involved in the dealing is not less than $50,000 or the dealing (not being a dealing in a security) is in a bill of exchange, promissory note, certificate of deposit or interest bearing deposit having a nominal value on the day on which the dealing is
entered into or a face value of not less than $50,000, and the amount involved in the dealing is invested: (i) at call; or
(ii) for a term not exceeding 185 days; or(iii) for a term not exceeding 185 days and thereafter at call; or
(iv) in respect of a dealing in a security, bill of exchange, promissory note, certificate of deposit or interest bearing deposit having a term exceeding 185 days, but the dealing is completed not later than 185 days after the date of investment of the amount; or
(d)
a dealing in securities for the purpose of a securities lending arrangement, if the dealing is
completed within 185 days; or
(e)
a foreign exchange dealing for the purposes of a foreign exchange hedging agreement if the amount involved in the dealing is not less than $50,000, and the dealing is completed not later than 185 days after the date on which the agreement was entered into; or
(f)
a futures contract within the meaning of section 72 of the Corporations Law if the amount involved in the contract is not less than $50,000, and the contract is completed within 185 days;
(c)
In section 98 (l), from the definition of “financial institution”, omit “a person who is prescribed not to be a financial institution for the purposes of this definition”, insert instead “an excluded person”.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 8—AMENDMENT OF STAMP DUTIES ACT 1920—
FINANCIAL INSTITUTIONS DUTY—continued
(d) after section 98 ( l ) , insert:
(1A) The amount of $50,000 referred to in the definition of “short term liability” in subsection (1) is, in the case of a term deposit that is rolled over, taken to include any amount of money added to the deposit when it is rolled over. (The purpose of this subsection is to ensure that the amount added is not, for the purposes of this Division, treated as a separate deposit.)
(e) After section 98 (14), insert:
(15) If a term deposit constitutes a short term dealing and the amount involved in the dealing is rolled over into a deposit or investment that does not constitute a short term dealing, the amount rolled over is taken to be a receipt for the purposes of this Division.
Explanatory note—item (1)
Section 98 of the Stamp Duties Act 1920 defines a number of expressions for the purposes of Division 29 of Part 3 of that Act (which requires financial institutions to pay stamp duty in respect of dutiable receipts). The amendment introduces some further definitions for those purposes. Among the additional expressions defined are “finance contract”, “pastoral finance company" , “Protective Commissioner” and “retailer”. Similar definitions are currently to be found in the Stamp Duties (Financial Institutions Duty) Regulation 1982.
The definitions of “designated person”, “designated receipts” and “short term dealing" are being replaced. A designated person will include not only a financial institution but also a retailer, a pastoral finance company and the Protective Commissioner. (Most of the obligations set out ia Division 29 are imposed on “‘designated persons” and registered persons who are “designated persons”.) “Designated receipts” will include not only receipts of financial institutions but also certain receipts of retailers, pastoral finance companies and the Protective Commissioner.
The definition of “short term dealing” is clarified. Proposed paragraph (a), (e) and (d) of the definition clarify the dealings contained in the current definition. Paragraph (b) rectifies an anomaly whereby the making or receiving of a loan did not qualify as a short term dealing but would be subject to duty as a short term liability. This amendment is taken to have commenced on 24 September 1993 in accordance with the Variation to Statute signed by the Treasurer on that date (see clause 38 (1) in Schedule 11 (30)). Proposed paragraphs (e) and ( f ) relate to foreign exchange hedging contracts and futures contracts. Similar provisions are currently contained in clause 11 of Stamp Duties (Financial Institutions Duty) Regulation 1982. Those provisions are to be repealed by clause 12 of the proposed Act. The provisions in relation to foreign exchange, hedging contracts have been amended to overcome a technical deficiency. This
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 8—AMENDMENT OF STAMP DUTIES ACT 1920—
FINANCIAL INSTITUTIONS DUTY—continued
amendment is taken to have commenced on 9 November 1993 in accordance with the Variation to Statute signed by the Treasurer on 14 December 1993 (see clause 38 (2) in Schedule 11 (30)).
A definition of “excluded person” is introduced for the purposes of the definition of “financial institution”. The effect of this is that persons and organisations (such as superannuation funds, insurance companies, medical benefits funds, official receivers, trustees in bankruptcy, company controllers, administrators and liquidators, certain dealers in securities and licensed insurers under the Workers Compensation Act 1987) will not be treated as financial institutions with the result that they are not required to be registered for the purposes of Division 29. (Most of those persons and organisations are already excluded from registration under the Division by virtue of the Regulation mentioned above.)
The definition of “group return” is for the purposes of proposed section 98JA (Return made out by group member in respect of group dutiable receipts). (See item (4) of this Schedule.)
Proposed section 98 (1A) is intended to make it clear that an amount added to a term deposit that is rolled over is to be treated as part of the deposit and not as a separate amount when determining whether a deposit is not less than $50,000 for the purposes of the definition of “short term liability” in section 98 (1). The effect is that stamp duty under Division 29 will be payable on the renewal or retention of a single amount rather than two amounts (which, dealt with separately, would attract a slightly higher amount of duty).
While a receipt comprising the rollover of a term deposit will not be subject to FID (see item (2) (d)), proposed section 98 (15) provides that a rollover from a short term dealing into a non-short term dealing is a receipt for the purposes of Division 29 and will therefore be subject to FID.
Receipts not subject to FID
(2) Section 98A (Receipts to which this Division does not apply):
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 10—AMENDMENT OF STAMP DUTIES ACT 1920—
EXEMPTIONS FROM AND REDUCTIONS IN DUTY—continued
Exemptions from duty-leases to Home Care Service
(14) Second Schedule—General Exemptions from Stamp Duty under
Part 3: After paragraph (44), insert:
(45) Any lease of premises to the Home Care Service of New South Wales.
Explanatory note--item (14)
Item (14) exempts from stamp duty leases of premises to the Home Care Service of New South Wales. Currently the Service is required to apply for an exemption for each lease under paragraph (24) of the Second Schedule.
First Home Purchase Scheme
| (15) Schedule 2A (First Home Purchase Scheme): |
Omit clause 19 (2) and (3), insert instead:
(2) A couple may apply under the scheme as long as one of them has not owned real property, or a company title dwelling, in Australia either solely or with someone else. At the end of clause 21, insert:
(3) A person is not eligible if the person owns or has owned real property, or a company title dwelling, in Australia either solely or with someone else. However, this does not apply to a person who is one of an eligible couple under clause 19 (2).
Omit clause 25 (5).
Explanatory note—item (15) Currently the scheme under which first home buyers may apply to pay a reduced rate of duty or to pay duty by instalments over 5 years applies to a person who is buying his or her first home, even though that person owns or has previously owned an investment property. Item (15) amends the scheme (contained in Schedule 2A) to prohibit any such person from being eligible under the scheme if the person owns or has owned property in Australia. However, if the person is one of a couple where the other person has never owned property then the couple will be eligible under the scheme.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT
1920-MISCELLANEOUS
(Sec. 11)
Former positions
(1) Section 3 (Definitions):
From section 3 ( l ) , omit the definitions of “Assistant Commissioner’’ and “Deputy Commissioner”.
(2) Section 8 (Chief Commissioner and other officers):
(a)
From section 8 (2), omit “Secretary of the Department of Finance”, insert instead “Secretary of the Treasury”.
(b)
From section 8 (2B), omit “Deputy Secretary of the Department of Finance”, insert instead “Executive Director, Office of State Revenue”.
(c)
From section 8 (3), omit “Public Service Act 1979”, insert instead “Public Sector Management Act 1988”.
(d) Omit section 8 (4) and (5), insert instead:
(4) Such other staff, including one or more inspectors, as may be necessary for the administration of this Act may be appointed under Part 2 of the Public Sector Management Act 1988.
(5) A person may, while holding office as Commissioner, also hold office as Commissioner under any other enactment administered by the Minister.
(3) Section 8A (Certain powers etc. of Assistant Commissioner):
Omit the section.
Explanatory note—items (1)–(3)
Items (1)–(3) remove provisions relating to the positions of Assistant Commissioner and Deputy Commissioner, which no longer exist. References to former officers of the Department of Finance are also updated.
Company title dwellings
(4) Section 3 (Definitions):
In the definition of “Company title dwelling” in section 3 ( l ) , omit “owned” where firstly occurring, insert instead “on land in New South Wales owned or leased”.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT 1920—
MISCELLANEOUS—continued
(5) Section 44 (Transactions to which this Division applies):
After section 44 (1 A), insert:
(1B) This Division applies to a transaction which, on or after the date of assent to the State Revenue Legislation (Amendment) Act 1994, involves the redemption and issue to another person of shares which confer an exclusive right to occupation of a company title dwelling, whether or not the company is a NSW Company or has a register of members in New South Wales.
(6) Section 44A (Payment of duty on statements in absence of
dutiable instruments):
After section 44A (1A), insert:
(1B) A person, being a party to a transaction to which this Division applies by virtue of section 44 (1B), must lodge with the Chief Commissioner a statement in respect of the transaction.
In section 44A (3), after “ownership”, insert “ or, in the case of a statement for the purposes of subsection (1B), after the date of issue of the shares concerned,”.
In section 44A (5), after “statement”, insert “(not being a
statement for the purposes of subsection (1B))”.
After section 44A (5), insert:(5A) A statement for the purposes of subsection (1B) is taken to be an instrument effecting the transaction to which it relates and is chargeable with ad valorem duty as set out in the Second Schedule under the heading “Conveyances of
Any Property”. In section 44A (6), after “occurs”, insert “or, in the case of a statement for the purposes of subsection (1B), on the date of issue of the shares concerned”.
| In section 44A (7) (a), after “occurs”, insert “or, in the case of a statement for the purposes of subsection (1B), on the date of issue of the shares concerned”. |
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT 1920—
MISCELLANEOUS—continued
(7) Section 44F:
After section 44E, insert:
Ascertainment of value of property
44F. Section 68 (Ascertainment of the value of property conveyed) applies to and in respect of a statement under section 44A ( 1B) in the same way as it applies to and in respect of a conveyance chargeable with ad valorem duty under this Act.
(8) Second Schedule—Stamp Duties and Exemptions:
In paragraph (3B), under the heading “CONVEYANCES OF ANY PROPERTY”, after “transfer of shares”, insert or the redemption and issue of shares,”.
Explanatory note—items (4)–(8) Item (4) amends the definition of “Company title dwelling” to include the situation where the company leases the property as well as the situation where the company owns the property. Currently, a transfer of shares in a company which owns a company title dwelling is subject to duty in the Same way as the conveyance of the real property concerned would be. Items (5)–(8) extend this treatment to the redemption and issue of shares in any such company. Calculation of time
After section 3, insert: Calculation of time 3A. (1) This section applies to the calculation of a period
of time for the purposes of determining when the payment of
duty is due, and when fines are incurred, under this Act.
(2) A month is taken to be a period commencing at the
beginning of a day of one of the 12 named months (withinthe meaning of the Interpretation Act 1987) and ending:
(a)
at the end of the corresponding day of the next named month; or
(b)
if there is no such corresponding day, at the end of the next named month.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT 1920—
MISCELLANEOUS—continued
(3) A period of 2 or more months is taken to be a period commencing at the beginning of a day of one of the 12 named months (within the meaning of the Interpretation Act 1987) and ending:
(a) at the end of the corresponding day of the last named month within the period; or (b) if there is no such corresponding day, at the end of that named month. (4) Section 36 (except subsection ( l ) ) of the Interpretation Act 1987 applies to the calculation of a period of time to which this section applies.
Explanatory note—item (9)
Item (9) sets out the method for calculating a period of time for the purposes of determining when duty becomes payable or a fine is incurred under the Act.
Public unit trust scheme
(10) Section 3 (Definitions):
(a)
From paragraph (a) (i) of the definition of “Public unit trust scheme” in section 3 ( l ) , omit “Sydney Stock Exchange”, insert instead “Australian Stock Exchange”.
(b)
From paragraph (b) (i) of the definition of “Public unit trust scheme” in section 3 ( l ) , omit “Division 6 of Part IV of the Companies (New South Wales) Code or the corresponding provisions of a law in force in another State or a Territory”, insert instead “Division 5 of Part 7.12 of the Corporations Law or a corresponding law”.
Explanatory note—item (10) Item (10) updates references to the Stock Exchange and to the superseded Companies Code contained in the definition of “Public unit trust scheme” in the Act.
Removal of obsolete words
(11) Section 3 (Definitions):
From section 3 ( l ) , omit “References in this Act to gifts for the relief of poverty or the promotion of education include only gifts that have to be applied in New South Wales and that are intended to benefit the public or part of the public.”.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT 1920—
MISCELLANEOUS—continued
(12) Section 75A (Interpretation and duty on instalment purchase arrangements):
From the definition of “credit arrangement” in section 75A ( l ) , omit “at a rate exceeding nine per centum per annum, such rate being calculated as hereinafter provided,”.
Explanatory note—items (11) and (12)
Item (1 1) omits words referring to gifts that are now unnecessary because death duty and differential rates of duty on gifts have been abolished.
Item (12) omits words referring to a rate of interest calculated under provisions that have been omitted from the Act.
Bills of exchange
(13) Section 9 (Regulations):
Omit section 9 (1A).
(14) Second Schedule—General Exemptions from Stamp Duty under
Part 3: Omit paragraphs (19) (a) and (29) (a).
Explanatory note—items (13) and (14)
Items (13) and (14) omit obsolete references to bills of exchange.
The Taxline system
(15) Section 38E (Assessment and stamping of instruments under the Taxline system):
From section 38E (3), omit “duly”.
Explanatory note—item (15)
Item (15) amends the provisions relating to the Taxline system. The Taxline system allows approved persons to obtain an assessment of duty on an instrument by electronically transmitting information concerning the instrument to the Chief Commissioner, to pay the duty by electronic funds transfer and to stamp the instrument by fixing to it an adhesive label issued by the Chief Commissioner, and to do so without having to produce the instrument to the Chief Commissioner.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT 1920—
MISCELLANEOUS—continued
The amendment provides that an instrument to which an adhesive label is attached is stamped, rather than being “duly” stamped. Omission of the word “duly” has the consequence that duty shortpaid can be recovered and duty overpaid can be refunded.
Put and call options
(16) Section 40A (Options):
After section 40A (3), insert:
(4) This section does not apply to an option on which duty is paid or payable under section 40B (1).
(17) Sections 40B, 40C:
After section 40A, insert:
Put and call options to buy property
40B. (1) If both an option to purchase any property (other than stock, a marketable security or a unit in a unit trust scheme) and an option to sell the property are in force at the same time, and they involve the same purchasers and
vendors, any instrument creating the options is liable to ad valorem duty as if it were a conveyance of the property. However, if more than one instrument is liable under this subsection as if it were a conveyance of the same property, only one of the instruments is to be charged with the ad valorem duty. Each of the other instruments is to be charged with duty of $10. (2) Any instruments assigning options to purchase and sell property referred to in subsection (1) are liable to ad valorem duty in the same way as those options. However, if more than one instrument is liable under this subsection as if it were a conveyance of the same property, only one of the instruments is to be charged with the ad valorem duty. Each of the other instruments is to be charged with duty of $10. (3) An agreement made in pursuance of and by the exercise of an instrument for which ad valorem duty has been paid under this section is liable to duty of $10. (4) Any conveyance of property in pursuance of any instrument for which ad valorem duty has been paid under this section, or in pursuance of an agreement for which duty has been paid under this section, is liable to duty of $2. State Revenue Legislation (Amendment) Act 1994 No. 48
(5) The persons liable to pay the duty are the parties to the instrument.
Put and call options not proceeded with
40C. (1) If options to purchase and sell any property (other than stock, a .marketable security or a unit in a unit trust scheme), in force at the same time, and involving the same purchasers and vendors (whether or not as assignees of previous purchasers and vendors), expire without being exercised, the options are liable to duty under section 40A instead of section 40B.
(2) The difference between any duty paid by a person under section 40B, and that payable by the person under section 40A, less $25, must be refunded to the person or the person’s executors, administrators or assigns.
(3) Application for a refund is to be made in the form approved by the Chief Commissioner not later than 12 months after the duty first becomes payable under section 40A instead of section 40B.
Explanatory note—items (16) and (17)
Proposed section 40B, as inserted by item (17), imposes duty as €or a conveyance of property where an option to buy and an option to sell a property are both in force at the same time over the same property and as between the same parties (whether or not as assignees). Such a transaction has the same effect as a sale of the property and is now to be treated as such. Proposed section 40C, as inserted by item (17), provides for a refund of duty if the option is not exercised or expires.
Returns of financial institutions
(18) Section 98A (Receipts to which this Division does not apply):
From section 98A (da), omit “121B”, insert instead “121D”.
Explanatory note—item (18)
Item (1 8) corrects an incorrect cross reference to a provision of the Income Tax
Assessment Act 1936 of the Commonwealth.
State Revenue Legislation (Amendment) Act 1994 No. 48
Service of documents on Chief Commissioner (19) Section 129CA:
After section 129C, insert:
Service of documents on Chief Commissioner
129CA. A notice, summons or other document required to be served on the Chief Commissioner in connection with court proceedings may be served:
(a)
by being lodged at the office of the Chief Commissioner with an officer authorised in writing by the Chief Commissioner to accept service of documents on the Chief Commissioner's behalf; or
(b)
if provision is made by any other law for the service of such a document, by serving the document in accordance with that law.
Explanatory note—item (19)
Item (19) inserts a provision that enables documents relating to court proceedings to be served on the Chief Commissioner by being lodged at the office of the Chief Commissioner with an officer authorised by the Chief Commissioner to accept service. The provision does not remove any other lawful method of serving such documents on the Chief Commissioner.
Access to records
(20) Section 131:
Omit the section, insert instead:
Access to and impounding of records
13 1. (1) An officer authorised by the Chief Commissioner must be given full and free access at all reasonable times to all records for the purpose of exercising functions under this Act or the regulations, including for the purpose of making routine inspections of records to ensure that the provisions of this Act or the regulations are being complied with.
(2) An officer authorised by the Chief Commissioner is not
entitled to enter or remain on or in any building or place if,State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT 1920—
MISCELLANEOUS—continued
on being requested by the occupier of the building or place for proof of authority, the officer does not produce an authority in writing signed by the Chief Commissioner stating that the officer is authorised to exercise the functions under this section.
(3) An officer authorised by the Chief Commissioner may require a person to produce for inspection any records in the custody or under the control of the person to which the officer is entitled to have access because of this section.
(4) A person must not, without reasonable excuse, refuse an officer access to, or fail to comply with a requirement under subsection (3) to produce, records to which the officer is entitled to have access because of this section.
Maximum penalty: 1 penalty unit.
(5) The officer may make extracts from or copies of m y
record to which the officer is entitled to have access because
of this section.(6) The officer may impound any instrument which ought to be but is not stamped or is insufficiently stamped and hand the instrument to the Chief Commissioner.
(7) The Chief Commissioner may impound any instrument which ought to be but is not stamped or is insufficiently stamped.
(8) The Chief Commissioner may retain any impounded
instrument until the duty or fine or both have been paid.
Explanatory note—item (20)
Item (20) makes further provision relating to the inspection of records. The new provisions will entitle an inspector or other officer authorised by the Chief Commissioner to be given access to documents for the purposes of exercising functions under the Act, including for the purposes of making routine inspections to ensure that the Act and the regulations are being complied with. Other powers of inspectors and officers that are currently contained in the Act, such as the power to take copies of documents and to impound instruments, are included in the new provisions.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 1—AMENDMENT OF STAMP DUTIES ACT 1920—
MISCELLANEOUS—continued
Release of certain information
(21) Section 131A (Disclosure of information etc.)
At the end of section 131A (5), insert:
; or
(f)
prevent the disclosure or publication of a record in accordance with section 131AA.
(22) Section 131AA:
After section 131A, insert:
Release of certain information
13 1AA. (1) The Archives Authority may disclose, divulge or otherwise publish a record that has been transferred to the Authority by the Chief Commissioner if the record is or forms part of a death duty file which came into existence before 1939.
(2) The Archives Authority may disclose, divulge or otherwise publish a record that has been transferred to the Authority by the Chief Commissioner if the record:
(a)
is or forms part of a death duty file which came into existence during or after 1939; and
(b)
in the case of a record that has been in existence for less than 30 years, does not show the assessment, or the basis of assessment, of any death duty for a particular estate.
Explanatory note—items (21) and (22)
Items (21) and (22) enable the Archives Authority to release, in certain circumstances, records forming part of death duty files transferred to the Authority’s keeping by the Chief Commissioner.
Instruments relating to trustees
(23) Second Schedule—Stamp Duties and Exemptions:
Omit the matter appearing in the column headed “Persons primarily liable” opposite paragraph (4) (a) under the heading “CONVEYANCES OF ANY PROPERTY”, insert instead:
The parties to the instrument or any one or more of them.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT 1920—
MISCELLANEOUS—continued
Explanatory note-item (23)
Item (23) makes the parties to instruments appointing trustees and other instruments relating to trustees primarily liable for the duty payable, instead of the “transferee”.
NSW company
(24) Section 83 (Definitions):
(a)
From the definition of "'corporation" in section 83 (1), omit “whether incorporated in New South Wales or elsewhere”, insert instead “whether or not a NSW company”.
(b)
From section 83 (S), omit “a company incorporated in New South Wales”, insert instead “a NSW company”.
(25) Section 88I (Application of ss. 88G and 88H to companies):
Omit section 88I ( l ) , insert instead:
(1) For the purposes of sections 88G and 88H, “person resident in New South Wales’’ and “person” include, inthe case of a company, a NSW company and a company (not being a NSW company) that carries on business in New South Wales.
(26) Section 91 (Duty on certain transfers of units in unit trust
schemes):
From section 91 (2), omit “a company incorporated in New
South Wales”, insert instead “a NSW company”.
(27) Section 98 (Definitions):
From section 98 (5), omit “a corporation which is registered or required to be registered under any of the provisions of the Companies (New South Wales) Code, whether incorporated in New South Wales or not”, insert instead “ a corporation within the meaning of the Corporations Law that carries on business in New South Wales, whether or not it is a NSW company”.
(28) Section 99A (Definitions):
From the definition of “private company” in section 99A (l) , omit “incorporated in New South Wales”, insert instead “a NSW company”.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT 1920—
MISCELLANEOUS—continued
(29) Second Schedule—Stamp Duties and Exemptions:
From paragraph (3B) of the matter appearing under the heading “CONVEYANCES OF A N Y PROPERTY”, omit “incorporated in New South Wales”, insert instead “ a NSW company”.
Explanatory note—items (24)–(29)
The amendments in Schedule 9 (1)–(18) to this Bill change the nexus for liability to stamp duty on off market share transactions. The nexus is to be the place of incorporation of the company whose shares are transferred. The concept of place of incorporation is embodied in a new definition (inserted by Schedule 9 (1) (b) to this BiIl) of “NSW company”. The concept of place of incorporation also has significance for provisions of the Stamp Duties Act 1920 other than those relating to off market share transactions. Items (24)–(29) make consequential amendments to other provisions of the Act where place of incorporation is relevant so that the definition of “NSW company” may be used consistently throughout the Act.
Savings and transitional provisions
(30) Tenth Schedule—Savings, Transitional and Other Provisions
After Part 10, insert:
PART 11—STATE REVENUE LEGISLATION
(AMENDMENT) ACT 1994
Application of amendments generally
37. (1) A provision of this Act as in force before the amendment of the provision by the State Revenue Legislation (Amendment) Act 1994 continues to apply to an instrument referred to in the provision which was executed, or a transaction referred to in the provision which was entered into, before the date on which the amendment commenced or is taken to have commenced, except as provided by this Part.
(2) An amendment made to this Act by the State Revenue Legislation (Amendment) Act 1994 does not apply to an instrument which was executed, or a transaction which was entered into, before the date on which the amendment commenced or is taken to have commenced, except as provided by this Part or the amendment.
State Revenue Legislation (Amendment) Act P994 No. 48
SCHEDULE 11—AMENDMENT OF STAMP DUTIES ACT 1920—
MISCELLANEOUS—continued
Short term dealings
38. (1) A transaction that falls within paragraph (b) of the definition of “short term dealing”, as substituted by the State Revenue Legislation (Amendment) Act 1994, in section 98 (1) and that occurred on or after 24 September 1993 is taken to be a short term dealing to which Division 29 of Part 3 applied as from the date on which the transaction occurred.
(2) A transaction that falls within paragraph (e) of the definition of “short term dealing”, as substituted by the State Revenue Legislation (Amendment) Act 1994, in section 98 (1) and that occurred on or after 9 November 1993 is taken to be a short term dealing to which Division 29 of Part 3 applied as from the date on which the transaction occurred.
Explanatory note—item (30)
Item (30) inserts savings and transitional provisions consequential on the enactment of the proposed Act.
SCHEDULE 12—AMENDMENT OF VARIOUS ACTS—
DISCLOSURE OF INFORMATION
(Sec. 14)
Amendments
Business Franchise Licences (Petroleum Products) Act 1987 No. 94:
Section 62 (Disclosure of information):
After section 62 (1), insert:
(1A) The Chief Commissioner, or any person employed in connection with the administration of this Act, the regulations or a New South Wales revenue law, is not required to disclose or produce in any court any information or record referred to in subsection (1) except:
(a)
if it is necessary to do so for the purposes of the administration or execution of this Act, the regulations or a New South Wales revenue law; or
(b)
if the requirement is made for the purposes of enabling a person referred to in subsection (2) to exercise a function conferred or imposed on the person by law.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 12-AMENDMENT OF VARIOUS ACTS-
DISCLOSURE OF INFORMATION—continued
Business Franchise Licences (Tobacco) Act 1987 No. 93:
Section 69 (Disclosure of information):
After section 69 ( l ) , insert:
(1A) The Chief Commissioner, or any person employed in connection with the administration of this Act, the regulations or a New South Wales revenue law, is not required to disclose or produce in any court any information or record referred to in subsection (1) except:
(a)
if it is necessary to do so for the purposes of the administration or execution of this Act, the regulations or a New South Wales revenue law; or
(b)
if the requirement is made for the purposes of enabling a person referred to in subsection (2) to exercise a function conferred or imposed on the person by law.
Debits Tax Act 1990 No. 112:
Section 41 (Disclosure of information):
After section 41 ( l ) , insert:
(1A) The Chief Commissioner, or any person employed in connection with the administration of this Act, the regulations or a New South Wales revenue law, is not required to disclose or produce in any court any information or record referred to in subsection (1) except:
(a)
if it is necessary to do so for the purposes of the administration or execution of this Act, the regulations or a New South Wales revenue law; or
(b)
if the requirement is made for the purposes of enabling a person referred to in subsection (2) to exercise a function conferred or imposed on the person by law.
Health Insurance Levies Act 1982 No. 159:
Section 20 (Disclosure of information):
After section 20 ( l ) , insert:
(1A) The Chief Commissioner, or any person employed in
connection with the administration of this Act or a NewState Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 12—AMENDMENT OF VARIOUS ACTS-
DISCLOSURE OF INFORMATION—continued
South Wales revenue law, is not required to disclose or produce in any court any information or record referred to in subsection (1) except:
(a)
if it is necessary to do so for the purposes of the administration or execution of this Act or a New South Wales revenue law; or
(b)
if the requirement is made for the purposes of enabling a person referred to in subsection (2) to exercise a function conferred or imposed on the person by law.
Land Tax Management Act 1956 No. 26:
Section 6 (Disclosure of information):
After section 6 ( 1 ) , insert:
(1A) The Chief Commissioner, or any person employed in connection with the administration of this Act, the regulations or a New South Wales revenue law, is not required to disclose or produce in any court any information or record referred to in subsection (1) except:
(a)
if it is necessary to do so for the purposes of the administration or execution of this Act, the regulations or a New South Wales revenue law; or
(b)
if the requirement is made for the purposes of enabling a person referred to in subsection (2) to exercise a function conferred or imposed on the person by law.
Pay-roll Tax Act 1971 No. 22:
Section 5 (Disclosure of information):
After section 5 (l), insert:
(1A) The Chief Commissioner, or any person employed in connection with the administration of this Act, the regulations or a New South Wales revenue law, is not required to disclose or produce in any court any information or record referred to in subsection (1) except:
(a)
if it is necessary to do so for the purposes of the administration or execution of this Act, the regulations or a New South Wales revenue law; or
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 12—AMENDMENT OF VARIOUS ACTS-
DISCLOSURE OF INFORMATION—continued
(b)
if the requirement is made for the purposes of enabling a person referred to in subsection (2) to exercise a function conferred or imposed on the person by law.
Revenue Laws (Reciprocal Powers) Act 1987 No. 86:
(1) Section 12 (Provision of information to certain Commonwealth and State officers):
After section 12 (3), insert:
(3A) A New South Wales revenue officer is not required to
disclose or produce in any court any information or recordreferred to in subsection (3) except if it is necessary to do so
for the purposes of the administration or execution of this
Act or any law referred to in subsection (3) (b).
(2) Section 13 (Information obtained under a corresponding Iaw):
After section 13 (l), insert:
(1A) Any such person is not required to disclose or produce in any court any information or record referred to in subsection (1) except if it is necessary to do so for the purposes of the administration or execution of this section or of that New South Wales revenue law.
Stamp Duties Act 1920 No. 47:
Section 131A (Disclosure of information):
After section 131A (l), insert:
(1A) The Chief Commissioner, or any person employed in connection with the administration of this Act, the regulations or a New South Wales revenue law, is not required to disclose or produce in any court any information or record referred to in subsection (1) except:
(a)
if it is necessary to do so for the purposes of the administration or execution of this Act, the regulations or a New South Wales revenue law; or
(b)
if the requirement is made for the purposes of enabling a person referred to in subsection (2) to exercise a function conferred or imposed on the person by law.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 12—AMENDMENT OF VARIOUS ACTS-
DISCLOSURE OF INFORMATION—continued
Explanatory note
The amendments provide that State revenue officers who obtain confidential information or records under the Act concerned are not required to disclose or produce the information or records in any court except when it is for the purposes of the execution or administration of the Act concerned or for the purposes of enabling certain law enforcement agencies to exercise their powers under law. In other words, a State revenue officer is not obliged, or can refuse, to produce confidential information in a court (e.g. by way of a subpoena) if the matter before the court does not concern the administration or execution of the particular revenue law or the enforcement of a law protecting the public revenue.
SCHEDULE 13—AMENDMENT OF VALUATION OF
LAND ACT 1916
(Sec. 15)
Statute law revision
(1) Long title and sections 27, 58 and 58AD:
From the long title and sections 27 (3B), 58 (2) (e) (i) and 58AD (a), omit “resumption” wherever occurring, insert instead “compulsory acquisition”.
(2) Section 4 (Definitions):
In section 4 (I), in alphabetical order, insert:
“Compulsorily acquired” means compulsorily acquired in accordance with the Land Acquisition (Just Terms
Compensation) Act 1991 or the Roads Act 1993.
(3) Section 14A (Date at which certain values to be determined):
From section 14A (1) (b) (iv) and (7) (c), omit ‘‘or resumption” wherever occurring, insert instead “ , compulsory acquisition or registration of the deposited plan”.
(4) Section 27 (Where lands are to be separately valued):
From section 27 (3) and (3A), omit “resumed” wherever
occurring, insert instead “compulsorily acquired”
Explanatory note—items (1)–(4)
Items (1)–(4) of the proposed amendments update obsolete references to resumptions.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 13-AMENDMENT OF VALUATION OF
LAND ACT 1916—continued
Valuation of land in subdivisions
(5) Section 27B:
Omit the section, insert instead:
Lots in subdivisions to be separately valued
27B. (1) The Valuer-General may make valuations, in accordance with this section, of the land in a deposited plan on registration of the plan.
(2) If:
(a)
one or more lots in a deposited plan in which all lots are owned by the same person; or
(b)
one or more lots in a deposited plan that are owned by the same person and included in one valuation (whether or not made under this section),
is or are sold or otherwise conveyed to another person or is or are compulsorily acquired, fresh valuations of the land in the plan or included in the valuation concerned must be made by the Valuer-General in accordance with this section. (3) Subsection (2) (a) does not apply if the Valuer-General has made a valuation under subsection (1) of the land in the deposited plan concerned. (4) Separate valuations are to be made in respect of each
lot comprising the land that is the subject of the valuation.(5) However:
(a) the Valuer-General may, at the Valuer-General’s discretion (but subject to section 26 (l)) , include adjoining lots that are owned by the same person in the one valuation (which may also include other adjoining land owned by that person); and (b) the Valuer-General must (subject to section 28) include in one valuation lots owned by the same person if those lots are worked in one holding for agricultural or pastoral purposes. (6) Valuations made under this section are to be entered on the valuation roll.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 13—AMENDMENT OF VALUATION OF
LAND ACT 1916—continued
(7) Rates and taxes (other than land tax under the Land Tax Management Act 1956) levied or leviable on the land in the deposited plan for the rating and taxing years following the sale or other conveyance or compulsory acquisition (or, if the valuation was occasioned by the registration of a deposited plan, following that registration) are to be based on valuations made under this section. Those valuations are to be used until the land is included in a later valuation that may be used for rating or taxing purposes,
(8) If part only of a lot in a valuation under this section is
subject to a particular rate, the value of the land is to beapportioned so as to show separately the value of that part.
Explanatory note—item (5)
Item (5) repeals and re-enacts section 27B of the Act so as to provide that, if the Valuer-General values the land in a deposited plan, it will not be necessary for fresh valuations to be made on the sale of a lot in the plan (unless the lot concerned is included in a single valuation with other lots in the plan). The proposed amendment also makes it clear that the Valuer-General‘s discretion under the section to include adjoining lots owned by the same person in a single valuation is subject to section 26 (which specifies certain circumstances in which lots are to be separately valued and other circumstances in which they are to be included in one valuation).
Person entitled to allowance for subdivision
(6) Section 58AB (Allowances for subdivision):
(a) In section 58AB ( l ) , after “under”, insert “section 19 or” .
(b)
From section 58AB (2), omit “before the sale or other conveyance or resumption which occasioned the valuation under section 27B, owned all the lots in the deposited plan”, insert instead “immediately before the registration of the plan, owned all the land comprising the lots in the plan”,
(c) After section 58AB (4), insert:
(4A) The allowance to be made under this section is to be calculated as at the date as at which the land value of the lot concerned is determined.
State Revenue Legislation (Amendment) Act 1994 No. 48
SCHEDULE 13-AMENDMENT OF VALUATION OF
LAND ACT 1916—continued
Explanatory note--item (6)
Item (6 (a)) makes it clear that a person entitled to an allowance for subdivision is to be given that allowance on a general valuation (as well as on a valuation under section 27B).
Item (6) (b) makes it clear that the person who was the owner (other than the equitable owner) of all the land comprising the lots in a particular deposited plan at the time the plan was registered is the person entitled to any allowances available under section 58AB for that subdivision.
Item (6) (c) makes it clear that any allowance under section 58AB is to be determined as at the date at which the land value is determined.
A clarification similar to that in item (6) (b), and a provision similar to that in item (6) (c), is proposed to be inserted in the Land Tax Management Act 1956 elsewhere in this Act in relation to allowances for subdivision when land is being valued for land tax purposes.
[Minister’s second reading speech made in—
Legislative Assembly on 3 May 1994
Legislative Council on I2 May 1994]
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