State Revenue Legislation Amendment Act 1998 (NSW)
New South Wales
State Revenue Legislation
Amendment Act 1998 No 44
Contents
Page
| 1 | Name of Act | 2 |
| 2 | Commencement | 2 |
| 3 | Amendment of Duties Act 1997 No 1 23 | 3 |
| 4 | Amendment of Land Tax Management Act 1956 No | |
| 26 | 3 | |
| 5 | Amendment of Petroleum Products Subsidy Act 1997 | |
| No 112 | 3 | |
| 6 | Amendment of Revenue Laws (Reciprocal Powers) | |
| Act 1987 No 8 6 | 3 | |
| 7 | Amendment of Stamp Duties Act 1920 No 47 | 3 |
| 8 | Amendment of Taxation Administration Act 1996 No | |
| 97 | 3 |
Schedules
| 1 | Amendment of Duties Act 1997 | 4 |
| 2 | Amendment of Land Tax Management Act 1956 | 1 5 |
State Revenue Legislation Amendment Act 1998 No 44
Contents
Page
| 3 | Amendment of Petroleum Products Subsidy Act 1997 | 16 |
| 4 | Amendment of Revenue Laws (Reciprocal Powers) | |
| Act 1987 | 19 | |
| 5 | Amendment of Stamp Duties Act 1920 | 20 |
| 6 | Amendment of Taxation Administration Act 1996 | 25 |
Contents page 2
New South Wales
State Revenue Legislation
Amendment Act 1998 No 44
Act No 44, 1998
An Act to make miscellaneous amendments to certain State revenue legislation, and for other purposes. [Assented to 26 June 1998]
| Section 1 | State Revenue Legislation Amendment Act 1998 No 44 |
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the State Revenue Legislation Amendment Act 1998.
2 Commencement
| (1) | This Act commences on a day or days to be appointed by proclamation, except as provided by this section. |
| The following provisions commence, or are taken to have commenced, on the dates indicated: |
Schedule 1 (Schedule 1 [2] and [24] excepted) on 1 July
1998
Schedule 1 [2] and [24] on 1 January 1999
Schedule 2 on 31 December 1998
Schedule 5 [ l ] on 1 July 1998
Schedule 5 [2] on l July 1997
Schedule 5 [3] on 21 October 1997
Schedule 5 [4] on l July 1997
Schedule 5 [5] on 1 March 1998
Schedule 5 [6 ] on 1 January 1998
Schedule 5 [7] and [8] on 24 June 1997
Schedule 5 [9] on 31 October 1997
Schedule 5 [10] on 1 March 1998
Schedule 5 [11] on 1 July 1997
Schedule 5 [12] on 21 January 1998
Schedule 5 [ 13], in its application to Benchmark
Australian All Ordinaries Trust, on 9 February 1996
Schedule 5 [ 13], in its application to the trusts listed in the
definition of index trust in that item, except Benchmark
Australian All Ordinaries Trust and Tower 20 Leaders
Index Trust. on l September 1997
Schedule 5 [ 13], in its application to the Tower 20 Leaders
Index Trust. on 21 January 1998
| State Revenue Legislation Amendment Act 1998 No 44 | Section 2 |
Schedule 5 [14], in so far as it inserts paragraph (53) into the Second Schedule to the Stamp Duties Act 1920, on 1 May 1997
Schedule 5 [14], in so far as it inserts paragraph (54) into the Second Schedule to the Stamp Duties Act 1920, on l July 1997
Schedule 5 [14], in so far as it inserts paragraph (55) into the Second Schedule to the Stamp Duties Act 1920, on 1 October 1997
Schedule 5 [15] on 7 May 1997
Schedule 6 on l July 1998
3 Amendment of Duties Act 1997 No 123
The Duties Act 1997 is amended as set out in Schedule 1.
4 Amendment of Land Tax Management Act 1956 No 26
The Land Tax Management Act I956 is amended as set out in
Schedule 2.
5 Amendment of Petroleum Products Subsidy Act 1997 No 112
The Petroleum Products Subsidy Act 1997 is amended as set out in Schedule 3.
6 Amendment of Revenue Laws (Reciprocal Powers) Act 1987
No 86
The Revenue Laws (Reciprocal Powers) Act 1987 is amended as set out in Schedule 4.
7 Amendment of Stamp Duties Act 1920 No 47
The Stamp Duties Act 1920 is amended as set out in Schedule 5.
8 Amendment of Taxation Administration Act 1996 No 97
The Taxation Administration Act 1996 is amended as set out in
Schedule 6.
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 1 | Amendment of Duties Act 1997 |
| Schedule 1 | Amendment of Duties Act 1997 |
(Section 3)
[1] Section 11 What is “dutiable property”?
| Omit “ADRs” from section 11 (f) (iii). Insert instead “an ADR” . |
[2] Section 11 (9) (iv)
Insert after section 11 (f) (iii):
or
(iv) instalment warrants providing beneficial ownership in respect of shares in a NSW company,
Section 11 (f)
Omit “and ‘ADRs' ” from the Note to the paragraph.
Insert instead “ , ‘ADR' and ‘ instalment warrants' ” .
Section 11 (j) (vii)
Insert after section 11 ( j ) (vi):
(vii) a ship or vessel.
Section 30 Partitions
Omit “dutiable property” from section 30 (1).
Insert instead “property (some or all of which is dutiable property)” .
Section 30 (3) (a)
Omit ” the dutiable property transferred, or agreed to be transferred,
to a person by the partition” .
Insert instead “ the property the subject of the partition” .
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Duties Act 1997 | Schedule 1 |
Section 30 (3 ) (b)
Omit the paragraph. Insert instead:
| (b) | the consideration paid by a party to the partition in respect of the transfer to the person of dutiable property. |
Section 48 Certain transfers not chargeable with duty
Insert “ and the duty otherwise chargeable on the transfer is $2 or
$10” after “ 63” in section 48 (2).
Section 54 Change in trustees
Omit “ad valorem duty is chargeable in respect of the transfer” from transfer to a beneficiary under and in conformity with the trusts subject to which the property is held” .
section 54 (3).
Section 61 Transfer of property from one superannuation fund to another
Omit “ , an eligible rollover fund and an exempt public sector
superannuation scheme” from section 61 (5).
Insert instead “and an eligible rollover fund” .
Section 66 Exemptions—marketable securities
Insert after section 66 (4) (c):
, or
| (d) | a transfer of marketable securities by or on behalf of an applicant for an instalment warrant to a trustee in exchange for the issue of an instalment warrant by a warrant issuer to the applicant or the nominee of the applicant, or |
| (e) | a transfer of marketable securities from a trustee to an instalment warrant holder in accordance with the terms of issue of the instalment warrant. |
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 1 | Amendment of Duties Act 1997 |
[1 2 ] Section 66 (8A)
Insert after section 66 (8):
(8A) ADRs
No duty is chargeable under this Chapter on a transfer, or an agreement for the sale or transfer:
| (a) | of an ADR that relates to shares quoted on the Australian Stock Exchange or a recognised stock exchange located outside Australia or an ADR that relates to rights to shares that upon issue, on exercise of those rights, will be quoted on the Australian Stock Exchange or a recognised stock exchange located outside Australia, to: | |||
| ||||
| (b) | that is to be registered on an overseas register of legal or beneficial title. |
[1 3 ] Section 68 Exemptions—break-up of marriages and de facto relationships
Insert after section 68 (1) (b) ( i i) :
(iia) an agreement that the Chief Commissioner is satisfied has been made for the purpose of dividing matrimonial property as a consequence of the dissolution or annulment of the marriage, or
[1 4 ] Section 96 Transfer by corporation of principal place of residence to principal shareholder or spouse
Insert “ .o r would be so exempt but for the land value of the land" after "effect" in section 96 (1) (c).
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Duties Act 1997 | Schedule 1 |
Section 97 Transfer of principal place of residence by special trust to beneficiary etc
Insert “ ,or would be so exempt but for the land value of the land” after “effect” in section 97 (d).
Section 98 Transfer of principal place of residence by corporation to beneficiary of special trust
Insert “ , or would be so exempt but for the land value of the land” after “ effect” in section 98 (d).
Section 108 Land holdings of private corporations
Insert “or a profit a prendre” after “creditor” in section 108 (I).
Section 118 How duty is charged on relevant acquisitions
Omit the definition of C in section 118 (4).
Insert instead:
C is the sum of:
| (a) | the duty under this Act paid or payable in respect of: | |||||
| ||||||
| (b) | any duty of a like nature so paid or payable under a law of another Australian jurisdiction. |
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 1 | Amendment of Duties Act 1997 |
Section 119 Exemptions
Omit section 119 (4).
Section 122 Phasing-in of duty
Insert “ exceeds $1 million but” after “ private corporation” where firstly occurring.
Section 123 Agreements for sale or conveyance of land
Insert after section 123 (2):
| (3) | In this section, a reference to a land-rich private corportation includes a reference to a subsidiary of the corporation. |
Section 132 When does a liability for duty arise?
Insert “otherwise than in circumstances to which Part 5 applies” after “ person” .
Section 145 Imposition of duty
Insert after section 145 (2) (b):
, or
| (c) | it did not arise from a manual client order or an automated client order, and an individual, being the broker or an employee or agent of the broker, who is present in New South Wales, instructed a SEATS operator to report a trade to the market. |
Section 146 What are “marketable securities”?
Insert after section 146 (d):
| (e) | instalment warrants. |
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Duties Act 1997 | Schedule 1 |
[25] Section 149 Exemptions
Insert “ (not acting on his or her own account)” after “broker” where firstly occurring in section 149 (1) (a).
[26] Section 149 (1) (a) (i)
Insert “or will pay” after “ paid” .
[27] Section 151A
Insert after section 151 :
151A Duty at concessional rate—New Zealand and Papua New
Guinea corporations
Duty is payable by a broker at the concessional rate on a sale or purchase of marketable securities of a body corporate incorporated under the law of New Zealand or Papua New Guinea.
[28] Section 152 Marketable securities held on broker's own account
| Omit “paragraph (a)'' from section 152 (1) (b). Insert instead “subsection (1) (a) or (2) (a)” . |
[29] Section 152 (1) (d)
Omit “paragraph (c)” . Insert instead “subsection (1) (c) or (2) (c)” .
[30] Section 152 (2) (b)
Omit “paragraph (a)” . Insert instead “subsection (1) (a) or (2) (a)” .
[31] Section 152 (2) (d)
Omit “paragraph (c)” . Insert instead “subsection (1) (c) or (2) (c)” .
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 1 | Amendment of Duties Act 1997 |
Section 155 Additional duty on marketable securities held otherwise than for short terms
Insert “principal” before “ broker” where firstly occurring in section
155 (1) (d).
Section 155 (3 ) (b)
Omit “ purchased” . Insert instead “ sold” .
Section 157 Records of sales, purchases and transactions— generally
Insert after section 157 (1) (f):
| (g) | in the case of a sale, purchase or transaction that is dutiable at the concessional rate or that is exempt from duty, such particulars as are required to establish that the sale, purchase or transaction is dutiable at a concessional rate or is exempt from duty. |
Section 166 What is the “cost” of a lease?
Insert “ or in advance of the lease and any amount paid or payable for the right to use land under the lease” after “ lease” in section 166
(1) (a).
Section 173 Estimate and subsequent adjustment
Insert at the end of section 173 (5):
A periodic estimate and a periodic assessment of duty may be made more than 5 years after the initial estimate.
Section 181 Hire of goods to which this Chapter applies— jurisdictional nexus
Omit “during the course of the hire” from section 181 (1).
lnsert instead ”during any period for which a liability to duty is
required to be determined“ .
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Duties Act 1997 | Schedule 1 |
Section 191 Credit for duty paid in another Australian jurisdiction
Insert at the end of section 191:
| (2) | Despite subsection ( l) , the duty on a special hiring agreement that is chargeable with the maximum amount of duty of $10,000 cannot be reduced below $6,000. |
Section 207 Who is liable to pay the duty?
Insert “or the person bound” after “mortgagor” .
Section 208 When does a liability arise?
Omit “duty was last paid on it” from section 208 (2).
Insert instead “a liability to duty last arose in respect of it” .
Section 213 Secured amount limited
Omit “, until such time (if any) as a greater amount of advances is secured by the mortgage” from section 213 (1).
Section 218 Collateral securities
Insert “paid or” before “payable” in the definition of C in section
218 (1).
Section 221 Eligible mortgages under first home purchase scheme
Insert “or a mortgage in support of such an eligible mortgage” after
“Chapter 2” in section 221 (1).
Section 221 (2)
Omit “ the mortgage“ . Insert instead “such a mortgage” .
State Revenue Legislation Amendment Act 1998 NO 44
| Schedule 1 | Amendment of Duties Act 1997 |
Section 236 Circumstances in which duty is payable by the insured person
Omit “ (not being a registered insurer)” from section 236 (1).
Section 259 What insurance is exempt from duty?
Insert at the end of section 259:
| (2) | For the purposes of subsection ( l ) (1) a contract is an annuity if it satisfies the following requirements: | |||||
|
Section 267 Exemptions
Insert after section 267 (7):
(7A) Vehicles purchased by TPls
Duty under this Chapter is not chargeable in respect of an application to register a motor vehicle in the name of a veteran who is totally and permanently incapacitated and who is eligible for the special rate of pension under section 24 of the Commonwealth Veterans' Entitlements Act 1986.
Section 288 Stamping of instruments
Insert “ , or that effects or evidences a dutiable transaction,.' after
” this Act” .
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Duties Act 1997 | Schedule 1 |
Section 296 Stamping of instruments after execution
Omit “must cause it” from section 296 (1). or an instrument that effects or evidences the transaction,” .
Section 297 Stamping taken to constitute an assessment
Insert “evidence of” before “an assessment” .
Dictionary
Omit the definitions of ADRs, depositary receipt and depositary shares.
Dictionary
Insert in alphabetical order:
ADR means a negotiable certificated receipt issued by a
depositary resident outside Australia acknowledging the interest of the registered holder of the receipt in shares in a NSW company held by the depositary, or deposited with a depositary to hold, as trustee for the holder.
instalment warrant means a warrant:
that is issued by the warrant issuer in accordance with the Business Rules of the Australian Stock Exchange, and
that is an option contract within the meaning of
section 9 of the Corporations Law, and
that provides beneficial ownership in respect of
marketable securities that are quoted on the
market operated by the Australian Stock
Exchange, and
that provides legal ownership of marketable
securities to the warrant holder on payment of the
final instalment, being a payment that the warrant
holder makes under the terms of issue of the
warrant.
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 1 | Amendment of Duties Act 1997 |
[53] Dictionary, definition of “complying superannuation fund”
| Insert “ and an exempt public sector superannuation scheme” after “ 1993”. |
[54] Dictionary, definition of “index trust”
Insert after paragraph (f):
| (g) | Tower 20 Leaders Index Trust. |
[55] Dictionary, definition of “IR”
Omit the definition. Insert instead:
IR means any security, not being an option contract within the meaning of section 9 of the Corporations Law, issued by a trustee that provides:
| (a) | beneficial ownership, to the holder of the security, of marketable securities that are quoted on the market operated by the Australian Stock Exchange, and |
| (b) | legal ownership of the marketable securities to the holder of the security on payment of the final instalment, being a payment that the holder is obliged to make under the terms of issue of the security. |
[56] Dictionary, definition of “private company”
Insert “ the Australian Stock Exchange or” after “ on” .
[57] Dictionary, definition of “public unit trust scheme”
Insert after paragraph (c):
, or
| (d) | that, in the opinion of the Chief Commissioner, will be a public unit trust scheme within 12 months after the Chief Commissioner gives written notification of that opinion to a person who has requested the Chief Commissioner to express that opinion in relation to the unit trust scheme. |
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Land Tax Management Act 1956 | Schedule 2 |
| Schedule 2 | Amendment of Land Tax Management Act 1956 |
(Section 4)
[1] Section 10 Land exempted from tax
Omit section 10 (11).
[2] Section 10A Residential use and occupation—concession on death of owner
Omit section 1OA (5).
[3 ] Section 10T Concession for unoccupied land intended to be owner's principal place of residence
Insert after section 10T (3) (b):
or
| (c) | the person or any joint owner of the land owns land outside New South Wales which is the principal place of residence of the person or joint owner. |
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 3 | Amendment of Petroleum Products Subsidy Act 1997 |
| Schedule 3 | Amendment of Petroleum Products Subsidy Act 1997 |
(Section 5)
Section 4 Payment of subsidies
Insert “ in relation to such zones as may be prescribed” after “New
South Wales” in section 4 (1).
Section 5 Entitlement to subsidies
Insert after section 5 (1) (b):
or
| (c) | sells diesel fuel for a marine purpose, or used or intends to use diesel fuel for a marine purpose, |
Section 5 (1)
Omit “ them” . Insert instead “ the petroleum products or diesel fuel” .
Section 5 (4) (c)
Insert after section 5 (4) (b):
or
| (c) | the person has been paid, or is entitled to, a rebate under a law of the Commonwealth under which the rebate is required to include the amount of the subsidy in respect of those petroleum products. |
Section 7 Refund of subsidy
Insert “ ,except as provided by subsection (3A)” after “ that year” in section 7 (3).
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Petroleum Products Subsidy Act 1997 | Schedule 3 |
[6] Section 7 (3A)
Insert after section 7 (3):
(3A) The Chief Commissioner, having regard to the circumstances of the case, may reduce or remit the amount otherwise payable under subsection (3).
[7] Section 8 Registration
Insert “on or from premises within a zone prescribed for the purposes of section 4 ( l ) ” after “New South Wales” in section 8 (1).
[8] Section 25 Right of review
Insert after section 25 (2):
| (3) | If this section commences before the commencement of the Act that establishes the Administrative Decisions Tribunal: | |||
|
[9] Section 31A
Insert after section 3 1:
31A Transitional provision
| (1) | This section applies for the period commencing on the date of commencement of section 5 and ending on 1 January 1999 or such later date as may be specified by the Governor by order published in the Gazette on or before 1 January 1999. |
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 3 | Amendment of Petroleum Products Subsidy Act 1997 |
| (2) | During the period for which this section applies, a registered person, being a registered wholesaler, who, in the course of a business or activity conducted by the registered person, sells petroleum products to an unregistered consumer where: |
the petroleum products are delivered by the registered person to and unloaded at the premises of the consumer in a zone prescribed for the purposes of section 4 ( l) , and
the registered wholesaler makes out an invoice or delivery docket in respect of the sale that includes the name of the consumer and the address to which the petroleum products were delivered and at which they were unloaded, and
the price charged in respect of the sale includes the rate of the subsidy prescribed for that zone,
is entitled to a subsidy in respect of the petroleum products at the rate of the subsidy prescribed for that zone, except as provided by section 5 (4) and subject to section 5 (5) and (6).
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Revenue Laws (Reciprocal Powers) Act 1987 | Schedule 4 |
| Schedule 4 | Amendment of Revenue Laws (Reciprocal Powers) Act 1987 |
(Section 6)
Section 3 Definitions
Insert after paragraph (e) of the definition of New South Wales revenue law in section 3 (1):
| (f) | the Petroleum Products Subsidy Act 1997, |
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 5 | Amendment of Stamp Duties Act 1920 |
| Schedule 5 | Amendment of Stamp Duties Act 1920 |
| (Section 7 | ) |
[1] Section 1A Application of this Act after commencement of Duties Act 1997 on 1 July 1998
Insert after section 1A (1):
| (1A) | The Second Schedule does not apply to instruments first executed on or after 1 July 1998. |
[2 ] Section 3 Definitions
Insert in section 3 (1) in alphabetical order:
complying superannuation fund means a fund that is a complying superannuation fund for the purposes of Part IX of the Commonwealth Income Tax Assessment Act 1936 in accordance with section 45 of the Commonwealth Superannuation Industry (Supervision) Act 1993 and includes a regulated exempt public sector superannuation scheme within the meaning of section 299W of the Commonwealth Superannuation Industry (Supervision) Act 1993.
| [3 ] | Section 3 ( l) , definition of | “IR” |
Omit “ the Commonwealth of Australia” . a State or Territory” .
[4 ] Section 73 Certain conveyances not chargeable with ad valorem duty
Omit “ within the meaning of section 267 of the Income Tax Assessment Act 1936 of the Commonwealth” from section 73 (2AA) (d).
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Stamp Duties Act 1920 | Schedule 5 |
[5] Section 74D Definitions
| Omit paragraph (ix) of the definition of hiring arrangement in section 74D (1). Insert instead: |
(ix) an arrangement under which a motor vehicle is subleased by an employee to an employer in connection with the employee's remuneration or other employment benefits, or
| (x) |
|
regulations.
[6 ] Section 84G Duty on motor vehicle certificates of registration
Insert after section 84G (1) (ka):
| (kb) | a motor vehicle certificate of registration issued in the name of a veteran who is totally and permanently incapacitated and who is eligible for a special rate of pension under section 24 of the Commonwealth Veterans ' Entitlements Act 1986, or |
[7 ] Section 84G (3)
Omit “subsection (5)” . Insert instead “subsections (3AA) and (5)” .
[8 ] Section 84G (3AA)
Insert after section 84G (3):
(3AA) The value of a new motor vehicle does not include any amount for sales tax if the vehicle was purchased by a purchaser who was not liable to pay sales tax.
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 5 | Amendment of Stamp Duties Act 1920 |
Section 97A Definitions and application of Subdivision 3
Insert “ independent options” after “ registered” in the definition of options trader in section 97A (1).
Section 97AB Returns to be lodged and duty paid
Insert after section 97AB (2) (e):
| ( f ) | any sale or purchase of marketable securities or rights in respect of marketable securities of a body corporate incorporated under the law of New Zealand or Papua New Guinea. |
Section 98 Definitions
Omit “within the meaning of section 267 of the Income Tax Assessment Act 1936 of the Commonwealth” from paragraph (a) of the definition of excluded person in section 98 (1).
Section 98U Exempt accounts
Omit section 98U (1) (p). Insert instead:
| (p) | an account kept with a bank which is a registered person by an organisation entitled to privileges and immunities under section 6 of, and the First Schedule to, the Commonwealth International Organisations (Privileges and Immunities) Act 1963, or |
| (q) | an account prescribed for the purposes of this paragraph, |
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Stamp Duties Act 1920 | Schedule 5 |
[13] Second Schedule-General Exemptions From Stamp Duty Under Part 3
Omit paragraph (52). Insert instead:
| (52) | A transfer or transfers, on any one day, of shares or units: | |||
| ||||
| where the total amount of securities so transferred between the transferor and transferee represents a portfolio of securities in such volumes as are contained in the All Ordinaries Index on that day. | ||||
| In this paragraph, index trust means any of the following: |
Benchmark Australian All Ordinaries Trust
Australian Index Trust
Industrial Index Trust
Resources Index Trust
Property Index Trust
Gold Index Trust
Tower 20 Leaders Index Trust
[14] Second Schedule-General Exemptions From Stamp Duty Under Part 3
Insert after paragraph (52):
(53) A contract the making of which under the Home
Building Act 1989 is compulsory.
| (54) | An agreement made under the Commonwealth Income Tax—Assessment Act 1936 for the purpose of complying with that Act. |
| (55) | An accommodation bond agreement entered into under the Commonwealth Aged Care Act 1997. |
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 5 | Amendment of Stamp Duties Act 1920 |
[1 5 ] Tenth Schedule Savings, transitional and other provisions
Insert after clause 47 (1):
| (1A) | However, the amendments referred to in subclause (1) do not apply to premiums paid in relation to Class 2 insurance within the meaning of section 86 ( l) , being: | |||
|
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Taxation Administration Act 1996 | Schedule 6 |
| Schedule 6 | Amendment of Taxation Administration Act 1996 |
(Section 8)
Section 9 Reassessment
Insert after section 9 (3) (b):
or
| (c) | the reassessment is authorised to be made more than 5 years after the initial assessment by another taxation law. |
Section 18 Entitlement to refund
Omit “and shown in a notice of assessment” from section 18 (1).
Section 111A
Insert after section 111:
111A Refusal by Chief Commissioner to exercise functions
The Chief Commissioner may refuse to exercise any function under a taxation law concerning an instrument, transaction or return (including the stamping or marking of an instrument) if any information, evidence, instrument or record concerning the instrument. transaction or return is not provided to the Chief Commissioner in accordance with a requirement of a taxation law.
Schedule 1 Savings, transitional and other provisions
Insert at the end of clause l (1):
Duties Act 1997
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 6 | Amendment of Taxation Administration Act 1996 |
[5] Schedule 1, Part 3
Insert after Part 2:
| ||
| 19 Existing assessments under Stamp Duties Act 1920 |
An assessment made under the Stamp Duties Act 1920 before 1 July 1998 is taken to have been made under Part
3, except as provided by clause 28.
20 Assessments of existing liabilities under Stamp Duties Act 1920
The power to make an assessment under Part 3 extends to a tax liability existing under the Stamp Duties Act 1920 before 1 July 1998.
21 Refunds of tax paid under Stamp Duties Act 1920
before 1 July 1998
Part 4 extends to tax paid under the Stamp Duties Act
1920 before 1 July 1998.
22 Existing refund applications under the Stamp Duties Act
1920
Part 4 extends to an application for a refund of tax that
was made under the Stamp Duties Act 1920 to the Chief Commissioner before 1 July 1998 and that had not been determined by the Chief Commissioner as at that date.
23 Form of returns
Section 34 extends to an approval that was given under the Stamp Duties Act 1920 before l July 1998 and that is in force immediately before that date.
State Revenue Legislation Amendment Act 1998 No 44
| Amendment of Taxation Administration Act 1996 | Schedule 6 |
24 Approval of special tax return arrangements
Division 2 of Part 6 extends to an approval that was given under the Stamp Duties Act 1920 before 1 July 1998 and that is in force immediately before that date.
25 Duty unpaid under the Stamp Duties Act 1920
Part 7 extends to tax that is payable under the Stamp Duties Act 1920 but remains unpaid immediately before 1 July 1998.
26 Records
Sections 5 1, 52, 53 and 54 extend to records required to be kept under the Stamp Duties Act 1920 immediately before 1 July 1998.
27 Secrecy
Division 3 of Part 9 extends to information obtained under or in relation to the administration of the Stamp
| Duties Act 1920 before | July 1998. |
28 Objections and appeals
Part 10, in its application to the Stamp Duties Act 1920, applies only to a notice of assessment, or a notice of decision or determination of the Chief Commissioner, served on or after 1 July 1998.
The Stamp Duties Act 1920, as in force immediately before 1 July 1998, continues to apply to a notice of assessment, or a notice of decision or determination of a tax officer, served before 1 July 1998 as if the Duties Act 1997 had not been enacted.
Sections 104 and 105 apply to an objection that is allowed, or an appeal that is upheld, on or after 1 July 1998. despite the other provisions of this clause.
State Revenue Legislation Amendment Act 1998 No 44
| Schedule 6 | Amendment of Taxation Administration Act 1996 |
29 Writing off of tax
Section 1 10 extends to tax under the Stump Duties Act
1920 that was unpaid before 1 July 1998.
[Minister's second reading speech made in—
Legislative Assembly on 20 May 1998
Legislative Council on 3 June 1998]
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