State Taxation Acts Amendment Act 2007 (Vic)

State Taxation Acts Amendment Act 2007

No. 33 of 2007

TABLE OF PROVISIONS

Section  Page

PART 1—PRELIMINARY

1Purpose

2Commencement

PART 2—DUTIES ACT 2000

3Definition

4What are interests and significant interests in landholders?

5Who may acquire an interest?

6How duty is charged on relevant acquisitions

7Demonstrator vehicles

8Part heading substituted

PART 3—TAXATION ADMINISTRATION ACT 1997

9Reduction in penalty tax for voluntary disclosures

PART 4—REPEAL OF AMENDING ACT

10Repeal of Act

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ENDNOTES

State Taxation Acts Amendment Act 2007

No. 33 of 2007

[Assented to 24 July 2007]

The Parliament of Victoria enacts:

PART 1—PRELIMINARY

1Purpose

The purpose of this Act is to—

(a)amend the Duties Act 2000 to clarify the land rich duty provisions and the motor vehicle duty provisions; and

(b)amend the Taxation Administration Act 1997 with respect to penalty tax reductions.

2Commencement

This Act comes into operation on the day after the day on which it receives the Royal Assent.

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PART 2—DUTIES ACT 2000

3Definition

In section 3(1) of the Duties Act 2000, the definition of entitled is repealed.

4What are interests and significant interests in landholders?

In section 76(1) of the Duties Act 2000, for

"a beneficial entitlement" substitute

"an entitlement".

5Who may acquire an interest?

(1)After section 77(2) of the Duties Act 2000 insert—

"(2AA)Without limiting subsection (1), a person is taken to obtain an interest beneficially if the person obtains the interest as trustee of a trust.

(2AB)A trustee who holds or acquires an interest in a land rich landholder is to be treated as a separate person in respect of each trust of which the trustee is a trustee and the personal capacity of the trustee, if any.".

(2)Section 77(2B) of the Duties Act 2000 is repealed.

(3)In section 77(2C) of the Duties Act 2000—

(a)for "For the purposes of section 79, an acquisition" substitute "An acquisition";

(b)for "subsection (2A) or (2B)" substitute "subsection (2A)".

6How duty is charged on relevant acquisitions

(1)After section 83(1) of the Duties Act 2000 insert—

"(1A)If a relevant acquisition results from the aggregation of the interests acquired by—

(a)a person; or

(b)an associated person; or

(c)any other person in an associated transaction—

a reference in subsection (1) to the interest acquired includes a reference to any interest acquired by those persons on the same day.

(1B)If the relevant acquisition is the acquisition of an interest by a person that amounts to a significant interest in the landholder when aggregated with other interests acquired by—

(a)the person; or

(b)an associated person; or

(c)any other person in an associated transaction—

during the 3 years preceding the acquisition of the interest by the person, duty is chargeable at the rate specified under this Act for a transfer of dutiable property on the aggregate of the amounts separately calculated in accordance with subsection (1) in respect of each of the interests that comprise the relevant acquisition.".

(2)After section 83(4) of the Duties Act 2000 insert—

"(5)In this section—

associated transaction has the same meaning as in section 79.".

7Demonstrator vehicles

For section 230(2)(a)(ii) of the Duties Act 2000 substitute—

"(ii)the use of the motor vehicle as a demonstrator vehicle; or".

8Part heading substituted

For the heading to Part 4 of Chapter 9 of the Duties Act 2000 substitute—

"PART 4—DUTY ON CHANGE OF USE".

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PART 3—TAXATION ADMINISTRATION ACT 1997

9Reduction in penalty tax for voluntary disclosures

(1)In sections 31(1) and 31(2) of the Taxation Administration Act 1997, for "the taxpayer discloses" substitute "the taxpayer voluntarily discloses".

(2)For section 31(3) of the Taxation Administration Act 1997 substitute—

"(3)Subsection (1) or (2) (as the case requires) does not apply in respect of information disclosed by a taxpayer if the taxpayer is registered by the Commissioner under a taxation law and—

(a)the tax default involved the failure to lodge a return and pay tax by the date required under that taxation law; or

(b)in the case of a taxpayer who lodged a return by the due date that disclosed a liability to pay tax, the tax default involved the failure to pay that tax by the date required under the taxation law.".

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PART 4—REPEAL OF AMENDING ACT

10Repeal of Act

This Act is repealed on the first anniversary of its commencement.

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ENDNOTES

Minister's second reading speech—

Legislative Assembly: 23 May 2007

Legislative Council: 19 June 2007

The long title for the Bill for this Act was "A Bill for an Act to amend the Duties Act 2000 and the Taxation Administration Act 1997 and for other purposes."