State Taxation Acts (Further Tax Reform) Act 2002 (Vic)

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State Taxation Acts (Further Tax Reform) Act 2002

Act No. 29/2002

TABLE OF PROVISIONS

Section Page

PART 1—PRELIMINARY 1

1. Purpose 1
2. Commencement 2

PART 2—DUTIES ACT 2000 3

3. Abolition of duty on unquoted marketable securities 3
4. Pensioner and first home owner exemptions and concessions 3
5. Capital reductions, rights alterations and allotment of shares by
direction 5
6. Transitional provision 5

18. State Taxation Acts (Further Tax Reform) Act 2002 5
7. Consequential amendment of State Taxation Acts (Taxation

Reform Implementation) Act 2001 6

PART 3—LAND TAX ACT 1958 7

8. Increase in land tax threshold 7

5. Land tax for 2003 and subsequent years 7

PART 4—PAY-ROLL TAX ACT 1971 9

9. Reduction in pay-roll tax rate 9
10. Increase in pay-roll tax threshold brought forward 9

═══════════════

ENDNOTES 10

i

Victoria

No. 29 of 2002

State Taxation Acts (Further Tax

Reform) Act 2002†

[Assented to 12 June 2002]

The Parliament of Victoria enacts as follows:

PART 1—PRELIMINARY

1. Purpose
The purpose of this Act is to amend the Duties reform.
Act 2000, the Land Tax Act 1958 and the

State Taxation Acts (Further Tax Reform) Act 2002

Act No. 29/2002 s. 2

2. Commencement
(1) This Act (except section 4) comes into operation on the day after the day on which it receives the Royal Assent.
(2) Section 4 comes into operation on 1 July 2002.

__________________
State Taxation Acts (Further Tax Reform) Act 2002

s. 3	Act No. 29/2002

PART 2—DUTIES ACT 2000

See:	3. Abolition of duty on unquoted marketable securities
Act No. 79/2000. Reprint No. 1	In section 7(3A) of the Duties Act 2000, for
as at	"1 July 2003" substitute "1 July 2002".
15 July 2001
and
amending
Act Nos 27/2001, 48/2001, 79/2001, 9/2002 and
11/2002. LawToday: dpc.vic. gov.au

4. Pensioner and first home owner exemptions and concessions
(1) In the Duties Act 2000—
(a) in section 59—
(i) in sub-section (1)(b), for "$100 000" substitute "$150 000";

(ii)

does not exceed $130 000" substitute
in sub-section (2)(b), for "$100 000 but $200 000";
(iii) in sub-section (3), for the formula substitute—
466P

" 18 640 − ";
5000

(b) in section 60—
(i) in sub-section (1)(c), for "$100 000" substitute "$150 000";

State Taxation Acts (Further Tax Reform) Act 2002

Act No. 29/2002 s. 4

(ii)
does not exceed $130 000" substitute
in sub-section (2)(c), for "$100 000 but $200 000".

(2) In section 60 of the Duties Act 2000, for sub-
sections (3) and (4) substitute—
"(3) The concession or refund is an amount
calculated in accordance with the formula—

466 ( 200 000 − P )

D ×

100 ( 3 P − 217 000 )

where—
D is the amount of duty paid or payable
(but for this Division) on the transfer;
P is the aggregate amount referred to in

sub-section (2)(c).".

(3) In the Duties Act 2000—
(a) in section 61—
(i) in sub-section (1), paragraph (d) is repealed;

(ii) sub-section (3) is repealed;
(b) in section 62—
(i)  in sub-section (1), for "$115 000" substitute "$150 000";
(ii)  in sub-section (2), for "$115 000 but does not exceed $165 000" (where twice occurring) substitute "$150 000 but does not exceed $200 000";
(iii)  in sub-section (3), for the formula substitute—
466P

" 18 640 − ";
5000

State Taxation Acts (Further Tax Reform) Act 2002

s. 5	Act No. 29/2002

(iv) in sub-section (4), for the formula substitute—

466 ( 200 000 − P )

" D × ";

100 ( 3 P − 217 000 )

(c) in section 63—
(i) in sub-section (1)(c), for "$115 000" substitute "$150 000";

(ii)

does not exceed $165 000" substitute
in sub-section (2)(c), for "$115 000 but $200 000";
(iii) in sub-section (3), for the formula substitute—

466 ( 200 000 − P )

" D × ".

100 ( 3 P − 217 000 )

5. Capital reductions, rights alterations and allotment of shares by direction
In sections 94(3) and 97(2)(c) of the Duties Act
2000, for "1 July 2003" substitute "1 July 2002".

6. Transitional provision
At the end of Schedule 2 to the Duties Act 2000 insert—
"18. State Taxation Acts (Further Tax Reform) Act 2002
Sections 59, 60, 61, 62 and 63, as in force place on or after that commencement if the contract of sale giving rise to the transfer was entered into before that commencement.".
immediately before the commencement of section 4
of the State Taxation Acts (Further Tax Reform)

State Taxation Acts (Further Tax Reform) Act 2002

Act No. 29/2002 s. 7
7. Consequential amendment of State Taxation Acts (Taxation Reform Implementation) Act 2001

See:

In section 2(4) of the State Taxation Acts Act No.
(Taxation Reform Implementation) Act 2001, 48/2001.
Statute Book:
for "1 July 2003" substitute "1 July 2002".
dpc.vic.
gov.au

__________________
State Taxation Acts (Further Tax Reform) Act 2002

s. 8	Act No. 29/2002

PART 3—LAND TAX ACT 1958

See:	8. Increase in land tax threshold
Act No. 6289/1958.	(1) In section 7A of the Land Tax Act 1958—
Reprint No. 11 as at

(a) for "2001" substitute "2002";

18 October
2001

and	(b) for "$125" substitute "$150".
amending
Act No. 79/2001. LawToday:	(2) In the Second Schedule to the Land Tax Act

1958—

(a) in the heading to clause 4, omit "and

dpc.vic.

gov.au

subsequent years";

(b) in clause 4, omit "or a subsequent year".
(3) In the Second Schedule to the Land Tax Act
1958, after clause 4 insert—
"5. Land tax for 2003 and subsequent years
If the total unimproved value of land of an owner as
assessed under this Act for 2003 or a subsequent year
is not less than the amount shown in column 1 of an
item in Table E and, if an amount is shown in
column 2 of that item, less than the amount shown in
column 2 of that item, the duty of land tax payable on
the land is the amount determined in accordance with
column 3 of that item.
TABLE E

Item Column 1 Column 2 Column 3

$ $

1. 0 150 000 Nil

2. 150 000 200 000 $150 and 0⋅1 cents for
each $1 of the value
that exceeds $150 000
3. 200 000 540 000 $200 and 0⋅2 cents for
each $1 of the value
that exceeds $200 000
4. 540 000 675 000 $880 and 0⋅5 cents for
each $1 of the value
that exceeds $540 000

State Taxation Acts (Further Tax Reform) Act 2002

Act No. 29/2002 s. 8

Item Column 1 Column 2 Column 3

$ $

5.

675 000

810 000

$1555 and 1 cent for each $1 of the value that exceeds $675 000

6. 810 000 1 080 000 $2905 and 1⋅75 cents

for each $1 of the value that exceeds $810 000

7. 1 080 000 1 620 000 $7630 and 2⋅75 cents

for each $1 of the value that exceeds $1 080 000
8. 1 620 000 2 700 000 $22 480 and 3 cents
for each $1 of the
value that exceeds
$1 620 000
9. 2 700 000 $54 880 and 5 cents
for each $1 of the
value that exceeds
$2 700 000".

__________________
State Taxation Acts (Further Tax Reform) Act 2002

s. 9	Act No. 29/2002

PART 4—PAY-ROLL TAX ACT 1971

See:	9. Reduction in pay-roll tax rate
Act No.
8154/1971.
Reprint No. 8	In section 7(1) of the Pay-roll Tax Act 1971—
as at

(a) in paragraph (i), for "2003" substitute

15 July 2001
and

amending	"2002";
Act Nos	(b) in paragraph (j)—
82/2001 and 11/2002.	(i) for "2003" substitute "2002 and before
LawToday:
the month of July 2003";
dpc.vic. gov.au	(ii) for "or (i)." substitute "or (i); and";

(c) after paragraph (j) insert—

"(k) at the rate of 5⋅25% in respect of such of those wages as are paid or payable after the month of June 2003 and are not liable to pay-roll tax at the rate
prescribed in paragraph (c), (d), (e), (f),
(g), (h), (i) or (j).".

10. Increase in pay-roll tax threshold brought forward

In the Pay-roll Tax Act 1971—

(a) in section 9A(3A)(ga), in paragraphs (h) and (i), for "2003" substitute "2002";
(b)
"prescribed amount", in paragraph (a)(iv)
in section 9B(1), in the definition of for "2003" substitute "2002";

(c)

in section 11A(2), in paragraphs (h) and (i), for "2003" substitute "2002";

(d)

in Schedule Two, in Parts O, P, Q and R, for "2003" substitute "2002".

═══════════════
State Taxation Acts (Further Tax Reform) Act 2002

Act No. 29/2002 Endnotes

ENDNOTES

†
Minister's second reading speech—
Legislative Assembly: 9 May 2002
Legislative Council: 30 May 2002
The long title for the Bill for this Act was "to amend the Duties Act 2000,
the Land Tax Act 1958 and the Pay-roll Tax Act 1971 to implement
further tax reform and for other purposes."

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3.	Abolition of duty on unquoted marketable securities	3
4.	Pensioner and first home owner exemptions and concessions	3
5.	Capital reductions, rights alterations and allotment of shares by
direction	5
6.	Transitional provision	5

9.	Reduction in pay-roll tax rate	9
10.	Increase in pay-roll tax threshold brought forward	9

In section 2(4) of the State Taxation Acts	Act No.
(Taxation Reform Implementation) Act 2001,	48/2001. Statute Book:
for "1 July 2003" substitute "1 July 2002".	dpc.vic.
gov.au

1.	0	150 000	Nil
2.	150 000	200 000	$150 and 0⋅1 cents for
each $1 of the value that exceeds $150 000
3.	200 000	540 000	$200 and 0⋅2 cents for
each $1 of the value that exceeds $200 000
4.	540 000	675 000	$880 and 0⋅5 cents for
each $1 of the value that exceeds $540 000

5.	675 000	810 000	$1555 and 1 cent for each $1 of the value that exceeds $675 000
6.	810 000	1 080 000	$2905 and 1⋅75 cents
for each $1 of the value that exceeds $810 000
7.	1 080 000	1 620 000	$7630 and 2⋅75 cents
for each $1 of the value that exceeds $1 080 000
8.	1 620 000	2 700 000	$22 480 and 3 cents for each $1 of the value that exceeds $1 620 000
9.	2 700 000	$54 880 and 5 cents for each $1 of the value that exceeds $2 700 000".

(a)	in section 9A(3A)(ga), in paragraphs (h) and (i), for "2003" substitute "2002";
(b)	"prescribed amount", in paragraph (a)(iv)

(c)	in section 11A(2), in paragraphs (h) and (i), for "2003" substitute "2002";
(d)	in Schedule Two, in Parts O, P, Q and R, for "2003" substitute "2002".