State Taxation (Amendment) Act 1997 (Vic)
State Taxation (Amendment) Act 1997
Act No. 86/1997
TABLE OF PROVISIONS
Section Page PART 1—PRELIMINARY 1
1. Purpose 1 2. Commencement 2
PART 2—DEBITS TAX ACT 1990 3
3. Exemptions 3
PART 3—FINANCIAL INSTITUTIONS DUTY ACT 1982 4
4. New section 11A substituted 4
11A. Term deposit re-investment 4
5. Non-bank financial institutions 4 6. Statute law revision—exempt bank accounts 5 7. Returns of exempt bank accounts 5
PART 4—LAND TAX ACT 1958 6
8. New section 3A inserted 6 3A. Unimproved value of certain land 6 9. Consequential amendments 6
PART 5—PAY-ROLL TAX ACT 1971 8
10. Repeal of spent provisions 8 11. Grouping provisions 8 12. Exemption for schools 8 13. Registration and returns 9 14. Repeal of spent schedules 9
PART 6—STAMPS ACT 1958 10
15. Definitions 10 16. New Division 2A inserted in Part 2 10 Division 2A—Approval of special return arrangements 10 42. Definition 10
i
Section Page
43. Approval of special return arrangements 10 44. Application for approval 11 45. Conditions of approval 11 46. Gazettal or service of notices 12 47. Effect of approval 12
17. New subdivision (5B) of Division 3 of Part 2 inserted 13 (5B) Takeovers of Victorian public companies 13 62F. Definitions 13 62G. Statement on entitlement to voting shares 15 62H. Form of statement 15 62I. Assessment and payment of duty 16 62J. Offences relating to statements 17 18. Transfer of chattels with real property 17 19. Reduction in land value 17 20. New section 64B inserted 19 64B. Statement on change of beneficial ownership 19 21. New section 71 inserted 21 71. Exemption on transfer of single farming enterprise 21 22. Consequential amendments 28 23. Exemption for credit contracts 28 24. Exemption from duty for share buy-backs 29 25. Consequential repeal of family farm exemption in Third Schedule 29 26. Statute law revision 29
PART 7—TAXATION ADMINISTRATION ACT 1997 30
27. Assessment of penalty tax on prior tax defaults 30 28. Statute law revision 30
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NOTES 31
ii
Victoria
No. 86 of 1997
State Taxation (Amendment) Act 1997†
[Assented to 2 December 1997]
The Parliament of Victoria enacts as follows:
PART 1—PRELIMINARY
1. Purpose
The purpose of this Act is to make miscellaneous
amendments to the Debits Tax Act 1990, the
Financial Institutions Duty Act 1982, the Land
Tax Act 1958, the Pay-roll Tax Act 1971, the
Stamps Act 1958 and the Taxation
Administration Act 1997.State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 2
2. Commencement
(1) This Act (except sections 12, 17, 19, 26, 27 and 28(2)) comes into operation on the day on which it receives the Royal Assent.
(2) Section 12 is deemed to have come into operation on 27 May 1997.
(3) Section 28(2) is deemed to have come into
operation on 3 June 1997.
(4) Section 26 is deemed to have come into operation on 11 June 1997.
(5) Section 27 is deemed to have come into operation on 1 July 1997.
(6) Section 19 is deemed to have come into operation on 10 October 1997.
(7) Section 17 comes into operation on 1 January
1998.
_______________
State Taxation (Amendment) Act 1997
| s. 3 | Act No. 86/1997 | |
| No. 78/1990. | PART 2—DEBITS TAX ACT 1990 | |
| Reprinted to | ||
| No. 119/1994 | ||
| and | 3. Exemptions | |
| subsequently | ||
| amended by | In section 3(1) of the Debits Tax Act 1990 in the | |
| Nos 10/1996 | ||
| and 40/1997. | definition of "excluded debit" after paragraph (a)(x) insert— "(xi) a public hospital; or | |
|
_______________
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 4
No. 9850.
PART 3—FINANCIAL INSTITUTIONS DUTY ACT 1982 Reprint No. 3
as at 224. New section 11A substituted August 1997. For section 11A of the Financial Institutions
Duty Act 1982 substitute—
"11A. Term deposit re-investment
For the purposes of this Act—
(a)
if money is invested on term deposit with a financial institution (otherwise than in the course of short-term dealings) and the principal is not repaid in full on the expiration of the term but is re-invested on a term deposit, the non-payment of the principal is not a dutiable receipt of the financial institution;
(b)
if an amount received by a person in the course of short-term dealings is re- invested in whole or part with that person, the amount re-invested is deemed to have been received by that person.".
5. Non-bank financial institutions
In section 25(12) of the Financial Institutions
Duty Act 1982—
(a)
for paragraph (e) substitute— "(e) Credit Union Services Corporation
(Australia) Limited;";
(b) paragraph (f) is repealed.
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| s. 6 | Act No. 86/1997 |
6. Statute law revision—exempt bank accounts
In section 31A of the Financial Institutions Duty substitute "exempt bank account is kept".
7. Returns of exempt bank accounts
After section 32(1A) of the Financial Institutions
Duty Act 1982 insert—
"(1B) Penalty tax under Division 2 of Part 5 of the
Taxation Administration Act 1997 is not payable on a tax default consisting of a failure to pay an amount of additional duty required to be paid under sub-section (1A).".
_______________
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 8
No. 6289.
PART 4—LAND TAX ACT 1958 Reprint No. 8
as at 1
February
8. New section 3A inserted
1997. Further amended by
After section 3 of the Land Tax Act 1958 Nos 31/1997 insert— and 40/1997. '3A. Unimproved value of certain land If—
(a) it is necessary to ascertain an unimproved value of land ("the lot") for the purposes of assessing land tax for or in a particular year; and (b) the lot was not valued separately as at the relevant date (within the meaning of section 3(2A)); and (c) the lot was part of an area of land ("the whole") that was valued separately as at the relevant date— then, for the purposes of assessing land tax for or in that year, the unimproved value of the lot is deemed to be the same proportion of the unimproved value of the whole as the area of the lot bears to the area of the
whole.'.
9. Consequential amendments
(1) In section 10(4) of the Land Tax Act 1958 after
"sections 3," insert "3A,".
(2) In the Second Schedule to the Land Tax Act 1958, in clause 1B(1)(a) for sub-paragraph (i) substitute—
"(i) in respect of any land that was valued
separately as at the relevant date (within the
meaning of section 3) for the purpose of
assessing land tax for 1993, the unimproved
State Taxation (Amendment) Act 1997
| s. 9 | Act No. 86/1997 |
value of that land determined for the purpose
of assessing land tax for 1993; and".
_______________
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 10
No. 8154.
PART 5—PAY-ROLL TAX ACT 1971 Reprint No. 6
as at 22
10. Repeal of spent provisions August 1997. In the Pay-roll Tax Act 1971—
(a) in section 3 sub-section (4) is repealed;
(b) in section 7(1)—
(i) paragraphs (a) and (b) are repealed;
(ii) in paragraph (c) omit "and are not liable to pay-roll tax at the rate prescribed in paragraph (a) or (b)";
(iii) in paragraph (d) omit "(a), (b) or";
(iv) in paragraph (e) omit "(a), (b),";(v) in paragraph (f) omit "(a), (b),".
11. Grouping provisions
In section 9A of the Pay-roll Tax Act 1971—
(a) sub-section (3) is repealed;
(b)
in sub-section (8) for "sub-section (3) or sub- section (3A) is in force, sections 9, 9B, 11" substitute "sub-section (3A) is in force, sections 9B".
12. Exemption for schools
After section 10(1)(d) of the Pay-roll Tax Act
1971 insert—"(da) by a school or college (other than a technical
school or technical college) that—
(i) is carried on by a body corporate, society or association otherwise than for the purpose of profit or gain to the individual members of the body corporate, society or association and is
State Taxation (Amendment) Act 1997
| s. 13 | Act No. 86/1997 |
| not carried on by or on behalf of the State of Victoria; and |
(ii) provides education predominantly at or below the secondary level of education; and
(iii) was in existence as such a school or college before 27 May 1997—
being wages paid or payable to a person in relation to the provision of education at or below the secondary level of education;
(db) by a person who provides an educational
service in connection with the curriculum of
a school referred to in paragraph (d) or a
school or college referred to in paragraph
(da) otherwise than for the purpose of profit
or gain to the person or the individual
members of the person, being wages paid or
payable to a person in relation to the
provision of that service;".
13. Registration and returns
In the Pay-roll Tax Act 1971—
(a) in section 12(4)—
(i) omit "sub-section (3) or" where twice occurring;
(ii) omit ", sub-section (1) of section 9"; (b) in section 13(6)—
(i) omit "sub-section (3) or";
(ii) omit ", sub-section (1) of section 9".
14. Repeal of spent schedules
In the Pay-roll Tax Act 1971 Schedules Three and Four are repealed.
_______________
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 15
No. 6375.
PART 6—STAMPS ACT 1958 Reprint No. 14
as at
1 September
15. Definitions 1997. In section 3 of the Stamps Act 1958 before the
definition of "books" insert—' "associate" has the same meaning as in section
9 of the Corporations Law;'.
16. New Division 2A inserted in Part 2
After Division 2 of Part II of the Stamps Act
1958 insert—
'Division 2A—Approval of special return
arrangements
42. Definition
In this Division—
"return" means a return, statement,certificate, application, report or other
record that—
(a)
is required or authorised under this Act to be lodged, furnished or given by a person with or to the Comptroller; and
(b)
is liable to duty or records matters in respect of which there is or may be a liability to duty.
43. Approval of special return arrangements
(1) The Comptroller, by written notice, may give
approval for a special arrangement for the
lodging of returns and payment of dutyunder this Act to—
(a)
a specified person or persons of a specified class; or
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| s. 16 | Act No. 86/1997 |
(b)
a specified agent on behalf of a specified person or persons of a specified class.
(2) An approval, among other things—
(a) may provide an exemption (or a partial exemption) for the person or persons from specified provisions of this Act to which it applies; (b) may authorise the lodging of returns and payments of duty by electronic means. (3) An approval may be given on the initiative of the Comptroller or on application.
(4) The Comptroller may vary or cancel an
approval by written notice.
44. Application for approval
(1) An application for an approval under section
43 must be made to the Comptroller in a
form approved by the Comptroller.
(2) The Comptroller may grant or refuse an
application for an approval under section 43.
45. Conditions of approval
(1) An approval under section 43 is subject to
any conditions specified by the Comptroller
in the notice of approval or by subsequentwritten notice.
(2) The conditions of an approval may include—
(a) conditions limiting the approval to matters of a specified class; (b) conditions limiting the approval to a specified class;
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 16 (c) conditions requiring the lodging of conditions as to the contents of the returns;
(d) conditions requiring payments of duty at specified times; (e) conditions as to the means by which returns are to be lodged or payments of duty are to be made; (f) if the approval provides an exemption from a requirement for the stamping of instruments, conditions as to the endorsement of the instruments;
(g) conditions requiring the person or agent keep specified records.
46. Gazettal or service of notices may be given by—
(a)
publishing it in the Government Gazette; or
(b)
serving it on the person or agent to whom it relates.
47. Effect of approval
(1) If an approval is given under section 43 to a
specified person or persons of a specified
class, the conditions of the approval are
binding on that person or the persons of that
class and that person or a person of that class
is guilty of an offence if any of theconditions is contravened.
Penalty: 100 penalty units in the case of a
body corporate;
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| s. 17 | Act No. 86/1997 |
20 penalty units in any other case.
(2) If—
(a)
an approval is given under this Division to a specified agent on behalf of a specified person or persons of a specified class; and
(b)
the agent acts on behalf of that person or a person of that class in relation to a matter to which the approval applies—
the conditions of the approval are binding on
the agent and the person and the agent and
the person are each guilty of an offence if
any of the conditions is contravened inrelation to that matter.
Penalty: 100 penalty units in the case of a
body corporate;
20 penalty units in any other case.(3) However, if the provisions of this Act from which a person is exempted by an approval under section 43 are complied with in
relation to a matter, sub-sections (1) and (2) do not apply to the person or an agent of the person in relation to that matter.'.
17. New subdivision (5B) of Division 3 of Part 2 inserted Before subdivision (6) of Division 3 of Part II of the Stamps Act 1958 insert—
'(5B) Takeovers of Victorian public companies
62F. Definitions
(1) In this subdivision—
"capital reduction" means—
(a) the redemption, surrender or
cancellation of a share (including
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 17 cancellation as part of a buy-back
of shares in accordance with
Division 4B of Part 2.4 of theCorporations Law); or
(b) a reduction in the paid up value of a share; "company" means a Victorian registered
company that is a public company
within the meaning of section 9 of the
Corporations Law;
"related persons" means persons who are related for the purposes of subdivision (7)1;
"rights alteration", in relation to voting
shares, means a variation, an abrogation
or an alteration of rights relating to the
shares;
"voting share" has the same meaning as in section 9 of the Corporations Law.
(2) For the purposes of this subdivision, if
voting shares acquired by related persons
severally do not, but taken in the aggregate
would, confer an entitlement to which this
subdivision applies, the voting shares
acquired by the related persons are deemed
to be aggregated and to confer the
entitlement on the related person who last
acquired any of those voting shares.(3) If, by sub-section (2), an entitlement to voting shares is deemed to exist as the aggregate of voting shares of related persons,
the related persons are jointly and severally liable for payment of the duty chargeable on the statement required to be lodged under
this subdivision.
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| s. 17 | Act No. 86/1997 |
62G. Statement on entitlement to voting shares
(1) If—
(a)
a person becomes entitled to at least 50% of the voting shares of a company by means of capital reduction or rights alteration or both; or
(b)
a person who is entitled to at least 50% of the voting shares of a company becomes entitled to at least 10% more of the voting shares over a period of not more than 12 months by means of capital reduction or rights alteration or both—
the person must lodge a statement with the
Comptroller in respect of the entitlement.
(2) The statement must be lodged within 3
months after the entitlement arises.
62H. Form of statement
The statement required to be lodged under section 62G by a person is to be in a form approved by the Comptroller and is to
contain the following information—
(a) the name and address of the person; and
(b) the name of the company; and
(c)
the date on which each relevant capital reduction or rights alteration occurred; and
(d) if the person's entitlement arose—
(i) from capital reduction, the total of immediately before each relevant
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 17 capital reduction, of the shares the subject of the capital reduction; or
(ii) the unencumbered value,
immediately before each relevantfrom rights alteration, the total of subject of the rights alteration; or
(iii) alteration, the aggregate of the
from capital reduction and rights and (ii); and
(e)
the total consideration paid by the person in relation to all relevant capital reductions or rights alterations; and
(f)
any other information required by the Comptroller.
62I. Assessment and payment of duty
(1) A statement required to be lodged under
section 62G by a person is chargeable with
duty—
(a) in the case of a company whose shares are quoted on the market operated by the Australian Stock Exchange Limited, at the rate of 30 cents for every $100, or part, of the higher of— (i) the total or aggregate obtained under section 62H(d); and
(ii) the total obtained under section 62H(e);
(b) in the case of a company whose shares are not quoted on the market operated by the Australian Stock Exchange Limited, at the rate of 60 cents for every $100, or part, of the higher of—
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| s. 18 | Act No. 86/1997 |
(i) the total or aggregate obtained under section 62H(d); and
(ii) the total obtained under section 62H(e).
(2) The duty with which the statement is
chargeable must be paid at the same time
that the statement is lodged with theComptroller.
62J. Offences relating to statements
A person must not—
(a)
fail to lodge a statement under section 62G within the period specified in that section; or
(b)
lodge a statement that is false or misleading in a material particular.
Penalty: 50 penalty units.'.
18. Transfer of chattels with real property
In the Stamps Act 1958—
(a) in section 63(3)(a)—(i) in sub-paragraph (i) after "transferee" (where secondly occurring) insert "or a person who is related to the transferee (within the meaning of section 75(3))";
(ii) in sub-paragraph (ii) after "transferee" insert "or any other person";
(b)
in section 63A(3)(a) after "to the transferee" insert "or another person in the circumstances referred to in section 63(3)(a)".
19. Reduction in land value
After section 63(3) of the Stamps Act 1958 insert—
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 19
"(3A) For the purposes of sub-section (3)(b), in
determining the amount for which real
property, property or chattels might
reasonably have been sold free from
encumbrances, there must be disregarded
subject to sub-section (3B), any interest,
agreement or arrangement (other than an
encumbrance) granted or made in respect of
the real property, property or chattels, that
has the effect of reducing the value of the
real property, property or chattels.
(3B) An interest, agreement or arrangement
referred to in sub-section (3A) is not to be disregarded if the Comptroller is satisfied that it was not granted or made as a part of an arrangement or scheme with a collateral purpose of reducing the stamp duty
otherwise payable on the conveyance of thereal property, property or chattels.
(3C) In considering whether or not he or she is
satisfied for the purposes of sub-section
(3B), the Comptroller may have regard to—
(a) the duration of the interest, agreement or arrangement before the conveyance of the real property, property or chattels; and
(b)
whether the interest, agreement or arrangement has been granted to or made with an associate, a related corporation or a trustee of the transferor or transferee; and
(c)
whether there is any commercial efficacy to the granting of the interest or the making of the agreement or arrangement other than to reduce stamp duty; and
State Taxation (Amendment) Act 1997
| s. 20 | Act No. 86/1997 |
(d)
any other matters he or she considers relevant.".
20. New section 64B inserted
After section 64A of the Stamps Act 1958 insert—
"64B. Statement on change of beneficial
ownership
(1) A person who is a party to a transaction entered into on or after 10 October 1997 that—
(a)
causes or results in a change in the beneficial ownership of real property; and
(b)
is not effected or evidenced by an instrument chargeable with ad valorem duty under Heading VI of the Third Schedule—
must, if the person would have been liable to
pay such duty had such an instrument been
executed, lodge with the Comptroller a
statement in respect of the transaction in a
form approved by the Comptroller.(2) A person referred to in sub-section (1) must pay to the Comptroller as stamp duty on the statement referred to in that sub-section a
sum equal to the amount of stamp duty that
would have been payable if an instrument for
the conveyance of the real property to the
person as beneficial owner had beenexecuted.
(3) A statement must be lodged under sub-
section (1) and duty paid under sub-section (2) within 3 months after the day on which the change in beneficial ownership took
place.
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 20 (4) An instrument executed for the purpose of
effecting or evidencing a transaction referred
to in sub-section (1) in respect of which a
statement has been duly lodged is not
chargeable with stamp duty under this Act to
the extent to which duty has been paid on the
statement.
(5) The payment of duty on a statement referred
to in sub-section (1) is to be denoted on the
statement by an impressed stamp.
(6) A person must not—
(a)
fail to lodge a statement in accordance with this section; or
(b)
lodge a statement that, to the person's knowledge, is false or misleading in a material particular.
Penalty: 500 penalty units in the case of a
body corporate;
100 penalty units in any other
case.(7) For the purposes of section 68, a statement
under this section is to be taken to be an
instrument of conveyance of the real
property to which the statement relates.
(8) A reference in this section to a transaction
that causes or results in a change in the
beneficial ownership of real property
includes a reference to the enlargement of a
term into a fee-simple under section 153 of
the Property Law Act 1958.
(9) This section does not apply to a change in
beneficial ownership of real property that is
caused by or results from—
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| s. 21 | Act No. 86/1997 |
(a) externally-administered body corporate
a body corporate becoming an Corporations Law); or
(b)
the conveyance of any estate or interest in real property as a security, including the charging of real property; or
(c)
the vesting of real property in an executor or administrator of a deceased person; or
(d)
the issue, transfer, redemption or cancellation of units in a unit trust scheme; or
(e)
any of the circumstances referred to in section 64A.".
21. New section 71 inserted
After section 70 of the Stamps Act 1958 insert—
'71. Exemption on transfer of single farming
enterprise
(1) This section applies to an instrument of
conveyance of real property that is a single
farming enterprise if—
(a)
the transferor of the property is a natural person or a trustee for a natural person; and
(b) the transferee of the property is—
(i) a relative of the natural person referred to in paragraph (a); or
(ii) a trustee under a fixed trust, the beneficiaries of which are limited to—
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 21 (A) a present or future relative of the natural person referred to in paragraph (a); or
(B) a charitable institution; or
(C) a present or future relative of
the natural person referred to
in paragraph (a) and a
charitable institution; or(D) a present or future relative of the natural person referred to in paragraph (a) and the
natural person referred to in
paragraph (a); or
(E) a charitable institution and
the natural person referred to
in paragraph (a); or(F) a present or future relative of the natural person referred to in paragraph (a), the natural
person referred to in paragraph (a) and a charitable institution; or
(iii) a trustee under a discretionary (A) the terms of which do not
allow distribution of the whole or any part of the capital of the trust to any person or body other than a
person or body referred to insub-paragraph (ii); and
(B) under which the natural
person referred to in
paragraph (a), or a trustee for
that person, does not have a
State Taxation (Amendment) Act 1997
| s. 21 | Act No. 86/1997 |
power of appointment of trustees or beneficiaries.
(2) The transferee under an instrument to which
this section applies may apply to the Comptroller containing the particulars required by the Comptroller for an exemption from the stamp duty otherwise payable on the instrument under Heading VI of the Third Schedule. (3) A person must not, in connection with an application under sub-section (2), make a statement that the person knows is false or misleading in a material particular.
Penalty: 100 penalty units.
(4) On an application under sub-section (2), the
Comptroller must exempt the instrument from duty if the Comptroller is satisfied that—
(a) the instrument is an instrument to which this section applies; and (b) arrangements or a scheme devised for
the conveyance does not arise from advantage of the benefit of this section.
(5) If real property to which an instrument that
section (4) relates ceases to be a single
farming enterprise before the end of the
period of 5 years after the day on which the
instrument was lodged for registration with
the Registrar-General or the Registrar ofhas been exempted from duty under sub- chargeable with stamp duty in accordance with Heading VI of the Third Schedule as if
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 21 it had been executed on the day on which the
property ceased to be a single farmingenterprise.
(6) If the Comptroller exempts an instrument
from duty under sub-section (4)—
(a) the Comptroller may deliver to the a notice stating—
(i) payable in respect of the
that stamp duty may become set out in sub-section (5); and
(ii) that if stamp duty becomes payable, the duty is a charge on the property as set out in sub- section (7); and
(b) the Registrar-General or Registrar of notice accordingly.
(7) The stamp duty imposed by sub-section (5)
on an instrument of conveyance of real
property is, by force of this section, a charge
on the real property that, subject to sub-
section (8), has priority over any interest in
the real property, whether registered or not,
created or acquired after registration of the
notice referred to in sub-section (6).
(8) A charge over real property under sub-
section (7) does not have priority over an
interest acquired in the property by a
purchaser for value after the issue of a
certificate under sub-section (14) to the
purchaser stating that the property had not
ceased to be a single farming enterprise,
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| s. 21 | Act No. 86/1997 |
unless the purchaser had knowledge of the
charge.
(9) The charge created by sub-section (7)
expires—
(a) when the required duty is paid; or
(b)
on the day that is the 8th anniversary of the day on which the instrument of conveyance in respect of which the duty is payable was lodged with the Registrar-General or Registrar of Titles—
whichever is earlier.
(10) If a notice has been registered under sub- section (6)(b), a person may apply to the Comptroller after the end of the period of 5 years referred to in sub-section (5) for
cancellation of that registration. (11) If the Comptroller, on an application under
sub-section (10), is satisfied that the property
to which the application relates had not
ceased to be a single farming enterprise
before the end of the period of 5 yearsreferred to in sub-section (5)—
(a) the Comptroller must give notice to that effect to the Registrar-General or Registrar of Titles; and (b) the Registrar-General or Registrar of Titles must cancel the registration of the notice. (12) If a charge created by sub-section (7) expires
and a notice had been registered under sub-
section (6)(b) in respect of the property to
which the charge related—
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 21
(a)
the Comptroller must give notice of the expiry of the charge to the Registrar- General or Registrar of Titles; and
(b)
the Registrar-General or Registrar of Titles must cancel the registration of the notice.
(13) If a notice has been registered under sub-
section (6)(b), a person proposing to acquire an interest in the property to which it relates may apply to the owner of the property for a certificate stating whether or not the property has ceased to be a single farming enterprise
since the instrument to which the notice
relates was exempted from duty under sub-section (4).
(14) The owner of real property must issue a
certificate to an applicant under sub-section
(13) within 28 days after receiving the
application, stating whether or not the
property has ceased to be a single farming
enterprise since the instrument to which the
registered notice relates was exempted fromduty under sub-section (4).
(15) A person must not—
(a)
fail to issue a certificate in accordance with sub-section (14); or
(b)
issue a certificate that the person knows is false or misleading in a material particular.
Penalty: 100 penalty units.
(16) In this section—
"business of primary production" means the business of—
State Taxation (Amendment) Act 1997
| s. 21 | Act No. 86/1997 |
(a) cultivating land for the purpose of cultivation; or
(b) the purpose of selling them or
maintaining animals or poultry for produce; or
(c) keeping bees for the purpose of selling their honey; or (d) preparing for commercial fishing
commercial fishing, including fishing gear; or
(e) cultivating or propagating for sale orchids;
"charitable institution" means a
corporation or body of persons
associated for charitable purposes;
"discretionary trust" means a trust under which the vesting of the whole or any part of the trust property—
(a) is required to be determined by a person either in respect of the identity of the beneficiaries or the quantum of interest to be taken or both; or (b) will occur in the event that a trust is not exercised;
"fixed trust" means a trust under which the
identity of the beneficiaries and the
quantum of their interests are
ascertained;
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 22 "relative", in relation to a natural person, in
addition to its meaning in section 63,
includes—
(a) a child of a brother or sister of the person; and (b) a child of a brother or sister of the person's spouse; "single farming enterprise" means real
property or property that is used
primarily for the business of primary
production as a single entity.'.
22. Consequential amendments
In the Stamps Act 1958—
(a)
in section 131AD sub-section (2) is repealed;
(b)
in section 137AB sub-section (4) is repealed.
23. Exemption for credit contracts
After section 137F(2B) insert—
'(2C) Sub-section (2A) does not apply to a securitygiven on or after 1 November 1997 in so far as it secures the payment or repayment of an amount that was provided for the purposes
of—
(a)
the acquisition of a private dwelling house or land on which to erect a private dwelling house; or
(b)
the erection of a private dwelling house or the addition of accommodation to a private dwelling house.
(2D) For the purposes of sub-section (2C),
"private dwelling house" means—State Taxation (Amendment) Act 1997
| s. 24 | Act No. 86/1997 |
(a)
a building that is designed, or is designed principally, as a separate residence for one family or person; or
(b)
an apartment, flat or other part of a building that is so designed.'.
24. Exemption from duty for share buy-backs
In the exemptions applying to (A) of Heading IV of the Third Schedule to the Stamps Act 1958, in clause (20) after "Corporations Law" insert ", not being a transfer as part of a capital reduction
(within the meaning of section 62F) to which
subdivision (5B) of Division 3 of Part II applies".
25. Consequential repeal of family farm exemption in Third Schedule
Clause (28) of the exemptions applying to (A) and
(B) of Heading VI of the Third Schedule to theStamps Act 1958 is repealed.
26. Statute law revision
In section 137MC(8) of the Stamps Act 1958 for
"and this section" substitute "and section137MC".
_______________
State Taxation (Amendment) Act 1997
Act No. 86/1997 s. 27
No. 40/1997.
PART 7—TAXATION ADMINISTRATION ACT 1997
27. Assessment of penalty tax on prior tax defaults
In Schedule 1 to the Taxation Administration
Act 1997 after clause 7(2) insert—'(3) If a tax default or other default occurred or commenced under a taxation law before the commencement of Division 2 of Part 5, the Commissioner may make an assessment under this
Act, on or after that commencement, of any additional tax that would have been payable or assessable under that taxation law in relation to the default if Schedule 2 had not been enacted, and this Act will apply as if
the additional tax were penalty tax under this Act. (4) In this clause—
"additional tax" means additional, penal or penalty tax or duty, or any tax or duty payable by way of a fine or penalty, under a taxation law as in force immediately before the commencement of
Schedule 2.'.
28. Statute law revision
(1) In section 87(2) of the Taxation Administration Act 1997 for "record" substitute "thing".
(2) In Schedule 2 to the Taxation Administration Act 1997 for item 15.2 substitute—
'15.2 In section 3(1), in the definition of "State Taxation Act", after paragraph (h) insert—
"(i) Taxation Administration Act 1997.".'.
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State Taxation (Amendment) Act 1997
| Notes | Act No. 86/1997 |
NOTES
†
Minister's second reading speech—
Legislative Assembly: 9 October 1997
Legislative Council: 12 November 1997
The long title for the Bill for this Act was "to amend the Debits Tax Act
1990, the Financial Institutions Duty Act 1982, the Land Tax Act
1958, the Pay-roll Tax Act 1971, the Stamps Act 1958 and theTaxation Administration Act 1997 and for other purposes."
1 Section 75(3) specified which persons are related for the purposes of
subdivision (7).
0
0
0