Treasury Legislation Amendment Act 2002 (ACT)

Case

Treasury Legislation Amendment Act 2002

2002 No 7

Contents

Page

Part 1Preliminary

  1. Name of Act  2

  2. Commencement  2

Part 2Taxation Administration Act 1999

  1. Act amended—pt 2  3

  2. Definitions for Act
    Section 3, definition of market rate component  3

  3. Interest rate
    Section 26 (2) and (3)  3

  4. New section 26 (5)  4

  5. Section 26  5

Part 3Rates and Land Tax Act 1926

  1. Act amended—pt 3  6

  2. Section 22  6

  3. Payment by ratepayer’s debtor
    Section 22AAA (11), definition of rates, paragraph (a)                   8

  4. Interest on refund
    New section 28B (3)  8

  5. Review of interest decision
    Section 30 (5) (a)  8

Part 4Rates and Land Rent (Relief) Act 1970

  1. Act amended—pt 4  9

  2. Interpretation for pt 2
    Section 2B (3)  9

  3. Section 3 heading  9

  4. Effect of making a determination
    Section 4 (3)  9

  5. Section 4 (4)  10

  6. Section 16  10

  7. Remission of interest
    Section 17  10

  8. Section 23  10

  9. Objections
    Section 23B (1) (b)  11

Part 5Payroll Tax Act 1987

  1. Act amended—pt 5  12

  2. Exemption from tax—new starters
    Section 9A (2) (a)  12

  3. Section 9A (2), note  12

  4. Section 9A (6)  12

Part 6Repeals

  1. Rates and Land Rent (Relief) Regulations 1985  14

  2. Instrument under Taxation Administration Act 1999  14

  3. Instruments under Rates and Land Tax Act 1926  14

  4. Instrument under Rates and Land Rent (Relief) Act 1970              14

Treasury Legislation Amendment Act 2002

2002 No 7

An Act to amend certain laws relating to taxation, and for other purposes

Notified under the Legislation Act 2001 on 17 April 2002


(see Legislative Assembly for the Australian Capital Territory enacts as follows:

Part 1Preliminary

  1. Name of Act

    This Act is the Treasury Legislation Amendment Act 2002.

  2. Commencement

  3. This Act, other than the provisions mentioned in subsections (2) to (4), commences on the day after its notification day.

  4. Part 2 and section 27 commence on 1 July 2002.

  5. Parts 3 and 4 and sections 26, 28 and 29 commence on 16 July 2002.

  6. Part 5 is taken to have commenced on 1 September 2001.

Part 2Taxation Administration Act 1999

  1. Act amended—pt 2

    This part amends the Taxation Administration Act 1999.

  2. Definitions for Act
    Section 3, definition of market rate component

    substitute

    market rate component, in relation to interest for a day—see section 26 (2).

  3. Interest rate
    Section 26 (2) and (3)

    substitute

  4. The market rate component for a day is—

    (a)if a determination of a rate is, under section 139 (1) (b) (Determination of amounts payable under tax laws), in force for this paragraph for the day—the determined rate; or

    (b)if paragraph (a) does not apply—the monthly 90-day bank bill rate worked out in accordance with the table and rounded to the 2nd decimal place (with 0.005 rounded to 0.01).

Table

If the day is….

the monthly 90-day bank bill rate is….
in the 1st 6 months of a year

    (a)    if, before 1 January of the year, the monthly 90-day bank bill rate for the previous November had been published—that rate;

or

    (b)    if paragraph (a) does not apply—the last monthly 90-day bank bill rate published before 1 January of the year.
in the 2nd 6 months of a year

    (a)    if, before 1 July of the year, the monthly 90-day bank bill rate for the previous May had been published—that rate;

or

    (b)    if paragraph (a) does not apply—the last monthly 90-day bank bill rate published before 1 July of the year.

  1. New section 26 (5)

    substitute

  2. In this section:

    monthly 90-day bank bill rate means the monthly average yield of 90-day bank accepted bills published by the Reserve Bank of Australia for a particular month.

  3. Section 26

    renumber subsections when Act next republished under the Legislation Act 2001

Part 3Rates and Land Tax Act 1926

  1. Act amended—pt 3

    This part amends the Rates and Land Tax Act 1926.

  2. Section 22

    substitute

  3. Recovery of rates

  4. The following amounts are amounts owing to the Territory by the owner of a parcel:

    (a)the amount of unpaid overdue rates;

    (b)interest worked out in accordance with this section;

    (c)the costs and expenses reasonably incurred by the Territory in attempting to recover an amount payable under this subsection.

    NoteThe Legislation Act 2001, s 177 (Recovery of amounts owing under laws) provides that an amount owing by a person to another person may be recovered as a debt in a court of competent jurisdiction.

  5. The interest payable is worked out—

    (a)for each month during which, or during a part of which, an amount mentioned in subsection (1) remains unpaid; and

    (b)on the first day of that month; and

    (c)at the interest rate applying to that day; and

    (d)on the total of the amounts mentioned in subsection (1) that are unpaid on a day when the interest is worked out.

  6. The Minister may, in writing, determine an interest rate for this section.

  7. A determination under subsection (3) is a disallowable instrument.

    NoteA disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001.

  8. For subsection (2) (c), the interest rate applying to a day is—

    (a)if a determination under subsection (3) provides for an interest rate for the day—the rate provided under the determination for the day; or

    (b)if paragraph (a) does not apply—the interest rate applying under the Taxation Administration Act 1999, division 5.1 (Interest) to the day.

    NoteThe Taxation Administration Act 1999, s 26 (Interest rate), sets out the interest rate applying to any day for div 5.1 of that Act.

  9. If a court enters judgment for an amount of rates, whether the judgment is only for the amount of rates or includes other amounts, the rates do not cease, for this section, to be unpaid rates only because of the entry of the judgment.

  10. If interest is payable on a judgment debt for an amount of rates owing under subsection (1) (a), or for an amount that includes an amount of such rates, the amount of interest payable under subsection (1) (b) on those rates is reduced—

    (a)for a judgment for an amount of rates—by the amount of interest payable on the judgment; or

    (b)for a judgment for an amount that includes an amount of rates—by an amount equal to the proportion of the judgment interest attributable to the rates.

  11. If an amount worked out under this section contains a fraction of a cent, the amount must be rounded to the nearest cent, with 0.5 cent being disregarded.

  12. In this section:

    due date, for rates for a parcel, means—

    (a)the date specified in an assessment notice for the parcel as the date by which the rates may be paid in full; or

    (b)an instalment day.

    NoteSection 14 (Assessment of rates) deals with assessment notices.

    overdue rates, for a parcel, means rates that have become payable, but have not been paid, by the due date.

    NoteSection 15 (Payment of rates) deals with when rates become payable.

  13. Payment by ratepayer’s debtor
    Section 22AAA (11), definition of rates, paragraph (a)

    omit

    22 (3)

    substitute

    22 (1)

  14. Interest on refund
    New section 28B (3)

    insert

  15. If no rate is determined under subsection (1) (a) for a day for which a calculation is to be made under subsection (1) (b), the interest rate applying to the day is the market rate component applying under the Taxation Administration Act 1999, section 26 (Interest rate) to the day.

  16. Review of interest decision
    Section 30 (5) (a)

    substitute

    (a)is worked out at the rate applying under section 28B (Interest on refund); and

Part 4Rates and Land Rent (Relief) Act 1970

  1. Act amended—pt 4

    This part amends the Rates and Land Rent (Relief) Act 1970.

  2. Interpretation for pt 2
    Section 2B (3)

    omit

    under section 4 (3) or section 16.

    substitute

    under section 4 (Effect of making a determination) or 16 (Interest payable on amount after revocation of determination).

  3. Section 3 heading

    substitute

  4. Deferral of rent and rates

  5. Effect of making a determination
    Section 4 (3)

    substitute

  6. A person whose obligation to pay an amount is deferred because of the making of a determination must pay interest on the amount at the rate applying under section 23 (Interest rate).

  7. Interest is payable on an amount from the date of deferral of the obligation to pay the amount until the day when the amount is paid or the determination is revoked.

  8. Section 4 (4)

    omit everything before paragraph (a), substitute

  9. For subsection (4), the date of deferral of an amount of rent or rates is—

  10. Section 16

    substitute

  11. Interest payable on amount after revocation of determination

    If, on the revocation of a determination, a person to whom a determination relates does not pay an amount owing to the Territory under this Act, the person must pay to the Territory interest on the unpaid part of the amount at the rate applying under section 23 (Interest rate).

  12. Remission of interest
    Section 17

    omit

    under section 4 (3) or section 16.

    substitute

    under section 4 (Effect of making a determination) or 16 (Interest payable on amount after revocation of determination).

  13. Section 23

    substitute

  14. Interest rate

  15. The Minister may, in writing, determine a rate at which interest is payable on an amount—

    (a)deferred because of the making of a determination under section 3 (Deferral of rent and rates); or

    (b)unpaid after the date of revocation of a determination.

  16. A determination under subsection (1) is a disallowable instrument.

    NoteA disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001.

  17. If, for a day for which interest is payable on an amount mentioned in subsection (1) (a), no interest rate has been determined under subsection (1), interest is payable on the amount for the day at the market rate component applying under the Taxation Administration Act 1999, section 26 (Interest rate) to the day.

  18. If, for a day for which interest is payable on an amount mentioned in subsection (1) (b), no interest rate has been determined under subsection (1), interest is payable on the amount for the day at a rate equal to the interest rate applying under the Taxation Administration Act 1999, division 5.1 (Interest) to the day.

    NoteThe Taxation Administration Act 1999, s 26 (Interest rate), sets out the interest rate applying to any day for div 5.1 of that Act.

  19. Objections
    Section 23B (1) (b)

    omit

    deferment

    substitute

    deferral

Part 5Payroll Tax Act 1987

  1. Act amended—pt 5

    This part amends the Payroll Tax Act 1987.

  2. Exemption from tax—new starters
    Section 9A (2) (a)

    substitute

    (a)recognised training; and

  3. Section 9A (2), note

    omit

  4. Section 9A (6)

    substitute

  5. The Minister may, in writing, declare that approved training is not recognised training.

  6. A declaration under subsection (6) is a disallowable instrument.

    NoteA disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001.

  7. In this section:

    approved training means—

    (a)training that is approved training for the Vocational Education and Training Act 1995; or

    (b)training for the purpose of enabling a person to become qualified in a vocation that is a prescribed vocation for the Vocational Education and Training Act 1995.

    NoteThe Vocational Education and Training Act 1995, s 4 (1), defines approved training and prescribed vocation for that Act.

    recognised training means approved training other than training declared under subsection (6) not to be recognised training.

Part 6Repeals

  1. Rates and Land Rent (Relief) Regulations 1985

    repeal

    Rates and Land Rent (Relief) Regulations 1985 No 16

  2. Instrument under Taxation Administration Act 1999

    repeal

    Taxation Administration Act (Interest Rates) Order 2001 (No 1) NI No 65

  3. Instruments under Rates and Land Tax Act 1926

    repeal

    Rates and Land Tax (Interest Rates) Determination 2001 (No 1) DI No 342

    Rates and Land Tax (Interest Rates) Determination 2001 (No 2) DI No 343

  4. Instrument under Rates and Land Rent (Relief) Act 1970

    repeal

    Rates and Land Rent (Relief) (Interest Rates) Determination 2001 (No 1) NI No 66

Endnote

Republications of amended laws

  1. For the latest republications of amended laws, see align="center">[Presentation speech made in Assembly on 7 March 2002]

    I certify that the above is a true copy of the Treasury Legislation Amendment Bill 2002 which was passed by the Legislative Assembly on 11 April 2002.

    Clerk of the Legislative Assembly

    © Australian Capital Territory 2002

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