Untitled document

State Taxation (Further Omnibus Amendment) Act

1996

Act No. 42/1996

TABLE OF PROVISIONS

Section	Page
PART 1—PRELIMINARY	1

1.	Purpose	1
2.	Commencement	2

PART 2—BUSINESS FRANCHISE (PETROLEUM PRODUCTS)

ACT 1979 3

3. New section 14 inserted 3

14. Liquidator to give notice 3

PART 3—BUSINESS FRANCHISE (TOBACCO) ACT 1974 4

4.	Principal Act	4
5.	Penalty increase for unlicensed retailing	4
6.	Issue of retail licences	4
7.	Applications for wholesale licences	5
8.	Penalty increase for trading on unlicensed premises	5
9.	Suspension and revocation of retail licences	6
10.	Licence fees	6
11.	Penalty increase for failing to record transactions	6
12.	Statement of tobacco sold outside Victoria	7
13.	New section 12 inserted	7

12. Liquidator to give notice 7

14.	Penalty increase in relation to record-keeping	7
15.	Regulations	7

PART 4—FINANCIAL INSTITUTIONS DUTY ACT 1982 9

16.	FID on continuing credit contract payments	9
17.	Short-term dealing accounts	9

PART 5—LAND TAX ACT 1958 10

18.	Repeal of obsolete provisions	10
19.	Amendments to Second Schedule	10

i

Section	Page
PART 6—PAY-ROLL TAX ACT 1971	11

20. New section 18A substituted 11

18A. Assessment in relation to group 11

PART 7—STAMPS ACT 1958 12

21.	Principal Act	12
22.	Definitions	12
23.	Broker exemption for company buy-backs	13
24.	SCH-regulated transfers	14
25.	Record-keeping by futures members	14
26.	Rental business duty	15
27.	Exemption for credit contracts	16
28.	Amendment of Third Schedule	17
29.	Statute law revision	18

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NOTES 19

ii

Victoria

No. 42 of 1996

State Taxation (Further Omnibus

Amendment) Act 1996†

[Assented to 12 November 1996]

The Parliament of Victoria enacts as follows:

PART 1—PRELIMINARY

1. Purpose

The purpose of this Act is to make miscellaneous
amendments to the Business Franchise
(Petroleum Products) Act 1979, the Business
Franchise (Tobacco) Act 1974, the Financial

State Taxation (Further Omnibus Amendment) Act 1996

Act No. 42/1996 s. 2

Institutions Duty Act 1982, the Land Tax Act
1958, the Pay-roll Tax Act 1971 and the Stamps

Act 1958.

2. Commencement

(1) This Act (except sections 22(2), 24(2), 26(3) and 28(1)) comes into operation on the day on which it receives the Royal Assent.

(2) Sections 22(2), 24(2) and 28(1) are deemed to

have come into operation on 1 July 1996.

(3) Section 26(3) comes into operation on 1 January

1997.

_______________
State Taxation (Further Omnibus Amendment) Act 1996

s. 3 Act No. 42/1996

PART 2—BUSINESS FRANCHISE (PETROLEUM

PRODUCTS) ACT 1979

No. 9272.

Reprinted to	3. New section 14 inserted
No. 80/1994.	After section 13 of the Business Franchise (Petroleum Products) Act 1979 insert— "14. Liquidator to give notice

The liquidator of a company that has been the holder of a licence under this Act must, within 14 days after becoming liquidator,

serve on the Commissioner written notice of
his or her appointment as liquidator.

Penalty: 50 penalty units.".

_______________
State Taxation (Further Omnibus Amendment) Act 1996

Act No. 42/1996 s. 4

PART 3—BUSINESS FRANCHISE (TOBACCO) ACT 1974

No. 8597.

4. Principal Act Reprinted to No. 66/1988

In this Part the Business Franchise (Tobacco)	and
Act 1974 is called the Principal Act.	subsequently amended by Nos 57/1989, 75/1989,
54/1990, 76/1992, 104/1993, 80/1994, 119/1994, 55/1995, 101/1995 and
10/1996.

5. Penalty increase for unlicensed retailing

In section 6(2) of the Principal Act for "20 penalty units" substitute "100 penalty units".

6. Issue of retail licences

(1) In section 7(3) of the Principal Act—

(a)	for "sub-section (3A)" substitute "sub- sections (3AA) and (3A)";
(b)	after paragraph (a) insert— "(aa) the applicant has been convicted of an

offence against section 12 of the
Tobacco Act 1987 (supplying tobacco

to minors); or".

(2) After section 7(3) of the Principal Act insert—

State Taxation (Further Omnibus Amendment) Act 1996

s. 7 Act No. 42/1996

"(3AA) The Commissioner may refuse to issue a retail tobacconist's licence to an applicant who does not have a necessary permit in

relation to the premises that are to be used
for, or in connection with, the business to be

carried on under the licence.".

(3) After section 7(7) of the Principal Act insert—

"(8) For the purposes of this Act, an application

for a licence under this section is deemed not
to have been received by the Commissioner
until all information required under this Act
or the regulations to be provided by the
applicant in connection with the application
has been provided to the Commissioner.".

7. Applications for wholesale licences

(1) After section 7AA(7) of the Principal Act

insert—

"(8) For the purposes of this Act, an application

for a licence under this section is deemed not
to have been received by the Commissioner
until all information required under this Act
or the regulations to be provided by the
applicant in connection with the application

has been provided to the Commissioner.".

(2) After section 7AD(6) of the Principal Act

insert—

"(7) For the purposes of this Act, an application

for a licence under this section is deemed not
to have been received by the Commissioner
until all information required under this Act
or the regulations to be provided by the
applicant in connection with the application

has been provided to the Commissioner.".

8. Penalty increase for trading on unlicensed premises

State Taxation (Further Omnibus Amendment) Act 1996

Act No. 42/1996 s. 10

In section 8(3) of the Principal Act for "10 penalty units" substitute "50 penalty units".

9. Suspension and revocation of retail licences

(1) For section 9BA(1) of the Principal Act

substitute—

"(1) If the Commissioner reasonably believes at

any time that the holder of a retail
tobacconist's licence (other than a licence

issued under section 9(2))—

(a) has contravened this Act; or

(b) has been convicted, within the previous 5 years, of an offence against section 12 of the Tobacco Act 1987 (supplying

tobacco to minors); or

(c) does not have a necessary permit in relation to the premises used for, or in connection with, the business carried on under the licence—

the Commissioner may suspend the licence
by giving written notice to the licence

holder.".

(2) In section 9E of the Principal Act—

(a) for paragraph (a) substitute— "(a) the Commissioner is satisfied as to any

of the matters referred to in section

9BA(1); and";

(b) in paragraph (b) for "contravention" substitute "matter".

10. Licence fees

In section 10(1) of the Principal Act, paragraphs

(a)(ii) and (b)(ii) are repealed.

11. Penalty increase for failing to record transactions

State Taxation (Further Omnibus Amendment) Act 1996

s. 14 Act No. 42/1996

In section 11A(3) of the Principal Act—

(a)	for "10 penalty units" substitute "50 penalty units";
(b)	for "20 penalty units" substitute "100 penalty units".

12. Statement of tobacco sold outside Victoria

Section 11C of the Principal Act is repealed.

13. New section 12 inserted

After section 11D of the Principal Act insert—

"12. Liquidator to give notice

The liquidator of a company that has been
the holder of a licence must, within 14 days
after becoming liquidator, serve on the
Commissioner written notice of his or her
appointment as liquidator.

Penalty: 50 penalty units.".

14. Penalty increase in relation to record-keeping

In section 13(1) of the Principal Act for "50 penalty units" substitute "100 penalty units".

15. Regulations

(1) In section 22 of the Principal Act, before "The

Governor in Council" insert "(1)".

(2) At the end of section 22 of the Principal Act

insert—

"(2) Regulations made under this Act may—

(a)	be of general or limited application; and
(b)	differ according to differences in time, place or circumstance; and

State Taxation (Further Omnibus Amendment) Act 1996

Act No. 42/1996

(c)	confer discretions or powers or impose duties on any specified person or specified class of person; and
(d)	provide in a specified case or class of case for the exemption of persons or things or classes of persons or things from any of the provisions of the regulations, whether unconditionally or on specified conditions and either wholly or to such an extent as is specified.".

_______________
State Taxation (Further Omnibus Amendment) Act 1996

s. 16 Act No. 42/1996

PART 4—FINANCIAL INSTITUTIONS DUTY ACT 1982

No. 9850.

Reprinted to	16. FID on continuing credit contract payments
No. 119/1994
and	In section 18(3)(l) of the Financial Institutions
subsequently	Duty Act 1982 after "contract" insert "or a
amended by
Nos 30/1995,	payment of an amount owing to the credit
101/1995 and	provider under a continuing credit contract".
10/1996.

17. Short-term dealing accounts

In section 26 of the Financial Institutions Duty

Act 1982—

(a) in sub-section (4)(b) omit "bank that is a";

(b) in sub-section (5)(a) for "that or another bank" substitute "that bank or another registered financial institution".

_______________
State Taxation (Further Omnibus Amendment) Act 1996

Act No. 42/1996 s. 18

PART 5—LAND TAX ACT 1958

No. 6289.

18. Repeal of obsolete provisions Reprinted to No. 119/1994

In the Land Tax Act 1958—	and subsequently
(a) in section 3—	amended by Nos 100/1995,

(i) in sub-section (2)(a) for "sub-sections (3) and (4)" substitute "sub-section	101/1995 and
10/1996.

(4)";

(ii) sub-section (3) is repealed;

(b) in section 16—

(i)  in paragraph (b) omit "or" (where secondly occurring);

(ii) paragraph (c) is repealed.

19. Amendments to Second Schedule

(1) In the Second Schedule to the Land Tax Act

1958, in clause 1B(1AA), omit "and each

subsequent year".

(2) In the Second Schedule to the Land Tax Act

1958, after clause 1B(1AA) insert—

"(1AB) The duty of land tax for 1997 and each

subsequent year payable on the land or lands

of an owner is—

(a)	the amount determined in accordance with clause 1A; or
(b)	if that amount is more than 150 per centum of the clause 1 amount, 150 per centum of the clause 1 amount.".

(3) In the Second Schedule to the Land Tax Act

1958, in clause 1B(2), for "sub-clauses (1) and

(1A)" substitute "this clause".

_______________
State Taxation (Further Omnibus Amendment) Act 1996

s. 20 Act No. 42/1996

PART 6—PAY-ROLL TAX ACT 1971

No. 8154.

Reprinted to	20. New section 18A substituted
No. 119/1994
and	For section 18A of the Pay-roll Tax Act 1971
subsequently	substitute—
amended by
Nos 101/1995
and 10/1996.	"18A. Assessment in relation to group

If there is a group within the meaning of section 9A, an assessment under this Act may be made in relation to any member of

the group, whether or not the member is an

employer.".

_______________
State Taxation (Further Omnibus Amendment) Act 1996

Act No. 42/1996 s. 21

PART 7—STAMPS ACT 1958

No. 6375.

21. Principal Act Reprinted to

In this Part the Stamps Act 1958 is called the	No. 10/1996.
Principal Act.

22. Definitions

(1) In section 3 of the Principal Act, after the

definition of "counterpart" insert—

' "CUFS" means any interest, issued by or on

behalf of CHESS Depositary Nominees Pty respect of—

(a) shares in a corporation incorporated outside Australia; or

(b) units in a public unit trust scheme—

being shares or units that are quoted on the
market operated by Australian Stock

Exchange Limited;'.

(2) In section 3 of the Principal Act—

(a) after the definition of "instrument" insert— ' "IR" means any interest, issued by a

trustee in connection with the disposal
by the Commonwealth of shares, that
provides beneficial ownership in
respect of shares that are quoted on the
market operated by Australian Stock

Exchange Limited;';

(b) in the definition of "marketable security"—

(i) in paragraph (b) omit "and";

(ii)  after paragraph (c) insert— "(d) any IR;".

State Taxation (Further Omnibus Amendment) Act 1996

s. 23 Act No. 42/1996

(3) In section 3 of the Principal Act—

(a)

in the definition of "marketable security", "(e) any CUFS;";

(b)

after the definition of "proper SCH transfer" ' "public unit trust scheme" means—

(a) a unit trust scheme any of the units of which are listed for quotation on—

(i)	the Australian Stock Exchange; or
(ii)	any other stock exchange prescribed for the purposes of this definition; or

(b) a unit trust scheme—

(i)  that is the subject of a deed approved under Division 5 of Part 7.12 of the

Corporations Law or a corresponding law; and

(ii)  any of the units of which have been offered to the public; and

(iii)  in respect of which no fewer than 50 persons hold units;'.

23. Broker exemption for company buy-backs

(1) In section 60B(1) of the Principal Act after "(4),"

insert "(4A),".

State Taxation (Further Omnibus Amendment) Act 1996

Act No. 42/1996 s. 24

(2) After section 60B(4) of the Principal Act insert—

"(4A) Sub-section (1) does not apply to any

purchase of a marketable security, being a
share in a Victorian registered company,
where the company buys back the share as
permitted by Division 4B of Part 2.4 of the
Corporations Law.".

24. SCH-regulated transfers

(1) In section 60EA(c) of the Principal Act—

(a) in sub-paragraph (i)—

(i) after "right" insert "or CUFS";

(ii) after "company;" insert "or";

(b)	in sub-paragraph (ii) after "scheme" insert ", or a CUFS in respect of a unit of a public unit trust scheme,";
(c)	in sub-paragraph (iii) after "scheme" (where first occurring) insert ", or a CUFS in respect of a unit of a public unit trust scheme,".

(2) In section 60EA(c) of the Principal Act—

(a)	in sub-paragraph (iii)(B) for "and" substitute "or";
(b)	after sub-paragraph (iii) insert— "(iv) an IR in respect of a share of a

Victorian registered company; and".

25. Record-keeping by futures members

At the foot of section 60K(3) of the Principal Act
insert—
"Penalty: 10 penalty units.".

State Taxation (Further Omnibus Amendment) Act 1996

s. 26 Act No. 42/1996

26. Rental business duty

(1) In section 131AA of the Principal Act—

(a)

in the definition of "prescribed amount", for "(g) where the statement relates to a month

after June 1988 and before July 1996—

$80 000; and

(h)	where the statement relates to a month after June 1996 and before January 1997—$40 000;";
(b)

in the definition of "prescribed period", for "(g) where the statement relates to a month

after June 1988 and before July 1996—
the period of 12 months commencing
on 1 July 1988 or any succeeding 1 July

up to and including 1 July 1995; and

(h) where the statement relates to a month after June 1996 and before January 1997—the period of 6 months commencing on 1 July 1996;".

(2) In section 131AB(5) of the Principal Act for

"$6500" substitute "$6000".

(3) In section 131AC(1)(b) of the Principal Act—

(a) for sub-paragraph (i) substitute— "(i) an amount equal to 0.75% of the

amount (if any) by which the monthly

total exceeds $6000; and";

(b) in sub-paragraph (ii) and (iii) for "1.5 per centum" (wherever occurring) substitute "0.75%".

State Taxation (Further Omnibus Amendment) Act 1996

Act No. 42/1996 s. 27

(4) Section 131AC(1) of the Principal Act, as

amended by sub-section (3), applies to a statement
relating to January 1997 and to each subsequent
month and section 131AC(1) as in force
immediately before the commencement of sub-
section (3) applies to a statement relating to a

month preceding January 1997.

(5) In section 131AC(4)(aa) of the Principal Act

substitute—
"(aa) a hire purchase agreement—

(i)  that is a credit contract within the meaning of the Consumer Credit (Victoria) Code under which the amount of credit does not exceed $35 000; or

(ii) that, but for the Consumer Credit (Victoria) Act 1995, would have been a credit contract within the meaning of the Credit Act 1984 relating to a commercial vehicle or farm machinery (within the meaning of that Act);".

(6) Section 131AC(4)(aa) of the Principal Act, as

substituted by sub-section (5), applies in respect force immediately before the commencement of sub-section (5) applies in respect of the period before that day.

of the period commencing on, and including, 1

27. Exemption for credit contracts

(1) For section 137F(2A) of the Principal Act

substitute—

"(2A) Stamp duty is not to be charged in respect of a security, other than a mortgage of land, in so far as it secures the payment or repayment

of an amount—

State Taxation (Further Omnibus Amendment) Act 1996

s. 28 Act No. 42/1996

(a) meaning of the Consumer Credit
(Victoria) Code) under which the

under a credit contract (within the $35 000; or

(b) Consumer Credit (Victoria) Act
1995, would have been a credit contract

under a contract that, but for the 1984 relating to a commercial vehicle or farm machinery (within the meaning of that Act).".

(2) Section 137F(2A) of the Principal Act, as

substituted by sub-section (1), applies in respect
of all securities given on or after 1 November
1996 and section 137F(2A) as in force
immediately before the commencement of sub-
section (1) applies in respect of securities given

before that day.

28. Amendment of Third Schedule

(1) In the Third Schedule to the Principal Act—

(a) in Heading IV(A), in clause 1, at the end of paragraph (d) insert—

"; or

(da) an IR in respect of a share in a

Victorian registered company—";

(b) in the exemptions under Heading IV(A), in clause (3)—

(i) after paragraph (a)(ii) insert— "(iii) IRs; or";

(ii)  in paragraph (b)(ii), after "scheme" insert—

State Taxation (Further Omnibus Amendment) Act 1996

Act No. 42/1996 s. 29

"; or

(iii) IRs—".

(2) In the Third Schedule to the Principal Act, in the exemptions under Heading IV(A)—

(a) in clause (3)—

(i) after paragraph (a)(iii) insert— "(iv) CUFS; or";

(ii)  in paragraph (b)(iii) after "IRs" insert—

"; or

(iv) CUFS—";

(b) in clause (20) for "section 206CA" substitute "Division 4B of Part 2.4".

29. Statute law revision

In the Principal Act—

(a)	in section 32AA(5) for "those" substitute "this";
(b)	in section 75(4) for "aquisition" substitute "acquisition";
(c)	in section 145(2) omit "or Comptroller of Stamps";
(d)	in section 153 omit "or Comptroller of Stamps".

═══════════════
State Taxation (Further Omnibus Amendment) Act 1996

Notes Act No. 42/1996

NOTES

†

Minister's second reading speech—

Legislative Assembly: 12 September 1996

Legislative Council: 15 October 1996

The long title for the Bill for this Act was "to amend the Business
Franchise (Petroleum Products) Act 1979, to make further
miscellaneous amendments to the Business Franchise (Tobacco) Act
1974, the Financial Institutions Duty Act 1982, the Land Tax Act
1958, the Pay-roll Tax Act 1971 and the Stamps Act 1958 and for other
purposes."