Untitled document

State Taxation Acts (Miscellaneous Amendments)

Act 2000

Act No. 42/2000

TABLE OF PROVISIONS

Section	Page
PART 1—PRELIMINARY	1

1.	Purposes	1
2.	Commencement	2

PART 2—REPEAL OF GIFT DUTY ACT 1971 AND PROBATE

DUTY ACT 1962 3

3.	Repeal of Gift Duty Act 1971	3
4.	Repeal of Probate Duty Act 1962	3

PART 3—PAY-ROLL TAX ACT 1971 4

5. Employment agents 4

PART 4—STAMPS ACT 1958 5

6.	Use of adhesive stamps for share transfers	5
7.	Land-rich companies and unit trusts	5

PART 5—OTHER AMENDMENTS 9

8. First Home Owner Grant Act 2000—statute law revision 9

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NOTES 10

i

Victoria

No. 42 of 2000

State Taxation Acts (Miscellaneous

Amendments) Act 2000†

[Assented to 6 June 2000]

The Parliament of Victoria enacts as follows:

PART 1—PRELIMINARY

1. Purposes

The main purposes of this Act are—

(a)	to repeal the Gift Duty Act 1971 and the Probate Duty Act 1962;
(b)	to amend the employment agency provisions of the Pay-roll Tax Act 1971;

State Taxation Acts (Miscellaneous Amendments) Act 2000

s. 2 Act No. 42/2000

(c) to amend the land-rich provisions of the Stamps Act 1958.

2. Commencement

(1) This Act (except Parts 3 and 4) comes into

operation on the day after the day on which it

receives the Royal Assent.

(2) Parts 3 and 4 come into operation on 1 July 2000.

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State Taxation Acts (Miscellaneous Amendments) Act 2000

Act No. 42/2000 s. 3

PART 2—REPEAL OF GIFT DUTY ACT 1971 AND PROBATE

DUTY ACT 1962

3. Repeal of Gift Duty Act 1971

The Gift Duty Act 1971 is repealed.

4. Repeal of Probate Duty Act 1962

(1) The Probate Duty Act 1962 is repealed.

(2) Despite section 14(2) of the Interpretation of

Legislation Act 1984—

(a)	an administrator is not required to file a statement under section 11 of the Probate Duty Act 1962 after the commencement of this section; and
(b)	any liability for duty or interest under the Probate Duty Act 1962 that was outstanding immediately before the commencement of this section is abolished.

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State Taxation Acts (Miscellaneous Amendments) Act 2000

s. 5 Act No. 42/2000

PART 3—PAY-ROLL TAX ACT 1971

No. 8154.	5. Employment agents
Reprint No. 7
as at
1 September	In the Pay-roll Tax Act 1971—
1999. Further
amended by	(a) in section 3D(1), in the definition of
Nos 34/1999	"employment agency contract", at the end of
and 6/2000.	paragraph (b) insert—

"; or

(c) a contract where the employment agent and client are both members of the same group within the meaning of section 9A.";

(b) in section 3E, sub-section (2A) is repealed.

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State Taxation Acts (Miscellaneous Amendments) Act 2000

Act No. 42/2000 s. 6

PART 4—STAMPS ACT 1958

6. Use of adhesive stamps for share transfers No. 6375.
Reprint No. 15

(1) In section 57 of the Stamps Act 1958, after sub- as at 1 May 1999. Further

section (1) insert— amended by Nos 32/1999,

"(1A) Sub-section (1) does not apply to the transfer of a marketable security or right in respect of	34/1999, 47/1999 and
6/2000.

shares—

(a) operated by Australian Stock Exchange

that is not quoted on the market exchange; and

(b) that is a marketable security or right in respect of shares in a company that is the legal or beneficial owner of land in Victoria, including a company that is entitled to real property within the meaning of section 75I.".

(2) In section 57(2) of the Stamps Act 1958, after

"shares" insert "(including a transfer referred to in

sub-section (1A))".

7. Land-rich companies and unit trusts

(1) In section 75G of the Stamps Act 1958, for sub-

section (3) substitute—

"(3) A person who is required to lodge a

statement under sub-section (1) or (2) must
lodge it within 3 months after the occurrence

of the relevant acquisition.

Penalty:  500 penalty units in the case of a
body corporate;
100 penalty units in any other
case.".

State Taxation Acts (Miscellaneous Amendments) Act 2000

s. 7 Act No. 42/2000

(2) In section 75I(4) of the Stamps Act 1958, for

paragraph (g) substitute—

"(g) any property declared by the Comptroller in

writing given to the corporation to be
property that the Comptroller is satisfied was

owned or acquired by the corporation—

(i) on or after 1 July 1999; and

(ii)  principally for the purpose of defeating the object of this subdivision.".

(3) In section 75I of the Stamps Act 1958, after sub-

section (6) insert—

"(7) This section, as amended by section 7(2) of

the State Taxation Acts (Miscellaneous relevant acquisition occurring on or after the commencement of that section and this section, as in force immediately before that commencement, continues to apply to a relevant acquisition that occurred before that commencement.".

(4) In section 75J(1)(a)(ii) of the Stamps Act 1958,

for "12 months immediately preceding the day on which the acquisition occurs" substitute "relevant period".

(5) In section 75J of the Stamps Act 1958, for sub-

section (2) substitute—

'(2) For the purposes of sub-section (1)(a)(ii),

if—

(a)	a person acquires an interest in a corporation ("the acquisition"); and
(b)	within the relevant period in respect of the acquisition or within a period after the acquisition that is the same length as the relevant period, the person

State Taxation Acts (Miscellaneous Amendments) Act 2000

Act No. 42/2000	s. 7
became or becomes entitled to a right to acquire a further shareholding in the corporation; and
(c)	that right is exercised after the end of the period after the acquisition that is the same length as the relevant period in respect of the acquisition—

the person is deemed to acquire that further
shareholding in the corporation on the last
day of the period referred to in paragraph (c)

after the acquisition.

(3) For the purposes of sub-sections (1)(a)(ii)

and (2), the "relevant period" in respect of
an acquisition is to be determined in

accordance with the following table.

TABLE

Column 1	Column 2
The relevant period is the period specified
For an acquisition	opposite that month that
occurring during	immediately precedes the
the month of:	date of the acquisition
July 2000 or a	12 months
previous month
August 2000	13 months
September 2000	14 months
October 2000	15 months
November 2000	16 months
December 2000	17 months
January 2001	18 months
February 2001	19 months
March 2001	20 months
April 2001	21 months

State Taxation Acts (Miscellaneous Amendments) Act 2000

s. 7 Act No. 42/2000

Column 1	Column 2
The relevant period is the period specified
For an acquisition	opposite that month that
occurring during	immediately precedes the
the month of:	date of the acquisition
May 2001	22 months
June 2001	23 months
July 2001	24 months
August 2001	25 months
September 2001	26 months
October 2001	27 months
November 2001	28 months
December 2001	29 months
January 2002	30 months
February 2002	31 months
March 2002	32 months
April 2002	33 months
May 2002	34 months
June 2002	35 months
July 2002 or a	36 months'.
subsequent month

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State Taxation Acts (Miscellaneous Amendments) Act 2000

Act No. 42/2000 s. 8

PART 5—OTHER AMENDMENTS

No. 5/2000.

8. First Home Owner Grant Act 2000—statute law revision

In section 3 of the First Home Owner Grant Act 2000, in the definition of "consideration", for "of" substitute "for".

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State Taxation Acts (Miscellaneous Amendments) Act 2000

Notes Act No. 42/2000

NOTES

†

Minister's second reading speech—

Legislative Assembly: 4 May 2000

Legislative Council: 25 May 2000

The long title for the Bill for this Act was "to repeal the Gift Duty Act
1971 and the Probate Duty Act 1962, to amend the employment agency
provisions of the Pay-roll Tax Act 1971 and the land-rich provisions of
the Stamps Act 1958 and for other purposes."