Taxation Legislation (Miscellaneous Amendments and Repeal) Act 2002

5.    Section 4 repealed

Section 4 of the Principal Act is repealed.

6.    Section 6 amended (Imposition of duty on certain transactions concerning dutiable property)

Section 6(3) of the Principal Act is amended by omitting ", an exchange and a buy-back of shares in accordance with Division 2 of Part 2J.1 of the Corporations Act" from the definition of transfer and substituting "and an exchange".

7.    Section 18 amended (What is the dutiable value of dutiable property?)

Section 18(3) of the Principal Act is amended by omitting "that also has a relevant connection with the Commonwealth or another Australian jurisdiction is to be apportioned in accordance with section 24 " and substituting ", to which section 24 applies, is to be determined in accordance with section 24 ".

8.    Section 33 amended (Cancelled agreements)

Section 33(2) of the Principal Act is amended as follows:

(a) by omitting from paragraph (b) "annulled –" and substituting "annulled; or";

(b) by inserting the following paragraph after paragraph (b) :

(c) 3 years after the payment of duty pursuant to a special arrangement for the lodging of returns and payment of tax under Part 6 of the Taxation Administration Act 1997  –

9.    Section 40 amended (Transfers back from a nominee)

Section 40(3) of the Principal Act is amended as follows:

(a) by omitting from paragraph (b) "transferor –" and substituting "transferor; or";

(b) by inserting the following paragraph after paragraph (b) :

(c) 3 years after the payment of duty pursuant to a special arrangement for the lodging of returns and payment of tax under Part 6 of the Taxation Administration Act 1997  –

10.    Section 41 substituted

Section 41 of the Principal Act is repealed and the following section is substituted:

41.   Property passing to beneficiaries

Duty of $20 is chargeable under this Chapter in respect of a transfer of dutiable property that is subject to a trust ("the principal trust") to a beneficiary of the principal trust if –

(a) the beneficiary was a beneficiary when the property, or what was substantially the same property, was first vested in a trustee of the principal trust; and

(b) the transfer is –

(i) to the beneficiary absolutely; or

(ii) to the beneficiary as trustee of another trust ("the second trust") of which all the beneficiaries are natural persons who were beneficiaries of the second trust when the property, or what was substantially the same property, was first vested in a trustee of the principal trust; and

(c) the duty charged by this Act in respect of the first vesting of the property, or what was substantially the same property, in a trustee of the principal trust has been paid.

11.    Section 46 substituted

Section 46 of the Principal Act is repealed and the following section is substituted:

46.   Transfers between trustees and custodians of superannuation funds or trusts

(1)  This section applies to the following dutiable transactions:

(a) a transfer of, or an agreement to transfer, dutiable property from a trustee of –

(i) a complying superannuation fund; or

(ii) a pooled superannuation trust; or

(iii) a fund or trust that, in the opinion of the trustees, will be a complying superannuation fund or a pooled superannuation trust within 12 months after the transfer takes effect –

to a custodian of the trustee of the fund or trust, where there is no change in the beneficial ownership of the property;

(b) a transfer of, or an agreement to transfer, dutiable property from a custodian of a trustee of –

(i) a complying superannuation fund; or

(ii) a pooled superannuation trust; or

(iii) a fund or trust that, in the opinion of the trustees, will be a complying superannuation fund or a pooled superannuation trust within 12 months after the transfer takes effect –

to a trustee of the fund or trust, where there is no change in the beneficial ownership of the property;

(c) a transfer of, or an agreement to transfer, dutiable property from a custodian of a trustee of –

(i) a complying superannuation fund; or

(ii) a pooled superannuation trust; or

(iii) a fund or trust that, in the opinion of the trustees, will be a complying superannuation fund or a pooled superannuation trust within 12 months after the transfer takes effect –

to another custodian of the trustee of the fund or trust, where there is no change in the beneficial ownership of the property.

(2)  The duty chargeable on a dutiable transaction to which this section applies is $20.

(3)  In this section,

complying superannuation fund includes a complying approved deposit fund and an eligible rollover fund.

12.    Section 53 amended (Exemptions relating to various transactions)

Section 53 of the Principal Act is amended as follows:

(a) by inserting in paragraph (d) ", excluding premiums paid on the granting of a lease" after "lease";

(b) by omitting from paragraph (o) " section 59 of the Crown Lands Act 1976 ." and substituting " section 59 of the Crown Lands Act 1976 ;";

(c) by inserting the following paragraph after paragraph (o) :

(p) a surrender of a forestry right, within the meaning of the Forestry Rights Registration Act 1990 .

13.    Section 55 amended (Exemptions – transfers to married couples or de facto couples)

Section 55 of the Principal Act is amended as follows:

(a) by inserting in subsection (1)(a) "or a de facto couple" after "couple";

(b) by inserting in subsection (1)(b)(i) "or the de facto couple" after "couple";

(c) by inserting in subsection (1)(b)(ii) "or the de facto couple" after "couple";

(d) by inserting in subsection (1)(b)(iii) "or the de facto couple" after "couple";

(e) by inserting in subsection (1)(c) "or the de facto couple" after "couple";

(f) by omitting subsection (2) and substituting the following subsection:

(2)  In this section –

de facto couple means persons who live in a de facto relationship, within the meaning of the De Facto Relationship Act 1999 ;

private dwelling house includes a lot, within the meaning of the Strata Titles Act 1998 , used as a place of residence.

15.    Section 157 amended (Refinancing of loans)

Section 157(1) of the Principal Act is amended by omitting paragraph (b) and substituting the following paragraph:

(b) the security or part of the security is the same as under the previous mortgage; and

16.   Section 199 amended (Exemptions)

Section 199 of the Principal Act is amended as follows:

(a) by omitting "Duty" and substituting "(1) Duty";

(b) by omitting from paragraph (e) "Transport Act 1981." and substituting "Transport Act 1981;";

(c) by inserting after paragraph (e) the following paragraph:

(f) an application for transfer of registration of a motor vehicle made by a shareholder to register the motor vehicle in the name of the shareholder if –

(i) the transfer is in the course of a distribution of assets of a company because of the winding-up of the company; and

(ii) the distribution is in accordance with the shareholder's entitlement in the undistributed assets of the company immediately before the application to transfer.

(d) by inserting the following subsection:

(2)  Subsection (1)(f) does not apply to a distribution to a shareholder who was not a shareholder for at least 12 months immediately prior to the notice of appointment of liquidator being lodged under section 537 of the Corporations Act.

17.    Section 219 amended (Duplicates or counterparts)

Section 219(3) of the Principal Act is amended by omitting "it is proved to the Commissioner's satisfaction that".

18.    Section 227 amended (Miscellaneous exemptions)

Section 227(1) of the Principal Act is amended by inserting after paragraph (i) the following paragraph:

(ia) any agreement entered into under Part 5 of the Land Use Planning and Approvals Act 1993 ;

19.    Section 236 amended (Reassessments – failed instruments)

Section 236(2) of the Principal Act is amended as follows:

(a) by omitting from paragraph (b) "failed –" and substituting "failed; or";

(b) by inserting the following paragraph after paragraph (b) :

(c) 3 years after the payment of duty pursuant to a special arrangement for the lodging of returns and payment of tax under Part 6 of the Taxation Administration Act 1997  –

20.    Section 243 substituted

Section 243 of the Principal Act is repealed and the following section is substituted:

243.   Registration of instruments

A person must not register, record, enrol or accept for any purpose an instrument that effects in whole or in part a dutiable transaction or an instrument chargeable with duty unless –

(a) notwithstanding a provision of any other Act, it is duly stamped; or

(b) it is endorsed by the Commissioner or in a manner approved by the Commissioner.

Penalty:  Fine not exceeding 100 penalty units.

21.    Section 251 amended (Application of Act)

Section 251(1) of the Principal Act is amended by omitting "stamp duty" and substituting "duty imposed under this Act".

23.   

The amendments effected by this section have been incorporated into the authorised version of the Land Tax Act 2000 .

24.   

The amendments effected by this section have been incorporated into the authorised version of the Land Tax Act 2000 .

25.   

The amendment effected by this section has been incorporated into the authorised version of the Land Tax Act 2000 .

26.   

The amendment effected by this section has been incorporated into the authorised version of the Land Tax Act 2000 .

28.    Section 2 amended (Interpretation)

Section 2 of the Principal Act is amended as follows:

(a) by omitting "collector; and" from paragraph (d) of the definition of wages in subsection (1) and substituting "collector;";

(b) by omitting "services –" from paragraph (e) of the definition of wages in subsection (1) and substituting "services; and";

(c) by inserting the following paragraph after paragraph (e) in the definition of wages in subsection (1) :

(f) a payment made in consequence of the retirement from, or termination of, any office or employment of an employee, being –

(i) a lump sum payment paid before or after that retirement or termination in respect of unused annual leave, or unused annual leave and a bonus, loading or other additional payment relating to that leave; or

(ii) an amount paid in respect of unused long service leave; or

(iii) so much of any eligible termination payment (within the meaning of section 27A of the Income Tax Assessment Act 1936 of the Commonwealth) paid or payable by an employer, whether or not paid to the employee or to any other person or body, that would be included in the assessable income of an employee under Subdivision AA of Division 2 of Part III of that Act if the whole of the eligible termination payment had been paid to the employee –

(d) by omitting subsection (2) and substituting the following subsection:

(2)  For the purposes of this Act, the value of taxable wages, comprising a fringe benefit, is the value that would be the fringe benefits taxable amount for the purposes of the Fringe Benefits Tax Assessment Act 1986 of the Commonwealth as amended and in force for the time being.

29.    Section 6 amended (Wages in respect of which liability to pay-roll tax is imposed)

Section 6 of the Principal Act is amended as follows:

(a) by omitting paragraph (a) from subsection (1) and substituting the following paragraph:

(a) are wages that are paid or payable in this State, not being so paid or payable in respect of –

(i) services performed or rendered wholly in one other State; or

(ii) subject to subsection (1AA) , services performed or rendered by a person wholly in another country for a continuous period of more than 6 months beginning on the day on which wages were first paid or payable to that person for services so performed or rendered; or

(b) by inserting the following subsection after subsection (1) :

(1AA)  Wages referred to in subsection (1)(a)(ii) are liable to pay-roll tax under this Act during the period of 6 months beginning on the day on which wages were first paid or payable for the relevant services.

30.    Section 7 amended (Imposition of pay-roll tax)

Section 7 of the Principal Act is amended by inserting after subsection (2B) the following subsection:

(2C)  If the Australian wages paid or payable by an employer for a month after June 2003 are more than $84 167 for that month, the rate of pay-roll tax payable for that month in respect of taxable wages included in those Australian wages is 6.10%.

31.    Section 11A amended (Annual adjustments)

Section 11A of the Principal Act is amended as follows:

(a) by inserting the following subsection after subsection (3A) :

(3B)  For any employer the annual amount of pay-roll tax payable under subsection (1) for a financial year commencing on or after 1 July 2003 is –

(a) if adjusted Australian wages for the year are $1 010 000 or less, nil; or

(b) if adjusted Australian wages for the year are more than $1 010 000, an amount ascertained by applying the rate of 6.10% to the difference between the total of the taxable wages paid or payable by the employer during that financial year and an amount calculated in accordance with the following formula:

(b) by omitting from subsection (3C) "subsections (3) and (3A)" and substituting " subsections (3) , (3A) and (3B) ".

33.   

The amendment effected by this section has been incorporated into the authorised version of the Taxation Administration Act 1997 .

34.   

The amendments effected by this section have been incorporated into the authorised version of the Taxation Administration Act 1997 .

35.   

The amendment effected by this section has been incorporated into the authorised version of the Taxation Administration Act 1997 .

36.   

The amendment effected by this section has been incorporated into the authorised version of the Taxation Administration Act 1997 .

37.   

The amendment effected by this section has been incorporated into the authorised version of the Taxation Administration Act 1997 .

38.   

The amendments effected by this section have been incorporated into the authorised version of the Taxation Administration Act 1997 .