Revenue Legislation (Miscellaneous Amendments) Act 2002

Revenue Legislation (Miscellaneous Amendments) Act 2002

An Act to amend the Duties Act 2001 , the Land Tax Act 2000 and the Land Tax Rating Act 2000

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART 1 - Preliminary

1.   Short title

This Act may be cited as the Revenue Legislation (Miscellaneous Amendments) Act 2002 .

2.   Commencement

This Act commences on 1 July 2002 but, if this Act does not receive the Royal Assent on or before that day, this Act is taken to have commenced on that day.

PART 2 - Duties Act 2001 Amended

PART 3 - Land Tax Act 2000 Amended

PART 4 - Land Tax Rating Act 2000 Amended

PART 5 - Transitional provisions

32.   Transitional provisions in relation to Duties Act 2001

(1)  Any word or expression used in this section has the same meaning as in the Duties Act 2001 in force immediately before the commencement of this Act.

(2)  After 1 July 2002 –

(a) a lessor is not required to produce to the Commissioner a lease instrument for periodic assessment at any estimate date determined by the Commissioner under section 108 ; and

(b) any additional duty that would have been payable if the periodic assessment had been made is not payable; and

(c) any refund of duty that would have been payable if the periodic assessment had been made is not payable.

(3)  If duty has been paid or a liability to duty exists on a lease before 1 July 2002 and an application for a reassessment of duty paid on a lease instrument has been made under section 112 of the Duties Act 2001 on or after 23 May 2002, the Commissioner may refuse to grant a refund of any duty that would have been refundable if this subsection had not been enacted if satisfied that, at any time after the termination of the lease, the lessee or an associated person has occupied the leased property, or substantially the same property, with the agreement, express or implied, of the lessor other than as a result of the sale of the property to the lessee or associated person.

(4)  A refund of duty is not payable on an application for a reassessment of duty paid on a lease instrument that is lodged under section 113 of the Duties Act 2001 on or after 23 May 2002.

(5)  A registered commercial hire business must lodge a return with the Commissioner by 21 July 2002 and pay to the Commissioner the appropriate amount of duty, in accordance with section 133 , in relation to the hire of goods entered into before 1 July 2002 for which duty has not been paid before the commencement of this Act.

(6)  A person hiring out goods, other than a commercial hire business, must lodge a written statement with the Commissioner within 3 months after the written statement was required to be made out under section 135 and pay to the Commissioner the appropriate amount of duty as required under section 136 .

(7)  After 1 July 2002 –

(a) a person hiring out goods is not required to make out any further written statements as required under section 137 ; and

(b) any additional duty that would have been payable under section 137 is not payable.

(8)  Section 170 does not apply, on or after 20 May 2002, in relation to the cancellation of a policy of insurance against a claim for public liability obtained before 1 July 2002 if an equivalent policy with the same insurer, or person to which section 168 applies, is obtained immediately following the cancellation of the first-mentioned policy.

(9)  A person who is a policy holder may apply to the Commissioner for a rebate of duty paid by an insurance company in respect of the policy held by that person relating to –

(a) insurance effected by a separate policy in a distinct sum against a claim for public liability; or

(b) insurance in a distinct sum against a claim for public liability included in a package of insurance other than in a domestic policy covering home or contents or both home and contents.

(10)  A rebate under subsection (9) is payable in respect of an insurance policy that takes effect on or after 20 May 2002 but before 1 July 2002 if the Commissioner is satisfied that –

(a) the person has paid the insurance premium on or after 20 May 2002; and

(b) the policy covers some period after 30 June 2002.

(11)  A rebate under subsection (9) is payable in respect of an insurance policy that takes effect after 30 June 2002 if the Commissioner is satisfied that –

(a) the person has paid the insurance premium on or after 20 May 2002 but before 1 July 2002; and

(b) the policy covers some period after 30 June 2002.

(12)  The amount of the rebate payable under subsection (10) or (11) is calculated in accordance with the following formula:

where –

R is the amount of rebate payable;

D is the duty paid;

N is the number of days occurring after 30 June 2002 for which the insurance policy provides cover;

Y is the number of days for which the insurance policy provides cover.