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This is a Bill, not an Act. For current law, see the Acts databases.

DUTIES BILL 1999

2003

THE LEGISLATIVE ASSEMBLY

FOR THE AUSTRALIAN CAPITAL TERRITORY



(As presented)

(Treasurer)

Revenue Legislation Amendment Bill 2003 (No 2)



Contents

Page











2003

THE LEGISLATIVE ASSEMBLY

FOR THE AUSTRALIAN CAPITAL TERRITORY



(As presented)

(Treasurer)

Revenue Legislation Amendment Bill 2003 (No 2)





A Bill for

An Act to amend the Duties Act 1999 and the Gaming Machine Act 1987











The Legislative Assembly for the Australian Capital Territory enacts as follows:



Part 1 Preliminary

1 Name of Act

This Act is the Revenue Legislation Amendment Act 2003 (No 2).

2 Commencement

This Act commences on 1 July 2003.

Note The naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).



Part 2 Duties Act 1999

3 Act amended—pt 2

This part amends the Duties Act 1999.

4 New section 70A

insert

70A Corporate reconstructions—concessional duty for dutiable transactions

(1) This section applies to a dutiable transaction if—

(a) by the transaction, property is—

(i) transferred (or agreed to be transferred) by a member of a group of corporations to another member of the same group; or

(ii) vested in a member of the group, if the property was owned immediately before the vesting by another member of the same group; and

(b) the transaction is approved by the commissioner in accordance with any guidelines determined under subsection (4).

(2) Duty for the transaction is payable at 5% of the amount that would, apart from this section, be payable for the transaction.

(3) An approval for subsection (1) (b) may be given subject to conditions.

(4) The Minister may, in writing, determine guidelines for approvals.

(5) A determination is a disallowable instrument.

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

(6) In this section:

corporation includes a unit trust scheme.

5 New section 91A

insert

91A Corporate reconstructions—concessional duty for relevant acquisitions

(1) This section applies to the making of a relevant acquisition (the transaction) if—

(a) by the transaction, property is—

(i) transferred (or agreed to be transferred) by a member of a group of corporations to another member of the same group; or

(ii) vested in a member of the group, if the property was owned immediately before the vesting by another member of the same group; and

(b) the transaction is approved by the commissioner in accordance with any guidelines determined under subsection (4).

(2) Duty for the transaction is payable at 5% of the amount that would, apart from this section, be payable for the transaction.

(3) An approval for subsection (1) (b) may be given subject to conditions.

(4) The Minister may, in writing, determine guidelines for approvals.

(5) A determination is a disallowable instrument.

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

(6) In this section:

corporation includes a unit trust scheme.

relevant acquisition—see section 86.

6 Rate of duty

Section 208 (1)

after

subsection (2)

insert

and section 208AA

7 New section 208AA

in part 9.1, insert

208AA  Corporate reconstructions—concessional duty for motor vehicle registration applications

(1) This section applies to an application to register a motor vehicle if—

(a) the application is made by a member of a group of corporations; and

(b) immediately before the application was made, the vehicle was registered in the name of another member of the same group; and

(c) the application is approved by the commissioner in accordance with any guidelines determined under subsection (4).

(2) Duty for the application is payable at 5% of the amount that would, apart from this section, be payable for the application.

(3) An approval for subsection (1) (c) may be given subject to conditions.

(4) The Minister may, in writing, determine guidelines for approvals.

(5) A determination is a disallowable instrument.

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

(6) In this section:

corporation includes a unit trust scheme.

8 Corporate reconstructions—exemptions

Section 232

omit

9 Objections and review of decisions

New section 252 (1) (ea) and (eb)

insert

(ea) under section 70A (3) imposing a condition on an approval under section 70A (1) (b); or

(eb) under section 91A (3) imposing a condition on an approval under section 91A (1) (b); or

10 New section 252 (1) (sa)

insert

(sa) under section 208AA (3) imposing a condition on an approval under section 208AA (1) (c); or

11 Section 252 (1) (y)

omit

duty; or

insert

duty.

12 Section 252 (1) (z)

omit

13 Section 252 (1)

renumber paragraphs when Act next republished under Legislation Act



Part 3 Gaming Machine Act 1987

14 Act amended—pt 3

This part amends the Gaming Machine Act 1987.

15 Definitions for Act

Section 4, definition of prescribed percentage, paragraph (b) (iv)

substitute

(iv) in relation to that part of the gross revenue that exceeds $50 000—27.0%; or



Endnotes

Republications of amended laws

For the latest republication of amended laws, see www.legislation.act.gov.au.



























© Australian Capital Territory 2003

 

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