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Amendment Bill 1997
Explanatory note
This explanatory note relates to this Bill as introduced into Parliament.*
This Bill is cognate with the Appropriation Bill 1997.
the levy imposed under the Health Insurance Levies Act 1982 on
organisations that conduct health benefits funds, and
land tax imposed under the Land Tax Act 1956 and the Land Tax
Management Act 1956, and
the levy imposed under the Parking Space Levy Act 1992 on parking
spaces, and
the duty imposed under the Registered Clubs Act 1976 on profits from
gaming devices kept by registered clubs, and
stamp duty imposed under the Stamp Duties Act 1920 on
intergenerational rural transfers, premiums for general insurance and
motor vehicle certificates of registration.
Amended in committee--see table at end of volume.
Clause 2 provides for the commencement of the proposed Act on 1 July
1997, unless other specific provision is made.
Clause 3 is a formal provision giving effect to the amendments to the
Health Insurance Levies Act 1982 set out in Schedule 1.
Clause 4 is a formal provision giving effect to the amendments to the Land
Tax Act 1956 set out in Schedule 2.
Clause 5 is a formal provision giving effect to the amendments to the Land
Tax Management Act 1956 set out in Schedule 3.
Clause 6 is a formal provision giving effect to the amendments to the
Parking Space Levy Act 1992 set out in Schedule 4.
Clause 7 is a formal provision giving effect to the amendments to the
Registered Clubs Act 1976 set out in Schedule 5.
Clause 8 is a formal provision giving effect to the amendments to the Stamp
Duties Act 1920 set out in Schedule 6.
Clause 9 is a formal provision giving effect to the amendments to the State
Revenue Legislation Further Amendment Act 1996 set out in Schedule 7.
Schedule 1
Amendment of Health Insurance Levies Act
1982
Schedule amends the definition of prescribed rate in section 4 of the Act.
The effect of the amendment is to increase the monthly levy paid to a health
benefits fund by, in the case of a single contributor, 20 cents per week, and in
the case of a contributing family, 40 cents per week. The increase has effect
from July 1997.
Schedule 2
Amendment of Land Tax Act 1956
Schedule 2 increases the rate of land tax from 1.65% to 1.85% for the 1998
and 1999 land tax years and reduces the rate to 1.7% for each year thereafter.
Explanatory note page 2
Schedule 3
Amendment of band Tax Management Act
1956
Schedule 3 [l] and [4] impose land tax OR land that is used and occupied as
the principal place of residence by the owner of the land and that has a land
value of not less than $1 million. Any such land is to be taxed as if it were the
only land owned by the taxpayer. The $1 million
is to be adjusted
in accordance with movements in the CPI.
Schedule 3 [2] and [3] make consequential amendments to the provisions
that determine how
"allowable proportion" by which the land value of
land on which a flat is situated is to be taxed if the value of the allowable
proportion is $1 million or more.
Schedule 3 [5][12] make other consequential amendments.
Schedule 3 [13] enables the making of regulations of a savings or transitional
nature consequent on the amendments made to the Act.
Schedule 4
Amendment of Parking Space Levy Act 1992
Schedule 4 [ l ] and [2] increase from $200 per year to $400 per year the levy
payable for each parking space to which the Act applies. The increase is to
take effect from
September 1997.
Schedule 4 [3] enables parking space levies to be applied towards the
provision of public transport services.
Schedule 4 [4]
the power of the Minister to delegate functions under
the Act that had been a provision of the Act from its enactment until its
amendment by the Taxation Administration (Consequential Amendments) Act
1996.
Schedule 5
Amendment of Registered Clubs Act 1976
Schedule 5 increases from 22.5% to 30% the duty payable on so much of the
profits from all approved gaming devices kept by a registered club as exceed
$1 million in a duty period.
Schedule 6
Amendment of Stamp Duties Act 1920
lntergenerational rural transfers
Schedule 6 [l], [2] and [3] extend the exemption from stamp duty granted to
intergenerational rural transfers by section 66H of the Act so that it will also
Explanatory note page 3
apply to the granting of leases, and the transfer or assignment of leases and
permits, that come within the guidelines approved from time to time by the
Treasurer. The extension of the exemption applies from 7 May 1997.
General insurance
Schedule 6 [4]-[13] and [17] increase from 2.5% to 5% the stamp duty on
premiums paid under policies of general insurance, other than crop insurance
and livestock insurance. The increase applies to premiums paid on or after 1
July 1997, or paid after 7 May 1997 for policies of insurance, and renewals
of policies of insurance, that take effect on or after 1 July 1997.
Motor vehicle certificates of registration
Schedule 6 [14] imposes stamp duty at the rate of 5% on motor vehicle
certificates of registration relating to certain passenger motor vehicles with a
market value of not less than $45,000. This rate is to be reduced to 4.5% on
and from 1 July 1999 by virtue of the amendment to be made by Schedule 6
[15].
Savings and transitional provisions
Schedule 6 [16] enables the making of regulations of a savings or transitional
nature consequent on the amendments made to the Act.
Schedule 7
Amendment of State Revenue Legislation
Further Amendment Act 1996
Schedule 7 repeals section 6 (Reports on operation of amendments) of the
Act.
Explanatory note page 4