State Revenue Legislation Further Amendment Bill 2001

Explanatory note

This explanatory note relates to this Bill as introduced into Parliament.


This Bill is cognate with the Appropriation Bill 2001.




Overview of Bill


The object of this Bill is to remove or reduce certain State taxes.

Outline of provisions


Clause 1 sets out the name (also called the short title) of the proposed Act.

Clause 2 provides for the commencement of the proposed Act on 1 July 2001.

Clause 3 is a formal provision giving effect to the amendments to the Debits Tax Act 1990 set out in Schedule 1.


Clause 4 is a formal provision giving effect to the amendments to the Duties Act 1997 set out in Schedule 2.

Clause 5 is a formal provision giving effect to the amendments to the Electricity Supply Act 1995 set out in Schedule 3.

Schedule 1 Amendment of Debits Tax Act 1990




Schedule 1 amends the Debits Tax Act 1990 to enable the Governor, by proclamation, to appoint a day for the abolition of tax under that Act, and to remove, as a consequence, certain obligations currently imposed under that Act. Contingent on arrangements to be made by the Commonwealth, it is anticipated that debits tax will be abolished on 1 January 2002.

Schedule 2 Amendment of Duties Act 1997




Instruments relating to superannuation

Schedule 2 [1] and [2] abolish, with effect from 1 July 2001, the duty of $20 payable on the instruments specified in section 60 of the Act relating to superannuation funds, approved deposit funds, pooled superannuation trusts and eligible rollover funds.

Lease instruments

Schedule 2 [3], [4] and [7] remove franchise arrangements from the lease duty base with effect from 1 July 2001.

Schedule 2 [5] and [6] increase the tax-free threshold for a lease that is determined according to the total cost of the lease from $3,000 (or $3,000 per year) to $20,000 (or $20,000 per year), with effect from 1 July 2001.

Hire of goods

Schedule 2 [8]–[12] increase the tax-free threshold for the hire of goods that is determined according to hiring charges received from ordinary hires that are not special hiring arrangements from $6,000 per month to $14,000 per month, with effect from 1 July 2001.

Schedule 3 Amendment of Electricity Supply Act 1995




Schedule 3 [1] provides that the electricity distributor’s levy that is imposed under Division 5 of Part 3 of the Electricity Supply Act 1995 on the holder of an electricity distributor’s licence cannot be imposed for the year commencing 1 July 2001, or any subsequent year, unless the Treasurer approves the determination of the levy.

Schedule 3 [2] makes the same provision with respect to the transmission operator’s levy that is imposed under Division 1 of Part 4A of the Electricity Supply Act 1995.

Note: If this Bill is not modified, these Explanatory Notes would reflect the Bill as passed in the House. If the Bill has been amended by Committee, these Explanatory Notes may not necessarily reflect the Bill as passed.

 

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