Queensland Bills Queensland Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
REVENUE LAWS
AMENDMENT BILL 1999
Queensland
REVENUE LAWS AMENDMENT
BILL 1999
TABLE OF PROVISIONS
Section Page
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
PART 2--AMENDMENT OF LAND TAX ACT 1915
3 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 13 (Land exempted from tax) . . . . . . . . . . . . . . . . . . . . . . 4
5 Amendment of s 16 (Taxpayer to furnish returns) . . . . . . . . . . . . . . . . . . . . . 5
PART 3--AMENDMENT OF PAYROLL TAX ACT 1971
6 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 Amendment of s 3 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
8 Insertion of new ss 3A and 3B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
3A Meaning of "superannuation contribution" . . . . . . . . . . . . . . . . . . . . 6
9 Replacement of s 7 (Imposition of pay-roll tax on taxable wages) . . . . . . . 8
10 Amendment of s 8A (Value of taxable wages) . . . . . . . . . . . . . . . . . . . . . . . 8
PART 4--AMENDMENT OF STAMP ACT 1894
11 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
12 Amendment of s 31G (Transfers of marketable securities not to
be registered unless duly stamped) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
13 Amendment of s 31H (Duty on transactions on registers of
Queensland incorporated companies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
14 Amendment of s 49C (Relief from conveyance and transfer duty
upon company reconstruction or amalgamation) . . . . . . . . . . . . . . . . . . . . . 10
15 Insertion of new s 80A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
80A General provision about refunding stamp duty . . . . . . . . . . . . . . . . . 11
2
Revenue Laws Amendment
16 Amendment of sch 1 (Stamp duties on instruments) . . . . . . . . . . . . . . . . . . 12
PART 5--AMENDMENT OF PAYROLL TAX REGULATION
1999
17 Regulation amended in pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
18 Amendment of s 24 (Rates for allowances--Act, s 3) . . . . . . . . . . . . . . . . . 15
1999
A BILL
FOR
An Act to amend certain legislation administered by the Treasurer
s1 4 s4
Revenue Laws Amendment
The Parliament of Queensland enacts-- 1
ART 1--PRELIMINARY 2
P
title 3
Short
Clause 1. This Act may be cited as the Revenue Laws Amendment Act 1999. 4
5
Commencement
Clause 2. Part 2 is taken to have commenced on 30 June 1999. 6
ART 2--AMENDMENT OF LAND TAX ACT 1915 7
P
amended in pt 2 8
Act
Clause 3. This part amends the Land Tax Act 1915. 9
of s 13 (Land exempted from tax) 10
Amendment
Clause 4.(1) Section 13(1)-- 11
insert-- 12
`(n) land owned by a port authority and used by it as a commercial 13
airport, to the extent the land is-- 14
(i) used for a runway, taxiway, apron, road, vacant land, buffer 15
zone or grass verge; or 16
(ii) identified in a land use plan approved under the Transport 17
Infrastructure Act 1994, section 1711 as land designated for 18
a purpose mentioned in subparagraph (i); or 19
1 Transport Infrastructure Act 1994, section 171 (Approval of land use plans)
s5 5 s5
Revenue Laws Amendment
(iii) occupied by the Commonwealth or the State or an exempt 1
Commonwealth authority or exempt State authority, other 2
than a port authority.'. 3
(2) Section 13(5)-- 4
insert-- 5
` "exempt Commonwealth authority" means an authority established 6
under a Commonwealth law and exempted, under that or another 7
Commonwealth law or a law of the State, from paying land tax. 8
"exempt State authority" means an authority established under a law of 9
the State and exempted, under that or another law of the State or a law 10
of the Commonwealth, from paying land tax. 11
"port authority" see Transport Infrastructure Act 1994, schedule 3.2'. 12
of s 16 (Taxpayer to furnish returns) 13
Amendment
Clause 5. Section 16(1)(b)-- 14
omit, insert-- 15
`(b) for another owner-- 16
(i) for a financial year before the financial year beginning on 17
1 July 1999--$219 895 or more; or 18
(ii) for the financial year beginning on 1 July 1999 and each 19
subsequent financial year--$221 665;'. 20
2 Transport Infrastructure Act 1994, schedule 3--
"port authority" means--
(a) the Ports Corporation of Queensland; or
(b) the Port of Brisbane Corporation; or
(c) the Gladstone Port Authority; or
(d) a harbour board continued in existence by section 154 (Continuation of port
authorities); or
(e) a port authority established under section 155 (Establishment of new port
authority); or
(f) another body established under the Government Owned Corporations Act 1993
and declared by regulation to be a port authority;
but does not include a port authority that has been abolished under section
156 (Abolition of port authority).
s6 6 s8
Revenue Laws Amendment
PART 3--AMENDMENT OF PAYROLL TAX 1
ACT 1971 2
amended in pt 3 3
Act
Clause 6. This part amends the Pay-roll Tax Act 1971. 4
of s 3 (Interpretation) 5
Amendment
Clause 7.(1) Section 3(1)-- 6
insert-- 7
` "superannuation contribution" see section 3A.'. 8
(2) Section 3(1), definition "wages"-- 9
insert-- 10
`(h) a superannuation contribution, other than a superannuation 11
contribution for the employee's services performed or rendered 12
before 1 January 2000.'. 13
(3) Section 3(2A)-- 14
relocate and renumber as section 3B(5). 15
(4) Section 3(3) and (6)-- 16
renumber as section 3(2) and (3). 17
of new ss 3A and 3B 18
Insertion
Clause 8. After section 3-- 19
insert-- 20
of "superannuation contribution" 21
`Meaning
`3A.(1) A "superannuation contribution" is a monetary or 22
non-monetary contribution paid or payable by an employer for an 23
employee-- 24
(a) as a superannuation guarantee charge under the Superannuation 25
Guarantee Act; or 26
s8 7 s8
Revenue Laws Amendment
(b) to a superannuation fund under the Superannuation Industry 1
(Supervision) Act 1993 (Cwlth); or 2
(c) to another form of superannuation, provident or retirement fund 3
or scheme, including, for example, the following-- 4
(i) a superannuation holding accounts reserve under the Small 5
Superannuation Accounts Act 1995 (Cwlth); 6
(ii) a retirement savings account under the Retirement Savings 7
Accounts Act 1997 (Cwlth); 8
(iii) a wholly or partly unfunded fund or scheme. 9
10
Examples of `non-monetary contribution'--
11
1. Marketable securities.
12
2. Real property.
`(2) In this section-- 13
"Superannuation Guarantee Act" means the Superannuation Guarantee 14
(Administration) Act 1992 (Cwlth). 15
"superannuation guarantee charge" does not include the following-- 16
(a) an additional superannuation guarantee charge under section 49 or 17
part 73 of the Superannuation Guarantee Act; 18
(b) the part of a superannuation guarantee charge equal to a 19
superannuation contribution mentioned in subsection (1)(b) or (c) 20
that is payable, and for which pay-roll tax has been paid to the 21
commissioner, to the extent the contribution would have resulted 22
in a reduction in the charge percentage under section 234 of the 23
Superannuation Guarantee Act if the contribution had been paid. 24
"unfunded", for a superannuation, provident or retirement fund or scheme, 25
means the extent that an amount paid or payable by an employer for an 26
employee covered by the fund or scheme is not paid or payable while 27
the employee is employed by the employer. 28
3 Superannuation Guarantee (Administration) Act 1992 (Cwlth), section 49 (Unpaid
superannuation guarantee charge) or part 7 (Penalty charge)
4 Superannuation Guarantee (Administration) Act 1992 (Cwlth), section 23
(Reduction of charge percentage if contribution made to RSA or to a fund other
than defined benefit superannuation scheme)
s9 8 s 10
Revenue Laws Amendment
`Other provisions about meaning of "wages" 1
`3B.(1) This section applies for the definition of "wages" in section 3(1). 2
`(2) For subsection (1)(h) of the definition, a superannuation contribution 3
paid or payable on or after 1 January 2000 is taken to be for an employee's 4
services performed or rendered on or after 1 January 2000. 5
`(3) However, if the commissioner is satisfied any part of a 6
superannuation contribution mentioned in subsection (2) is for an 7
employee's services performed or rendered before 1 January 2000, the part 8
is not wages. 9
`(4) Also, for subsection (1)(h) of the definition-- 10
(a) a superannuation contribution paid or payable by an employer to a 11
superannuation, provident or retirement fund or scheme and not 12
attributed by the employer as paid or payable for a particular 13
employee or particular employees is taken to be paid or payable 14
for the employee or employees decided by the commissioner; and 15
(b) a superannuation contribution paid on or after 14 September 1999 16
and before 1 January 2000 for an employee's services to be 17
performed or rendered on or after 1 January 2000 is taken to be 18
paid on 1 January 2000.'. 19
of s 7 (Imposition of pay-roll tax on taxable wages) 20
Replacement
Clause 9. Section 7, `the rate of 5% of those wages.'-- 21
omit, insert-- 22
`the following rate of the wages-- 23
`(a) for wages paid or payable before 1 July 2000--5%; 24
(b) for wages paid or payable on and from 1 July 2000 to 25
30 June 2001--4.9%; 26
(c) for wages paid or payable on and from 1 July 2001--4.8%.'. 27
of s 8A (Value of taxable wages) 28
Amendment
Clause 10. Section 8A-- 29
s 11 9 s 13
Revenue Laws Amendment
insert-- 1
`(1A) The employer must give evidence of the value of the taxable wages 2
to the commissioner if asked by the commissioner. 3
`(1B) If the commissioner is not satisfied with the evidence given by the 4
employer, the commissioner may appoint a person to value the taxable 5
wages. 6
`(1C) If the value stated by the person appointed under subsection (1B) is 7
more than the value stated by the employer, the commissioner may claim all 8
or part of the valuation costs from the employer. 9
`(1D) The amount of costs claimed is a debt payable to the State.'. 10
ART 4--AMENDMENT OF STAMP ACT 1894 11
P
amended in pt 4 12
Act
Clause 11. This part amends the Stamp Act 1894. 13
of s 31G (Transfers of marketable securities not to be 14
Amendment
registered unless duly stamped) 15
Clause 12. Section 31G-- 16
insert-- 17
`(1A) Subsection (1) does not apply to a transfer if, under 18
section 31H(3A), section 31H does not apply to the transfer.'. 19
of s 31H (Duty on transactions on registers of 20
Amendment
Queensland incorporated companies) 21
Clause 13.(1) Section 31H-- 22
insert-- 23
`(3A) Also, subject to subsection (3B), this section, other than 24
subsections (10) and (11), does not apply to an entry for a transfer of a 25
s 14 10 s 14
Revenue Laws Amendment
share, or right in respect of a share, if-- 1
(a) the share or right is listed on an approved stock exchange; and 2
(b) the transfer relates to a sale and purchase of the share or right 3
effected on the approved stock exchange; and 4
(c) the share or right is recorded on the company's overseas branch 5
register kept under the Corporations Law, section 178; and 6
(d) the transfer is to be recorded on the overseas branch register. 7
`(3B) Subsection (3A) does not apply if the company knows the transfer 8
mentioned in subsection (3A) is to a person who is an Australian resident. 9
(2) Section 31H-- 10
insert-- 11
`(12) In this section-- 12
"approved stock exchange" see schedule 1, heading `Conveyance or 13
transfer', exemption 20(2). 14
"Australian resident" means a person who is not a foreign resident under 15
schedule 1, heading `Conveyance or transfer', exemption 20(2).'. 16
of s 49C (Relief from conveyance and transfer duty upon 17
Amendment
company reconstruction or amalgamation) 18
Clause 14.(1) Section 49C(2)(a)-- 19
omit, insert-- 20
`(a) either of the following circumstances exist-- 21
(i) the effect of an instrument produced to the commissioner is 22
to convey, transfer or assign a beneficial interest in property 23
from a company (the "transferor") to another company 24
(the "transferee"); or 25
(ii) an instrument has been executed in connection with a 26
conveyance, transfer or assignment of a beneficial interest in 27
property from a company (also the "transferor") to another 28
company (also the "transferee"); and'. 29
(2) Section 49C(2)(c)(ii), from `first' to `is'-- 30
s 15 11 s 15
Revenue Laws Amendment
omit, insert-- 1
`a company whose issued share capital has been, from its incorporation 2
to the time of the conveyance, transfer or assignment,'. 3
(3) Section 49C(2)(d)(iii), `the liquidation'-- 4
omit, insert-- 5
`an eligible liquidation'. 6
(4) Section 49C(2)-- 7
insert-- 8
`(e) the instrument is made in connection with a scheme for the 9
reconstruction of a company or amalgamation of companies;'. 10
(5) Section 49C(4)(b), `the liquidation'-- 11
omit, insert-- 12
`an eligible liquidation'. 13
(6) Section 49C(6AA), definition "company", from `or' to `statute'-- 14
omit. 15
(7) Section 49C(6AA)-- 16
insert-- 17
` "eligible liquidation" means a liquidation, other than a liquidation under 18
an arrangement a significant purpose of which was to avoid the 19
requirement that the transferor and transferee remain associated for the 20
5 years mentioned in subsection (4)(b).'. 21
of new s 80A 22
Insertion
Clause 15. After section 80-- 23
insert-- 24
provision about refunding stamp duty 25
`General
`80A.(1) This section applies to a stamp duty refund that is required to 26
be, or may be, made to a person by the commissioner under this Act or 27
otherwise. 28
`(2) The commissioner must not make the refund unless satisfied-- 29
s 16 12 s 16
Revenue Laws Amendment
(a) the person has not received, and will not receive, an amount from 1
another person for all or part of the stamp duty paid; or 2
(b) if the person has received an amount (the "amount received") 3
from the other person for all or part of the stamp duty--the 4
person will reimburse the other person for the amount received. 5
`(3) If subsection (2)(b) applies, the person must-- 6
(a) within 90 days after receiving the refund (the "relevant period"), 7
reimburse the other person for the amount received; and 8
(b) within 7 days after the relevant period, give the commissioner 9
written notice that the other person has been reimbursed for the 10
amount received. 11
`(4) Also, if subsection (2)(b) applies and the person does not, within the 12
relevant period, reimburse the other person for the amount received, the 13
person must, within 7 days after the relevant period-- 14
(a) give the commissioner written notice that the other person was 15
not reimbursed for the amount received; and 16
(b) pay the commissioner the amount received plus interest at the rate 17
of 10% a year calculated from the day the refund was made until 18
the amount received is paid to the commissioner. 19
Maximum penalty--50 penalty units. 20
`(5) An amount payable under subsection (4)(b) is a debt payable by the 21
person to the State. 22
`(6) In this section-- 23
"stamp duty" means stamp duty paid, or purportedly paid, under this Act, 24
whether or not the duty is paid under a mistake of law or fact.'. 25
of sch 1 (Stamp duties on instruments) 26
Amendment
Clause 16. Schedule 1, under the heading `Conveyance or transfer', 27
`Exemptions'-- 28
insert-- 29
`20.(1) A transfer of a share, or right in respect of a share, in a 30
Queensland company to a foreign resident if-- 31
s 16 13 s 16
Revenue Laws Amendment
(a) the share or right is listed on an approved stock exchange; and 1
(b) the transfer relates to a sale and purchase of the share or right 2
effected on the approved stock exchange; and 3
(c) the share or right is recorded on the company's overseas branch 4
register kept under the Corporations Law, section 178; and 5
(d) the transfer is recorded on the overseas branch register. 6
`(2) In this exemption-- 7
"approved stock exchange" means-- 8
(a) the NASDAQ Stock Market, Inc.; or 9
(b) another stock exchange located outside Australia-- 10
(i) with similar listing requirements as the Australian Stock 11
Exchange Limited ACN 008 624 691; and 12
(ii) on which shares or rights in respect of shares in a 13
Queensland company are listed; and 14
(iii) approved under a regulation for this exemption. 15
"foreign resident" means-- 16
(a) an individual, other than a trustee of a share or right in respect of a 17
share mentioned in paragraph (1), who normally resides outside 18
Australia; or 19
(b) a person, other than a trustee of a share or right in respect of a 20
share mentioned in paragraph (1)-- 21
(i) incorporated or established under a law of a country other 22
than Australia; and 23
(ii) whose central management and control is situated outside 24
Australia; and 25
(iii) whose voting power is controlled by shareholders or 26
members who are foreign residents; and 27
(iv) who, in relation to the share or right, is not accustomed, or 28
under an obligation, or reasonably expected, to act in 29
accordance with the directions, instructions or wishes of a 30
person who is not a foreign resident; or 31
s 17 14 s 18
Revenue Laws Amendment
(c) a trustee of a share or right in respect of a share mentioned in 1
paragraph (1) who-- 2
(i) would be a foreign resident under subparagraph (a) or (b) if 3
the person were not a trustee; and 4
(ii) holds the share or right in a trust in which at least 95% of the 5
beneficial interest is held by foreign residents; or 6
(d) a beneficiary of a trust mentioned in subparagraph (c) who-- 7
(i) holds the beneficial interest in the trust as trustee of another 8
trust in which at least 95% of the beneficial interest is held by 9
foreign residents; and 10
(ii) would be a foreign resident under subparagraph (a) or (b) if 11
the person were not a trustee. 12
"Queensland company" means a body incorporated, or taken to be 13
incorporated, in Queensland as a company under the 14
Corporations Law.'. 15
PART 5--AMENDMENT OF PAYROLL TAX 16
REGULATION 1999 17
amended in pt 5 18
Regulation
Clause 17. This part amends the Pay-roll Tax Regulation 1999. 19
15
Revenue Laws Amendment
of s 24 (Rates for allowances--Act, s 3) 1
Amendment
Clause 18.(1) Section 24, heading, `s 3'-- 2
omit, insert-- 3
`s 3B(5)'. 4
(2) Section 24, `3(2A)'-- 5
omit, insert-- 6
`3B(5)'. 7
© State of Queensland 1999
[Index] [Search] [Download] [Related Items] [Help]