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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
REVENUE LAWS
AMENDMENT BILL 2000
Queensland
REVENUE LAWS AMENDMENT BILL
2000
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 26D (Taxpayer may object to assessment) . . . . . . . . . . . . 4
PART 3--AMENDMENT OF PAYROLL TAX ACT 1971
5 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Amendment of s 10 (Exemption from pay-roll tax) . . . . . . . . . . . . . . . . . . . 5
7 Amendment of s 16C (Grouping where employees used in another
business) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
8 Amendment of s 16D (Grouping of commonly controlled businesses) . . . . 6
9 Amendment of s 16DA (Grouping of head and branch businesses) . . . . . . . 6
10 Amendment of s 16E (Smaller groups subsumed into larger groups) . . . . . 6
11 Amendment of s 42 (Agents and trustees) . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PART 4--AMENDMENT OF STAMP ACT 1894
12 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
13 Amendment of s 22A (Default assessments of duty) . . . . . . . . . . . . . . . . . . 7
14 Amendment of s 29 (Powers of investigation) . . . . . . . . . . . . . . . . . . . . . . . 8
15 Amendment of s 35C (Required persons to keep records) . . . . . . . . . . . . . . 9
16 Amendment of s 51C (Valuation in certain circumstances) . . . . . . . . . . . . 9
17 Insertion of new s 54AE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
54AE Water entitlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
2
Revenue Laws Amendment
18 Amendment of s 56B (Unit trust schemes) . . . . . . . . . . . . . . . . . . . . . . . . . . 11
19 Amendment of s 56C (Companies involving trusts) . . . . . . . . . . . . . . . . . . . 13
20 Amendment of s 56FA (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
21 Amendment of s 56FC (Valuation of property) . . . . . . . . . . . . . . . . . . . . . . . 14
22 Amendment of s 56FK (Statement chargeable with duty) . . . . . . . . . . . . . . 15
23 Amendment of s 56FL (Corporations to which the prescribed
provisions apply) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
24 Insertion of new ss 56FLA and 56FLB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
56FLA Land or property to which corporation or subsidiary entitled . . . . . 17
56FLB Calculating value of land or property of corporation or
subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
25 Amendment of s 57A (Motor vehicles) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
26 Amendment of s 61B (Instrument amending a trust deed
constituting a public unit trust scheme) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
27 Amendment of s 64D (Licence to occupy premises) . . . . . . . . . . . . . . . . . . 19
28 Amendment of s 90 (Transitional provisions for the conversion of
prescribed interests) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
29 Amendment of sch 1 (Stamp duties on instruments) . . . . . . . . . . . . . . . . . . 20
30 Amendment of sch 2 (Dictionary) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
2000
A BILL
FOR
An Act to amend certain Acts 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 2000. 4
5
Commencement
Clause 2.(1) Section 6(1) is taken to have commenced on 1 July 2000. 6
(2) Section 6(2) is taken to have commenced on 28 September 2000. 7
ART 2--AMENDMENT OF LAND TAX ACT 1915 8
P
amended in pt 2 9
Act
Clause 3. This part amends the Land Tax Act 1915. 10
of s 26D (Taxpayer may object to assessment) 11
Amendment
Clause 4. Section 26D(3), `subsection (2)(b)'-- 12
omit, insert-- 13
`subsection (2)(c)'. 14
s5 5 s7
Revenue Laws Amendment
PART 3--AMENDMENT OF PAYROLL TAX ACT 1
1971 2
amended in pt 3 3
Act
Clause 5. This part amends the Pay-roll Tax Act 1971. 4
of s 10 (Exemption from pay-roll tax) 5
Amendment
Clause 6.(1) Section 10(2)-- 6
insert-- 7
`(j) to a person who is an apprentice or trainee under the Vocational 8
Education, Training and Employment Act 1991, as the apprentice 9
or trainee, for the period of the person's apprenticeship or 10
traineeship.'. 11
(2) Section 10(2)(j), as inserted by subsection (1), `Vocational 12
Education, Training and Employment Act 1991'-- 13
omit, insert-- 14
`Training and Employment Act 2000'. 15
of s 16C (Grouping where employees used in another 16
Amendment
business) 17
Clause 7. Section 16C-- 18
insert-- 19
`(3) In this section-- 20
(a) a reference to a business carried on by an employer includes a 21
reference to a business carried on by an employer under a trust; 22
and 23
(b) a reference to a business carried on by a person includes a 24
reference to a business carried on by a person under a trust; and 25
(c) a reference to an employer includes a reference to an employer 26
who is the trustee of a trust; and 27
s8 6 s 11
Revenue Laws Amendment
(d) a reference to a person with whom an employer has an 1
agreement, arrangement or undertaking includes a reference to a 2
person who is the trustee of a trust.'. 3
of s 16D (Grouping of commonly controlled businesses) 4
Amendment
Clause 8. Section 16D-- 5
insert-- 6
`(8) In subsection (3)(a) and (b), a reference to a business carried on by a 7
corporation includes a reference to a business carried on by a corporation 8
under a trust. 9
`(9) In subsection (4), a reference to a corporation includes a reference to 10
a corporation that is the trustee of a trust.'. 11
of s 16DA (Grouping of head and branch businesses) 12
Amendment
Clause 9. Section 16DA-- 13
insert-- 14
`(3) In this section, a reference to a business includes a reference to a 15
business carried on under a trust.'. 16
of s 16E (Smaller groups subsumed into larger groups) 17
Amendment
Clause 10. Section 16E-- 18
insert-- 19
`(4) In this section, a reference to a person who is a member of 2 or more 20
groups includes a reference to a person who, as a trustee of a trust, is a 21
member of 2 or more groups.'. 22
of s 42 (Agents and trustees) 23
Amendment
Clause 11. Section 42(2)-- 24
omit, insert-- 25
`(2) Subsection (1) does not exclude, limit or otherwise affect the 26
s 12 7 s 13
Revenue Laws Amendment
operation of part 4A to the extent the part applies to-- 1
(a) an agent or trustee; or 2
(b) 2 or more persons, 1 or more of whom is an agent or trustee.'. 3
ART 4--AMENDMENT OF STAMP ACT 1894 4
P
amended in pt 4 5
Act
Clause 12. This part amends the Stamp Act 1894. 6
of s 22A (Default assessments of duty) 7
Amendment
Clause 13.(1) Section 22A(5), `the amount thereof'-- 8
omit, insert-- 9
`assessed amount'. 10
(2) Section 22A(6), from `The amount' to `deemed'-- 11
omit, insert-- 12
`The assessed amount for an assessment is taken'. 13
(3) Section 22A-- 14
insert-- 15
`(6A) If an assessment is made under subsection (1), (2) or (3), the 16
commissioner or deputy commissioner may impose a penalty of-- 17
(a) if the assessment is made within 1 month (the "first month") 18
after the end of the period in which the statement, return or other 19
document was required to be delivered or lodged--3% of the 20
assessed amount; or 21
(b) if the assessment is not made within the first month--an amount 22
equal to the sum of-- 23
(i) 3% of the assessed amount; and 24
(ii) 2% of the assessed amount for each additional month, or 25
s 14 8 s 14
Revenue Laws Amendment
part of an additional month, after the first month, until the 1
assessment is made. 2
`(6B) However, if the penalty calculated under subsection (6A) would be 3
less than $10, the penalty is $10. 4
`(6C) After considering the circumstances, the commissioner may waive 5
or reduce the penalty. 6
`(6D) If a penalty is imposed under subsection (6A) in relation to an 7
assessment, the commissioner must give written notice to the person, or 8
each person, to whom notice of the assessment was required to be given 9
under subsection (5) of-- 10
(a) the imposition of the penalty; and 11
(b) the amount of the penalty. 12
`(6E) A penalty may be imposed under subsection (6A) in relation to an 13
assessment only if a proceeding has not been taken for an offence 14
constituted by an act or omission for which the assessment was made.'. 15
(4) Section 22A-- 16
insert-- 17
`(9) In this section-- 18
"assessed amount" means the duty the commissioner assesses under this 19
section as the duty that ought to be charged, or is chargeable, on a 20
statement, return or other document, but does not include any amount 21
payable under this section by way of a penalty.'. 22
of s 29 (Powers of investigation) 23
Amendment
Clause 14.(1) Section 29-- 24
insert-- 25
`(4A) If an investigating officer is entering land, or a place, building or 26
premises, to conduct inquiries, a valuer may, if asked by the officer, enter 27
the land, place, building or premises with the officer to help the officer 28
conduct the inquiries.'. 29
(2) Section 29-- 30
insert-- 31
s 15 9 s 17
Revenue Laws Amendment
`(7) In this section-- 1
"valuer" means a person appointed by the commissioner under 2
section 51C(1) or 56FC(3)1 to make a valuation of property.'. 3
of s 35C (Required persons to keep records) 4
Amendment
Clause 15. Section 35C(2)-- 5
omit, insert-- 6
`(2) If, in the commissioner's opinion, it is not reasonably practicable to 7
calculate precisely an amount to be stated in the statement of a required 8
person, the amount is the amount calculated by the commissioner in the 9
way the commissioner considers appropriate. 10
`(2AA) In calculating an amount under subsection (2), the commissioner 11
may have regard to any information or representations given or made to the 12
commissioner by the required person for the calculation. 13
`(2AB) Subsection (2AA) does not limit the matters the commissioner 14
may have regard to for making the calculation.'. 15
of s 51C (Valuation in certain circumstances) 16
Amendment
Clause 16. Section 51C(1)(e)-- 17
omit, insert-- 18
`(e) accept a valuation of the property made by another person, 19
whether the valuation is tendered by or for a party or comes into 20
or to the commissioner's possession or knowledge in another 21
way;'. 22
of new s 54AE 23
Insertion
Clause 17. After section 54AD-- 24
insert-- 25
1 Section 51C (Valuation in certain circumstances) or 56FC (Valuation of
property)
s 17 10 s 17
Revenue Laws Amendment
entitlements 1
`Water
`54AE.(1) This section applies if a person (the "entitlement holder") 2
acquires, or agrees to acquire, a water entitlement. 3
`(2) However, this section does not apply to-- 4
(a) an acquisition of a water entitlement if the acquisition results from 5
a conversion that is exempt from stamp duty under the Water Act 6
2000, section 1008;2 or 7
(b) an acquisition of, or agreement to acquire, a water entitlement if-- 8
(i) the water entitlement replaces and represents, or substantially 9
represents, a previous entitlement to water held by the 10
entitlement holder immediately before the repeal of the 11
Water Resources Act 1989; or 12
(ii) the acquisition or agreement is effected or evidenced by an 13
instrument chargeable with duty under schedule 1, 14
Conveyance or transfer, paragraph (4) on the conveyance or 15
transfer of the water entitlement. 16
`(3) Within 1 month after acquiring, or agreeing to acquire, the water 17
entitlement, whichever happens first, the entitlement holder must make a 18
statement to the commissioner in the approved form. 19
Maximum penalty--100 penalty units plus an amount equal to double the 20
amount of the duty that would have been chargeable on the statement if the 21
statement had been made under this section. 22
`(4) If a proceeding for an offence against subsection (3) is not taken 23
against an entitlement holder, the commissioner or deputy commissioner 24
may impose a penalty of-- 25
(a) if the statement is made within 1 month (the "first month") after 26
the end of the period in which it was required to be made--3% of 27
the duty chargeable on the statement; or 28
(b) if the statement is not made within the first month--an amount 29
equal to the sum of-- 30
(i) 3% of the duty chargeable on the statement; and 31
2 Water Act 2000, section 1008 (Exemption of conversions of water allocations
from stamp duty)
s 18 11 s 18
Revenue Laws Amendment
(ii) 2% of the duty chargeable on the statement for each 1
additional month, or part of an additional month, after the 2
first month, until the statement is made. 3
`(5) However, if the penalty calculated under subsection (4) would be 4
less than $10, the penalty is $10. 5
`(6) After considering the circumstances, the commissioner may waive 6
or reduce the penalty. 7
`(7) The statement mentioned in subsection (3)-- 8
(a) is taken to be an instrument under this Act executed by the 9
entitlement holder; and 10
(b) is chargeable with duty as if it were a conveyance or transfer of 11
the water entitlement. 12
`(8) In this section-- 13
"conversion" means a conversion under the Water Act 2000, section 121 3 14
of a water licence or an interim water allocation to a water allocation. 15
"previous entitlement to water" means-- 16
(a) an entitlement to water under-- 17
(i) a licence or permit under the Water Resources Act 1989; or 18
(ii) an agreement under that Act, section 15;4 or 19
(b) another entitlement, granted by the State, to take water. 20
"water entitlement" see Water Act 2000, schedule 4.5'. 21
of s 56B (Unit trust schemes) 22
Amendment
Clause 18.(1) Section 56B(1)-- 23
insert-- 24
3 Water Act 2000, section 121 (Converting water entitlements)
4 Water Resources Act 1989, section 15 (Power to supply water by agreement)
5 Water Act 2000, schedule 4 (Dictionary)--
"water entitlement" means a water allocation, interim water allocation or water
licence.
s 18 12 s 18
Revenue Laws Amendment
` "contracted property" means property the subject of a purchase or sale 1
contract. 2
"purchase contract" means an uncompleted contract or agreement 3
(whether or not conditional) for the purchase or acquisition of property 4
by a unit trustee as trustee of a unit trust scheme. 5
"sale contract" means an uncompleted contract or agreement (whether or 6
not conditional) for the sale or transfer of property by a unit trustee as 7
trustee of a unit trust scheme.'. 8
(2) Section 56B(1), definition "disposition"-- 9
insert-- 10
`(e) any other circumstance where, on a determination under 11
subsection (5), there is an increase, whether from no proportion 12
or otherwise, in the proportion of the total issued units under the 13
unit trust scheme represented by the unit.'. 14
(3) Section 56B-- 15
insert-- 16
`(4AG) Subsection (4AH) applies for applying subsection (4) to a 17
disposition in relation to a unit that is a disposition under subsection (1), 18
definition "disposition", paragraph (e). 19
`(4AH) The reference in subsection (4) to the proportion of the total 20
issued units under the unit trust scheme represented by the unit is a 21
reference to the increase in the proportion resulting from the disposition.'. 22
(4) Section 56B-- 23
insert-- 24
`(11) Without limiting the way this section applies to property, property 25
is taken to be the subject of a unit trust scheme, or to be held by a unit 26
trustee as trustee, if the property is contracted property. 27
`(12) For taking contracted property into account for subsection (4)-- 28
(a) any sale contract is taken not to have been made; and 29
(b) any purchase contract is taken to have been completed. 30
`(13) If contracted property is taken into account for subsection (4) and 31
either the sale contract for the property is subsequently completed, or the 32
s 19 13 s 19
Revenue Laws Amendment
purchase contract for the property is subsequently rescinded-- 1
(a) the contracted property is to be disregarded for subsection (4); and 2
(b) the commissioner must make any necessary reassessments and 3
refunds of duty.'. 4
of s 56C (Companies involving trusts) 5
Amendment
Clause 19.(1) Section 56C(1)-- 6
insert-- 7
` "contracted property" means property the subject of a purchase or sale 8
contract. 9
"purchase contract" means an uncompleted contract or agreement 10
(whether or not conditional) for the purchase or acquisition of property 11
by a trustee of a trust, as trustee of the trust. 12
"sale contract" means an uncompleted contract or agreement (whether or 13
not conditional) for the sale or transfer of property by a trustee of a 14
trust, as trustee of the trust.'. 15
(2) Section 56C(1), definition "disposition"-- 16
insert-- 17
`(e) any other circumstance where, on a determination under 18
subsection (9), there is an increase, whether from no proportion 19
or otherwise, in a prescribed undivided share;'. 20
(3) Section 56C-- 21
insert-- 22
`(8E) Subsections (8F) and (8G) apply for deciding, for subsection (8), 23
the prescribed undivided share in trust property held by the trustee of a trust, 24
in applying subsection (8) to a disposition in relation to a share that is a 25
disposition under subsection (1), definition "disposition", paragraph (e). 26
`(8F) The reference in subsection (8A), definition "prescribed undivided 27
share", paragraph (a) to the proportion of the value of the total issued capital 28
of a company is a reference to the increase in the proportion resulting from 29
the disposition. 30
`(8G) The reference in subsection (8A), definition "prescribed undivided 31
s 20 14 s 21
Revenue Laws Amendment
share", paragraph (b) to the proportion a share represents of the interest a 1
company has in another company is a reference to the increase in the 2
proportion resulting from the disposition.'. 3
(4) Section 56C-- 4
insert-- 5
`(21) Without limiting the way this section applies to property, property 6
is taken to be the subject of a trust, or to be owned or held by a trustee of a 7
trust, if the property is contracted property. 8
`(22) For taking contracted property into account for subsection (8)-- 9
(a) any sale contract is taken not to have been made; and 10
(b) any purchase contract is taken to have been completed. 11
`(23) If contracted property is taken into account for subsection (8) and 12
either the sale contract for the property is subsequently completed, or the 13
purchase contract for the property is subsequently rescinded-- 14
(a) the contracted property is to be disregarded for subsection (8); and 15
(b) the commissioner must make any necessary reassessments and 16
refunds of duty.'. 17
of s 56FA (Interpretation) 18
Amendment
Clause 20. Section 56FA(1)-- 19
insert-- 20
` "contracted land" means land the subject of a purchase or sale contract. 21
"purchase contract" means an uncompleted contract or agreement 22
(whether or not conditional) for the purchase or acquisition of land by a 23
corporation or subsidiary. 24
"sale contract" means an uncompleted contract or agreement (whether or 25
not conditional) for the sale or transfer of land by a corporation or 26
subsidiary.'. 27
of s 56FC (Valuation of property) 28
Amendment
Clause 21. Section 56FC(3)(b)-- 29
s 22 15 s 22
Revenue Laws Amendment
omit, insert-- 1
`(b) accept a valuation of the property made by another person, 2
whether the valuation is tendered by or for a party or comes into 3
or to the commissioner's possession or knowledge in another 4
way;'. 5
of s 56FK (Statement chargeable with duty) 6
Amendment
Clause 22.(1) Section 56FK(4)(a), `reference to section 56FL(6)'-- 7
omit, insert-- 8
`applying section 56FLA(3)'. 9
(2) Section 56FK(4)(b), `as mentioned in that subsection'-- 10
omit. 11
(3) Section 56FK(5), `reference to section 56 FL(6)'-- 12
omit, insert-- 13
`applying section 56FLA(3)'. 14
(4) Section 56FK(11) and (12)-- 15
omit, insert-- 16
`(11) Subsection (12) applies if-- 17
(a) land to which the corporation or a subsidiary is entitled at the time 18
of a relevant acquisition includes contracted land; and 19
(b) either-- 20
(i) the sale contract for the land is subsequently completed; or 21
(ii) the purchase contract for the land is subsequently rescinded. 22
`(12) In the circumstances mentioned in subsection (11)-- 23
(a) the contracted land is to be disregarded-- 24
(i) for deciding, under section 56FL, whether the corporation is 25
a land-holder for the purposes of the prescribed provisions; 26
and 27
(ii) in calculating the dutiable value; and 28
s 23 16 s 23
Revenue Laws Amendment
(b) the commissioner must make any necessary reassessments and 1
refunds of duty.'. 2
(5) Section 56FK(13), from `subsection (12)' to `subject land'-- 3
omit, insert-- 4
`in circumstances involving the completion of a sale contract, 5
subsection (12) applies only if the commissioner is satisfied the contract'. 6
of s 56FL (Corporations to which the prescribed 7
Amendment
provisions apply) 8
Clause 23.(1) Section 56FL(2)(b), `(excluding land to which it is deemed to be 9
entitled under subsection (6))'-- 10
omit, insert-- 11
`(excluding subsidiary land)'. 12
(2) Section 56FL(2)(b), `(excluding property to which it is deemed to be 13
entitled under subsection (6))'-- 14
omit, insert-- 15
`(excluding subsidiary property)'. 16
(3) Section 56FL(4)(d) to (f)-- 17
renumber as section 56FL(4)(f) to (h). 18
(4) Section 56FL(4)-- 19
insert-- 20
`(d) for a sale contract--any amount paid or payable to the corporation 21
or subsidiary under the contract; 22
(e) amounts owing to the corporation for its issued shares or 23
amounts owing to the subsidiary for its issued shares;'. 24
(5) Section 56FL(5) and (6)-- 25
omit. 26
(6) Section 56FL-- 27
insert-- 28
s 24 17 s 24
Revenue Laws Amendment
`(8) In this section-- 1
"subsidiary land", for a corporation, means land to which the corporation 2
is taken to be entitled under section 56FLA(3). 3
"subsidiary property", for a corporation, means property to which the 4
corporation is taken to be entitled under section 56FLA(3).'. 5
nsertion of new ss 56FLA and 56FLB 6
I
Clause 24. After section 56FL-- 7
insert-- 8
or property to which corporation or subsidiary entitled 9
`Land
`56FLA.(1) This section applies to a corporation and a subsidiary for 10
sections 56FK and 56FL. 11
`(2) However, this section does not limit the way section 56FK or 56FL 12
applies to a corporation or subsidiary. 13
`(3) The corporation is taken to be entitled to land or property to the 14
extent that a subsidiary is entitled to the land or property. 15
`(4) The corporation or a subsidiary is taken to be entitled to land that is 16
contracted land. 17
value of land or property of corporation or subsidiary 18
`Calculating
`56FLB.(1) This section applies for calculating, for sections 56FK 19
and 56FL-- 20
(a) the full unencumbered value of land to which a corporation or 21
subsidiary is entitled; and 22
(b) the value of property to which a corporation or subsidiary is 23
entitled. 24
`(2) However, this section does not limit the way section 56FK or 56FL 25
applies to a corporation or subsidiary. 26
`(3) A sale contract is taken not to have been made. 27
`(4) A purchase contract is taken to have been completed. 28
s 25 18 s 25
Revenue Laws Amendment
`(5) The value of land to which the corporation or subsidiary is entitled 1
(the "corporate land") includes the value of rights held by the corporation 2
or subsidiary if the rights-- 3
(a) relate to, or affect, the use of the corporate land and other land; 4
and 5
(b) are not land; and 6
(c) enhance the value of the corporate land.'. 7
of s 57A (Motor vehicles) 8
Amendment
Clause 25.(1) Section 57A(6A), from `the chief executive' to `is 9
administered)'-- 10
omit, insert-- 11
`the administering chief executive'. 12
(2) Section 57A(7)-- 13
omit, insert-- 14
`(7) The administering chief executive must pay to the commissioner all 15
amounts of duty mentioned in this section received by the administering 16
chief executive.'. 17
(3) Section 57A(8), `the commissioner'-- 18
omit, insert-- 19
`the responsible authority'. 20
(4) Section 57A-- 21
insert-- 22
`(9) In this section-- 23
"administering chief executive" means the chief executive of the 24
department in which the Transport Operations (Road Use 25
Management) Act 1995 is administered. 26
"responsible authority" means-- 27
(a) the commissioner; or 28
s 26 19 s 28
Revenue Laws Amendment
(b) if the commissioner has authorised the administering chief 1
executive to make refunds of duty for this section and the 2
authorisation is in force--the administering chief executive.'. 3
of s 61B (Instrument amending a trust deed constituting 4
Amendment
a public unit trust scheme) 5
Clause 26. Section 61B(1), definitions "managed investment scheme" and 6
"registered scheme"-- 7
omit. 8
of s 64D (Licence to occupy premises) 9
Amendment
Clause 27.(1) Section 64D(1)(a), words after `occupy'-- 10
omit, insert-- 11
`premises; and'. 12
(2) Section 64D-- 13
insert-- 14
`(9) In this section-- 15
"premises" means-- 16
(a) a building, or a part of a building, in Queensland; or 17
(b) a building, or a part of a building, in Queensland, together with 18
the land, or a part of the land, on which the building is situated.'. 19
of s 90 (Transitional provisions for the conversion of 20
Amendment
prescribed interests) 21
Clause 28. Section 90(5), definitions "managed investment scheme", 22
"registered scheme" and "responsible entity"-- 23
omit. 24
s 29 20 s 29
Revenue Laws Amendment
of sch 1 (Stamp duties on instruments) 1
Amendment
Clause 29.(1) Schedule 1, under the heading `Conveyance or transfer', 2
Exemptions-- 3
insert-- 4
`22.(1) A conveyance or transfer of scheme property of a registered 5
scheme from the responsible entity of the scheme to a person as primary 6
custodian for the responsible entity. 7
`(2) Subsection (1) does not apply if the conveyance or transfer is part of 8
an arrangement under which-- 9
(a) the scheme property, or an interest in the scheme property, ceases 10
to be scheme property; or 11
(b) the persons who are members of the registered scheme do not 12
have the same beneficial interest in the scheme property after the 13
conveyance or transfer as they had immediately before the 14
arrangement was entered into. 15
`23.(1) A conveyance or transfer of property from a person as vendor to 16
another person as primary custodian for the responsible entity of a 17
registered scheme. 18
`(2) Subsection (1) applies only if-- 19
(a) the conveyance or transfer is made under a contract or agreement 20
for sale or transfer of the property entered into between the person 21
as vendor and the responsible entity as purchaser; and 22
(b) the property is acquired by the responsible entity as scheme 23
property; and 24
(c) ad valorem duty chargeable under schedule 1, under the heading 25
`Conveyance or transfer', has been paid on the contract or 26
agreement. 27
`24.(1) A conveyance or transfer of scheme property of a registered 28
scheme from a person as primary custodian for the responsible entity of the 29
scheme to the responsible entity. 30
s 30 21 s 30
Revenue Laws Amendment
`(2) Subsection (1) does not apply if the conveyance or transfer is part of 1
an arrangement under which-- 2
(a) the scheme property, or an interest in the scheme property, ceases 3
to be scheme property; or 4
(b) the persons who are members of the registered scheme do not 5
have the same beneficial interest in the scheme property after the 6
conveyance or transfer as they had immediately before the 7
arrangement was entered into.'. 8
(2) Schedule 1, under the heading `Declaration of trust', Exemptions, 9
after exemption 2-- 10
insert-- 11
`3. An instrument declaring that property acquired and held by a person 12
as primary custodian for the responsible entity of a registered scheme, or to 13
be vested in the person in that capacity, is, or is to be, held as scheme 14
property by the person as primary custodian for the responsible entity of the 15
scheme.'. 16
of sch 2 (Dictionary) 17
Amendment
Clause 30. Schedule 2-- 18
insert-- 19
` "managed investment scheme" see the Corporations Law, section 9. 20
"primary custodian"-- 21
1. The "primary custodian" for the responsible entity of a registered 22
scheme means the corporation that has been appointed under the 23
Corporations Law, section 601FB(2) to hold property of the 24
scheme as agent for the responsible entity. 25
2. The term does not include a person who, under the Corporations 26
Law, section 601FB(3), is taken to be an agent appointed by the 27
responsible entity to do something for the purposes of 28
subsection (2) of the section. 29
"registered scheme" see the Corporations Law, section 9. 30
"responsible entity" see the Corporations Law, section 9. 31
s 30 22 s 30
Revenue Laws Amendment
"scheme property" means property of a registered scheme held by a 1
person as-- 2
(a) the responsible entity of the scheme; or 3
(b) a primary custodian for the responsible entity of the scheme.'. 4
© State of Queensland 2000
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