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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
Revenue Legislation
Amendment Bill 2006
Queensland
Revenue Legislation Amendment Bill 2006
Contents
Page
Part 1 Preliminary
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Part 2 Amendment of Duties Act 2001
3 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 63 (What is the value of a trust acquisition or
trust surrender). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5 Amendment of s 80 (What is a majority trust acquisition) . . . . . . 4
6 Amendment of s 159 (What are interests and majority interests
in a corporation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
7 Amendment of s 165 (What is a land rich corporation) . . . . . . . . 5
Part 3 Amendment of Land Tax Act 1915
8 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
9 Amendment of s 16 (Taxpayer to furnish returns) . . . . . . . . . . . . 5
10 Replacement of s 62 (Application of particular amendments) . . . 5
62 Application of particular amendments . . . . . . . . . . . . 6
11 Replacement of sch 1 (Amounts and rates of land tax--
particular individuals) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Schedule 1 Amounts and rates of land tax--particular
individuals
Part 4 Amendment of Pay-roll Tax Act 1971
12 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
13 Amendment of s 17 (Definitions for sdiv 1). . . . . . . . . . . . . . . . . . 7
14 Amendment of s 23 (Definition for sdiv 2) . . . . . . . . . . . . . . . . . . 7
15 Amendment of s 29 (Definitions for sdiv 1). . . . . . . . . . . . . . . . . . 7
16 Amendment of s 33 (Definitions for sdiv 2). . . . . . . . . . . . . . . . . . 7
17 Amendment of s 37 (Definitions for sdiv 1). . . . . . . . . . . . . . . . . . 7
18 Amendment of s 41 (Definitions for sdiv 2). . . . . . . . . . . . . . . . . . 8
2
Revenue Legislation Amendment Bill 2006
19 Amendment of s 52 (Meaning of criteria for registration) . . . . . . . 8
20 Amendment of s 87 (Notification requirement--employers
exempt from lodging periodic returns) . . . . . . . . . . . . . . . . . . . . . 8
21 Insertion of new s 97A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
97A Application of particular amendments . . . . . . . . . . . . 8
2006
A Bill
for
An Act to amend the Duties Act 2001, the Land Tax Act 1915
and the Pay-roll Tax Act 1971
s1 4 s5
Revenue Legislation Amendment Bill 2006
The Parliament of Queensland enacts-- 1
Part 1 Preliminary 2
Clause 1 Short title 3
This Act may be cited as the Revenue Legislation Amendment 4
Act 2006. 5
Clause 2 Commencement 6
Parts 3 and 4 commence on 1 July 2006. 7
Part 2 Amendment of Duties Act 2001 8
Clause 3 Act amended in pt 2 9
This part amends the Duties Act 2001. 10
Clause 4 Amendment of s 63 (What is the value of a trust 11
acquisition or trust surrender) 12
Section 63(7)(a), `more than 50%'-- 13
omit, insert-- 14
`50% or more'. 15
Clause 5 Amendment of s 80 (What is a majority trust acquisition) 16
Section 80(a) and (b), `more than 50%'-- 17
omit, insert-- 18
`50% or more'. 19
s6 5 s 10
Revenue Legislation Amendment Bill 2006
Clause 6 Amendment of s 159 (What are interests and majority 1
interests in a corporation) 2
Section 159(2), `more than 50%'-- 3
omit, insert-- 4
`50% or more'. 5
Clause 7 Amendment of s 165 (What is a land rich corporation) 6
Section 165(1)(b), `80%'-- 7
omit, insert-- 8
`60%'. 9
Part 3 Amendment of Land Tax Act 10
1915 11
Clause 8 Act amended in pt 3 12
This part amends the Land Tax Act 1915. 13
Clause 9 Amendment of s 16 (Taxpayer to furnish returns) 14
Section 16(1)(b)(iv)-- 15
omit, insert-- 16
`(iv) for the financial year beginning on 1 July 17
2005--$450 000 or more; or 18
(v) for a financial year beginning on or after 1 July 19
2006--$500 000 or more;'. 20
Clause 10 Replacement of s 62 (Application of particular 21
amendments) 22
Section 62-- 23
omit, insert-- 24
s 11 6 s 11
Revenue Legislation Amendment Bill 2006
`62 Application of particular amendments 1
`This Act, as amended by the Revenue Legislation Amendment 2
Act 2006, applies to land tax levied for the financial year 3
beginning on 1 July 2006 and each later financial year.'. 4
Clause 11 Replacement of sch 1 (Amounts and rates of land 5
tax--particular individuals) 6
Schedule 1-- 7
omit, insert-- 8
`Schedule 1 Amounts and rates of land 9
tax--particular individuals 10
section 9(a) 11
Column 1 Column 2
Taxable value Tax payable
less than $500 000 nil
$500 000 or more but less than $500 plus 0.7c for each $ more
$750 000 than $500 000
$750 000 or more but less than $2 250 plus 1.45c for each $
$1 250 000 more than $750 000
$1 250 000 or more but less than $9 500 plus 1.5c for each $ more
$2 000 000 than $1 250 000
$2 000 000 or more but less than $20 750 plus 1.675c for each $
$3 000 000 more than $2 000 000
$3 000 000 or more 1.25c for each $ of the taxable
value'.
s 12 7 s 17
Revenue Legislation Amendment Bill 2006
Part 4 Amendment of Pay-roll Tax Act 1
1971 2
Clause 12 Act amended in pt 4 3
This part amends the Pay-roll Tax Act 1971. 4
Clause 13 Amendment of s 17 (Definitions for sdiv 1) 5
Section 17, definitions actual periodic deduction and fixed 6
periodic deduction, `70833'-- 7
omit, insert-- 8
`83333'. 9
Clause 14 Amendment of s 23 (Definition for sdiv 2) 10
Section 23, definition fixed periodic deduction, `70833'-- 11
omit, insert-- 12
`83333'. 13
Clause 15 Amendment of s 29 (Definitions for sdiv 1) 14
Section 29(1), definition annual deduction, `850000'-- 15
omit, insert-- 16
`1000000'. 17
Clause 16 Amendment of s 33 (Definitions for sdiv 2) 18
Section 33, definition annual deduction, `850000'-- 19
omit, insert-- 20
`1000000'. 21
Clause 17 Amendment of s 37 (Definitions for sdiv 1) 22
Section 37, definition final deduction, `850000'-- 23
s 18 8 s 21
Revenue Legislation Amendment Bill 2006
omit, insert-- 1
`1000000'. 2
Clause 18 Amendment of s 41 (Definitions for sdiv 2) 3
Section 41, definition final deduction, `850000'-- 4
omit, insert-- 5
`1000000'. 6
Clause 19 Amendment of s 52 (Meaning of criteria for registration) 7
Section 52(a), `$16346'-- 8
omit, insert-- 9
`$19230'. 10
Clause 20 Amendment of s 87 (Notification requirement--employers 11
exempt from lodging periodic returns) 12
Section 87(1)(b), `$70833'-- 13
omit, insert-- 14
`$83333'. 15
Clause 21 Insertion of new s 97A 16
Part 6, division 3, after section 97-- 17
insert-- 18
`97A Application of particular amendments 19
`This Act, as amended by the Revenue Legislation Amendment 20
Act 2006, applies for pay-roll tax levied on taxable wages paid 21
or payable in the financial year beginning on 1 July 2006 and 22
each later financial year.'. 23
© State of Queensland 2006
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