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TASMANIA
__________
DUTIES AMENDMENT (FIRST HOME
OWNERS CONCESSION) BILL 2004
__________
CONTENTS
1. Short title
2. Commencement
3. Principal Act
4. Section 30 inserted
30. First home owners concessional rate
[Bill 32]-I
2
DUTIES AMENDMENT (FIRST HOME
OWNERS CONCESSION) BILL 2004
(Brought in by the Treasurer, the Honourable Paul
Anthony Lennon)
A BILL FOR
An Act to amend the Duties Act 2001
Be it enacted by His Excellency the Governor of Tasmania,
by and with the advice and consent of the Legislative
Council and House of Assembly, in Parliament assembled,
as follows:
Short title
1. This Act may be cited as the Duties Amendment (First
Home Owners Concession) Act 2004.
Commencement
2. This Act is taken to have commenced on 20 May 2004.
Principal Act
3. In this Act, the Duties Act 2001* is referred to as the
Principal Act.
*No. 15 of 2001
[Bill 32] 3
s. 4 No. Duties Amendment (First Home Owners 2004
Concession)
Section 30 inserted
4. After section 29 of the Principal Act, the following
section is inserted in Part 3:
First home owners concessional rate
30. (1) If
(a) a person is entitled to a grant under
section 7 of the First Home Owner Grant
Act 2000 in relation to an eligible
transaction referred to in section
13(1)(a) of that Act; and
(b) the dutiable value of the property to
which the grant relates does not exceed
$350 000
the rate of duty chargeable on the dutiable
transaction to which the grant under section 7 of
that Act relates is as follows:
The dutiable value of Rate of duty
the dutiable property
subject to the dutiable
transaction
Not more than $152 100 $0
More than $152 100 but $3.50 for every $100, or part, by
not more than $225 000 which the dutiable value exceeds
$152 100 minus $1.50
More than $225 000 but $2 550 plus $4 for every $100, or
not more than $350 000 part, by which the dutiable value
exceeds $225 000
(2) Subsection (1) applies to dutiable
transactions entered into on or after 20 May 2004
and on or before 30 June 2005.
4
2004 Duties Amendment (First Home Owners No. s. 4
Concession)
(3) If the Commissioner becomes aware that a
dutiable transaction, in respect of which duty was
charged at a rate specified in subsection (1), did not
meet the requirements of paragraphs (a) and (b) of
that subsection, the Commissioner may reassess the
duty that would otherwise be payable in respect of
that transaction, having regard to the amount of
duty that may already have been paid.
(4) If, under subsection (3), the Commissioner
reassesses the duty payable, the Commissioner may,
in the notice in which the duty is reassessed
(a) impose a penalty of up to 100% of the
amount representing the difference
between the amount of duty originally
assessed and the amount of duty as
reassessed; or
(b) impose interest, at the interest rate
specified in section 35(1) of the Taxation
Administration Act 1997, on the amount
representing the difference between the
amount of duty originally assessed and
the amount of duty as reassessed, on a
daily basis from the date the duty would
have been payable without a tax default
occurring, if the rate under
subsection (1) had not applied, until the
date the duty is paid; or
(c) both impose a penalty referred to in
paragraph (a) and impose interest
referred to in paragraph (b).
(5) The rates of duty in subsection (1) do not
apply if the Commissioner is of the opinion that the
agreement for sale or transfer in relation to a
dutiable transaction was entered into as part of a
scheme.
5
s. 4 No. Duties Amendment (First Home Owners 2004
Concession)
(6) The Commissioner, unless satisfied to the
contrary, is to presume the existence of a scheme
referred to in subsection (5) if the parties to an
agreement for sale or transfer entered into before
20 May 2004 enter into another agreement for sale
or transfer with respect to the same or substantially
the same property on or after 20 May 2004.
(7) If, as a result of the Commissioner's
actions under subsection (3), a person becomes liable
to pay duty or a further amount of duty, that
liability is a charge on the dutiable property to
which the dutiable transaction referred to in
subsection (1) relates.
(8) In this section
"tax default" has the same meaning as in the
Taxation Administration Act 1997.
6 Government Printer, Tasmania