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TASMANIA
__________
REVENUE MEASURES BILL 2005
__________
CONTENTS
PART 1 PRELIMINARY
1. Short title
2. Commencement
PART 2 DUTIES ACT 2001 AMENDED
3. Principal Act
4. Section 53 amended (Exemptions relating to various
transactions)
PART 3 DUTIES ACT 2001 AMENDED
5. Principal Act
6. Section 30 amended (First home owners - concessional rate)
7. Section 30A amended (First home owners - concession - vacant
land)
PART 4 DUTIES ACT 2001 AMENDED
8. Principal Act
9. Section 144 amended (How is mortgage duty charged?)
10. Section 147 amended (Secured amount)
PART 5 DUTIES ACT 2001 AMENDED
11. Principal Act
12. Chapter 6 repealed
[Bill 32]-I
13. Section 227A repealed
PART 6 DUTIES ACT 2001 AMENDED
14. Principal Act
15. Section 3 amended (Interpretation)
16. Section 9 amended (What is dutiable property?)
17. Section 18 amended (What is the dutiable value of dutiable
property?)
18. Sections 24 and 25 repealed
19. Section 26 amended (Partitions)
20. Section 53 amended (Exemptions relating to various
transactions)
PART 7 LAND TAX RATING ACT 2000 AMENDED
21. Principal Act
22. Schedule 1 substituted
SCHEDULE 1 RATE OF LAND TAX
PART 8 LEGISLATION REPEALED
23. Legislation repealed
PART 9 MISCELLANEOUS
24. Recovery of liability
SCHEDULE 1 LEGISLATION REPEALED
2
REVENUE MEASURES BILL 2005
(Brought in by the Treasurer, the Honourable Paul Anthony
Lennon)
A BILL FOR
An Act to amend the Duties Act 2001 and the Land Tax
Rating Act 2000 and repeal the Debits 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:
PART 1 PRELIMINARY
1. Short title
This Act may be cited as the Revenue Measures
Act 2005.
2. Commencement
(1) Part 1 commences on the day on which this Act
receives the Royal Assent.
(2) Part 2 is taken to have commenced on
24 January 2005.
(3) Part 3 is taken to have commenced on
19 May 2005.
(4) Part 4 commences on 1 July 2006.
[Bill 32] 3
s. 2 No. Revenue Measures 2005
(5) Part 5 and section 24(3) and (4) commence on
1 July 2007.
(6) Part 6 and section 24(5) and (6) commence on
1 July 2008.
(7) The remaining provisions of this Act commence
on 1 July 2005.
4
2005 Revenue Measures No. s. 3
PART 2 DUTIES ACT 2001 AMENDED
3. Principal Act
In this Part, the Duties Act 2001* is referred to
as the Principal Act.
4. Section 53 amended (Exemptions relating to various
transactions)
Section 53 of the Principal Act is amended by
inserting after paragraph (d) the following
paragraph:
(e) a transfer to a council of real property
that is
(i) a public road; or
(ii) a park or garden used for
recreational purposes for which
free public access will be
normally provided by the council;
*No. 15 of 2001
5
s. 5 No. Revenue Measures 2005
PART 3 DUTIES ACT 2001 AMENDED
5. Principal Act
In this Part, the Duties Act 2001* is referred to
as the Principal Act.
6. Section 30 amended (First home owners -
concessional rate)
Section 30(2) of the Principal Act is amended by
omitting "and on or before 30 June 2005".
7. Section 30A amended (First home owners -
concession - vacant land)
Section 30A of the Principal Act is amended as
follows:
(a) by omitting paragraph (d) from
subsection (1) and substituting the
following paragraph:
(d) the eligible transaction is
completed in accordance with
section 13(5)(b) or (c) of the First
Home Owner Grant Act 2000
within 2 years from the date of
the agreement for sale or transfer
referred to in subsection (1)(a) or
within a longer period approved
by the Commissioner
*No. 15 of 2001
6
2005 Revenue Measures No. s. 7
(b) by omitting subsection (2) and
substituting the following subsection:
(2) Subsection (1) applies to an
agreement for sale or transfer
only if
(a) the agreement is entered
into on or after
20 May 2004; and
(b) the application to which
subsection (1) relates is
lodged within 3 months
from the completion of
the eligible transaction in
accordance with section
13(5)(b) or (c) of the First
Home Owner Grant Act
2000 or within a longer
period approved by the
Commissioner.
(c) by inserting the following subsection
after subsection (3):
(3A) Notwithstanding subsection (3),
the Commissioner may refund an
amount to a person under that
subsection before the completion
of the eligible transaction if
(a) a payment to the person
has been authorised under
section 17(2) of the First
Home Owner Grant Act
2000; and
7
s. 7 No. Revenue Measures 2005
(b) the interests of the State
can be adequately
protected by conditions
requiring repayment of
the amount refunded to
the person if the eligible
transaction is not
completed in accordance
with the requirements of
subsection (1)(d).
8
2005 Revenue Measures No. s. 8
PART 4 DUTIES ACT 2001 AMENDED
8. Principal Act
In this Part, the Duties Act 2001* is referred to
as the Principal Act.
9. Section 144 amended (How is mortgage duty
charged?)
Section 144 of the Principal Act is amended as
follows:
(a) by omitting subsection (2) and
substituting the following subsection:
(2) The amount of duty is
(a) $20 if no amount is
secured by the mortgage
or if the amount secured
does not exceed $10 000;
or
(b) if the amount secured by
the mortgage exceeds
$10 000, $20 for the first
$10 000 plus 0.175 per
cent of the amount
secured exceeding
$10 000.
(b) by inserting the following subsection
after subsection (3):
*No. 15 of 2001
9
s. 10 No. Revenue Measures 2005
(4) Subsection (2) applies to a
mortgage executed, or an advance
or further advance made, on or
after 1 July 2006.
10. Section 147 amended (Secured amount)
Section 147(2) of the Principal Act is amended
by omitting "$8 000" and substituting "$10 000".
10
2005 Revenue Measures No. s. 11
PART 5 DUTIES ACT 2001 AMENDED
11. Principal Act
In this Part, the Duties Act 2001* is referred to
as the Principal Act.
12. Chapter 6 repealed
Chapter 6 of the Principal Act is repealed.
13. Section 227A repealed
Section 227A of the Principal Act is repealed.
*No. 15 of 2001
11
s. 14 No. Revenue Measures 2005
PART 6 DUTIES ACT 2001 AMENDED
14. Principal Act
In this Part, the Duties Act 2001* is referred to
as the Principal Act.
15. Section 3 amended (Interpretation)
Section 3 of the Principal Act is amended as
follows:
(a) by omitting the definition of "business
asset";
(b) by omitting the definition of "intellectual
property".
16. Section 9 amended (What is dutiable property?)
Section 9(1) of the Principal Act is amended as
follows:
(a) by omitting paragraphs (g), (h) and (i);
(b) by omitting from paragraph (j) "(other
than intellectual property)".
17. Section 18 amended (What is the dutiable value of
dutiable property?)
Section 18 of the Principal Act is amended by
omitting subsections (3) and (4).
*No. 15 of 2001
12
2005 Revenue Measures No. s. 18
18. Sections 24 and 25 repealed
Sections 24 and 25 of the Principal Act are
repealed.
19. Section 26 amended (Partitions)
Section 26 of the Principal Act is amended by
omitting subsection (4).
20. Section 53 amended (Exemptions relating to various
transactions)
Section 53 of the Principal Act is amended by
omitting paragraph (c).
13
s. 21 No. Revenue Measures 2005
PART 7 LAND TAX RATING ACT 2000 AMENDED
21. Principal Act
In this Part, the Land Tax Rating Act 2000* is
referred to as the Principal Act.
22. Schedule 1 substituted
Schedule 1 to the Principal Act is repealed and
the following Schedule is substituted:
SCHEDULE 1 RATE OF LAND TAX
Section 6
Assessed or apportioned Amounts and rates of land
assessed land value of land tax
Less than $25 000 Nil
$25 000 - $349 999.99 $50 and 0.55 cents for each
dollar of the assessed land
value or apportioned assessed
land value in excess of
$25 000
$350 000 - $749 999.99 $1 837.50 and 2.0 cents for
each dollar of the assessed
land value or apportioned
assessed land value in excess
of $350 000
*No. 73 of 2000
14
2005 Revenue Measures No. s. 22
Assessed or apportioned Amounts and rates of land
assessed land value of land tax
$750 000 or more $9 837.50 and 2.5 cents for
each dollar of the assessed
land value or apportioned
assessed land value in excess
of $750 000
15
s. 23 No. Revenue Measures 2005
PART 8 LEGISLATION REPEALED
23. Legislation repealed
The legislation specified in Schedule 1 is
repealed.
16
2005 Revenue Measures No. s. 24
PART 9 MISCELLANEOUS
24. Recovery of liability
(1) Notwithstanding the repeal of the Debits Duties
Act 2001 by section 23 and Schedule 1 of this
Act, the Commissioner of State Revenue may
recover from an account holder, or financial
institution, within the meaning of that Act, any
debits duty that relates to a transaction made
before 1 July 2005 and that was unpaid at that
day.
(2) For the purposes of subsection (1), the Taxation
Administration Act 1997 is to be read as if the
Debits Duties Act 2001 had not been repealed.
(3) Notwithstanding the repeal of Chapter 6 of the
Duties Act 2001 by section 12 of this Act, the
Commissioner of State Revenue may recover
from a mortgagor any mortgage duty that relates
to a mortgage executed, or an advance or further
advance made, before 1 July 2007 and that was
unpaid at that day.
(4) For the purposes of subsection (3), the Taxation
Administration Act 1997 is to be read as if
Chapter 6 of the Duties Act 2001 had not been
repealed.
(5) Notwithstanding the amendments to the Duties
Act 2001 effected by Part 6 of this Act, the
Commissioner of State Revenue may recover
any duty that relates to a transaction entered into
before 1 July 2008, involving the dutiable
property referred to in section 9(1)(g), (h) or (i)
of that Act, as in force immediately before that
day, and that was unpaid at that day.
17
s. 24 No. Revenue Measures 2005
(6) For the purposes of subsection (5), the Taxation
Administration Act 1997 is to be read as if the
amendments effected by Part 6 had not been
made.
18
2005 Revenue Measures No. sch. 1
SCHEDULE 1 LEGISLATION REPEALED
Section 23
Debits Duties Act 2001 (No. 16 of 2001)
Government Printer, Tasmania 19