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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
State Taxation Acts (Miscellaneous Amendments)
Act 2000
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purposes 1
2. Commencement 2
PART 2--REPEAL OF GIFT DUTY ACT 1971 AND PROBATE
DUTY ACT 1962 3
3. Repeal of Gift Duty Act 1971 3
4. Repeal of Probate Duty Act 1962 3
PART 3--PAY-ROLL TAX ACT 1971 4
5. Employment agents 4
PART 4--STAMPS ACT 1958 5
6. Use of adhesive stamps for share transfers 5
7. Land-rich companies and unit trusts 5
PART 5--OTHER AMENDMENTS 9
8. First Home Owner Grant Act 2000--statute law revision 9
NOTES 10
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PARLIAMENT OF VICTORIA
Initiated in Assembly 3 May 2000
A BILL
to repeal the Gift Duty Act 1971 and the Probate Duty Act 1962, to
amend the employment agency provisions of the Pay-roll Tax Act
1971 and the land-rich provisions of the Stamps Act 1958 and for
other purposes.
State Taxation Acts (Miscellaneous
Amendments) Act 2000
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purposes
The main purposes of this Act are--
(a) to repeal the Gift Duty Act 1971 and the
5 Probate Duty Act 1962;
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State Taxation Acts (Miscellaneous Amendments) Act 2000
s. 2
Act No.
(b) to amend the employment agency provisions
of the Pay-roll Tax Act 1971;
(c) to amend the land-rich provisions of the
Stamps Act 1958.
5 2. Commencement
(1) This Act (except Parts 3 and 4) comes into
operation on the day after the day on which it
receives the Royal Assent.
(2) Parts 3 and 4 come into operation on 1 July 2000.
10 _______________
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State Taxation Acts (Miscellaneous Amendments) Act 2000
s. 3
Act No.
PART 2--REPEAL OF GIFT DUTY ACT 1971 AND PROBATE
DUTY ACT 1962
3. Repeal of Gift Duty Act 1971
The Gift Duty Act 1971 is repealed.
5 4. Repeal of Probate Duty Act 1962
(1) The Probate Duty Act 1962 is repealed.
(2) Despite section 14(2) of the Interpretation of
Legislation Act 1984--
(a) an administrator is not required to file a
10 statement under section 11 of the Probate
Duty Act 1962 after the commencement of
this section; and
(b) any liability for duty or interest under the
Probate Duty Act 1962 that was
15 outstanding immediately before the
commencement of this section is abolished.
_______________
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State Taxation Acts (Miscellaneous Amendments) Act 2000
s. 5
Act No.
PART 3--PAY-ROLL TAX ACT 1971
No. 8154. 5. Employment agents
Reprint No. 7
In the Pay-roll Tax Act 1971--
as at
1 September
1999. Further (a) in section 3D(1), in the definition of
amended by
5 "employment agency contract", at the end of
Nos 34/1999
and 6/2000. paragraph (b) insert--
"; or
(c) a contract where the employment agent
and client are both members of the
10 same group within the meaning of
section 9A.";
(b) in section 3E, sub-section (2A) is repealed.
_______________
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State Taxation Acts (Miscellaneous Amendments) Act 2000
s. 6
Act No.
PART 4--STAMPS ACT 1958
No. 6375.
6. Use of adhesive stamps for share transfers
Reprint No. 15
(1) In section 57 of the Stamps Act 1958, after sub- as at 1 May
1999. Further
section (1) insert-- amended by
Nos 32/1999,
5 "(1A) Sub-section (1) does not apply to the transfer 34/1999,
47/1999 and
of a marketable security or right in respect of
6/2000.
shares--
(a) that is not quoted on the market
operated by Australian Stock Exchange
10 Limited or a recognised stock
exchange; and
(b) that is a marketable security or right in
respect of shares in a company that is
the legal or beneficial owner of land in
15 Victoria, including a company that is
entitled to real property within the
meaning of section 75I.".
(2) In section 57(2) of the Stamps Act 1958, after
"shares" insert "(including a transfer referred to in
20 sub-section (1A))".
7. Land-rich companies and unit trusts
(1) In section 75G of the Stamps Act 1958, for sub-
section (3) substitute--
"(3) A person who is required to lodge a
25 statement under sub-section (1) or (2) must
lodge it within 3 months after the occurrence
of the relevant acquisition.
Penalty: 500 penalty units in the case of a
body corporate;
30 100 penalty units in any other
case.".
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State Taxation Acts (Miscellaneous Amendments) Act 2000
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Act No.
(2) In section 75I(4) of the Stamps Act 1958, for
paragraph (g) substitute--
"(g) any property declared by the Comptroller in
writing given to the corporation to be
5 property that the Comptroller is satisfied was
owned or acquired by the corporation--
(i) on or after 1 July 1999; and
(ii) principally for the purpose of defeating
the object of this subdivision.".
10 (3) In section 75I of the Stamps Act 1958, after sub-
section (6) insert--
"(7) This section, as amended by section 7(2) of
the State Taxation Acts (Miscellaneous
Amendments) Act 2000, applies to a
15 relevant acquisition occurring on or after the
commencement of that section and this
section, as in force immediately before that
commencement, continues to apply to a
relevant acquisition that occurred before that
20 commencement.".
(4) In section 75J(1)(a)(ii) of the Stamps Act 1958,
for "12 months immediately preceding the day on
which the acquisition occurs" substitute "relevant
period".
25 (5) In section 75J of the Stamps Act 1958, for sub-
section (2) substitute--
'(2) For the purposes of sub-section (1)(a)(ii),
if--
(a) a person acquires an interest in a
30 corporation ("the acquisition"); and
(b) within the relevant period in respect of
the acquisition or within a period after
the acquisition that is the same length
as the relevant period, the person
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State Taxation Acts (Miscellaneous Amendments) Act 2000
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Act No.
became or becomes entitled to a right to
acquire a further shareholding in the
corporation; and
(c) that right is exercised after the end of
5 the period after the acquisition that is
the same length as the relevant period
in respect of the acquisition--
the person is deemed to acquire that further
shareholding in the corporation on the last
10 day of the period referred to in paragraph (c)
after the acquisition.
(3) For the purposes of sub-sections (1)(a)(ii)
and (2), the "relevant period" in respect of
an acquisition is to be determined in
15 accordance with the following table.
TABLE
Column 1 Column 2
The relevant period is
the period specified
opposite that month that
For an acquisition
immediately precedes the
occurring during
date of the acquisition
the month of:
July 2000 or a 12 months
previous month
August 2000 13 months
September 2000 14 months
October 2000 15 months
November 2000 16 months
December 2000 17 months
January 2001 18 months
February 2001 19 months
March 2001 20 months
April 2001 21 months
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State Taxation Acts (Miscellaneous Amendments) Act 2000
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Act No.
Column 1 Column 2
The relevant period is
the period specified
opposite that month that
For an acquisition
immediately precedes the
occurring during
date of the acquisition
the month of:
May 2001 22 months
June 2001 23 months
July 2001 24 months
August 2001 25 months
September 2001 26 months
October 2001 27 months
November 2001 28 months
December 2001 29 months
January 2002 30 months
February 2002 31 months
March 2002 32 months
April 2002 33 months
May 2002 34 months
June 2002 35 months
July 2002 or a 36 months'.
subsequent month
_______________
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State Taxation Acts (Miscellaneous Amendments) Act 2000
s. 8
Act No.
PART 5--OTHER AMENDMENTS
No. 5/2000.
8. First Home Owner Grant Act 2000--statute law
revision
In section 3 of the First Home Owner Grant Act
5 2000, in the definition of "consideration", for "of"
substitute "for".
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State Taxation Acts (Miscellaneous Amendments) Act 2000
Notes
Act No.
NOTES
By Authority. Government Printer for the State of Victoria.
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