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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
State Taxation Acts Amendment Bill 2007
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1 Purpose 1
2 Commencement 2
PART 2--DUTIES ACT 2000 3
3 Definition 3
4 What are interests and significant interests in landholders? 3
5 Who may acquire an interest? 3
6 How duty is charged on relevant acquisitions 4
7 Demonstrator vehicles 5
8 Part heading substituted 5
PART 3--TAXATION ADMINISTRATION ACT 1997 6
9 Reduction in penalty tax for voluntary disclosures 6
PART 4--REPEAL OF AMENDING ACT 7
10 Repeal of Act 7
ENDNOTES 8
561042B.I-22/5/2007 i BILL LA INTRODUCTION 22/5/2007
PARLIAMENT OF VICTORIA
Introduced in the Assembly
State Taxation Acts Amendment Bill
2007
A Bill for an Act to amend the Duties Act 2000 and the Taxation
Administration Act 1997 and for other purposes.
The Parliament of Victoria enacts:
PART 1--PRELIMINARY
1 Purpose
The purpose of this Act is to--
(a) amend the Duties Act 2000 to clarify the
5 land rich duty provisions and the motor
vehicle duty provisions; and
(b) amend the Taxation Administration Act
1997 with respect to penalty tax reductions.
561042B.I-22/5/2007 1 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007
Part 1--Preliminary
s. 2
2 Commencement
This Act comes into operation on the day after the
day on which it receives the Royal Assent.
__________________
561042B.I-22/5/2007 2 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007
Part 2--Duties Act 2000
s. 3
PART 2--DUTIES ACT 2000
3 Definition
In section 3(1) of the Duties Act 2000, the See:
Act No.
definition of entitled is repealed. 79/2000.
Reprint No. 5
as at
10 February
2006
and
amending
Act Nos
38/2006,
84/2006 and
86/2006.
LawToday:
www.
legislation.
vic.gov.au
5 4 What are interests and significant interests in
landholders?
In section 76(1) of the Duties Act 2000, for
"a beneficial entitlement" substitute
"an entitlement".
10 5 Who may acquire an interest?
(1) After section 77(2) of the Duties Act 2000
insert--
"(2AA) Without limiting subsection (1), a person is
taken to obtain an interest beneficially if the
15 person obtains the interest as trustee of a
trust.
(2AB) A trustee who holds or acquires an interest in
a land rich landholder is to be treated as a
separate person in respect of each trust of
20 which the trustee is a trustee and the personal
capacity of the trustee, if any.".
561042B.I-22/5/2007 3 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007
Part 2--Duties Act 2000
s. 6
(2) Section 77(2B) of the Duties Act 2000 is
repealed.
(3) In section 77(2C) of the Duties Act 2000--
(a) for "For the purposes of section 79, an
5 acquisition" substitute "An acquisition";
(b) for "subsection (2A) or (2B)" substitute
"subsection (2A)".
6 How duty is charged on relevant acquisitions
(1) After section 83(1) of the Duties Act 2000
10 insert--
"(1A) If a relevant acquisition results from the
aggregation of the interests acquired by--
(a) a person; or
(b) an associated person; or
15 (c) any other person in an associated
transaction--
a reference in subsection (1) to the interest
acquired includes a reference to any interest
acquired by those persons on the same day.
20 (1B) If the relevant acquisition is the acquisition
of an interest by a person that amounts to a
significant interest in the landholder when
aggregated with other interests acquired
by--
25 (a) the person; or
(b) an associated person; or
(c) any other person in an associated
transaction--
during the 3 years preceding the acquisition
30 of the interest by the person, duty is
chargeable at the rate specified under this
Act for a transfer of dutiable property on the
561042B.I-22/5/2007 4 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007
Part 2--Duties Act 2000
s. 7
aggregate of the amounts separately
calculated in accordance with subsection (1)
in respect of each of the interests that
comprise the relevant acquisition.".
5 (2) After section 83(4) of the Duties Act 2000
insert--
"(5) In this section--
associated transaction has the same
meaning as in section 79.".
10 7 Demonstrator vehicles
For section 230(2)(a)(ii) of the Duties Act 2000
substitute--
"(ii) the use of the motor vehicle as a
demonstrator vehicle; or".
15 8 Part heading substituted
For the heading to Part 4 of Chapter 9 of the
Duties Act 2000 substitute--
"PART 4--DUTY ON CHANGE OF USE".
__________________
561042B.I-22/5/2007 5 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007
Part 3--Taxation Administration Act 1997
s. 9
PART 3--TAXATION ADMINISTRATION ACT 1997
9 Reduction in penalty tax for voluntary disclosures
See: (1) In sections 31(1) and 31(2) of the Taxation
Act No.
40/1997. Administration Act 1997, for "the taxpayer
5 Reprint No. 3 discloses" substitute "the taxpayer voluntarily
as at
1 January discloses".
2006
and (2) For section 31(3) of the Taxation
amending
Act No.
Administration Act 1997 substitute--
84/2006.
LawToday: "(3) Subsection (1) or (2) (as the case requires)
10 www. does not apply in respect of information
legislation.
vic.gov.au disclosed by a taxpayer if the taxpayer is
registered by the Commissioner under a
taxation law and--
(a) the tax default involved the failure to
15 lodge a return and pay tax by the date
required under that taxation law; or
(b) in the case of a taxpayer who lodged a
return by the due date that disclosed a
liability to pay tax, the tax default
20 involved the failure to pay that tax by
the date required under the taxation
law.".
__________________
561042B.I-22/5/2007 6 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007
Part 4--Repeal of amending Act
s. 10
PART 4--REPEAL OF AMENDING ACT
10 Repeal of Act
This Act is repealed on the first anniversary of its
commencement.
561042B.I-22/5/2007 7 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007
Endnotes
ENDNOTES
By Authority. Government Printer for the State of Victoria.
561042B.I-22/5/2007 8 BILL LA INTRODUCTION 22/5/2007
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