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PARLIAMENT OF VICTORIA
State Taxation Acts (Amendment) Act 1997
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
PART 2--FINANCIAL INSTITUTIONS DUTY ACT 1982 3
3. FID on continuing credit contract payments 3
4. Repeal of spent provisions 3
PART 3--LAND TAX ACT 1958 4
5. Definitions 4
6. Competitive neutrality 4
7. Increased penalties under the regulations 5
8. Amendment of Second Schedule 5
PART 4--PAY-ROLL TAX ACT 1971 8
9. Repeal of spent provisions 8
10. Exemption for schools 8
11. Further repeal of spent provisions 9
12. Statute law revision 9
PART 5--STAMPS ACT 1958 10
13. New section 41 inserted 10
41. Offset of overpaid duty by return 10
14. Restriction on registration of transfers 11
15. Duty on sales and purchases by futures members 11
16. Nominee transfers of land 11
17. Rental business duty 11
18. Competitive neutrality 16
19. Exemption for credit contracts 17
20. New section 137MD inserted 17
137MD. Exemption for refinanced business loans with solicitors 17
21. Competitive neutrality--Third Schedule 20
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Clause Page
PART 6--TAXATION (RECIPROCAL POWERS) ACT 1987 22
22. Definitions 22
23. New section 6A inserted 22
6A. False or misleading statements 22
NOTES 24
ii
531125B.I1-8/4/97
PARLIAMENT OF VICTORIA
A BILL
to amend the Financial Institutions Duty Act 1982, the Land Tax
Act 1958, the Pay-roll Tax Act 1971, the Stamps Act 1958 and the
Taxation (Reciprocal Powers) Act 1987 and for other purposes.
State Taxation Acts (Amendment) Act
1997
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to amend the Financial
Institutions Duty Act 1982, the Land Tax Act
5 1958, the Pay-roll Tax Act 1971, the Stamps Act
1958 and the Taxation (Reciprocal Powers) Act
1987.
1
531125B.I1-8/4/97
State Taxation Acts (Amendment) Act 1997
s. 2
Act No.
2. Commencement
(1) Section 12 is deemed to have come into operation
on 24 November 1992.
(2) Section 3 is deemed to have come into operation
5 on 12 November 1996.
(3) Sections 5(2) and 6 come into operation on 1 July
1997.
(4) The remaining provisions of this Act come into
operation on the day on which this Act receives
10 the Royal Assent.
_______________
2
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State Taxation Acts (Amendment) Act 1997
s. 3
Act No.
PART 2--FINANCIAL INSTITUTIONS DUTY ACT 1982
No. 9850.
3. FID on continuing credit contract payments
Reprinted to
In section 28(4)(a) of the Financial Institutions No. 119/1994
and
Duty Act 1982 after "contract" insert "or a subsequently
5 payment of an amount owing to the credit amended by
Nos 30/1995,
provider under a continuing credit contract". 101/1995,
10/1996,
35/1996,
42/1996 and
84/1996.
4. Repeal of spent provisions
Part X of the Financial Institutions Duty Act
1982 is repealed.
10 _______________
3
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State Taxation Acts (Amendment) Act 1997
s. 5
Act No.
PART 3--LAND TAX ACT 1958
No. 6289. 5. Definitions
Reprint No. 8
(1) In section 3(1) of the Land Tax Act 1958 insert
as at 1
February
the following definitions--
1997.
5 ' "ex-servicemen" has the meaning given in
section 9(3);
"mine" has the meaning given in section 9(3);'.
(2) In section 3(1) of the Land Tax Act 1958, in the
definition of "public statutory authority"
10 paragraph (b) is repealed.
(3) In section 3 of the Land Tax Act 1958--
(a) in sub-section (2) after "in any year" insert
", including special land tax under section
10";
15 (b) in sub-section (2A) after "the year for"
(wherever occurring) insert "or in";
(c) in sub-section (4)--
(i) after "1984 or for" insert "or in";
(ii) after "the year for" insert "or in";
20 (d) in sub-section (6), in the definition of
"supplementary valuation", after "the year
for" insert "or in".
(4) In section 9(3) of the Land Tax Act 1958, in the
definition of "mine", in paragraph (a) for "and"
25 substitute "or".
6. Competitive neutrality
(1) In section 9(1)(b) of the Land Tax Act 1958 after
"authority" insert ", other than land vested in a
declared public statutory authority (within the
30 meaning of sub-section (1AD)) that is not used
exclusively as public open space or a park".
4
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State Taxation Acts (Amendment) Act 1997
s. 7
Act No.
(2) Section 9(1AC) of the Land Tax Act 1958 is
repealed.
(3) For section 9(1AD) of the Land Tax Act 1958
substitute--
5 "(1AD) The Governor in Council, by Order
published in the Government Gazette, may
declare a public statutory authority to be a
declared public statutory authority for the
purposes of sub-section (1)(b).".
10 (4) Section 9(2D) of the Land Tax Act 1958 is
repealed.
7. Increased penalties under the regulations
In section 93(1)(f) of the Land Tax Act 1958 for
"$100" substitute "20 penalty units".
15 8. Amendment of Second Schedule
(1) In the Second Schedule to the Land Tax Act
1958, in clauses 1 and 1A, omit "or lands"
wherever occurring.
(2) In the Second Schedule to the Land Tax Act
20 1958, for clause 1B substitute--
'1B. (1) For the purposes of this clause--
(a) "clause 1 amount", in relation to land
of an owner in respect of a year ("the
assessment year"), means the amount
25 determined by applying the rates of tax
set out in clause 1 to the sum of--
(i) in respect of any land for which
there was an unimproved value for
the purpose of assessing land tax
30 for 1993, that unimproved value;
and
(ii) in respect of all other land, the
unimproved value of that land as
5
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State Taxation Acts (Amendment) Act 1997
s. 8
Act No.
assessed under this Act for the
assessment year;
(b) if the clause 1 amount is zero, the duty
of land tax is the amount determined in
5 accordance with clause 1A;
(c) if the amount determined in accordance
with clause 1A is zero, no duty of land
tax is payable.
(2) The duty of land tax for 1994 payable on the
10 land of an owner is--
(a) the amount determined in accordance
with clause 1A; or
(b) if that amount differs by more than
20% from the clause 1 amount--
15 (i) where the amount determined in
accordance with clause 1A is less
than the clause 1 amount, 80% of
the clause 1 amount; or
(ii) where the amount determined in
20 accordance with clause 1A is
more than the clause 1 amount,
120% of the clause 1 amount.
(3) The duty of land tax for 1995 payable on the
land of an owner is--
25 (a) the amount determined in accordance
with clause 1A; or
(b) if that amount differs by more than
40% from the clause 1 amount--
(i) where the amount determined in
30 accordance with clause 1A is less
than the clause 1 amount, 60% of
the clause 1 amount; or
6
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State Taxation Acts (Amendment) Act 1997
s. 8
Act No.
(ii) where the amount determined in
accordance with clause 1A is
more than the clause 1 amount,
140% of the clause 1 amount.
5 (4) The duty of land tax for 1996 payable on the
land of an owner is--
(a) the amount determined in accordance
with clause 1A; or
(b) if that amount is more than 140% of the
10 clause 1 amount, 140% of the clause 1
amount.
(5) The duty of land tax for 1997 and each
subsequent year payable on the land of an
owner is--
15 (a) the amount determined in accordance
with clause 1A; or
(b) if that amount is more than 150% of the
clause 1 amount, 150% of the clause 1
amount.'.
20 (3) In the Second Schedule to the Land Tax Act
1958, after clause 1B insert--
"2. The duty of land tax for 1995, 1996 or 1997
payable on the land of an owner is deemed
always to have been the duty determined in
25 accordance with this Schedule as amended
by the State Taxation Acts (Amendment)
Act 1997.".
_______________
7
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State Taxation Acts (Amendment) Act 1997
s. 9
Act No.
PART 4--PAY-ROLL TAX ACT 1971
No. 8154. 9. Repeal of spent provisions
Reprinted to
(1) In section 9A(3A)(e) of the Pay-roll Tax Act
No. 119/1994
and
1971--
subsequently
amended by
5 (a) in the substituted sub-section (3) for
Nos 101/1995,
10/1996 and "minimum amount for that return period or,
42/1996.
if the Commissioner has approved another
amount (having regard to the amount of pay-
roll tax likely to be payable by that member
10 for the financial year within which the return
period falls), that other amount" substitute
"prescribed amount";
(b) in the substituted sub-section (4) for
"minimum amount or, if the Commissioner
15 has approved another amount for the
purposes of sub-section (3), to that other
amount" substitute "prescribed amount".
(2) In section 9B of the Pay-roll Tax Act 1971--
(a) in sub-section (1) the definition of
20 "minimum amount" is repealed;
(b) in sub-section (3) paragraph (a) is repealed;
(c) in sub-section (4) paragraph (a) is repealed.
10. Exemption for schools
For section 10(1)(d) of the Pay-roll Tax Act 1971
25 substitute--
"(d) by a school that is--
(i) registered under Part III of the
Education Act 1958; and
(ii) carried on by a person otherwise than
30 for the purpose of profit or gain to the
person or the individual members of the
person--
8
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State Taxation Acts (Amendment) Act 1997
s. 11
Act No.
being wages paid or payable to a person in
relation to the provision of education within
that school;".
11. Further repeal of spent provisions
5 In the Pay-roll Tax Act 1971--
(a) in section 11C(1), in the definition of "total
amount of pay-roll tax"--
(i) in paragraph (a) omit "subject to
paragraphs (b) and (c)--";
10 (ii) paragraphs (b) and (c) are repealed;
(b) sections 13(4) and (5) and 18(9), Part VA
and Schedule Six are repealed.
12. Statute law revision
In the Pay-roll Tax Act 1971--
15 (a) in section 9A(3A)(ga), in the substituted sub-
section (2)(f) for "and each succeeding
financial year" substitute "and ending on 30
November 1992";
(b) in section 11A(2)(f) for "and each
20 succeeding financial year" substitute "and
ending on 30 November 1992".
_______________
9
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State Taxation Acts (Amendment) Act 1997
s. 13
Act No.
PART 5--STAMPS ACT 1958
No. 6375. 13. New section 41 inserted
Reprinted to
After section 40A of the Stamps Act 1958
No. 10/1996
and
insert--
subsequently
amended by
5 "41. Offset of overpaid duty by return
Nos 35/1996,
42/1996,
(1) If an authorized person pays an amount to
73/1996 and
84/1996.
the Comptroller under section 40A(3)(b) in
respect of a period that is greater than the
total amount of duty with which each
10 instrument endorsed by the person under
section 40A(3)(a) during that period is
chargeable under this Act as a result of--
(a) miscalculating the amount of duty with
which an instrument endorsed under
15 section 40A(3)(a) is chargeable; or
(b) making a mistake in adding up the total
of all amounts endorsed under section
40A(3)(a) during the period--
the authorized person may reduce the
20 amount otherwise payable under section
40A(3)(b) in respect of the next or a
subsequent period by the difference between
those amounts.
(2) An authorized person who reduces an
25 amount under sub-section (1) must lodge a
statement with the Commissioner at the time
of making the reduction giving details of the
overpayment to which the reduction relates.
(3) If the overpayment referred to in sub-section
30 (1) was caused by miscalculating the amount
of duty with which an instrument endorsed
under section 40A(3)(a) is chargeable, the
authorized person--
10
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State Taxation Acts (Amendment) Act 1997
s. 14
Act No.
(a) must re-endorse the instrument in the
prescribed manner with the correct
amount of duty; and
(b) if the authorized person has charged to,
5 or recovered from, another person an
amount in respect of the overpayment,
must reimburse that person for the
amount charged or recovered.".
14. Restriction on registration of transfers
10 In section 60F(1)(a)(ii) of the Stamps Act 1958
after "clause (5)" insert "(except paragraph (b),
(g) or (j))".
15. Duty on sales and purchases by futures members
In the heading to sub-division (5) of Division 3 of
15 Part II of the Stamps Act 1958 for "Exemption
from duty" substitute "Duty".
16. Nominee transfers of land
(1) In section 67A(7) of the Stamps Act 1958, after
the definition of "relative" insert--
20 ' "spouse" includes de facto spouse.'.
(2) After section 67A(7) of the Stamps Act 1958
insert--
"(8) This section as in force immediately before
the commencement of section 16(1) of the
25 State Taxation Acts (Amendment) Act
1997 applies to a transfer executed on or
after that commencement in pursuance of an
agreement entered into before that
commencement.".
30 17. Rental business duty
(1) In section 131AA of the Stamps Act 1958, after
the definition of "registered person" insert--
' "rental agreement" means an agreement for--
11
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State Taxation Acts (Amendment) Act 1997
s. 17
Act No.
(a) letting, bailing or otherwise giving
rights to use goods other than books; or
(b) acquiring the rights of the lessor, bailor
or other disponer under any agreement
5 or arrangement for letting, bailing or
hiring of any goods other than books or
under any similar agreement or
arrangement with respect to the use of
goods other than books--
10 but does not include an agreement for the
right to use goods in conjunction with a lease
of, or licence to occupy or use, any real
property;'.
(2) After section 131AA(2) of the Stamps Act 1958
15 insert--
"(3) A reference in this subdivision to a right to
use goods includes a reference to cases in
which--
(a) the right to use the goods was granted
20 in Victoria; or
(b) any of the negotiations with respect to
the grant of the right to use the goods
were undertaken in Victoria; or
(c) the goods were delivered in Victoria to
25 the grantee of the right to use those
goods.".
(3) For section 131AC(1) and (2) of the Stamps Act
1958 substitute--
"(1) A registered person, not later than the 21st
30 day of each calendar month, must lodge with
the Comptroller of Stamps a statement in the
form approved by the Comptroller
showing--
12
531125B.I1-8/4/97
State Taxation Acts (Amendment) Act 1997
s. 17
Act No.
(a) the total amount received during the
preceding month in respect of--
(i) rental agreements entered into
before 1 January 1997 (other than
5 hire-purchase agreements, special
rental agreements or rental
agreements to which paragraph (c)
applies); and
(ii) rental agreements entered into on
10 or after 1 January 1997 (other than
special rental agreements or rental
agreements to which paragraph (c)
applies); and
(b) the total amount received during the
15 preceding month in respect of--
(i) each special rental agreement
entered into before 1 January
1997; and
(ii) each special rental agreement
20 entered into on or after 1 January
1997; and
(c) the total amount received during the
preceding month in respect of--
(i) rental agreements entered into
25 before 1 January 1997 (other than
hire-purchase agreements or
special rental agreements); and
(ii) rental agreements entered into on
or after 1 January 1997 (other than
30 special rental agreements)--
in respect of which stamp duty or duty
of a similar nature has been paid under
a law of the Commonwealth or of
another State or of a Territory, being
35 duty paid at a rate that is less than 1·5%
13
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State Taxation Acts (Amendment) Act 1997
s. 17
Act No.
in respect of agreements referred to in
sub-paragraph (i) and 0·75% in respect
of agreements referred to in sub-
paragraph (ii).
5 (2) A registered person must, not later than the
21st day of each calendar month, pay in cash
to the Comptroller of Stamps--
(a) in respect of rental agreements referred
to in sub-section (1)(a)(i), an amount (if
10 any) determined in accordance with the
following formula--
1 5( A - $6000)
100
where A is the total amount referred to
in sub-section (1)(a)(i); and
15 (b) in respect of rental agreements referred
to in sub-section (1)(a)(ii)--
(i) if the total amount referred to in
sub-section (1)(a)(i) is equal to or
greater than $6000, an amount
20 determined in accordance with the
following formula--
0 75 B
100
where B is the total amount
referred to in sub-section
25 (1)(a)(ii);
(ii) if the total amount referred to in
sub-section (1)(a)(i) is less than
$6000, an amount determined in
accordance with the following
30 formula--
0 75[ B - ($6000 - A)]
100
14
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State Taxation Acts (Amendment) Act 1997
s. 17
Act No.
where--
A is the total amount referred to in
sub-section (1)(a)(i); and
B is the total amount referred to in
5 sub-section (1)(a)(ii); and
(c) in respect of each special rental
agreement--
(i) referred to in sub-section (1)(b)(i),
an amount equal to 1·5% of the
10 amount referred to in sub-section
(1)(b)(i) or $4000, (whichever is
the lesser) or, if an amount of duty
has previously been paid under
this section in respect of the
15 special rental agreement, 1·5% of
the amount referred to in sub-
section (1)(b)(i) or the amount (if
any) by which $4000 exceeds the
aggregate amount of the duty
20 previously paid (whichever is the
lesser); and
(ii) referred to in sub-section
(1)(b)(ii), an amount equal to
0·75% of the amount referred to in
25 sub-section (1)(b)(ii) or $4000,
(whichever is the lesser) or, if an
amount of duty has previously
been paid under this section in
respect of the special rental
30 agreement, 0·75% of the amount
referred to in sub-section (1)(b)(ii)
or the amount (if any) by which
$4000 exceeds the aggregate
amount of the duty previously
35 paid (whichever is the lesser); and
15
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State Taxation Acts (Amendment) Act 1997
s. 18
Act No.
(d) in respect of rental agreements referred
to in sub-section (1)(c)(i), an amount
determined by deducting the stamp
duty or duty of a similar nature paid
5 under a law of the Commonwealth or of
another State or of a Territory from an
amount equal to 1·5% of the total
amount referred to in sub-section
(1)(c)(i); and
10 (e) in respect of rental agreements referred
to in sub-section (1)(c)(ii), an amount
determined by deducting the stamp
duty or duty of a similar nature paid
under a law of the Commonwealth or of
15 another State or of a Territory from an
amount equal to 0·75% of the total
amount referred to in sub-section
(1)(c)(ii).".
(4) After section 131AC(4) of the Stamps Act 1958
20 insert--
"(5) This section, as amended by section 17(3) of
the State Taxation Acts (Amendment) Act
1997, applies to a statement relating to
January 1997 and to each subsequent month
25 and this section as in force immediately
before the commencement of section 26(3)
of the State Taxation (Further Omnibus
Amendment) Act 1996 applies to a
statement relating to a month preceding
30 January 1997.".
18. Competitive neutrality
After section 137D(4) of the Stamps Act 1958
insert--
"(5) The Governor in Council, by Order
35 published in the Government Gazette, may
declare a public statutory authority
16
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State Taxation Acts (Amendment) Act 1997
s. 19
Act No.
constituted under the laws of Victoria to be a
declared public statutory authority for the
purposes of clause (4)(b) of the Exemptions
applying to Heading XXII in the Third
5 Schedule.".
19. Exemption for credit contracts
(1) In section 137F(2A) of the Stamps Act 1958 omit
", other than a mortgage of land,".
(2) After section 137F(2A) of the Stamps Act 1958
10 insert--
"(2B) Sub-section (2A), as amended by section
19(1) of the State Taxation Acts
(Amendment) Act 1997, applies in respect
of a security given on or after 1 November
15 1996.".
20. New section 137MD inserted
After section 137MC of the Stamps Act 1958
insert--
'137MD. Exemption for refinanced business loans
20 with solicitors
(1) This section applies to a mortgage entered
into to between a person and a legal
practitioner to secure a loan by the legal
practitioner out of trust money received by
25 the legal practitioner, being a loan that
relates to the carrying on (whether by the
person or any other person) of a profession,
trade or business if--
(a) the arrangements for the making of the
30 loan include the discharge of a
mortgage between the person and
another legal practitioner or a financial
institution securing a loan (in this
section called "the prior loan") made by
35 that other legal practitioner or that
17
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State Taxation Acts (Amendment) Act 1997
s. 20
Act No.
financial institution (whether to the
person or any other person) relating to
the carrying on of a profession, trade or
business; and
5 (b) duty under Heading XXII in the Third
Schedule has been paid in respect of the
mortgage securing the prior loan and it
has been duly stamped.
(2) A person who enters or proposes to enter
10 into a mortgage to which this section applies
may apply in writing to the Comptroller of
Stamps for an exemption from, or refund of,
an amount of the stamp duty paid or payable
in respect of the mortgage calculated in
15 accordance with this section.
(3) An application by a person under sub-section
(2) must be accompanied by a statement
signed by or on behalf of the legal
practitioner with whom the mortgage is or is
20 to be entered into stating--
(a) that the mortgage is a security for a
loan relating to the carrying on of a
profession, trade or business; and
(b) that the loan constitutes a refinancing,
25 in whole or part, of another such loan
by another legal practitioner or by a
financial institution and secured by
another mortgage; and
(c) that the other mortgage is discharged
30 on the entering into of the new
mortgage; and
(d) the amount of the principal of the other
loan outstanding immediately before
the earlier mortgage is discharged.
18
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State Taxation Acts (Amendment) Act 1997
s. 20
Act No.
(4) The amount of stamp duty in respect of
which a person is entitled to a refund under
this section is the difference between the
stamp duty paid or payable in respect of the
5 mortgage and the amount of stamp duty that
would have been paid or payable if the loan
secured by the mortgage had been reduced
by the amount of the principal outstanding
on the prior loan immediately before the
10 mortgage was entered into.
(5) If an application is made under this section
and the Comptroller of Stamps is satisfied
that the applicant is entitled to an exemption
from, or refund of, stamp duty, the
15 Comptroller shall grant the exemption or
make the refund accordingly.
(6) A person must not, in connection with an
application under this section, make a
statement that to the person's knowledge is
20 false or misleading in a material particular.
Penalty: 10 penalty units or imprisonment
for 6 months or both.
(7) If a person is convicted of an offence against
sub-section (6), the person is liable, by way
25 of further penalty, to pay an amount equal to
double the amount of duty that, but for the
offence, would have been payable.
(8) For the purposes of this section, if a loan is
partly for the purposes of a profession, trade
30 or business and partly for other purposes, a
reference in this section to a loan secured by
a mortgage is a reference to that part of the
loan which is for the purposes of the
profession, trade or business.
35 (9) In this section--
19
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State Taxation Acts (Amendment) Act 1997
s. 21
Act No.
"financial institution" has the meaning
given in section 137MC(9);
"legal practitioner" means a current
practitioner or interstate practitioner
5 within the meaning of the Legal
Practice Act 1996;
"trust money" has the meaning given in the
Legal Practice Act 1996.
(10) This section applies in respect of a mortgage
10 entered into on or after the day on which
section 20 of the State Taxation Acts
(Amendment) Act 1997 comes into
operation.'.
21. Competitive neutrality--Third Schedule
15 For clause (4) of the Exemptions applying to
Heading XXII in the Third Schedule to the
Stamps Act 1958 substitute--
"(4) Any mortgage, bond, debenture or covenant
or any foreign security made or given by--
20 (a) a Government of the Commonwealth or
of a State or Territory of the
Commonwealth; or
(b) a public statutory authority constituted
under the law of Victoria, other than a
25 declared public statutory authority
within the meaning of section 137D(5);
or
(c) a public statutory authority constituted
under the law of the Commonwealth or
30 of a State (other than Victoria) or
Territory of the Commonwealth; or
(d) the Municipal Association of
Victoria.".
_______________
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State Taxation Acts (Amendment) Act 1997
Act No.
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State Taxation Acts (Amendment) Act 1997
s. 22
Act No.
PART 6--TAXATION (RECIPROCAL POWERS) ACT 1987
No. 37/1987. 22. Definitions
Reprint No. 1
In section 3(1) of the Taxation (Reciprocal
as at 19
September
Powers) Act 1987, in the definition of "State
1996.
5 Taxation Act" after paragraph (g) insert--
"(h) Liquor Control Act 1987.".
23. New section 6A inserted
After section 6 of the Taxation (Reciprocal
Powers) Act 1987 insert--
10 "6A. False or misleading statements
(1) A person must not give an answer, whether
orally or in writing, to a question put to the
person under this Act by a Corresponding
Commissioner or State Commissioner or
15 person authorised under section 6(2) that is
false or misleading in a material particular.
Penalty: 10 penalty units.
(2) In providing information in accordance with
this Act, a person must not make any
20 statement or representation that is false or
misleading in a material particular.
Penalty: 10 penalty units.
(3) A person is not guilty of an offence under
this section if the court hearing the charge is
25 satisfied that when the answer, statement or
representation was given or made the person
believed on reasonable grounds that it was
neither false nor misleading.
22
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State Taxation Acts (Amendment) Act 1997
s. 23
Act No.
(4) This section does not apply to any
information or evidence given on oath or
affirmation or by statutory declaration.".
5
23
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State Taxation Acts (Amendment) Act 1997
Notes
Act No.
NOTES
By Authority. Government Printer for the State of Victoria.
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531125B.I1-8/4/97
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