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PARLIAMENT OF VICTORIA
State Taxation Acts (Amendment) Act 1999
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
PART 2--DEBITS TAX ACT 1990 3
3. Definitions and interpretation 3
PART 3--FINANCIAL INSTITUTIONS DUTY ACT 1982 5
4. No exemption for tertiary educational companies controlled by
tertiary educational institutions 5
PART 4--GAMING MACHINE CONTROL ACT 1991 7
5. Sections 135A, 135B and 135C repealed 7
6. Additional amount payable by Trustees 7
7. New section 164 inserted 7
164. Transitional provision: amounts payable by trustees 7
PART 5--PAY-ROLL TAX ACT 1971 9
8. Liability where employment agent is member of group 9
9. Reduction in pay-roll tax rate 9
10. No exemption for educational companies controlled by
educational institutions 9
PART 6--STAMPS ACT 1958 11
11. Definitions 11
12. New section 24AA inserted 12
24AA. Comptroller may obtain Valuer-General valuation of
land 13
13. Valuation of land on objection 13
14. Marketable securities duty 14
15. Duty on real property on declaration of trust 16
16. Conveyances as a result of single transaction 17
i
532203B.I1-5/5/99
Clause Page
17. Motor vehicle duty 17
18. New subdivision (18) of Division 3 of Part 2 inserted 17
(18)--Financial Sector (Transfers of Business) 17
137O. Statement on transfer of property 17
137P. Duty not chargeable in respect of certain transfers 19
19. New section 137T inserted 19
137T. Managed investment schemes 19
20. Exemptions 21
PART 7--TATTERSALL CONSULTATIONS ACT 1958 22
21. Duty payable by promoter 22
22. Transitional 22
PART 8--TAXATION ADMINISTRATION ACT 1997 23
23. Interest rate in respect of tax defaults 23
PART 9--TAXATION (INTEREST ON OVERPAYMENTS) ACT
1986 24
24. Updated reference to Tribunal 24
25. Interest rate 24
NOTES 26
ii
532203B.I1-5/5/99
PARLIAMENT OF VICTORIA
A BILL
to amend the Debits Tax Act 1990, the Financial Institutions Duty
Act 1982, the Gaming Machine Control Act 1991, the Pay-roll Tax
Act 1971, the Stamps Act 1958, the Tattersall Consultations Act
1958, the Taxation Administration Act 1997 and the Taxation
(Interest on Overpayments) Act 1986 and for other purposes.
State Taxation Acts (Amendment) Act
1999
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to amend the Debits
Tax Act 1990, the Financial Institutions Duty
5 Act 1982, the Gaming Machine Control Act
1
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 2
Act No.
1991, the Pay-roll Tax Act 1971, the Stamps Act
1958, the Tattersall Consultations Act 1958, the
Taxation Administration Act 1997 and the
Taxation (Interest on Overpayments) Act 1986
5 and for other purposes.
2. Commencement
(1) This Act (except sections 5, 6, 18, 19, 21, 23 and
25) comes into operation on the day on which it
receives the Royal Assent.
10 (2) Section 19 is deemed to have come into operation
on 1 July 1998.
(3) Sections 5, 6, 21, 23 and 25 come into operation
on 1 July 1999.
(4) Section 18 comes into operation on the day on
15 which section 10 of the Financial Sector Reform
(Victoria) Act 1999 comes into operation.
_______________
2
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 3
Act No.
PART 2--DEBITS TAX ACT 1990
No. 78/1990.
3. Definitions and interpretation
Reprint No. 2
(1) In section 3(1) of the Debits Tax Act 1990-- as at 18
March 1999.
(a) for the definition of "account" substitute--
5 ' "account" means an account, kept with a
financial institution, to which payments
by the institution in respect of cheques
drawn on the institution by the account
holder, or by any one or more of the
10 account holders, may be debited;';
(b) for the definition of "account transaction"
substitute--
' "account transaction", in relation to an
account, means the payment of a
15 cheque, or the doing of any other thing,
that will result in the making of a debit
to that account;';
(c) the definition of "bank" is repealed;
(d) for the definition of "cheque" substitute--
20 ' "cheque", in relation to an account, means
an order in writing drawn on a financial
institution by or on behalf of the
account holder, or any one or more of
the account holders, requiring the
25 institution to pay on demand a sum
certain in money to, or to the order of, a
specified person or persons, or to
bearer;';
(e) in paragraph (b)(ii) of the definition of
30 "excluded debit" omit "or payment order"
wherever occurring;
3
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State Taxation Acts (Amendment) Act 1999
s. 3
Act No.
(f) for the definition of "financial institution"
substitute--
' "financial institution" means--
(a) an institution that is a financial
5 institution for the purposes of the
Cheques Act 1986 of the
Commonwealth; or
(b) any other person who is, or who is
in a class of persons that is,
10 prescribed for the purposes of this
definition;';
(g) in the definition of "incomplete" omit "or
payment order" wherever occurring;
(h) the definitions of "non-bank financial
15 institution" and "payment order" are
repealed.
(2) In section 3(9) of the Debits Tax Act 1990 for
"non-bank financial institution" substitute
"financial institution".
20 (3) After section 3(9) of the Debits Tax Act 1990
insert--
"(10) A reference in this Act to the carrying on of
banking business includes a reference to a
business carried on by a financial institution
25 in the course of which the institution keeps
accounts for its customers.".
(4) In section 7 of the Debits Tax Act 1990--
(a) for "non-bank account" (wherever occurring)
substitute "customer's account";
30 (b) for "bank" (wherever occurring) substitute
"financial institution".
_______________
4
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State Taxation Acts (Amendment) Act 1999
s. 4
Act No.
PART 3--FINANCIAL INSTITUTIONS DUTY ACT 1982
No. 9850.
4. No exemption for tertiary educational companies
Reprint No. 3
controlled by tertiary educational institutions as at
22 August
After section 25(12) of the Financial Institutions 1997. Further
5 Duty Act 1982 insert-- amended by
Nos 84/1996,
43/1997,
'(13) For the purposes of sub-section (12)(d)--
86/1997,
48/1998 and
"tertiary educational institution" includes 103/1998.
a company--
(a) in which a tertiary educational
10 institution has a controlling
interest; and
(b) that provides, promotes or
supports the tertiary educational
services of that institution.
15 (14) A tertiary educational institution has a
controlling interest in a company for the
purposes of sub-section (13) if--
(a) the members of the board of
management (by whatever name called)
20 of the company, or a majority of those
members, or one or more of those
members, being a member or members
who is or are entitled to exercise a
majority in voting power at meetings of
25 the board of management, are or is
accustomed or under an obligation,
whether formal or informal, to act in
accordance with the directions,
instructions or wishes of the tertiary
30 educational institution; or
(b) the tertiary educational institution may
(whether directly or indirectly)
exercise, control the exercise of, or
5
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State Taxation Acts (Amendment) Act 1999
s. 4
Act No.
substantially influence the exercise of,
50% or more of the voting power
attached to voting shares, or any class
of voting shares, issued by the
5 company; or
(c) the tertiary educational institution has
power to appoint 50% or more of the
members of the board of management
(by whatever name called) of the
10 company.'.
_______________
6
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 5
Act No.
PART 4--GAMING MACHINE CONTROL ACT 1991
No. 53/1991.
5. Sections 135A, 135B and 135C repealed
Reprint No. 5
Sections 135A, 135B and 135C of the Gaming as at 30 June
1998. Further
Machine Control Act 1991 are repealed. amended by
Nos 117/1993,
90/1997,
93/1997,
90/1998 and
94/1998.
5 6. Additional amount payable by Trustees
After section 136(3) of the Gaming Machine
Control Act 1991 insert--
"(3A) A gaming operator must ensure that, in
addition to amounts payable under sub-
10 section (3), there is paid, in respect of such
periods as the Authority determines, to the
Authority to be paid into the Consolidated
Fund, 7 per centum of the daily net cash
balances during that period of all gaming
15 machines of the gaming operator at approved
venues.".
7. New section 164 inserted
After section 163 of the Gaming Machine
Control Act 1991 insert--
20 "164. Transitional provision: amounts payable by
trustees
Part 9, as amended by section 6 of the State
Taxation Acts (Amendment) Act 1999,
applies to a period commencing on or after
25 1 July 1999.".
7
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State Taxation Acts (Amendment) Act 1999
Act No.
_______________
8
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State Taxation Acts (Amendment) Act 1999
s. 8
Act No.
PART 5--PAY-ROLL TAX ACT 1971
No. 8154.
8. Liability where employment agent is member of group
Reprint No. 6
After section 3E(2) of the Pay-roll Tax Act 1971 as at
22 August
insert-- 1997. Further
amended by
5 "(2A) Sub-section (1) does not apply if the client Nos 80/1997,
86/1997,
and the employment agent are members of
48/1998 and
the same group within the meaning of 103/1998.
section 9A.".
9. Reduction in pay-roll tax rate
10 In section 7(1) of the Pay-roll Tax Act 1971--
(a) in paragraph (g) after "1998" insert "and
before the month of July 1999";
(b) after paragraph (g) insert--
"; and
15 (h) at the rate of 5·75% in respect of such
of those wages as are paid or payable
after the month of June 1999 and are
not liable to pay-roll tax at the rate
prescribed in paragraph (c), (d), (e), (f)
20 or (g).".
10. No exemption for educational companies controlled
by educational institutions
After section 10(1) of the Pay-roll Tax Act 1971
insert--
25 '(2) For the purposes of sub-section (1)(bb)--
"educational institution" includes a
company--
(a) in which an educational institution
has a controlling interest; and
9
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State Taxation Acts (Amendment) Act 1999
s. 10
Act No.
(b) that provides, promotes or
supports the educational services
of that institution.
(3) An educational institution has a controlling
5 interest in a company for the purposes of
sub-section (2) if--
(a) the members of the board of
management (by whatever name called)
of the company, or a majority of those
10 members, or one or more of those
members, being a member or members
who is or are entitled to exercise a
majority in voting power at meetings of
the board of management, are or is
15 accustomed or under an obligation,
whether formal or informal, to act in
accordance with the directions,
instructions or wishes of the
educational institution; or
20 (b) the educational institution may
(whether directly or indirectly)
exercise, control the exercise of, or
substantially influence the exercise of,
50% or more of the voting power
25 attached to voting shares, or any class
of voting shares, issued by the
company; or
(c) the educational institution has power to
appoint 50% or more of the members of
30 the board of management (by whatever
name called) of the company.'.
_______________
10
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 11
Act No.
PART 6--STAMPS ACT 1958
No. 6375.
11. Definitions
Reprint No. 14
In section 3 of the Stamps Act 1958-- as at
1 September
1997. Further
(a) for the definition of "public unit trust
amended by
5 scheme" substitute-- Nos 84/1996,
86/1997,
' "public unit trust scheme" means a unit 46/1998,
48/1998,
trust scheme-- 52/1998,
83/1998,
(a) any of the units of which are listed 85/1998,
for quotation on Australian Stock 97/1998 and
103/1998.
10 Exchange Limited or on a
recognised stock exchange; or
(b) that is the subject of a deed that is
an approved deed for the purposes
of Division 5 of Part 7.12 of the
15 Corporations Law or a
corresponding law, but only if--
(i) some or all of its units have
been offered to the public;
and
20 (ii) no fewer than 50 persons
hold units in it; or
(c) that is a managed investment
scheme within the meaning of
Chapter 5C of the Corporations
25 Law and in respect of which--
(i) some or all of its units have
been offered to the public;
and
(ii) no fewer than 50 persons
30 hold units in it; or
11
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 11
12
Act No.
(d) that is exempted from the
requirements of Part 7.12 of the
Corporations Law and in respect
of which--
5 (i) some or all of its units have
been offered to the public;
and
(ii) no fewer than 50 persons
hold units in it; or
10 (e) that, in the opinion of the
Comptroller, will be a public unit
trust scheme within 12 months
after the Comptroller gives written
notification of that opinion to a
15 person who has requested the
Comptroller to express that
opinion in relation to the unit trust
scheme;';
(b) after the definition of "public unit trust
20 scheme" insert--
' "recognised stock exchange" means a
stock exchange recognised in
accordance with the Business Rules of
Australian Stock Exchange Limited;';
25 (c) after the definition of "the chief office"
insert--
' "transfer" of a marketable security
includes a buy-back of shares in
accordance with Division 2 of Part 2J.1
30 of the Corporations Law;'.
12. New section 24AA inserted
12
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
Act No.
After section 24 of the Stamps Act 1958 insert--
"24AA. Comptroller may obtain Valuer-General
valuation of land
(1) If--
5 (a) a transferee of land provides any
information to the Comptroller as to the
value of the land; and
(b) the Comptroller considers that the value
is understated--
10 the Comptroller may refer the matter to the
Valuer-General for valuation of the land.
(2) The transferee must pay the cost of a
valuation by the Valuer-General under
sub-section (1) if--
15 (a) the Valuer-General's valuation exceeds
the value provided by the transferee by
15% or more; and
(b) the transferee does not object to the
assessment of duty based on the
20 valuation or, if the transferee does
object, the valuation as determined on
objection, appeal or review exceeds the
value provided by the transferee by
15% or more.".
25 13. Valuation of land on objection
In section 33A of the Stamps Act 1958 for
sub-section (4) substitute--
"(4) If an objection concerns the value of any
land, the Comptroller must refer the matter
30 to the Valuer-General for a valuation of that
land, whether or not a valuation was
obtained from the Valuer-General under
section 24AA(1) in respect of that land.
13
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State Taxation Acts (Amendment) Act 1999
s. 14
Act No.
(5) The objector must pay the cost of the
valuation under sub-section (4) if--
(a) the objector had provided any
information to the Comptroller as to the
5 value of the land; and
(b) the Valuer-General's valuation exceeds
the value provided by the objector by
15% or more; and
(c) the valuation as determined on the
10 objection, or on appeal or review,
exceeds the value provided by the
objector by 15% or more.".
14. Marketable securities duty
(1) After section 59(1A) of the Stamps Act 1958
15 insert--
"(1B) For the purposes of sub-section (1), if--
(a) marketable securities or rights in
respect of shares are vested in a person
as trustee; and
20 (b) the beneficial interest in those
marketable securities or rights in
respect of shares is transferred to that
person--
the person is deemed to have disposed of
25 those marketable securities or rights in
respect of shares.
(1C) For the purposes of sub-section (1), if--
(a) marketable securities or rights in
respect of shares are vested in a person;
30 and
(b) the person enters into an agreement for
the disposal of those marketable
14
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State Taxation Acts (Amendment) Act 1999
s. 14
Act No.
securities or rights in respect of shares
to another person as trustee; and
(c) before any instrument of transfer is
executed, the first-mentioned person is
5 appointed trustee in place of the other
person--
the person is deemed to have disposed of
those marketable securities or rights in
respect of shares.
10 (1D) For the purposes of sub-section (1), if--
(a) marketable securities or rights in
respect of shares are vested in a person;
and
(b) the marketable securities or rights in
15 respect of shares become subject to a
trust for another by reason of a
declaration of trust by that person--
the person is deemed to have disposed of
those marketable securities or rights in
20 respect of shares.".
(2) After section 60A(4) of the Stamps Act 1958
insert--
"(5) For the purposes of this subdivision and
subdivision (4AA) and of the Third
25 Schedule, Heading IV(A), a reference to a
sale or purchase of marketable securities or
rights in respect of shares includes a
reference to a transaction that, on completion
by the parties, results in a company buying-
30 back its own shares in accordance with
Division 2 of Part 2J.1 of the Corporations
Law.".
15
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 15
Act No.
(3) In the Stamps Act 1958--
(a) in section 60B(4)(b)--
(i) for "otherwise than" substitute "or";
(ii) after "Trust" insert "or";
5 (b) in section 60B(4A) for "Division 4B of
Part 2.4 of the Corporations Law" substitute
"Division 2 of Part 2J.1 of the Corporations
Law (other than a buy-back that is effected
by the purchaser under one or more
10 agreements, arrangements or understandings
that the purchaser will issue shares)".
15. Duty on real property on declaration of trust
In section 64A of the Stamps Act 1958 for sub-
section (3) substitute--
15 "(3) Where--
(a) real property is vested in a person; and
(b) the real property becomes subject to a
trust for another by reason of a
declaration of trust by that person--
20 the person shall, not later than 14 days after
the real property become subject to the
trust--
(c) furnish to the Comptroller of Stamps a
statement in the prescribed form
25 accompanied by a statutory declaration
setting out the prescribed particulars;
and
(d) pay to the Comptroller of Stamps as
stamp duty on the statement a sum
30 equal to the amount of stamp duty that
would have been payable if the real
property had been conveyed by an
16
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 16
Act No.
instrument of conveyance from the
person to the other.".
16. Conveyances as a result of single transaction
In section 68 of the Stamps Act 1958 sub-section
5 (5) is repealed.
17. Motor vehicle duty
After section 137AK(3) of the Stamps Act 1958
insert--
"(4) If a registered used car dealer does not
10 comply with this section, the Comptroller
may recover as a debt in a court of
competent jurisdiction--
(a) the amount payable under sub-section
(1)(b) and interest at the rate of 20%
15 per annum from the date on which
payment was due; or
(b) $25--
whichever is the greater.
(5) The Comptroller may mitigate or remit a
20 debt payable under sub-section (4).".
18. New subdivision (18) of Division 3 of Part 2 inserted
After subdivision (17A) of Division 3 of Part II of
the Stamps Act 1958 insert--
'(18)--Financial Sector (Transfers of Business)
25 137O. Statement on transfer of property
(1) A receiving body to whom any property is
transferred under Part 3 of the Financial
Sector (Transfers of Business) Act 1999 of
the Commonwealth must lodge a statement
30 with the Comptroller in accordance with sub-
section (2) if duty would have been
chargeable under this Act had an instrument
17
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State Taxation Acts (Amendment) Act 1999
s. 18
Act No.
for the conveyance, transfer or assignment of
the property to the receiving body as
beneficial owner been executed.
(2) A statement under this section--
5 (a) must be in the form approved by the
Comptroller; and
(b) must specify the property transferred
and the value of that property as at the
day on which the property became the
property of the receiving body1.
10
(3) Subject to section 137P, the receiving body
must pay to the Comptroller as duty on the
statement a sum equal to the amount of
stamp duty that would have been payable if
15 an instrument for the conveyance, transfer or
assignment of the property to the receiving
body as beneficial owner had been executed.
(4) The statement must be lodged and duty paid
within 3 months after the day on which the
20 property became the property of the
receiving body.
(5) The payment of duty on a statement under
this section is to be denoted by an impressed
stamp.
25 (6) A receiving body must not--
(a) fail to lodge a statement in accordance
with this section; or
(b) lodge a statement that, to the body's
knowledge, is false or misleading in a
30 material particular.
Penalty: 500 penalty units.
(7) In this section and section 137P--
18
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 19
Act No.
"receiving body" has the same meaning as
in the Financial Sector (Transfers of
Business) Act 1999 of the
Commonwealth.
5 137P. Duty not chargeable in respect of certain
transfers
(1) Duty is not chargeable on a statement under
section 137O in respect of a transfer of
property if the transfer is of a class that,
10 under guidelines approved for the time being
by the Minister, is a class of transfer in
respect of which duty is not chargeable.
(2) If duty has been paid on a statement in
respect of a transfer referred to in sub-
15 section (1), the Comptroller must refund that
duty.'.
19. New section 137T inserted
After section 137S of the Stamps Act 1958
insert--
20 '137T. Managed investment schemes
(1) The following are exempt from duty under
this Act--
(a) an instrument for the transfer of
property to a responsible entity if the
25 Comptroller of Stamps is satisfied that
the transfer is a necessary consequence
of an undertaking to which Division 11
of Part 11.2 of the Corporations Law
applies becoming a registered scheme
30 within the meaning of that Division;
(b) an instrument for the transfer of
property from a responsible entity of a
19
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 19
Act No.
managed investment scheme or a
trustee of a responsible entity to a
custodian or agent of the responsible
entity;
5 (c) an instrument for the transfer of
property as a consequence of a change
of the responsible entity of a managed
investment scheme;
(d) an instrument that--
10 (i) amends, varies or replaces an
instrument that establishes or
governs a managed investment
scheme; and
(ii) does not transfer, or have the
15 effect of transferring, any property
to a person who does not hold
units in the scheme; and
(iii) does not have the effect of
reducing the number of persons
20 who hold units in the scheme;
(e) an instrument of settlement--
(i) made by a trustee in respect of
property that, immediately before
the settlement, is held by the
25 trustee as trustee of a public unit
trust scheme; and
(ii) under which the property is to be
held on trust for the responsible
entity of a managed investment
30 scheme.
(2) In this section--
"managed investment scheme" means a
managed investment scheme within the
meaning of Chapter 5C of the
20
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State Taxation Acts (Amendment) Act 1999
s. 21
Act No.
Corporations Law, and includes a
public unit trust scheme;
"responsible entity" has the same meaning
as in the Corporations Law.'.
5 20. Exemptions
In the Third Schedule to the Stamps Act 1958, in
Heading IV(A), in exemption (5) for paragraph (e)
substitute--
"(e) a transfer of any marketable security or right
10 in respect of shares to Her Majesty in right
of the State of Victoria or to any
municipality, the Municipal Association of
Victoria, the Western Metropolitan Market
Trust or any authority under the Water Act
15 1989.".
_______________
21
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 21
Act No.
PART 7--TATTERSALL CONSULTATIONS ACT 1958
No. 6390. 21. Duty payable by promoter
Reprint No. 7
In section 6 of the Tattersall Consultations Act
as at
24 November
1958--
1998.
5 (a) in sub-section (1)(a), for "35·55" substitute
"36";
(b) paragraph (c) of sub-section (1) is repealed;
(c) in sub-section (1B), omit all words and
expressions after "soccer football pool".
10 22. Transitional
After section 12(2) of the Tattersall
Consultations Act 1958 insert--
"(3) This Act as amended by section 21 of the
State Taxation Acts (Amendment) Act
15 1999 applies to consultations conducted on
or after 1 July 1999.".
_______________
22
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 23
Act No.
PART 8--TAXATION ADMINISTRATION ACT 1997
No. 40/1997.
23. Interest rate in respect of tax defaults
Reprint No. 1
(1) In section 25(a) of the Taxation Administration as at 25
March 1999.
Act 1997 for sub-paragraph (i) substitute--
5 "(i) unless an order is in force under sub-
paragraph (ii), the Treasury Note yield rate;
or".
(2) At the end of section 25 of the Taxation
Administration Act 1997 insert--
10 '(2) The "Treasury Note yield rate" in respect
of any day is the weighted average yield set
at the last weekly tender for the 13 week
Commonwealth of Australia Treasury Note
before the end of May in the financial year
15 preceding the financial year in which the day
occurs.
(3) The Treasury Note yield rate must be
rounded to the second decimal place
(rounding 0·005 upwards).'.
20 _______________
23
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State Taxation Acts (Amendment) Act 1999
s. 24
Act No.
PART 9--TAXATION (INTEREST ON OVERPAYMENTS)
ACT 1986
No. 35/1986. 24. Updated reference to Tribunal
Reprint No. 1
In section 3(1) of the Taxation (Interest on
as at 19
March 1998.
5 Overpayments) Act 1986, for the definition of
"Tribunal" substitute--
' "Tribunal" means Victorian Civil and
Administrative Tribunal established by the
Victorian Civil and Administrative
10 Tribunal Act 1998.'.
25. Interest rate
(1) In section 7(1) of the Taxation (Interest on
Overpayments) Act 1986 for paragraph (b)
substitute--
15 "(b) at the interest rate from time to time applying
under this section.".
(2) In section 7 of the Taxation (Interest on
Overpayments) Act 1986 for sub-sections (2)
and (3) substitute--
20 '(2) The interest rate is--
(a) unless an order is in force under
paragraph (b), the Treasury Note yield
rate; or
(b) the rate specified for the time being by
25 order of the Minister published in the
Government Gazette.
(3) The "Treasury Note yield rate" in respect
of any day is the weighted average yield set
at the last weekly tender for the 13 week
30 Commonwealth of Australia Treasury Note
before the end of May in the financial year
24
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
s. 25
Act No.
preceding the financial year in which the day
occurs.
(3A) The Treasury Note yield rate must be
rounded to the second decimal place
5 (rounding 0·005 upwards).'.
25
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
Notes
Act No.
NOTES
1
Section 10(4) of the Financial Sector Reform (Victoria) Act 1999
provides that property transferred under Part 3 of the Financial Sector
(Transfers of Business) Act 1999 of the Commonwealth ("the
Commonwealth Act") becomes the property of the receiving body when
the certificate of transfer issued under section 18 of the Commonwealth
Act comes into force under Division 3 of Part 3 of the Commonwealth
Act.
By Authority. Government Printer for the State of Victoria.
26
532203B.I1-5/5/99
State Taxation Acts (Amendment) Act 1999
Act No.
27
532203B.I1-5/5/99
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