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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
State Taxation Acts (Further Tax Reform) Act 2002
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
PART 2--DUTIES ACT 2000 3
3. Abolition of duty on unquoted marketable securities 3
4. Pensioner and first home owner exemptions and concessions 3
5. Capital reductions, rights alterations and allotment of shares by
direction 5
6. Transitional provision 5
18. State Taxation Acts (Further Tax Reform) Act 2002 5
7. Consequential amendment of State Taxation Acts (Taxation
Reform Implementation) Act 2001 6
PART 3--LAND TAX ACT 1958 7
8. Increase in land tax threshold 7
5. Land tax for 2003 and subsequent years 7
PART 4--PAY-ROLL TAX ACT 1971 9
9. Reduction in pay-roll tax rate 9
10. Increase in pay-roll tax threshold brought forward 9
ENDNOTES 10
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PARLIAMENT OF VICTORIA
Initiated in Assembly 8 May 2002
A BILL
to amend the Duties Act 2000, the Land Tax Act 1958 and the
Pay-roll Tax Act 1971 to implement further tax reform and for other
purposes.
State Taxation Acts (Further Tax
Reform) Act 2002
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to amend the Duties
Act 2000, the Land Tax Act 1958 and the
5 Pay-roll Tax Act 1971 to implement further tax
reform.
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State Taxation Acts (Further Tax Reform) Act 2002
Act No.
part 1--preliminary
s. 2
2. Commencement
(1) This Act (except section 4) comes into operation
on the day after the day on which it receives the
Royal Assent.
5 (2) Section 4 comes into operation on 1 July 2002.
__________________
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State Taxation Acts (Further Tax Reform) Act 2002
Act No.
part 2--duties act 2000
s. 3
PART 2--DUTIES ACT 2000
See: 3. Abolition of duty on unquoted marketable securities
Act No.
79/2000.
In section 7(3A) of the Duties Act 2000, for
Reprint No. 1
"1 July 2003" substitute "1 July 2002".
as at
15 July 2001
and
amending
Act Nos
27/2001,
48/2001,
79/2001,
9/2002 and
11/2002.
LawToday:
www.dms.
dpc.vic.
gov.au
5 4. Pensioner and first home owner exemptions and
concessions
(1) In the Duties Act 2000--
(a) in section 59--
(i) in sub-section (1)(b), for "$100 000"
10 substitute "$150 000";
(ii) in sub-section (2)(b), for "$100 000 but
does not exceed $130 000" substitute
"$150 000 but does not exceed
$200 000";
15 (iii) in sub-section (3), for the formula
substitute--
466P
" 18 640 - ";
5000
(b) in section 60--
(i) in sub-section (1)(c), for "$100 000"
20 substitute "$150 000";
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State Taxation Acts (Further Tax Reform) Act 2002
Act No.
part 2--duties act 2000
s. 4
(ii) in sub-section (2)(c), for "$100 000 but
does not exceed $130 000" substitute
"$150 000 but does not exceed
$200 000".
5 (2) In section 60 of the Duties Act 2000, for sub-
sections (3) and (4) substitute--
"(3) The concession or refund is an amount
calculated in accordance with the formula--
466(200 000 - P)
D×
100(3P - 217 000)
10 where--
D is the amount of duty paid or payable
(but for this Division) on the transfer;
P is the aggregate amount referred to in
sub-section (2)(c).".
15 (3) In the Duties Act 2000--
(a) in section 61--
(i) in sub-section (1), paragraph (d) is
repealed;
(ii) sub-section (3) is repealed;
20 (b) in section 62--
(i) in sub-section (1), for "$115 000"
substitute "$150 000";
(ii) in sub-section (2), for "$115 000 but
does not exceed $165 000" (where
25 twice occurring) substitute "$150 000
but does not exceed $200 000";
(iii) in sub-section (3), for the formula
substitute--
466P
" 18 640 - ";
5000
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State Taxation Acts (Further Tax Reform) Act 2002
Act No.
part 2--duties act 2000
s. 5
(iv) in sub-section (4), for the formula
substitute--
466(200 000 - P)
"D × ";
100(3P - 217 000)
(c) in section 63--
5 (i) in sub-section (1)(c), for "$115 000"
substitute "$150 000";
(ii) in sub-section (2)(c), for "$115 000 but
does not exceed $165 000" substitute
"$150 000 but does not exceed
10 $200 000";
(iii) in sub-section (3), for the formula
substitute--
466(200 000 - P)
"D × ".
100(3P - 217 000)
5. Capital reductions, rights alterations and allotment of
15 shares by direction
In sections 94(3) and 97(2)(c) of the Duties Act
2000, for "1 July 2003" substitute "1 July 2002".
6. Transitional provision
At the end of Schedule 2 to the Duties Act 2000
20 insert--
"18. State Taxation Acts (Further Tax Reform) Act 2002
Sections 59, 60, 61, 62 and 63, as in force
immediately before the commencement of section 4
of the State Taxation Acts (Further Tax Reform)
25 Act 2002, continue to apply to a transfer that takes
place on or after that commencement if the contract of
sale giving rise to the transfer was entered into before
that commencement.".
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State Taxation Acts (Further Tax Reform) Act 2002
Act No.
part 2--duties act 2000
s. 7
7. Consequential amendment of State Taxation Acts
(Taxation Reform Implementation) Act 2001
See:
In section 2(4) of the State Taxation Acts Act No.
(Taxation Reform Implementation) Act 2001, 48/2001.
5 Statute Book:
for "1 July 2003" substitute "1 July 2002". www.dms.
dpc.vic.
gov.au
__________________
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State Taxation Acts (Further Tax Reform) Act 2002
Act No.
part 3--land tax act 1958
s. 8
PART 3--LAND TAX ACT 1958
See: 8. Increase in land tax threshold
Act No.
6289/1958.
(1) In section 7A of the Land Tax Act 1958--
Reprint No. 11
as at
(a) for "2001" substitute "2002";
18 October
2001
5 (b) for "$125" substitute "$150".
and
amending
(2) In the Second Schedule to the Land Tax Act
Act No.
79/2001.
1958--
LawToday:
www.dms.
(a) in the heading to clause 4, omit "and
dpc.vic.
subsequent years";
gov.au
10 (b) in clause 4, omit "or a subsequent year".
(3) In the Second Schedule to the Land Tax Act
1958, after clause 4 insert--
"5. Land tax for 2003 and subsequent years
If the total unimproved value of land of an owner as
15 assessed under this Act for 2003 or a subsequent year
is not less than the amount shown in column 1 of an
item in Table E and, if an amount is shown in
column 2 of that item, less than the amount shown in
column 2 of that item, the duty of land tax payable on
20 the land is the amount determined in accordance with
column 3 of that item.
TABLE E
Item Column 1 Column 2 Column 3
$ $
1. 0 150 000 Nil
2. 150 000 200 000 $150 and 01 cents for
each $1 of the value
that exceeds $150 000
3. 200 000 540 000 $200 and 02 cents for
each $1 of the value
that exceeds $200 000
4. 540 000 675 000 $880 and 05 cents for
each $1 of the value
that exceeds $540 000
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State Taxation Acts (Further Tax Reform) Act 2002
Act No.
part 3--land tax act 1958
s. 8
Item Column 1 Column 2 Column 3
$ $
5. 675 000 810 000 $1555 and 1 cent for
each $1 of the value
that exceeds $675 000
6. 810 000 1 080 000 $2905 and 175 cents
for each $1 of the
value that exceeds
$810 000
7. 1 080 000 1 620 000 $7630 and 275 cents
for each $1 of the
value that exceeds
$1 080 000
8. 1 620 000 2 700 000 $22 480 and 3 cents
for each $1 of the
value that exceeds
$1 620 000
9. 2 700 000 $54 880 and 5 cents
for each $1 of the
value that exceeds
$2 700 000".
__________________
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State Taxation Acts (Further Tax Reform) Act 2002
Act No.
part 4--pay-roll tax act 1971
s. 9
PART 4--PAY-ROLL TAX ACT 1971
See: 9. Reduction in pay-roll tax rate
Act No.
8154/1971.
In section 7(1) of the Pay-roll Tax Act 1971--
Reprint No. 8
as at
(a) in paragraph (i), for "2003" substitute
15 July 2001
5 "2002";
and
amending
Act Nos (b) in paragraph (j)--
82/2001 and
11/2002.
(i) for "2003" substitute "2002 and before
LawToday:
the month of July 2003";
www.dms.
dpc.vic.
(ii) for "or (i)." substitute "or (i); and";
gov.au
10 (c) after paragraph (j) insert--
"(k) at the rate of 525% in respect of such
of those wages as are paid or payable
after the month of June 2003 and are
not liable to pay-roll tax at the rate
15 prescribed in paragraph (c), (d), (e), (f),
(g), (h), (i) or (j).".
10. Increase in pay-roll tax threshold brought forward
In the Pay-roll Tax Act 1971--
(a) in section 9A(3A)(ga), in paragraphs (h) and
20 (i), for "2003" substitute "2002";
(b) in section 9B(1), in the definition of
"prescribed amount", in paragraph (a)(iv)
and (v) and paragraph (b)(vii), (viii) and (ix),
for "2003" substitute "2002";
25 (c) in section 11A(2), in paragraphs (h) and (i),
for "2003" substitute "2002";
(d) in Schedule Two, in Parts O, P, Q and R, for
"2003" substitute "2002".
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State Taxation Acts (Further Tax Reform) Act 2002
Act No.
Endnotes
ENDNOTES
By Authority. Government Printer for the State of Victoria.
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