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This is a Bill, not an Act. For current law, see the Acts databases.
Serial 80
Treasury
Legislation Amendment Bill 2014
Mr
Tollner
A Bill for an Act to amend legislation administered by the Treasurer
NORTHERN TERRITORY OF AUSTRALIA
TREASURY LEGISLATION AMENDMENT ACT 2014
____________________
Act No. [ ] of 2014
____________________
Table of provisions
4A New
homes
55 Application
of sections 13AA and 18 on and after 13 May 2014
90AA Meaning of qualifying home on and after 13 May 2014
NORTHERN
TERRITORY OF AUSTRALIA
____________________
Act No. [ ] of 2014
____________________
An Act to amend legislation administered by the Treasurer
[Assented to [ ] 2014]
[Second reading [ ] 2014]
The Legislative Assembly of the Northern Territory enacts as follows:
Part
1 Preliminary
matters
1 Short
title
This Act may be cited as the Treasury Legislation Amendment Act 2014.
This Act is taken to have commenced on 13 May 2014.
Part
2 Amendment of First Home Owner Grant
Act
3 Act
amended
This Part amends the First Home Owner Grant Act.
Section 3
insert (in alphabetical order)
new home has the meaning in section 4A.
After section 4
insert
(1) A home is a new home if:
(a) the home has not been previously occupied or sold as a place of residence; or
(b) all of the following apply:
(i) the home is the subject of a contract for the purchase of the home;
(ii) the sale of the home is, under the A New Tax System (Goods and Services Tax) Act 1999 (Cth), a taxable supply as a sale of new residential premises as defined in section 40-75(1)(b) of that Act;
(iii) the home has not, since being renovated, been occupied or sold as a place of residence; or
(c) the Commissioner declares the home to be a new home under subsection (2).
Note for subsection (1)(b)(ii)
Section 40-75(1)(b) of the A New Tax System (Goods and Services Tax) Act 1999 (Cth), relates to residential premises that have been created through substantial renovations of a building.
(2) The Commissioner may declare a home that is the subject of a transaction and would not otherwise be a new home, to be a new home in relation to that transaction if satisfied that:
(a) it would be a new home but for the fact that it has previously been sold as a place of residence; and
(b) doing so would not have the effect of circumventing limitations on, or requirements affecting, eligibility for or entitlement to a first home owner grant imposed by or under this Act.
(3) In this section:
place of residence includes a building occupied as residential accommodation (regardless of the duration of the occupation).
Examples for subsection (3)
A building occupied as residential accommodation might include a hotel, serviced apartments or workers accommodation.
(1) Section 13(1)(a)
omit
Territory; or
insert
Territory:
(i) if the contract was made before 1 January 2015 – whether or not the home is a new home; or
(ii) if the contract is made on or after 1 January 2015 – only if the home is a new home; or
(2) Section 13(1)(c)
omit, insert
(c) the building of a home in the Territory by an owner builder if the building work commences on or after 1 July 2000 and:
(i) the commencement date for the transaction is before 1 January 2015; or
(ii) the commencement date for the transaction is on or after 1 January 2015 and one of the following applies:
(A) the transaction is not a transaction to which subsection (7) applies; or
(B) if the transaction is a transaction to which subsection (7) applies – the home is a new home.
(1) Section 13AA(1)(b) to (e)
omit, insert
(b) a contract for the purchase of a home, comprehensive home building contract or building of a home by an owner builder, if:
(i) the transaction is a threshold-relevant transaction; and
(ii) the consideration for the transaction (including any GST payable in relation to it) is more than the threshold amount;
(c) a contract for the purchase of a home if:
(i) the contract is a threshold-relevant transaction; and
(ii) the total of the following amounts is more than the threshold amount:
(A) the unencumbered value of the home;
(B) the unencumbered value, at the date the contract is made, of the relevant interest in the land on which the home is built or to be built;
(d) a comprehensive home building contract if:
(i) the contract is a threshold-relevant transaction; and
(ii) the total of the following amounts is more than the threshold amount:
(A) the consideration for the transaction (including any GST payable in relation to it);
(B) the unencumbered value, at the date the contract is made, of the relevant interest in the land on which the home is to be built;
(e) the building of a home by an owner builder if:
(i) the transaction is a threshold-relevant transaction; and
(ii) the total of the following amounts, at the date the home is ready for occupation as a place of residence, is more than the threshold amount:
(A) the unencumbered value of the home;
(B) the unencumbered value of the relevant interest in the land on which the home is built.
(2) Section 13AA(4)
insert (in alphabetical order)
threshold-relevant transaction means:
(a) a transaction the commencement date of which is before 13 May 2014; or
(b) a contract for the purchase of a home if:
(i) the commencement date of the contract is on or after 13 May 2014 but before 1 January 2015; and
(ii) the home is not a new home; or
(c) a transaction that is the building of a home in the Territory by an owner builder if:
(i) the transaction is a transaction to which section 13(7) applies; and
(ii) the commencement date of the transaction is on or after 13 May 2014 but before 1 January 2015; and
(iii) the home is not a new home.
(1) Section 18(1)(b)
omit
or (3)
insert
to (3B)
(2) Section 18(3), after "December 2012"
insert
but before 13 May 2014
(3) After section 18(3)
insert
(3A) If the commencement date for the transaction is on or after 13 May 2014 but before 1 January 2015, the amount for subsection (1)(b) is:
(a) if the home is an established home in the urban area – $12 000; or
(b) if the home is a new home – $26 000; or
(c) otherwise – $25 000.
(3B) If the commencement date for the transaction is on or after 1 January 2015, the amount for subsection (1)(b) is $26 000.
(4) Section 18(5)
omit
After section 54
insert
55 Application of sections 13AA and 18 on and after 13 May 2014
(1) This section applies to a transaction that is a contract for the purchase of a home if:
(a) the contract replaces a contract to purchase the same or a substantially similar home that was made during the relevant period; or
(b) the purchaser had an option to purchase the same or a substantially similar home that was granted during the relevant period; or
(c) the vendor had an option to require the purchaser to purchase the same or a substantially similar home that was granted during the relevant period.
(2) This section applies to a transaction that is a comprehensive home building contract if:
(a) the contract replaces a contract to construct the same or a substantially similar home that was made during the relevant period; or
(b) a party to the contract had a right or option to require the other party to enter into the contract that was granted during the relevant period.
(3) If this section applies to a transaction:
(a) despite the definition of threshold-relevant transaction in section 13AA(4), the transaction is a threshold-relevant transaction for the purposes of section 13AA; and
(b) the threshold amount for the transaction is $600 000.
(4) If, after taking into account subsection (3), the transaction is an eligible transaction, the amount of the first home owner grant for the eligible transaction is the lesser of:
(a) the amount of consideration actually paid for the eligible transaction; and
(b) the following:
(i) if the home is an established home in the urban area (as defined in section 18(4)) – $12 000;
(ii) otherwise – $25 000.
(5) In this section:
relevant period means the period from 4 December 2012 to 12 May 2014.
Part
3 Amendment of Stamp Duty
Act
10 Act
amended
This Part amends the Stamp Duty Act.
Section 90(10), definition qualifying home, paragraph (b)
omit, insert
(b) for a conveyance that is first executed on or after 4 December 2012 but before 13 May 2014 – a new home as defined in section 18(5) of the First Home Owner Grant Act (as then in force);
(c) for a conveyance that is first executed on or after 13 May 2014 – a qualifying home as defined in section 90AA.
After section 90
insert
90AA Meaning of qualifying home on and after 13 May 2014
(1) For section 90(10)(c), for a conveyance that is first executed on or after 13 May 2014 a home is a qualifying home if:
(a) the home has not been previously occupied or sold as a place of residence; or
(b) all of the following apply:
(i) the home is the subject of a contract for the purchase of the home;
(ii) the sale of the home is, under the A New Tax System (Goods and Services Tax) Act 1999 (Cth), a taxable supply as a sale of new residential premises as defined in section 40-75(1)(b) of that Act;
(iii) the home has not, since being renovated, been occupied or sold as a place of residence; or
(c) the Commissioner declares the home to be a qualifying home under subsection (2).
Note for subsection (1)(b)(ii)
Section 40-75(1)(b) of the A New Tax System (Goods and Services Tax) Act 1999 (Cth), relates to residential premises that have been created through substantial renovations of a building.
(2) The Commissioner may declare a home that would not otherwise be a qualifying home, to be a qualifying home in relation to a conveyance if satisfied that:
(a) it would be a qualifying home but for the fact that it has previously been sold as a place of residence; and
(b) doing so would not have the effect of circumventing limitations on, or requirements affecting, eligibility for or entitlement to a principal place of residence rebate imposed by or under this Act.
(3) In this section:
place of residence includes a building, or part of a building, occupied as residential accommodation (regardless of the duration of the occupation).
Examples for subsection (3)
A building occupied as residential accommodation might include a hotel, serviced apartments or workers accommodation.
Part
4 Amendment of Racing and Betting
Act
13 Act
amended
This Part amends the Racing and Betting Act.
Section 106(2)(a)
omit, insert
(a) an amount equal to the monetary value of the following number of revenue units worked out in accordance with the Revenue Units Act:
(i) for a financial year ending before 1 July 2014 – 250 000 revenue units;
(ii) for a financial year ending after 1 July 2014 – 500 000 revenue units; or
This Act expires on the day after it commences.
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