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REVENUE AND OTHER LEGISLATION AMENDMENT BILL 1997

      Queensland




REVENUE AND OTHER
   LEGISLATION
AMENDMENT BILL 1997

 


 

 

Queensland REVENUE AND OTHER LEGISLATION AMENDMENT BILL 1997 TABLE OF PROVISIONS Section Page PART 1--PRELIMINARY 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 PART 2--AMENDMENT OF FINANCIAL INTERMEDIARIES ACT 1996 3 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 Amendment of s 65 (Objects) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 PART 3--AMENDMENT OF LAND TAX ACT 1915 5 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Amendment of s 3 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 Insertion of new s 3CA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3CA References to unimproved value of subdivided land in certain cases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 PART 4--AMENDMENT OF STAMP ACT 1894 8 Act amended in pt 4 and schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 9 Amendment of s 31BA (Options--marketable securities) . . . . . . . . . . . . . . 6 10 Amendment of s 54AB (Duty payable where no dutiable instrument) . . . . 7 11 Amendment of s 56FK (Statement chargeable with duty) . . . . . . . . . . . . . . 9 12 Amendment of s 56FL (Corporations to which the prescribed provisions apply) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 13 Amendment of s 75 (Allowance in certain circumstances) . . . . . . . . . . . . . 10 14 Amendment of sch 1 (Stamp duties on instruments) . . . . . . . . . . . . . . . . . . 12 SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . 13 MINOR AMENDMENTS OF STAMP ACT 1894

 


 

 

1997 A BILL FOR An Act to amend certain Acts administered by the Treasurer

 


 

s1 4 s4 Revenue and Other Legislation Amendment The Parliament of Queensland enacts-- 1 PART 1--PRELIMINARY 2 title 3 Short Clause 1. This Act may be cited as the Revenue and Other Legislation 4 Amendment Act 1997. 5 6 Commencement Clause 2. Part 3 commences on 29 June 1998. 7 PART 2--AMENDMENT OF FINANCIAL 8 INTERMEDIARIES ACT 1996 9 amended in pt 2 10 Act Clause 3. This part amends the Financial Intermediaries Act 1996. 11 of s 65 (Objects) 12 Amendment Clause 4.(1) Section 65(1)(a), `for the member's own use'-- 13 omit. 14 (2) Section 65(1)(b), `existing'-- 15 omit. 16 (3) Section 65(1)(c), `of a residential loan'-- 17 omit, insert-- 18 `or consolidation of residential loans'. 19

 


 

s5 5 s7 Revenue and Other Legislation Amendment PART 3--AMENDMENT OF LAND TAX ACT 1915 1 amended in pt 3 2 Act Clause 5. This part amends the Land Tax Act 1915. 3 of s 3 (Definitions) 4 Amendment Clause 6. Section 3, definition "unimproved value"-- 5 omit, insert-- 6 ` "unimproved value" see sections 3C and 3CA.'. 7 of new s 3CA 8 Insertion Clause 7. After section 3C-- 9 insert-- 10 to unimproved value of subdivided land in certain cases 11 `References `3CA.(1) This section applies to a parcel of land if-- 12 (a) the parcel is 1 of the parts into which land has been subdivided; 13 and 14 (b) the person who subdivided the land (the "subdivider") was, 15 when the land was subdivided-- 16 (i) an approved subdivider for the land; and 17 (ii) the owner of the parcel; and 18 (c) the parcel was vacant land when the land was subdivided; and 19 (d) at midnight on the 30 June immediately preceding the discount 20 year for the parcel-- 21 (i) the subdivider is still the owner of the parcel; and 22 (ii) the parcel is still vacant land. 23 `(2) Subsection (3) applies to the parcel for levying land tax on the parcel 24 for the discount year for the parcel. 25 `(3) A reference to the unimproved value of the parcel that applies for the 26

 


 

s8 6 s9 Revenue and Other Legislation Amendment discount year is a reference to the value that, apart from this subsection, 1 would be the unimproved value of the parcel applying for the discount year, 2 discounted by 40%. 3 `(4) Nothing in this section applies for levying land tax on the parcel for a 4 financial year other than the discount year for the parcel. 5 `(5) For this section, land is taken to be subdivided when a plan of 6 subdivision under the Land Title Act 1994 is registered under that Act.1 7 `(6) In this section-- 8 "approved subdivider", of land, means a person who has been issued an 9 approved subdivider's certificate for the land. 10 "approved subdivider's certificate", for land, see Valuation of Land Act 11 1944, section 96A(1).2 12 "discount year", for a parcel of land that is 1 of the parts into which land 13 has been subdivided, means the financial year immediately following 14 the financial year in which the land was subdivided.'. 15 PART 4--AMENDMENT OF STAMP ACT 1894 16 amended in pt 4 and schedule 17 Act Clause 8. This part and the schedule amend the Stamp Act 1894. 18 of s 31BA (Options--marketable securities) 19 Amendment Clause 9.(1) Section 31BA, heading-- 20 omit, insert-- 21 `Options--marketable securities and share rights'. 22 (2) Section 31BA(1), after `marketable security'-- 23 1 The Land Title Act 1994, section 49A deals with the registration of plans of subdivision. 2 Valuation of Land Act 1944, section 96A (Approved subdivider's certificate)

 


 

s 10 7 s 10 Revenue and Other Legislation Amendment insert-- 1 `or right in respect of shares'. 2 (3) Section 31BA(2) and (3), after `marketable security'-- 3 insert-- 4 `or right'. 5 (4) Section 31BA(4), definition "option", after `marketable securities'-- 6 insert-- 7 `or rights in respect of shares'. 8 of s 54AB (Duty payable where no dutiable instrument) 9 Amendment Clause 10.(1) Section 54AB(1)-- 10 insert-- 11 `(c) a transaction that-- 12 (i) involves a person who has an estate or interest in property of 13 a kind mentioned in paragraph (a); and 14 (ii) results in a trust restriction being imposed on, or removed 15 from, the person in relation to the property.'. 16 (2) Section 54AB, after subsection (1A)-- 17 insert-- 18 `(1AB) For subsection (1)(c), a trust restriction is imposed on a person 19 in relation to property in which the person has an estate or interest if-- 20 (a) the person's estate or interest is held otherwise than as trustee and 21 the person starts to hold the estate or interest as trustee; or 22 (b) the person's estate or interest is held as trustee of a trust and the 23 person starts to hold the estate or interest as trustee of another 24 trust. 25 `(1AC) For subsection (1)(c), a trust restriction is removed from a 26 person in relation to property in which the person has an estate or interest if 27 the person's estate or interest is held as trustee of a trust and the person 28 stops holding the estate or interest as trustee of the trust.'. 29

 


 

s 10 8 s 10 Revenue and Other Legislation Amendment (3) Section 54AB(2)-- 1 insert-- 2 `(c) in the case of a transaction of the kind specified in 3 subsection (1)(c)--with duty under schedule 1, under the heading 4 `Conveyance or transfer', paragraph (4) on the full unencumbered 5 value of the estate or interest mentioned in paragraph (c)(i) of the 6 subsection;'. 7 (4) Section 54AB(2), `subsection (1), prepare'-- 8 omit, insert-- 9 `subsection (1) or is a person involved in a transaction mentioned in 10 subsection (1)(c), prepare'. 11 (5) Section 54AB(3), `subsection (1)'-- 12 omit, insert-- 13 `subsection (1)(a) or (b)'. 14 (6) Section 54AB-- 15 insert-- 16 `(3A) For a statement prepared under subsection (2) for a transaction 17 specified in subsection (1)(c) (the "trust transaction")-- 18 (a) the statement is taken for this Act to be an instrument of 19 conveyance of the estate or interest mentioned in 20 subsection (1)(c), to the extent to which subsection (3) does not 21 apply to the property comprising the estate or interest because of 22 the transaction, or a transaction of which the trust transaction 23 forms a part; and 24 (b) the instrument is taken to have been signed by each person 25 required to prepare a statement for the trust transaction.'. 26 (7) Section 54AB(4A), after `subsection (3)'-- 27 insert-- 28 `or (3A)'. 29

 


 

s 11 9 s 12 Revenue and Other Legislation Amendment of s 56FK (Statement chargeable with duty) 1 Amendment Clause 11. Section 56FK-- 2 insert-- 3 `(12) If land to which the corporation is entitled at the time of the relevant 4 acquisition includes land (the "subject land") being sold or transferred 5 under a contract or agreement for sale or transfer that is subsequently 6 completed-- 7 (a) the subject land is to be disregarded-- 8 (i) in determining whether the corporation is a land-holder 9 within the meaning of section 56FL; and 10 (ii) in the calculation of the dutiable value; and 11 (b) the commissioner must make the necessary reassessments and 12 refunds of duty. 13 `(13) However, subsection (12) applies only if the commissioner is 14 satisfied the contract or agreement for the subject land was not entered into, 15 or was not part of a scheme or arrangement entered into, for the purpose of 16 defeating the object of the prescribed provisions.'. 17 of s 56FL (Corporations to which the prescribed 18 Amendment provisions apply) 19 Clause 12.(1) Section 56FL(5), from `subsection (2), any'-- 20 omit, insert-- 21 `subsection (2)-- 22 (a) any contract or agreement under which land of the corporation or 23 a subsidiary is being sold or transferred is to be taken not to have 24 been made; and 25 (b) any contract or agreement (whether or not conditional) under 26 which land is being purchased or acquired by the corporation or a 27 subsidiary is to be taken to have been completed.'. 28 (2) Section 56FL(6)-- 29 omit, insert-- 30

 


 

s 13 10 s 13 Revenue and Other Legislation Amendment `(6) Without limiting the way this section applies to a corporation, for 1 this section-- 2 (a) a corporation is taken to be entitled to land if the land is being sold 3 or transferred, or purchased or acquired, by the corporation or a 4 subsidiary under a contract or agreement for sale or transfer 5 (whether or not the contract or agreement is conditional); and 6 (b) a corporation is taken to be entitled to land or property to the 7 extent that a subsidiary is entitled to the land or property.'. 8 of s 75 (Allowance in certain circumstances) 9 Amendment Clause 13.(1) Section 75-- 10 insert-- 11 `(2A) In considering an application, the commissioner may, by written 12 notice given to the applicant, require the applicant to give to the 13 commissioner, within the reasonable time stated in the notice, further 14 information about the application the commissioner considers is necessary 15 and reasonable to help the commissioner decide the application.'. 16 (2) Section 75(3), `(3) The commissioner'-- 17 omit, insert-- 18 `(3) If the commissioner is satisfied about the matters mentioned in 19 subsection (3A) in relation to an application, the commissioner '. 20 (3) Section 75-- 21 insert-- 22 `(3A) For subsection (3), the matters relating to an application about 23 which the commissioner is required to be satisfied are-- 24 (a) that the stamp to which the application relates satisfies a 25 requirement mentioned in subsection (2)(a), (b) or (c); and 26 (b) that the application was made within the time mentioned in 27 subsection (2); and 28 (c) that the circumstances for making an allowance for a stamp 29 composed by at least 1 of the paragraphs of subsection (5) apply 30 in relation to the application.'. 31

 


 

s 13 11 s 13 Revenue and Other Legislation Amendment (4) Section 75(5), `(5) Subject to' to `following circumstances--'-- 1 omit, insert-- 2 `(5) The circumstances for making an allowance for a stamp are as 3 follows--'. 4 (5) Section 75(5)(d)-- 5 omit, insert-- 6 `(d) where an instrument is void from inception;'. 7 (6) Section 75(5)(f)-- 8 omit, insert-- 9 `(f) where-- 10 (i) the instrument has not had any legal effect but, on having 11 legal effect, would have an unintended effect because of a 12 mistake in its preparation; and 13 (ii) the instrument is chargeable with duty under this Act 14 because of the unintended effect;'. 15 (7) Section 75-- 16 insert-- 17 `(7) For this section, an instrument is taken to have legal effect only if-- 18 (a) a right has been exercised under the instrument; or 19 (b) an obligation has been carried out under the instrument; or 20 (c) the instrument has been relied on in another way. 21 `(8) For subsection (5)(f), an instrument has an unintended effect if-- 22 (a) at the time the instrument was signed, the parties had a specific 23 intention that was to be given effect to by the instrument; and 24 (b) the instrument does not give effect to the intention. 25 `(9) For subsection (8), the signing of an instrument by the parties is 26 evidence the instrument gives effect to the intention of the parties.'. 27

 


 

s 14 12 s 14 Revenue and Other Legislation Amendment of sch 1 (Stamp duties on instruments) 1 Amendment Clause 14. Schedule 1, Conveyance or transfer, exemptions-- 2 insert-- 3 `19.(1) A transfer of a mobile home positioned on a site under a relevant 4 agreement. 5 `(2) A transfer of a mobile home not positioned on a site if-- 6 (a) the mobile home is acquired for positioning on a site; and 7 (b) the transfer is not part of a transaction involving a transfer of 8 ownership of land. 9 `(3) An assignment of a person's rights and obligations as occupier 10 under a relevant agreement. 11 `(4) In this section, "mobile home", "occupier", "relevant agreement" 12 and "site" have the respective meanings given by the Mobile Homes Act 13 1989, section 3.3'. 14 3 Mobile Homes Act 1989, section 3(1)-- "mobile home" means a structure (other than a caravan) prescribed by regulation. "occupier" means a person who under a relevant agreement is entitled to occupy a mobile home positioned on a site. "relevant agreement" means an agreement under which a person is entitled-- (a) to position a mobile home on a site; and (b) to occupy the mobile home as the person's only or principal place of residence. "site" means land made available for positioning of mobile homes under relevant agreements and includes every part of such land.

 


 

13 Revenue and Other Legislation Amendment CHEDULE 1 S section 8 2 MINOR AMENDMENTS OF STAMP ACT 1894 3 1. Section 31D(1)(a), from `particulars'-- 4 omit, insert-- 5 `particulars as are prescribed under a regulation; and'. 6 2. Section 31D(1)(aa)(ii), `prescribed'-- 7 omit, insert-- 8 `prescribed under a regulation'. 9 3. Section 31J(4)(a), `verified' to `particulars of'-- 10 omit, insert-- 11 `showing particulars of'. 12 4. Section 35B(1)(a), before subparagraph (i), `and verified' to 13 `manner'-- 14 omit. 15 5. Section 35B(1)(a)(i), `(i) the' to `particulars'-- 16 omit, insert-- 17 `(i) particulars'. 18

 


 

14 Revenue and Other Legislation Amendment SCHEDULE (continued) 6. Section 35B(1)(a)(iii), `(iii) the' to `particulars'-- 1 omit, insert-- 2 `(iii) the particulars prescribed under a regulation'. 3 7. Section 35B(1)(a)(va), `(va) the' to `particulars'-- 4 omit, insert-- 5 `(va)particulars'. 6 8. Section 35B(1)(a)(viia),`(viia) the' to `particulars'-- 7 omit, insert-- 8 `(viia)the particulars prescribed under a regulation'. 9 9. Section 35B(1)(a)(ix), `(ix) the' to `particulars'-- 10 omit, insert-- 11 `(ix) the particulars prescribed under a regulation'. 12 10. Section 35B(1AC), definition "short-term discount transaction", 13 `in' to `manner'-- 14 omit, insert-- 15 `in the way prescribed under a regulation'. 16 11. Section 35B(1AC), definition "short-term loan", ` elected in' to 17 `manner to'-- 18 omit, insert-- 19 `elected in the way prescribed under a regulation to'. 20

 


 

15 Revenue and Other Legislation Amendment SCHEDULE (continued) 12. Section 35B(1AC), definition "short-term loan", `declared in' to 1 `period'-- 2 omit, insert-- 3 `declared in the way, and within the period, prescribed under a regulation'. 4 13. After section 86-- 5 insert-- 6 `Declaration about the repealed Revenue Laws Amendment Act 7 (No. 2) 1996, s 34(1) 8 `87.(1) To remove doubt, it is declared that the Revenue Laws 9 Amendment Act (No. 2) 1996, section 34(1) did not, before its repeal, effect 10 amendments of the following provisions of this Act-- 11 section 35B(1)(a)(ii)(A), (iv)(A), (vi)(A), (viii)(A) or (x)(B)(2), 12 (C)(2) or (D) 13 section 35B(1AC), definitions "short-term discount transaction" 14 and "short-term loan". 15 `(2) Subsection (1) is a law to which the Acts Interpretation Act 1954, 16 section 20A applies.4 17 `(3) This section expires on 31 December 1998.'. 18 19 State of Queensland 1997 4 Acts Interpretation Act 1954, s 20A (Repeal does not end saving, transitional or validating effect etc.)

 


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