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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
Revenue and Other
Legislation Amendment Bill
2006
Queensland
Revenue and Other Legislation
Amendment Bill 2006
Contents
Page
Part 1 Preliminary
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Part 2 Amendment of Community Ambulance Cover Act 2003
3 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
4 Omission of s 9 (Notes in text) . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
5 Amendment of s 81 (Authorised subcontractors to perform
electricity retailer's functions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
6 Insertion of new ss 81A and 81B . . . . . . . . . . . . . . . . . . . . . . . . . 9
81A When commissioner's approval not required for
contract ............................... 9
81B When authorised subcontractor not permitted to
subcontract under s 81(2) . . . . . . . . . . . . . . . . . . . . . 10
7 Amendment of s 82 (Administration agreement) . . . . . . . . . . . . . 10
8 Amendment of s 149 (Additional ways of giving documents to
commissioner) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
9 Amendment of schedule (Dictionary) . . . . . . . . . . . . . . . . . . . . . . 11
Part 3 Amendment of Duties Act 2001
Division 1 Preliminary
10 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Division 2 Amendments commencing on assent
11 Omission of s 4 (Notes in text) . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
12 Amendment of s 92 (Concession for transfer duty--first home). . 12
13 Amendment of s 152 (Exemption--to correct error in previous
dutiable transaction) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
14 Amendment of s 459 (Restrictions on registration) . . . . . . . . . . . 13
15 Insertion of new ch 17 pt 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2
Revenue and Other Legislation Amendment Bill 2006
568 Definition for pt 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
570 Retrospective operation of new s 92(1)(c) . . . . . . . . . 14
Division 3 Amendments commencing on 1 January 2007
16 Amendment of s 9 (What is a dutiable transaction) . . . . . . . . . . . 14
17 Amendment of s 10 (What is dutiable property) . . . . . . . . . . . . . . 14
18 Amendment of s 24 (Rates of transfer duty). . . . . . . . . . . . . . . . . 14
19 Amendment of s 30 (Aggregation of dutiable transactions) . . . . . 15
20 Amendment of s 85 (Purpose of pt 9) . . . . . . . . . . . . . . . . . . . . . 15
21 Amendment of s 86 (What is a home and a first home) . . . . . . . . 15
22 Insertion of new ss 86A-86D . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
86A What is residential land . . . . . . . . . . . . . . . . . . . . . . . 16
86B What is a first home for a residence to be
constructed on vacant land . . . . . . . . . . . . . . . . . . . . 16
86C What is vacant land . . . . . . . . . . . . . . . . . . . . . . . . . . 16
86D What is a vacant land concession beneficiary . . . . . . 17
23 Amendment of s 89 (What is a person's transfer date for
residential land) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
24 Amendment of s 90 (What is the dutiable value of residential
land) ......................................... 17
25 Amendment of s 91 (Concession for transfer duty--home) . . . . . 17
26 Amendment of s 92 (Concession for transfer duty--first home). . 18
27 Amendment of s 93 (Concession for transfer duty--mixed and
multiple claims for homes and first homes for individuals) . . . . . . 19
93 Concession--mixed and multiple claims for
individuals--residential land'. . . . . . . . . . . . . . . . . . . . 19
28 Insertion of new s 93A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
93A Concession--mixed and multiple claims for
individuals--vacant land. . . . . . . . . . . . . . . . . . . . . . . 19
29 Amendment of s 94 (Concession for transfer duty--mixed and
multiple claims for homes and first homes) . . . . . . . . . . . . . . . . . 21
94 Concession--mixed and multiple claims for
trustees--residential land'. . . . . . . . . . . . . . . . . . . . . . 21
30 Insertion of new s 94A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
94A Concession--mixed and multiple claims for
trustees--vacant land. . . . . . . . . . . . . . . . . . . . . . . . . 21
31 Replacement of s 95 (Application for concession for transfer
duty for home or first home) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
95 Application for concession . . . . . . . . . . . . . . . . . . . . . 22
32 Amendment of s 97 (Dutiable transactions to which pt 10
applies) .................................. 22
3
Revenue and Other Legislation Amendment Bill 2006
33 Omission of s 103 (Conditions for transfer or agreement for
transfer of Queensland marketable security) . . . . . . . . . . . . . . . . 22
34 Amendment of s 105 (How transfer duty is assessed on dutiable
transaction). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
35 Amendment of s 106 (Special provision for assessing transfer
duty if total gifts of property used for prescribed business
exceed $500000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
36 Amendment of s 148 (Exemption--marketable securities etc.) . . 23
37 Amendment of s 153 (Reassessment--noncompliance with
occupancy requirements after occupation date for residence). . . 23
38 Amendment of s 154 (Reassessment--other noncompliance
with occupancy requirements) . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
39 Amendment of s 155 (When transferees must give notice for
reassessment) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
40 Amendment of s 173 (Value of land-holdings and
property--business property disregarded). . . . . . . . . . . . . . . . . . 24
41 Amendment of s 194 (Exemption--if transfer duty not imposed) . 25
42 Insertion of new s 194A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
194A Exemption--marketable securities . . . . . . . . . . . . . . . 26
43 Replacement of s 216 (Rate of corporate trustee duty) . . . . . . . . 26
216 Rate of corporate trustee duty . . . . . . . . . . . . . . . . . . 26
44 Replacement of s 227 (Deduction--transfer duty for marketable
securities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
227 Deduction--interstate transfer duty for shares . . . . . . 27
45 Replacement of s 272 (What is a home and first home for div 2). 27
272 What is a home and first home for div 2 . . . . . . . . . . . 27
46 Amendment of s 291 (Reassessment--concession under pt 6) . 28
47 Omission of ch 7 (Hire duty). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
48 Amendment of s 384 (Reduction in vehicle registration duty
payable) ..................................... 28
49 Amendment of s 404 (How part applies to particular
transactions) ............................... 29
50 Omission of s 405 (Exemption--interposing new company
between existing companies and their shareholders) . . . . . . . . . 29
51 Amendment of s 407 (Group property for intra-group transfer of
property) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
52 Replacement of s 409 (Exemption--land rich duty) . . . . . . . . . . . 29
409 Exemption--land rich duty . . . . . . . . . . . . . . . . . . . . . 29
53 Amendment of s 414 (Exemption--particular duties for exempt
institutions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
54 Amendment of s 415 (Use requirement) . . . . . . . . . . . . . . . . . . . 31
4
Revenue and Other Legislation Amendment Bill 2006
55 Amendment of s 416 (Start of use requirement) . . . . . . . . . . . . . 31
56 Amendment of s 417 (Commissioner to extend start date and
duration period) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
57 Amendment of s 418 (Reassessment on application of exempt
institution) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
58 Amendment of s 419 (Reassessment--noncompliance with use
requirements) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
59 Amendment of s 437 (Application for registration to carry on
particular businesses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
60 Amendment of s 484 (Registration of instrument disposing of
particular marketable securities etc.) . . . . . . . . . . . . . . . . . . . . . . 32
61 Amendment of s 498 (Special provisions for working out value
of particular shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
62 Amendment of s 506 (Requirement to keep particular
instruments) ............................. 33
63 Omission of ch 17, pt 2, div 8 (Provision for hire duty) . . . . . . . . . 33
64 Amendment of s 539 (Group property for intra-group transfers
of property) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
65 Omission of s 541 (Registered persons) . . . . . . . . . . . . . . . . . . . 34
66 Amendment of s 557 (Ending of registration of credit providers) . 34
67 Insertion of new ch 17, pt 6, div 1 hdg . . . . . . . . . . . . . . . . . . . . . 34
68 Amendment of s 568 (Definition for pt 6) . . . . . . . . . . . . . . . . . . . 34
69 Insertion of new s 569 and div 2 hdg . . . . . . . . . . . . . . . . . . . . . . 34
569 References to terms with omitted definitions . . . . . . . 35
70 Insertion of new s 571 and ch 17, pt 6, divs 3-5 . . . . . . . . . . . . . 35
571 Application of amendments about concession for
transfer duty for residential land or vacant land . . . . . 35
Division 3 Savings and transitional provisions for
amendments relating to Queensland
marketable securities
572 Meaning of pre-repeal marketable security
transaction ...................... 36
573 Savings provision for pre-repeal marketable security
transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
574 Deduction relating to transfer duty for marketable
securities ......................... 37
575 Saving of particular provisions for exempt institutions 37
576 Ending of registration as self assessors. . . . . . . . . . . 38
577 Transitional provision for s 484 . . . . . . . . . . . . . . . . . . 38
Division 4 Savings and transitional provisions for ending
of hire duty
578 Definitions for div 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
5
Revenue and Other Legislation Amendment Bill 2006
579 Savings provision for pre-repeal hires . . . . . . . . . . . . 39
580 Duty payable for pre-repeal hire relating to a period
ending on or after 1 January 2007 . . . . . . . . . . . . . . . 40
581 Ending of registration of commercial hirers . . . . . . . . 40
582 Saving of particular provisions for exempt institutions 40
Division 5 Transitional provisions for amendment of
provisions about mortgage duty
583 Application of amendments about concession for
mortgage duty for home or first home . . . . . . . . . . . . 41
71 Amendment of sch 2 (When liability for transfer duty on dutiable
transaction arises) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
72 Amendment of sch 3 (Rates of duty on dutiable transactions and
relevant acquisitions for land rich and corporate trustee duty) . . . 41
73 Replacement of sch 4A (Amount of concession for transfer
duty--first home) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Schedule 4A Amount of concession for transfer duty--first
home--residential land
Schedule 4B Amount of concession for transfer duty--first
home--vacant land
74 Amendment of sch 6 (Dictionary) . . . . . . . . . . . . . . . . . . . . . . . . . 44
Division 4 Amendments commencing on 1 July 2007
75 Amendment of s 251A (Treatment of mortgages affecting
property in Victoria) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
76 Amendment of s 260 (Mortgage over property not wholly in
Queensland). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
77 Amendment of s 262 (Collateral mortgage) . . . . . . . . . . . . . . . . . 46
78 Amendment of s 263 (Extent mortgage is enforceable) . . . . . . . . 47
79 Amendment of s 290A (Reassessment--stamping before
advance) ...................................... 47
80 Insertion of new s 290B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
290B Reassessment--stamping before
advance--Tasmanian property. . . . . . . . . . . . . . . . . . 47
Part 4 Amendment of Financial Administration and Audit Act 1977
81 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
82 Amendment of s 80 (Audit of performance management
systems) .................................. 49
83 Replacement of pt 8, div 6 (Transitional provision for Financial
Administration and Audit Amendment Act 2006) . . . . . . . . . . . . . 49
Division 6 Transitional provision for Revenue and Other
Legislation Amendment Act 2006
143 Transitional provision for amendment of s 80 . . . . . . . 49
6
Revenue and Other Legislation Amendment Bill 2006
Part 5 Amendment of Fuel Subsidy Act 1997
84 Act amended in pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
85 Insertion of new s 32A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
32A Purchaser must keep records. . . . . . . . . . . . . . . . . . . 50
86 Amendment of sch 2 (Dictionary) . . . . . . . . . . . . . . . . . . . . . . . . . 51
Part 6 Amendment of Government Owned Corporations Act 1993
87 Act amended in pt 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
88 Amendment of sch 3 (Application of FA and A Act to company
GOCs and prescribed company GOC subsidiaries). . . . . . . . . . . 52
143 Transitional provision for amendment of s 80 . . . . . . . 52
143 Transitional provision for amendment of s 80 . . . . . . . 53
Part 7 Amendment of Land Tax Act 1915
89 Act amended in pt 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
90 Amendment of s 3EA (When land is used for a substantial
non-PPR purpose) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
91 Amendment of s 11 (Taxable value) . . . . . . . . . . . . . . . . . . . . . . . 53
92 Insertion of new pt 9, div 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Division 3 Transitional provision for Revenue and Other
Legislation Amendment Act 2006
65 Application of s 11 to financial year starting 1 July
2006 ................................ 54
Part 8 Amendment of Taxation Administration Act 2001
93 Act amended in pt 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
94 Amendment of s 3 (Purpose of Act and relationship with revenue
laws) .................................... 54
2006
A Bill
for
An Act to amend Acts administered by the Treasurer and the
Premier
s1 8 s2
Revenue and Other Legislation Amendment Bill 2006
The Parliament of Queensland enacts-- 1
Part 1 Preliminary 2
Clause 1 Short title 3
This Act may be cited as the Revenue and Other Legislation 4
Amendment Act 2006. 5
Clause 2 Commencement 6
(1) Sections 5 to 8 commence on the day of assent of this Act or 7
the day on which the Energy Assets (Restructuring and 8
Disposal) Act 2006, part 8, division 1 commences 9
(immediately after the commencement of that division), 10
whichever is later. 11
(2) Section 9 is taken to have commenced on 29 May 2006. 12
(3) Part 3, division 3 commences on 1 January 2007. 13
(4) Part 3, division 4 commences on 1 July 2007. 14
(5) Part 4 commences on 1 January 2007. 15
(6) Section 86(1) commences on the first day of the next calendar 16
month after the calendar month in which the day of assent of 17
this Act falls. 18
(7) The remainder of section 86 is taken to have commenced on 1 19
June 2006. 20
(8) Part 6 commences on 1 January 2007. 21
s3 9 s6
Revenue and Other Legislation Amendment Bill 2006
Part 2 Amendment of Community 1
Ambulance Cover Act 2003 2
Clause 3 Act amended in pt 2 3
This part amends the Community Ambulance Cover Act 2003. 4
Clause 4 Omission of s 9 (Notes in text) 5
Section 9-- 6
omit. 7
Clause 5 Amendment of s 81 (Authorised subcontractors to 8
perform electricity retailer's functions) 9
(1) Section 81(2), `An authorised'-- 10
omit, insert-- 11
`Subject to section 81B, an authorised'. 12
(2) Section 81(3), `An'-- 13
omit, insert-- 14
`Subject to section 81A, an'. 15
Clause 6 Insertion of new ss 81A and 81B 16
After section 81-- 17
insert-- 18
`81A When commissioner's approval not required for 19
contract 20
`(1) Despite section 81(3), an electricity retailer or authorised 21
subcontractor (the first party) does not require the written 22
approval of the commissioner for a contract under section 23
81(1) or (2) if-- 24
(a) the contract relates only to the performance by an 25
authorised subcontractor (the second party) of 1 or more 26
matters prescribed under a regulation; and 27
s7 10 s7
Revenue and Other Legislation Amendment Bill 2006
(b) the first party does not have another contract with the 1
second party under section 81(1) or (2) that requires the 2
written approval of the commissioner. 3
`(2) For subsection (1)(a), the matters prescribed must be ancillary 4
administrative processes related to an electricity retailer's 5
functions under section 80(2), for example, mailing and 6
printing services. 7
`(3) Nothing in this section prevents an electricity retailer or 8
authorised subcontractor from obtaining the approval of the 9
commissioner for a contract under section 81(1) or (2). 10
`81B When authorised subcontractor not permitted to 11
subcontract under s 81(2) 12
`(1) This section applies if-- 13
(a) an authorised subcontractor has agreed to perform 14
ancillary administrative processes under a contract for 15
which the commissioner's approval is not required 16
under section 81 because of section 81A; and 17
(b) the commissioner's approval has not been obtained for 18
the contract. 19
`(2) Despite section 81(2), the authorised subcontractor must not 20
further subcontract the matters to which the contract relates .'. 21
Clause 7 Amendment of s 82 (Administration agreement) 22
(1) Section 82(3) and (4)-- 23
renumber as section 82(4) and (5). 24
(2) Section 82-- 25
insert-- 26
`(3) However, subsection (2) does not permit the inclusion of an 27
authorised subcontractor for a contract for which the 28
commissioner's approval is not required under section 81 29
because of section 81A.'. 30
s8 11 s9
Revenue and Other Legislation Amendment Bill 2006
Clause 8 Amendment of s 149 (Additional ways of giving 1
documents to commissioner) 2
(1) Section 149(2) and (3)-- 3
renumber as section 149(3) and (4). 4
(2) Section 149-- 5
insert-- 6
`(2) However, subsection (1) does not permit a document to be 7
given to an authorised subcontractor that has only entered into 8
a contract for which the commissioner's approval is not 9
required under section 81 because of section 81A.'. 10
Clause 9 Amendment of schedule (Dictionary) 11
Schedule, definition primary production, paragraph (h)-- 12
omit, insert-- 13
`(h) horticulture-- 14
(i) including amenity horticulture to the extent it 15
comprises the commercial production or wholesale 16
selling of horticultural products; but 17
(ii) otherwise excluding amenity horticulture. 18
19
Examples for paragraph (h)--
20
1 The following types of amenity horticulture are included--
21
· cut flower or turf production
22
· carrying on a wholesale plant nursery
23
2 The following types of amenity horticulture are excluded--
24
· indoor plant hire
25
· landscaping or maintenance of a park or golf course
26
· carrying on a retail plant nursery
27
· retail sale of cut flowers'.
s 10 12 s 13
Revenue and Other Legislation Amendment Bill 2006
Part 3 Amendment of Duties Act 2001 1
Division 1 Preliminary 2
Clause 10 Act amended in pt 3 3
This part amends the Duties Act 2001. 4
Division 2 Amendments commencing on 5
assent 6
Clause 11 Omission of s 4 (Notes in text) 7
Section 4-- 8
omit. 9
Clause 12 Amendment of s 92 (Concession for transfer duty--first 10
home) 11
Section 92(1)(c)-- 12
omit, insert-- 13
`(c) either-- 14
(i) the unencumbered value of the residential land is 15
not more than $250000; or 16
(ii) if the unencumbered value of the residential land is 17
more than $250000, the consideration for the 18
transfer of the land is at least its unencumbered 19
value. 20
21
Note--
22
See section 570 for the retrospective operation of particular amendments
23
of this section.'.
Clause 13 Amendment of s 152 (Exemption--to correct error in 24
previous dutiable transaction) 25
(1) Section 152, heading, before `error'-- 26
s 14 13 s 15
Revenue and Other Legislation Amendment Bill 2006
insert-- 1
`clerical'. 2
(2) Section 152, `an error'-- 3
omit, insert-- 4
`a clerical error'. 5
(3) Section 152-- 6
insert-- 7
`Examples of clerical errors in a dutiable transaction about property-- 8
9
· an accidental misdescription of the property
10
· an accidental misdescription of a party to the transaction
`(2) To remove any doubt, it is declared that an error by a party 11
about the appropriateness of a transaction to achieve a 12
particular intended legal result is not a clerical error in the 13
transaction.'. 14
Clause 14 Amendment of s 459 (Restrictions on registration) 15
(1) Section 459(2)(e)-- 16
omit. 17
(2) Section 459(5), `subsection (2)(a), (c) or (e)'-- 18
omit, insert-- 19
`subsection (2)(a) or (c)'. 20
Clause 15 Insertion of new ch 17 pt 6 21
Chapter 17-- 22
insert-- 23
`Part 6 Transitional and savings 24
provisions for Revenue and 25
Other Legislation Amendment 26
Act 2006 27
s 16 14 s 18
Revenue and Other Legislation Amendment Bill 2006
`568 Definition for pt 6 1
`In this part-- 2
amending Act means the Revenue and Other Legislation 3
Amendment Act 2006. 4
`570 Retrospective operation of new s 92(1)(c) 5
`Section 92(1)(c), as inserted by the amending Act, section 12, 6
applies in relation to a dutiable transaction relating to 7
residential land entered into on or after 1 May 2004. 8
9
Editor's note--
10
This section is numbered as section 570 to reflect its position in the Act
11
after the commencement of amendments on 1 January 2007.'.
Division 3 Amendments commencing on 1 12
January 2007 13
Clause 16 Amendment of s 9 (What is a dutiable transaction) 14
(1) Section 9(1)(d)-- 15
omit. 16
(2) Section 9(1)(e) to (j)-- 17
renumber as section 9(1)(d) to (i). 18
Clause 17 Amendment of s 10 (What is dutiable property) 19
(1) Section 10(1)(c)-- 20
omit. 21
(2) Section 10(1)(d) to (f)-- 22
renumber as section 10(1)(c) to (e). 23
Clause 18 Amendment of s 24 (Rates of transfer duty) 24
(1) Section 24(1) and (2)-- 25
omit. 26
s 19 15 s 21
Revenue and Other Legislation Amendment Bill 2006
(2) Section 24(3) and (4)-- 1
renumber as section 24(1) and (2). 2
Clause 19 Amendment of s 30 (Aggregation of dutiable 3
transactions) 4
(1) Section 30(7)(a)-- 5
omit. 6
(2) Section 30(7)(b) and (c)-- 7
renumber as section 30(7)(a) and (b). 8
Clause 20 Amendment of s 85 (Purpose of pt 9) 9
Section 85, after `first home'-- 10
insert-- 11
`or land on which a first home is to be constructed'. 12
Clause 21 Amendment of s 86 (What is a home and a first home) 13
Section 86(2)-- 14
omit, insert-- 15
`(2) A person's home is the person's first home if, before 16
acquiring the home-- 17
(a) the person did not hold, and never before held, an 18
interest in other residential land in Queensland or 19
elsewhere other than-- 20
(i) as trustee for another person; or 21
(ii) as lessee; or 22
(iii) as the holder of a security interest; and 23
(b) the person was not, and had never been, a vacant land 24
concession beneficiary in relation to land other than the 25
residential land on which the home is constructed.'. 26
s 22 16 s 22
Revenue and Other Legislation Amendment Bill 2006
Clause 22 Insertion of new ss 86A-86D 1
After section 86-- 2
insert-- 3
`86A What is residential land 4
`Residential land is land, or the part of land, on which a 5
residence is constructed, and includes the curtilage 6
attributable to the residence if the curtilage is used for 7
residential purposes. 8
`86B What is a first home for a residence to be 9
constructed on vacant land 10
`A residence that is to be constructed on vacant land is a 11
person's first home if-- 12
(a) the person's occupation date for the residence is within 13
2 years after the person's transfer date for the vacant 14
land; and 15
(b) before acquiring the vacant land-- 16
(i) the person did not hold, and never before held, an 17
interest in residential land in Queensland or 18
elsewhere other than-- 19
(A) as trustee for another person; or 20
(B) as lessee; or 21
(C) as the holder of a security interest; and 22
(ii) the person was not, and had never been, a vacant 23
land concession beneficiary in relation to land 24
other than the vacant land on which the residence 25
is to be constructed. 26
`86C What is vacant land 27
`A person's land is vacant land if-- 28
(a) a residence is to be constructed on the land; and 29
(b) when the person acquired the land, there was no 30
building or part of a building on the land. 31
s 23 17 s 25
Revenue and Other Legislation Amendment Bill 2006
`86D What is a vacant land concession beneficiary 1
`(1) A person is a vacant land concession beneficiary in relation 2
to particular land if-- 3
(a) the person was a transferee under a dutiable 4
transaction-- 5
(i) that was the transfer, or agreement for the transfer, 6
of the land; and 7
(ii) to which a concession under section 92 or 93A 8
applied; and 9
(b) at the time of the transaction, the land was vacant land. 10
`(2) For subsection (1)(a)(ii), a transaction that was assessed on 11
the basis of a concession under section 92 or 93A is taken to 12
be a transaction to which a concession under section 92 or 13
93A applied even if the transaction was reassessed under 14
section 153 or 154.'. 15
Clause 23 Amendment of s 89 (What is a person's transfer date for 16
residential land) 17
Section 89, after `residential land'-- 18
insert-- 19
`or vacant land'. 20
Clause 24 Amendment of s 90 (What is the dutiable value of 21
residential land) 22
Section 90, after `residential land'-- 23
insert-- 24
`or vacant land'. 25
Clause 25 Amendment of s 91 (Concession for transfer 26
duty--home) 27
Section 91, heading, `for transfer duty'-- 28
omit. 29
s 26 18 s 26
Revenue and Other Legislation Amendment Bill 2006
Clause 26 Amendment of s 92 (Concession for transfer duty--first 1
home) 2
(1) Section 92, heading, `for transfer duty'-- 3
omit. 4
(2) Section 92(1)(a) and (b)(ii), after `residential land'-- 5
insert-- 6
`or vacant land'. 7
(3) Section 92(1)(c) and the note-- 8
omit, insert-- 9
`(c) either-- 10
(i) the unencumbered value of the residential land or 11
vacant land is not more than $320000; or 12
(ii) if the unencumbered value of the residential land 13
or vacant land is more than $320000, the 14
consideration for the transfer of the land is at least 15
its unencumbered value.'. 16
(4) Section 92(2)-- 17
omit, insert-- 18
The transfer duty imposed on the dutiable transaction is as 19
`(2)
follows-- 20
(a) for a dutiable transaction that is the transfer, or 21
agreement for the transfer, of residential land--the 22
amount of transfer duty worked out under section 91 23
less the concession amount stated in schedule 4A; 24
(b) for a dutiable transaction that is the transfer, or 25
agreement for the transfer, of vacant land--the amount 26
of transfer duty worked out by applying the relevant rate 27
to the dutiable value of the transaction, less the 28
concession amount stated in schedule 4B.'. 29
(5) Section 92-- 30
insert-- 31
`(4) In this section-- 32
s 27 19 s 28
Revenue and Other Legislation Amendment Bill 2006
relevant rate, for a transaction mentioned in subsection (2)(b), 1
means the rate of transfer duty stated in schedule 3, column 2, 2
opposite the dutiable value of the transaction as stated in 3
schedule 3, column 1.'. 4
Clause 27 Amendment of s 93 (Concession for transfer duty--mixed 5
and multiple claims for homes and first homes for 6
individuals) 7
(1) Section 93, heading-- 8
omit, insert-- 9
`93 Concession--mixed and multiple claims for 10
individuals--residential land'. 11
(2) Section 93(6)(a)(ii), `section 92(2)'-- 12
omit, insert-- 13
`section 92(2)(a)'. 14
Clause 28 Insertion of new s 93A 15
After section 93-- 16
insert-- 17
`93A Concession--mixed and multiple claims for 18
individuals--vacant land 19
`(1) This section applies if-- 20
(a) a dutiable transaction is the transfer, or agreement for 21
the transfer, of vacant land; and 22
(b) there is more than 1 transferee of the dutiable property 23
the subject of the transaction; and 24
(c) the residence, when constructed, will be the first home 25
of 1 or more of the transferees (the relevant transferees) 26
but not all transferees; and 27
(d) the relevant transferees are individuals. 28
`(2) Also, this section applies if a dutiable transaction is the 29
transfer, or agreement for the transfer, of a part interest in 30
vacant land that, if it were a transfer, or agreement for the 31
transfer, of the whole interest in the land, would be a dutiable 32
s 28 20 s 28
Revenue and Other Legislation Amendment Bill 2006
transaction to which this section applies under subsection (1), 1
other than the requirement for more than 1 transferee. 2
`(3) For subsection (1)(c), a residence may be treated as the first 3
home of a relevant transferee only if the relevant transferee is 4
at least 18 years of age on the day the liability for transfer duty 5
arises. 6
`(4) The commissioner may exempt a relevant transferee from the 7
requirement that the relevant transferee be at least 18 years of 8
age if the commissioner is satisfied there is no avoidance 9
scheme in relation to the dutiable transaction. 10
`(5) The transfer duty imposed on the dutiable transaction is the 11
total of-- 12
(a) for each relevant transferee, the amount worked out by 13
applying the transferee's interest to the concessional 14
duty; and 15
(b) the amount worked out by deducting, from transfer duty 16
on the dutiable value of the transaction, the amount (the 17
deduction amount) worked out by applying the relevant 18
rate to the total of the value of each relevant transferee's 19
interest. 20
`(6) For subsection (5)-- 21
(a) the concessional duty is the transfer duty that, if section 22
92 were to apply to the dutiable transaction, would be 23
equal to the amount worked out under section 92(2)(b); 24
and 25
(b) the relevant transferee's interest is the proportion that 26
the share of the transferee in the whole dutiable property 27
bears to the total of the shares of-- 28
(i) for a dutiable transaction to which this section 29
applies under subsection (1)--all the transferees; 30
or 31
(ii) for a dutiable transaction to which this section 32
applies under subsection (2)--all the co-owners, or 33
the owner, on completion of the transaction; and 34
(c) the value of a relevant transferee's interest is worked out 35
by applying the transferee's interest to the dutiable value 36
of the vacant land; and 37
s 29 21 s 31
Revenue and Other Legislation Amendment Bill 2006
(d) the relevant rate is the rate of transfer duty stated in 1
schedule 3, column 2, opposite the part of the dutiable 2
value of the dutiable transaction attributable to the 3
deduction amount as stated in schedule 3, column 1.'. 4
Clause 29 Amendment of s 94 (Concession for transfer duty--mixed 5
and multiple claims for homes and first homes) 6
Section 94, heading-- 7
omit, insert-- 8
`94 Concession--mixed and multiple claims for 9
trustees--residential land'. 10
Clause 30 Insertion of new s 94A 11
After section 94-- 12
insert-- 13
`94A Concession--mixed and multiple claims for 14
trustees--vacant land 15
`(1) This section applies if-- 16
(a) a dutiable transaction is the transfer, or agreement for 17
the transfer, of vacant land; and 18
(b) the transferee is a trustee of a trust, other than a 19
discretionary or unit trust; and 20
(c) the beneficiaries of the trust are individuals all of whom 21
are under a legal disability. 22
`(2) Section 93A applies to the transaction as if the beneficiaries 23
are the transferees of the vacant land. 24
`(3) However, section 93A(3) and (4) apply in relation to a 25
beneficiary only if the beneficiary is under a legal disability 26
only because the beneficiary is not at least 18 years of age.'. 27
Clause 31 Replacement of s 95 (Application for concession for 28
transfer duty for home or first home) 29
Section 95-- 30
omit, insert-- 31
s 32 22 s 35
Revenue and Other Legislation Amendment Bill 2006
`95 Application for concession 1
`An application for a concession for transfer duty on a 2
dutiable transaction under this division must be made in the 3
approved form.'. 4
Clause 32 Amendment of s 97 (Dutiable transactions to which pt 10 5
applies) 6
Section 97(1)(d)(iii) and (f)-- 7
omit. 8
Clause 33 Omission of s 103 (Conditions for transfer or agreement 9
for transfer of Queensland marketable security) 10
Section 103-- 11
omit. 12
Clause 34 Amendment of s 105 (How transfer duty is assessed on 13
dutiable transaction) 14
(1) Section 105(3)-- 15
omit. 16
(2) Section 105(4) and (5)-- 17
renumber as section 105(3) and (4). 18
Clause 35 Amendment of s 106 (Special provision for assessing 19
transfer duty if total gifts of property used for prescribed 20
business exceed $500000) 21
Section 106-- 22
insert-- 23
`(3) Subsection (1)(b) does not apply to a marketable security 24
gifted on or after 1 January 2007.'. 25
s 36 23 s 38
Revenue and Other Legislation Amendment Bill 2006
Clause 36 Amendment of s 148 (Exemption--marketable securities 1
etc.) 2
Section 148(1)(c) and (d) and (2)-- 3
omit. 4
Clause 37 Amendment of s 153 (Reassessment--noncompliance 5
with occupancy requirements after occupation date for 6
residence) 7
(1) Section 153, heading, `noncompliance with occupancy 8
requirements'-- 9
omit, insert-- 10
`disposal'. 11
(2) Section 153(1)(a), after `residential land'-- 12
insert-- 13
`or vacant land'. 14
(3) Section 153(1)(a), `or 93'-- 15
omit, insert-- 16
`, 93 or 93A'. 17
(4) Section 153(2), definition OD, `residential land'-- 18
omit, insert-- 19
`land'. 20
Clause 38 Amendment of s 154 (Reassessment--other 21
noncompliance with occupancy requirements) 22
(1) Section 154, heading, `other'-- 23
omit. 24
(2) Section 154(1)(a), after `residential land'-- 25
insert-- 26
`or vacant land'. 27
(3) Section 154(1)(a), `or 93'-- 28
omit, insert-- 29
s 39 24 s 40
Revenue and Other Legislation Amendment Bill 2006
`, 93 or 93A'. 1
(4) Section 154(1)(b), from `within'-- 2
omit, insert-- 3
`within-- 4
(i) if the dutiable transaction related to residential 5
land--1 year after the transfer date for the land; or 6
(ii) if the dutiable transaction related to vacant land--2 7
years after the transfer date for the land.'. 8
Clause 39 Amendment of s 155 (When transferees must give notice 9
for reassessment) 10
(1) Section 155(1), `or 93'-- 11
omit, insert-- 12
`, 93 or 93A'. 13
(2) Section 155(1), after `residential land'-- 14
insert-- 15
`or vacant land'. 16
(3) Section 155(3), definition notifiable event, after `residential 17
land'-- 18
insert-- 19
`or vacant land'. 20
Clause 40 Amendment of s 173 (Value of land-holdings and 21
property--business property disregarded) 22
Section 173-- 23
insert-- 24
`(2) For subsection (1), a repealed s 97(1)(f) transaction is taken to 25
be a dutiable transaction to which chapter 2, part 10, applies. 26
`(3) A repealed s 97(1)(f) transaction is a transfer, or agreement 27
for the transfer, of a marketable security in a corporation to 28
which the following applies-- 29
s 41 25 s 42
Revenue and Other Legislation Amendment Bill 2006
(a) the property of the corporation includes business 1
property; 2
(b) the corporation is a family company for the transferee; 3
(c) the transferor or person directing the transfer is an 4
ancestor of the transferee; 5
(d) the transferee does not acquire the marketable security 6
as-- 7
(i) trustee, other than as trustee of a trust for the 8
beneficiaries mentioned in subsection (4); or 9
(ii) agent or nominee of another person; 10
(e) the business for which the business property is used is 11
carried on by the ancestor whether alone or with others; 12
(f) the business is intended to be carried on by the 13
transferee, whether alone or with others. 14
`(4) For subsection (3)(d)(i)-- 15
(a) the beneficiary of the trust is-- 16
(i) a descendant of the person creating the trust; and 17
(ii) a minor; and 18
(b) there are no other beneficiaries of the trust, other than a 19
person who would become a beneficiary of the trust on 20
the death of the beneficiary mentioned in paragraph (a). 21
`(5) In this section-- 22
family company, for a person, means an exempt proprietary 23
company at least 50% of the value of the shares of which are 24
owned by members of the person's family.'. 25
Clause 41 Amendment of s 194 (Exemption--if transfer duty not 26
imposed) 27
Section 194, `· section 148(1)(c).'-- 28
omit. 29
Clause 42 Insertion of new s 194A 30
After section 194-- 31
s 43 26 s 43
Revenue and Other Legislation Amendment Bill 2006
insert-- 1
`194A Exemption--marketable securities 2
`Land rich duty is not imposed on a relevant acquisition that is 3
a transfer, or agreement for the transfer, of a marketable 4
security to or from a corporation if-- 5
(a) the corporation is-- 6
(i) a financial institution; or 7
(ii) a trustee company under the Trustee Companies 8
Act 1968; or 9
(iii) a related body corporate of the corporation; or 10
(iv) a corporation of a class prescribed under a 11
regulation; and 12
(b) the corporation's principal business is to hold property 13
as trustee or nominee for another person; and 14
(c) whichever of the following is relevant applies-- 15
(i) for a transfer to the corporation-- 16
(A) the property is to be held on trust solely for 17
the transferor; and 18
(B) the transfer is not part of an arrangement 19
under which the security will be held on trust 20
for another person; 21
(ii) for a transfer from the corporation--the transfer is 22
a retransfer to the owner in the same capacity as 23
the security was previously held by the owner.'. 24
Clause 43 Replacement of s 216 (Rate of corporate trustee duty) 25
Section 216-- 26
omit, insert-- 27
`216 Rate of corporate trustee duty 28
`The rate of corporate trustee duty imposed on the dutiable 29
value of a relevant acquisition is the rate stated in schedule 3, 30
column 2, opposite the dutiable value relating to the dutiable 31
property in schedule 3, column 1.'. 32
s 44 27 s 45
Revenue and Other Legislation Amendment Bill 2006
Clause 44 Replacement of s 227 (Deduction--transfer duty for 1
marketable securities) 2
Section 227-- 3
omit, insert-- 4
`227 Deduction--interstate transfer duty for shares 5
`(1) This section applies if-- 6
(a) interstate transfer duty is paid or payable for a transfer, 7
or agreement for the transfer, of shares of a corporate 8
trustee or relevant corporation for a corporate trustee; 9
and 10
(b) the transfer or agreement is a relevant acquisition. 11
`(2) Corporate trustee duty imposed on the relevant acquisition 12
must be reduced by the amount of the interstate transfer duty. 13
`(3) In this section-- 14
interstate transfer duty means a duty in another State 15
equivalent to transfer duty under this Act.'. 16
Clause 45 Replacement of s 272 (What is a home and first home for 17
div 2) 18
Section 272-- 19
omit, insert-- 20
`272 What is a home and first home for div 2 21
`(1) For this division-- 22
(a) a residence that is constructed is the person's home or 23
first home if it is the person's home or first home under 24
section 86; and 25
(b) a residence that is to be constructed is the person's home 26
or first home if, when constructed, it will be the 27
person's home or first home under section 86. 28
`(2) For subsection (1), section 86(2)(b) does not apply. 29
`(3) For subsection (1)(b), section 86 applies as if the reference to 30
a period of 1 year after the person's transfer date for the 31
residential land were a reference to a period of 2 years after 32
the date the mortgage was first signed.'. 33
s 46 28 s 48
Revenue and Other Legislation Amendment Bill 2006
Clause 46 Amendment of s 291 (Reassessment--concession under 1
pt 6) 2
(1) Section 291(1)(b), `1 year'-- 3
omit, insert-- 4
`the prescribed period'. 5
(2) Section 291-- 6
insert-- 7
`(1B) For subsection (1)(b), the prescribed period is-- 8
(a) for a home mortgage given over residential land on 9
which a residence is constructed--1 year; or 10
(b) for a home mortgage given over residential land on 11
which a residence is to be constructed--2 years.'. 12
Clause 47 Omission of ch 7 (Hire duty) 13
Chapter 7-- 14
omit. 15
Clause 48 Amendment of s 384 (Reduction in vehicle registration 16
duty payable) 17
Section 384(2), example-- 18
omit, insert-- 19
`Example for subsection (2)-- 20
21
A dutiable transaction comprises the transfer of the following dutiable
22
property for the consideration stated--
23
· a statutory business licence ($5000)
24
· personal property ($15000) including a vehicle ($10000).
25
Assuming the consideration for the transaction is the dutiable value,
26
transfer duty of $300 is imposed on the transaction under chapter 2,
27
being the amount worked out at the applicable rate of duty stated in
28
schedule 3.
29
In working out the reduction--
30
· factor DP is $300, being transfer duty on the transaction
31
· factor MVV is $10000, being the market value of the vehicle
s 49 29 s 52
Revenue and Other Legislation Amendment Bill 2006
1
· factor DVDP is $20000, being the dutiable value of the transaction
2
on which transfer duty is imposed at the applicable rate of duty
3
stated in schedule 3.
4
Applying the formula, the reduction is $150.'.
Clause 49 Amendment of s 404 (How part applies to particular 5
transactions) 6
(1) Section 404(d)-- 7
omit. 8
(2) Section 404(e) and (f)-- 9
renumber as section 404(d) and (e). 10
Clause 50 Omission of s 405 (Exemption--interposing new 11
company between existing companies and their 12
shareholders) 13
Section 405-- 14
omit. 15
Clause 51 Amendment of s 407 (Group property for intra-group 16
transfer of property) 17
Section 407(1)(c), `section 405'-- 18
omit, insert-- 19
`section 409(1)(a) to (c)'. 20
Clause 52 Replacement of s 409 (Exemption--land rich duty) 21
Section 409-- 22
omit, insert-- 23
`409 Exemption--land rich duty 24
`(1) This section applies if-- 25
(a) there is a corporate reconstruction constituted by a 26
parent company (the new parent company) being 27
interposed between a company (the existing company) 28
and the shareholders of the existing company; and 29
s 52 30 s 52
Revenue and Other Legislation Amendment Bill 2006
(b) there is a transfer, or agreement for the transfer, of 1
shares from a shareholder of the existing company to the 2
new parent company carried out solely for the corporate 3
reconstruction; and 4
(c) the following conditions are complied with-- 5
(i) the new parent company is a company with limited 6
liability; 7
(ii) the new parent company has been dormant from its 8
registration until the resolution to become the new 9
parent company of the existing company; 10
(iii) under the transaction mentioned in paragraph (b), 11
the new parent company acquires at least 90% of 12
the issued shares, and voting control of, the 13
existing company; 14
(iv) at least 90% of the consideration for the acquisition 15
is the issue of shares in the new parent company to 16
the shareholders of the existing company; 17
(v) each shareholder of the existing company whose 18
shares are acquired by the new parent company 19
receives consideration equal in value to the value 20
of the shareholder's shares in the existing 21
company; 22
(vi) immediately after the transfer of shares in the 23
existing company, at least 90% of the issued shares 24
in the new parent company consists of the shares it 25
issued as consideration for the acquisition of the 26
shares in the existing company; 27
(vii) if the new parent company is interposed between 28
more than 1 existing company and their 29
shareholders--before the acquisition by the new 30
parent company, the same shareholders-- 31
(A) owned, directly or indirectly, at least 90% of 32
the issued shares in the existing companies; 33
and 34
(B) had voting control of the existing companies; 35
and 36
s 53 31 s 55
Revenue and Other Legislation Amendment Bill 2006
(d) the acquisition of shares in the existing company by the 1
new parent company or the issue of the shares in the 2
new parent company to the shareholders of the existing 3
company is a relevant acquisition. 4
`(2) This section also applies if, under section 406 or 408, a 5
transfer, or agreement for the transfer, of shares is exempt 6
from transfer duty and the acquisition of the shares by the 7
transferee is a relevant acquisition. 8
`(3) Land rich duty is not imposed on the acquisition to the extent 9
of the interest acquired by the new parent company or 10
transferee under the transaction.1 11
`(4) For subsection (2), sections 406, 407 and 408 apply as if a 12
transfer, or agreement for the transfer, of shares were a 13
dutiable transaction.'. 14
Clause 53 Amendment of s 414 (Exemption--particular duties for 15
exempt institutions) 16
(1) Section 414(1)(e)-- 17
omit. 18
(2) Section 414(1)(d), (f) and (g)-- 19
renumber as section 414(1)(c) to (e). 20
Clause 54 Amendment of s 415 (Use requirement) 21
Section 415(1) and (2), `, hired'-- 22
omit. 23
Clause 55 Amendment of s 416 (Start of use requirement) 24
(1) Section 416(2)(a), `, hired'-- 25
omit. 26
(2) Section 416(3)(d) and (4)(d)-- 27
omit. 28
1 See section 179(4) (Working out dutiable value of relevant acquisition).
s 56 32 s 60
Revenue and Other Legislation Amendment Bill 2006
(3) Section 416(3)(c), (e) and (f)-- 1
renumber as section 416(3)(b) to (d). 2
(4) Section 416(4)(c), (e) and (f)-- 3
renumber as section 416(4)(b) to (d). 4
Clause 56 Amendment of s 417 (Commissioner to extend start date 5
and duration period) 6
Section 417(1), `hired,'-- 7
omit. 8
Clause 57 Amendment of s 418 (Reassessment on application of 9
exempt institution) 10
Section 418(2), `hired,'-- 11
omit. 12
Clause 58 Amendment of s 419 (Reassessment--noncompliance 13
with use requirements) 14
Section 419(1)(b), `hired,'-- 15
omit. 16
Clause 59 Amendment of s 437 (Application for registration to carry 17
on particular businesses) 18
Section 437(1), `commercial hirer,'-- 19
omit. 20
Clause 60 Amendment of s 484 (Registration of instrument 21
disposing of particular marketable securities etc.) 22
(1) Section 484, heading, `disposing of particular marketable 23
securities etc.'-- 24
omit, insert-- 25
`relating to an interest in a corporation'. 26
(2) Section 484, from `a dutiable' to `share, or'-- 27
s 61 33 s 64
Revenue and Other Legislation Amendment Bill 2006
omit. 1
Clause 61 Amendment of s 498 (Special provisions for working out 2
value of particular shares) 3
(1) Section 498(2) and (3)-- 4
omit, insert-- 5
`(2) If it is necessary to determine the unencumbered value of the 6
shares for imposing duty, the value is taken to be the amount 7
worked out by applying the interests of the shareholder and 8
related persons, or the total of their interests, in the land rich 9
corporation to the unencumbered value of all the corporation's 10
Queensland land-holdings.'. 11
(2) Section 498(4) to (6)-- 12
renumber as section 498(3) to (5). 13
Clause 62 Amendment of s 506 (Requirement to keep particular 14
instruments) 15
Section 506(2)-- 16
omit, insert-- 17
`(2) A corporation or society must keep an instrument that effects 18
or evidences an acquisition of an interest in a corporation or 19
society. 20
`(3) Section 1622 applies for this section as if a reference in that 21
section to a corporation included a society.'. 22
Clause 63 Omission of ch 17, pt 2, div 8 (Provision for hire duty) 23
Chapter 17, part 2, division 8-- 24
omit. 25
Clause 64 Amendment of s 539 (Group property for intra-group 26
transfers of property) 27
Section 539(b), `section 405'-- 28
2 Section 162 (Acquiring an interest in a corporation)
s 65 34 s 69
Revenue and Other Legislation Amendment Bill 2006
omit, insert-- 1
`section 409(1)(a) to (c)'. 2
Clause 65 Omission of s 541 (Registered persons) 3
Section 541-- 4
omit. 5
Clause 66 Amendment of s 557 (Ending of registration of credit 6
providers) 7
Section 557(3)(a), examples-- 8
omit. 9
Clause 67 Insertion of new ch 17, pt 6, div 1 hdg 10
Chapter 17, part 6, before section 568-- 11
insert-- 12
`Division 1 Preliminary'. 13
Clause 68 Amendment of s 568 (Definition for pt 6) 14
(1) Section 568, heading, `Definition'-- 15
omit, insert-- 16
`Definitions'. 17
(2) Section 568-- 18
insert-- 19
`omitted definition means a definition that was in schedule 6 20
or another provision of this Act but was omitted by the 21
amending Act.'. 22
Clause 69 Insertion of new s 569 and div 2 hdg 23
After section 568-- 24
insert-- 25
s 70 35 s 70
Revenue and Other Legislation Amendment Bill 2006
`569 References to terms with omitted definitions 1
`A term used in this part that, immediately before 1 January 2
2007, was defined in an omitted definition has the meaning 3
given to it under the omitted definition. 4
`Division 2 Transitional provisions for 5
amendment of provisions about 6
concessions for homes and first 7
homes'. 8
Clause 70 Insertion of new s 571 and ch 17, pt 6, divs 3-5 9
After section 570-- 10
insert-- 11
`571 Application of amendments about concession for 12
transfer duty for residential land or vacant land 13
(1) The relevant provisions, as in force on 1 January 2007, apply 14
to dutiable transactions only if liability for transfer duty arises 15
on or after 1 January 2007. 16
(2) The relevant provisions, as in force immediately before 1 17
January 2007, apply to a dutiable transaction that is the 18
transfer, or agreement for the transfer, of residential land or 19
vacant land made on or after 1 January 2007 if-- 20
(a) the transfer or agreement replaces a transfer, or an 21
agreement for the transfer, that included the land and 22
was made before 1 January 2007; or 23
(b) the transferee had an option to purchase the land, or the 24
transferor had an option to require the transferee to 25
purchase the land, granted before 1 January 2007 and 26
exercised on or after 1 January 2007; or 27
(c) another arrangement was made before 1 January 2007 28
the sole or main purpose of which was to defer the 29
making of the transfer or agreement until 1 January 30
2007 or later so the concession for transfer duty under 31
the relevant provisions, as in force on or after 1 January 32
2007, would apply in relation to the dutiable transaction. 33
(3) In this section-- 34
relevant provisions means the following provisions-- 1
s 70 36 s 70
Revenue and Other Legislation Amendment Bill 2006
· chapter 2, part 9, divisions 2 and 33 2
· chapter 2, part 14, division 14 3
· schedule 4A.5 4
`Division 3 Savings and transitional provisions 5
for amendments relating to 6
Queensland marketable securities 7
`572 Meaning of pre-repeal marketable security 8
transaction 9
`A transaction is a pre-repeal marketable security transaction 10
if-- 11
(a) a liability for transfer duty imposed on the transaction 12
arose, or would, apart from an exemption or concession, 13
have arisen, before 1 January 2007; and 14
(b) the transaction concerned a Queensland marketable 15
security or a Queensland marketable security was 16
otherwise relevant to the imposition of the duty. 17
`573 Savings provision for pre-repeal marketable security 18
transactions 19
`This Act, as in force immediately before 1 January 2007, 20
continues to apply for powers, rights, privileges and liabilities 21
that would have been exercisable, acquired, accrued or 22
incurred on or after 1 January 2007 in relation to a pre-repeal 23
marketable security transaction if the amendments in the 24
amending Act had not commenced. 25
3 Chapter 2 (Transfer duty), part 9 (Concessions for homes), divisions 2 (Some basic
concepts about concessions for homes) and 3 (Concessions for homes and first
homes)
4 Chapter 2 (Transfer duty), part 14 (Reassessments for transfer duty), division 1
(Reassessments for concessions for homes)
5 Schedule 4A (Amount of concession for transfer duty--first home--residential
land)
s 70 37 s 70
Revenue and Other Legislation Amendment Bill 2006
1
Example of how this Act continues to apply under this section--
2
A person or other entity may be required to lodge an instrument or
3
transfer duty statement, and pay transfer duty, on or after 1 January 2007
4
in relation to a pre-repeal marketable security transaction.
`574 Deduction relating to transfer duty for marketable 5
securities 6
`Section 227, as in force immediately before 1 January 2007, 7
continues to apply in relation to transfer duty that was paid or 8
payable, before 1 January 2007, for a transfer, or agreement 9
for the transfer, of shares of a corporate trustee or relevant 10
corporation for a corporate trustee. 11
`575 Saving of particular provisions for exempt institutions 12
`(1) This section applies to an assessment for transfer duty made in 13
relation to a pre-repeal marketable security transaction. 14
`(2) If the assessment was made on the basis of an exemption 15
under chapter 10, part 2, division 1,6 then previous sections 16
417 and 419 continue to apply in relation to the transaction. 17
`(3) For subsection (2), a reassessment made as required under 18
previous section 419(3) imposing duty on the transaction must 19
be made as if the amending Act had not commenced. 20
`(4) If duty was imposed on the transaction because the use 21
requirements under chapter 10, part 2, division 2 would not be 22
complied with, previous section 418 continues to apply for the 23
transaction. 24
`(5) In this section-- 25
previous, for a provision of this Act, means the provision as in 26
force immediately before 1 January 2007. 27
6 Chapter 10 (General exemptions), part 2 (Exemptions for particular duties for
exempt institutions), division 1 (Exemptions for exempt institutions)
s 70 38 s 70
Revenue and Other Legislation Amendment Bill 2006
`576 Ending of registration as self assessors 1
`(1) This section applies to a person who, immediately before 1 2
January 2007, was registered as a self assessor under chapter 3
12, part 2 or 3.7 4
`(2) On 1 January 2007, the person's registration is cancelled to 5
the extent it applied for transfer duty on transactions relating 6
to Queensland marketable securities. 7
`(3) Subsection (2) does not affect-- 8
(a) the registration of the person under this Act for any 9
other purpose; or 10
(b) a requirement that applies to the person under this Act 11
or the Administration Act in relation to a pre-repeal 12
marketable security transaction. 13
`577 Transitional provision for s 484 14
`Section 484, as in force immediately before 1 January 2007, 15
continues to apply to an instrument that effects or evidences a 16
dutiable transaction for a share or right relating to a share 17
entered into before 1 January 2007. 18
`Division 4 Savings and transitional provisions 19
for ending of hire duty 20
`578 Definitions for div 4 21
`In this division-- 22
pre-repeal hire means a hire of goods, mentioned in previous 23
section 325(1)(a) or (b), made or effected before 1 January 24
2007. 25
pre-repeal hiring charge means-- 26
7 Chapter 12 (Registered persons), part 2 (Registration of parties to instruments and
transactions as self assessors) or 3 (Registration of agents as self assessors)
s 70 39 s 70
Revenue and Other Legislation Amendment Bill 2006
(a) for a pre-repeal hire that is a credit purchase agreement 1
or an agreement under previous section 345--the total 2
hiring charges paid or payable under the hire; or 3
(b) for another pre-repeal hire--the hiring charges paid or 4
payable for a period before 1 January 2007. 5
previous, in relation to a provision of this Act, means the 6
provision as in force immediately before 1 January 2007. 7
`579 Savings provision for pre-repeal hires 8
`(1) The hire duty provisions continue to apply for powers, rights, 9
privileges and liabilities that would have been exercisable, 10
acquired, accrued or incurred on or after 1 January 2007 in 11
relation to a pre-repeal hiring charge if the hire duty 12
provisions had not been repealed. 13
14
Examples of how the hire duty provisions continue to apply under this
15
section--
16
1 A commercial hirer may be required to lodge a return or statement,
17
and pay hire duty, on or after 1 January 2007 in relation to a
18
pre-repeal hiring charge.
19
2 A person other than a commercial hirer may be required to lodge
20
the instrument by which a pre-repeal hire is effected, and pay hire
21
duty, on or after 1 January 2007 in relation to a pre-repeal hiring
22
charge.
23
3 The commissioner may make an assessment or reassessment under
24
previous section 339 of the hire duty payable in relation to a
25
pre-repeal hiring charge.
26
4 A pre-repeal hire was made in the circumstances mentioned in
27
previous section 345. The hire was for an indefinite period but
28
ended, or ends, within 6 months after it was entered into. An
29
application may be made, and must be dealt with, under previous
30
section 347.
`(2) In this section-- 31
hire duty provisions means previous chapter 7 and the 32
omitted definitions. 33
s 70 40 s 70
Revenue and Other Legislation Amendment Bill 2006
`580 Duty payable for pre-repeal hire relating to a period 1
ending on or after 1 January 2007 2
`(1) To remove any doubt, it is declared that a person is not 3
entitled, under a relevant Act or otherwise, to a refund of hire 4
duty paid on a pre-repeal hire only because the period for 5
which the pre-repeal hire was made or effected ends on or 6
after 1 January 2007. 7
`(2) In this section-- 8
relevant Act means this Act, the Administration Act or the 9
repealed Act. 10
`581 Ending of registration of commercial hirers 11
`(1) This section applies to a person who, immediately before 1 12
January 2007, was a registered commercial hirer. 13
`(2) The following are cancelled on 1 January 2007-- 14
(a) the person's registration under chapter 12, part 1, to 15
carry on business in Queensland as a commercial hirer; 16
(b) the person's registration under chapter 12, part 1, as a 17
self assessor for duty on instruments or transactions to 18
which the person is or becomes a party for carrying on 19
the business. 20
`(3) Subsection (2) does not affect-- 21
(a) the registration of the person under this Act for any 22
other purpose; or 23
(b) a requirement that applies to the person under this Act 24
or the Administration Act in relation to a pre-repeal hire. 25
`582 Saving of particular provisions for exempt institutions 26
`(1) This section applies to an assessment for hire duty made in 27
relation to a pre-repeal hire. 28
s 71 41 s 72
Revenue and Other Legislation Amendment Bill 2006
`(2) If the assessment is or was made on the basis of an exemption 1
under chapter 10, part 2, division 1,8 then previous sections 2
417 and 419 continue to apply in relation to the hire. 3
`(3) For subsection (2), a reassessment made as required under 4
previous section 419(3) imposing duty in relation to the 5
pre-repeal hiring charges must be made as if chapter 7 had not 6
been repealed. 7
`(4) If duty is or was imposed on the hire because the use 8
requirements under chapter 10, part 2, division 2 would not be 9
complied with, previous section 418 continues to apply for the 10
hire, even if the duration period ends on or after 1 January 11
2007. 12
`Division 5 Transitional provisions for 13
amendment of provisions about 14
mortgage duty 15
`583 Application of amendments about concession for 16
mortgage duty for home or first home 17
`Chapter 5, part 6 as in force on 1 January 2007 applies to 18
mortgages only if liability for mortgage duty arises on or after 19
1 January 2007.'. 20
Clause 71 Amendment of sch 2 (When liability for transfer duty on 21
dutiable transaction arises) 22
Schedule 2, entry for `A share buy-back of a Queensland 23
marketable security'-- 24
omit. 25
Clause 72 Amendment of sch 3 (Rates of duty on dutiable 26
transactions and relevant acquisitions for land rich and 27
corporate trustee duty) 28
Schedule 3, `sections 24(4)'-- 29
8 Chapter 10 (General exemptions), part 2 (Exemptions for particular duties for
exempt institutions), division 1 (Exemptions for exempt institutions)
s 73 42 s 73
Revenue and Other Legislation Amendment Bill 2006
omit, insert-- 1
`sections 24(2)'. 2
Clause 73 Replacement of sch 4A (Amount of concession for 3
transfer duty--first home) 4
Schedule 4A-- 5
omit, insert-- 6
`Schedule 4A Amount of concession for 7
transfer duty--first 8
home--residential land 9
sections 92(2)(a) and 93(6A) 10
Dutiable value of the residential land Concession amount
Not more than $329 999 $3 200
$330 000--$339 999 $3 000
$340 000--$349 999 $2 800
$350 000--$359 999 $2 600
$360 000--$369 999 $2 400
$370 000--$379 999 $2 200
$380 000--$389 999 $2 000
$390 000--$399 999 $1 800
$400 000--$409 999 $1 600
$410 000--$419 999 $1 400
$420 000--$429 999 $1 200
$430 000--$439 999 $1 000
s 73 43 s 73
Revenue and Other Legislation Amendment Bill 2006
Dutiable value of the residential land Concession amount
$440 000--$449 999 $800
$450 000--$459 999 $600
$460 000--$469 999 $400
$470 000--$479 999 $300
$480 000--$489 999 $200
$490 000--$499 999 $100
$500 000 or more nil
`Schedule 4B Amount of concession for 1
transfer duty--first 2
home--vacant land 3
section 92(2)(b) 4
Dutiable value of the vacant land Concession amount
Not more than $159 999 $3 975
$160 000--$169 999 $3 750
$170 000--$179 999 $3 500
$180 000--$189 999 $3 250
$190 000--$199 999 $3 000
$200 000--$209 999 $2 750
$210 000--$219 999 $2 500
s 74 44 s 74
Revenue and Other Legislation Amendment Bill 2006
Dutiable value of the vacant land Concession amount
$220 000--$229 999 $2 250
$230 000--$239 999 $2 000
$240 000--$249 999 $1 750
$250 000--$259 999 $1 500
$260 000--$269 999 $1 200
$270 000--$279 999 $900
$280 000--$289 999 $600
$290 000--$299 999 $300
$300 000 or more nil'.
Clause 74 Amendment of sch 6 (Dictionary) 1
(1) Schedule 6, definitions commercial hirer, credit purchase 2
agreement, equipment financing arrangement, exempt 3
payment, existing company, family company, first home, 4
goods, hire duty, hire of goods, hire-purchase agreement, 5
hiring charges, occupancy requirement, registered 6
commercial hirer, residential land and share buy-back-- 7
omit. 8
(2) Schedule 6-- 9
insert-- 10
`amending Act, for chapter 17, part 6, see section 568. 11
first home-- 12
(a) for a residence to be constructed on vacant land--see 13
section 86B; or 14
(b) for chapter 5, part 6, division 2--see section 272; or 15
(c) otherwise--see section 86(2). 16
s 74 45 s 74
Revenue and Other Legislation Amendment Bill 2006
occupancy requirement, for a person's residence, means the 1
person's occupation date for the residence is within 1 year or 2 2
years after the transfer date for the land, whichever is relevant 3
under section 86(1) or 86B(a). 4
omitted definition, for chapter 17, part 6, see section 568. 5
pre-repeal hire, for chapter 17, part 6, division 4, see section 6
578. 7
pre-repeal hiring charge, for chapter 17, part 6, division 4, 8
see section 578. 9
pre-repeal marketable security transaction, for chapter 17, 10
part 6, division 3, see section 572. 11
previous, for chapter 17, part 6, division 4, see section 578. 12
residential land-- 13
(a) see section 86A; and 14
(b) for chapter 5, part 6 and section 291--includes land, or 15
the part of land, on which a residence is to be 16
constructed. 17
vacant land see section 86C. 18
vacant land concession beneficiary see section 86D.'. 19
(3) Schedule 6, definition dutiable value, paragraph (b), after 20
`residential land'-- 21
insert-- 22
`or vacant land'. 23
(4) Schedule 6, definition new parent company, `section 24
405(1)'-- 25
omit, insert-- 26
`section 409(1)'. 27
(5) Schedule 6, definition statutory dutiable transaction, `(c) or 28
(e)'-- 29
omit, insert-- 30
`(d)'. 31
(6) Schedule 6, definition transfer date, after `residential land'-- 32
s 75 46 s 77
Revenue and Other Legislation Amendment Bill 2006
insert-- 1
`or vacant land'. 2
Division 4 Amendments commencing on 1 3
July 2007 4
Clause 75 Amendment of s 251A (Treatment of mortgages affecting 5
property in Victoria) 6
(1) Section 251A, heading, after `Victoria'-- 7
insert-- 8
`or Tasmania'. 9
(2) Section 251A-- 10
insert-- 11
`(2) For this chapter, a mortgage or mortgage package affecting 12
property located in Tasmania is taken to have been properly 13
stamped, stamped with similar duty, duly stamped or exempt 14
from duty under the Duties Act 2001 (Tas) only to the extent 15
the mortgage or mortgage package was properly stamped, 16
stamped with similar duty, duly stamped or exempt from duty 17
under that Act before 1 July 2007.'. 18
Clause 76 Amendment of s 260 (Mortgage over property not wholly 19
in Queensland) 20
Section 260(2), after `Victoria'-- 21
insert-- 22
`or Tasmania'. 23
Clause 77 Amendment of s 262 (Collateral mortgage) 24
Section 262(1A), after `Victoria'-- 25
insert-- 26
`or Tasmania'. 27
s 78 47 s 80
Revenue and Other Legislation Amendment Bill 2006
Clause 78 Amendment of s 263 (Extent mortgage is enforceable) 1
Section 263-- 2
insert-- 3
`(4) For subsection (1), if an advance is made on or after 1 July 4
2007 under a mortgage or mortgage package that, before 1 5
July 2007, affected property located in Tasmania and was 6
properly stamped under the Duties Act 2001 (Tas), the 7
mortgage or mortgage package is taken to be a mortgage or 8
mortgage package for which a similar duty is chargeable 9
under a corresponding Act.'. 10
Clause 79 Amendment of s 290A (Reassessment--stamping before 11
advance) 12
Section 290A, heading, after `advance'-- 13
insert-- 14
`--Victorian property'. 15
Clause 80 Insertion of new s 290B 16
After section 290A-- 17
insert-- 18
`290B Reassessment--stamping before 19
advance--Tasmanian property 20
`(1) This section applies in relation to a mortgage mentioned in 21
section 260 or 261 if-- 22
(a) the mortgage was first signed before 1 July 2007 and 23
partly affected property located in Tasmania; and 24
(b) the mortgage was properly stamped or exempt from 25
duty, and mortgage duty was paid for the mortgage 26
before 1 July 2007, under the Duties Act 2001 (Tas), 27
section 151,9 in relation to an advance made under the 28
mortgage on or after the commencement of this section; 29
and 30
9 Duties Act 2001 (Tas), section 151 (Stamping before advance)
s 81 48 s 81
Revenue and Other Legislation Amendment Bill 2006
(c) before 1 July 2007, the mortgage was stamped under 1
section 257(1) and (2) in relation to the advance; and 2
(d) after the commencement of this section, the duty 3
mentioned in paragraph (b) (the Tasmanian duty) is 4
refunded because the mortgage is no longer stamped 5
before the advance. 6
`(2) Section 257(1) and (2) are taken not to have authorised the 7
stamping of the mortgage and the commissioner must make a 8
reassessment to impose mortgage duty on the mortgage based 9
on the dutiable proportion at the liability date. 10
`(3) The mortgagor or mortgagee must, within 28 days of the 11
Tasmanian duty being refunded-- 12
(a) give written notice to the commissioner stating that the 13
Tasmanian duty has been refunded; and 14
(b) ensure the mortgage is lodged for a reassessment of 15
mortgage duty on the mortgage. 16
17
Note--
18
Failure to give the notice is an offence under the Administration Act,
19
section 120.
`(4) Compliance with subsection (3) by the mortgagor or 20
mortgagee relieves the other person from complying with the 21
subsection.'. 22
Part 4 Amendment of Financial 23
Administration and Audit Act 24
1977 25
Clause 81 Act amended in pt 4 26
This part amends the Financial Administration and Audit Act 27
1977. 28
s 82 49 s 83
Revenue and Other Legislation Amendment Bill 2006
Clause 82 Amendment of s 80 (Audit of performance management 1
systems) 2
Section 80-- 3
insert-- 4
`(5) The audit may include a review of the public sector entity's 5
performance measures. 6
`(6) In a report prepared for the audit, the auditor-general may 7
state whether, in the auditor-general's opinion, the 8
performance measures-- 9
(a) are relevant and otherwise appropriate, having regard to 10
their purpose; and 11
(b) fairly represent the public sector entity's performance.'. 12
Clause 83 Replacement of pt 8, div 6 (Transitional provision for 13
Financial Administration and Audit Amendment Act 2006) 14
Part 8, division 6-- 15
omit, insert-- 16
`Division 6 Transitional provision for Revenue 17
and Other Legislation Amendment 18
Act 2006 19
`143 Transitional provision for amendment of s 80 20
`(1) A review under section 80(5) of a public sector entity's 21
performance measures may include a consideration of 22
matters, relevant to the review, that happened before the 23
commencement day or relate to a time before that day. 24
`(2) In this section-- 25
commencement day means the day of commencement of the 26
Revenue and Other Legislation Amendment Act 2006, part 4.'. 27
s 84 50 s 85
Revenue and Other Legislation Amendment Bill 2006
Part 5 Amendment of Fuel Subsidy 1
Act 1997 2
Clause 84 Act amended in pt 5 3
This part amends the Fuel Subsidy Act 1997. 4
Clause 85 Insertion of new s 32A 5
Chapter 2, part 4-- 6
insert-- 7
`32A Purchaser must keep records 8
`(1) This section applies to a person who buys diesel in a retail 9
quantity from a licensed retailer and uses any amount of it for 10
an off-road purpose. 11
`(2) The person must keep, for at least 5 years from the day of 12
purchase, the records required under this section relating to 13
the diesel. 14
Maximum penalty--100 penalty units. 15
`(3) The person must keep-- 16
(a) any record of the sale given to the person by the licensed 17
retailer under section 16(2); and 18
(b) records that enable the amount of the diesel used for an 19
off-road purpose to be ascertained. 20
`(4) If the commissioner gives the person a written notice 21
requiring stated records to be kept for subsection (3)(b), the 22
person must keep those records, unless the person has a 23
reasonable excuse. 24
`(5) The commissioner may include a matter in a notice given 25
under subsection (4) by including it in a document 26
accompanying the notice. 27
28
Example--
29
A notice under subsection (4) may be accompanied by a practice
30
direction issued by the commissioner.'.
s 86 51 s 87
Revenue and Other Legislation Amendment Bill 2006
Clause 86 Amendment of sch 2 (Dictionary) 1
(1) Schedule 2, definition fuel-- 2
omit, insert-- 3
`fuel means-- 4
(a) motor spirit and diesel of the type ordinarily sold by a 5
retailer; or 6
(b) motor spirit and diesel of the type-- 7
(i) that can be used in a vehicle as a replacement for 8
fuel mentioned in paragraph (a); and 9
(ii) that is the subject of a fuel standard in force under 10
the Fuel Quality Standards Act 2000 (Cwlth).'. 11
(2) Schedule 2-- 12
insert-- 13
`conditional registration means conditional registration under 14
a regulation under the Transport Operations (Road Use 15
Management) Act 1995.'. 16
(3) Schedule 2, definition diesel engine road vehicle, paragraph 17
(b)-- 18
omit, insert-- 19
`(b) is not conditionally registered or of a type that would 20
qualify for conditional registration.'. 21
Part 6 Amendment of Government 22
Owned Corporations Act 1993 23
Clause 87 Act amended in pt 6 24
This part amends the Government Owned Corporations Act 25
1993. 26
s 88 52 s 88
Revenue and Other Legislation Amendment Bill 2006
Clause 88 Amendment of sch 3 (Application of FA and A Act to 1
company GOCs and prescribed company GOC 2
subsidiaries) 3
(1) Schedule 3, part 4, section 80-- 4
insert-- 5
`(5) The audit may include a review of the company GOC's 6
performance measures. 7
`(6) In a report prepared for the audit, the auditor-general may 8
state whether, in the auditor-general's opinion, the 9
performance measures-- 10
(a) are relevant and otherwise appropriate, having regard 11
to their purpose; and 12
(b) fairly represent the company GOC's performance.'. 13
(2) Schedule 3, part 4, after section 105-- 14
insert-- 15
`143 Transitional provision for amendment of s 80 16
`(1) A review under section 80(5) of a company GOC's 17
performance measures may include a consideration of 18
matters, relevant to the review, that happened before the 19
commencement day or relate to a time before that day. 20
`(2) In this section-- 21
commencement day means the day of commencement of the 22
Revenue and Other Legislation Amendment Act 2006, part 6.'. 23
(3) Schedule 3, part 5, section 80-- 24
insert-- 25
`(5) The audit may include a review of the company GOC 26
subsidiary's performance measures. 27
`(6) In a report prepared for the audit, the auditor-general may 28
state whether, in the auditor-general's opinion, the 29
performance measures-- 30
(a) are relevant and otherwise appropriate, having regard 31
to their purpose; and 32
(b) fairly represent the company GOC subsidiary's 33
performance.'. 34
s 89 53 s 91
Revenue and Other Legislation Amendment Bill 2006
(4) Schedule 3, part 5, after section 105-- 1
insert-- 2
`143 Transitional provision for amendment of s 80 3
`(1) A review under section 80(5) of a company GOC subsidiary's 4
performance measures may include a consideration of 5
matters, relevant to the review, that happened before the 6
commencement day or relate to a time before that day. 7
`(2) In this section-- 8
commencement day means the day of commencement of the 9
Revenue and Other Legislation Amendment Act 2006, part 6.'. 10
Part 7 Amendment of Land Tax Act 11
1915 12
Clause 89 Act amended in pt 7 13
This part amends the Land Tax Act 1915. 14
Clause 90 Amendment of s 3EA (When land is used for a substantial 15
non-PPR purpose) 16
Section 3EA(2), before `working out'-- 17
insert-- 18
`deciding if the land is exempt from taxation under this Act 19
or'. 20
Clause 91 Amendment of s 11 (Taxable value) 21
(1) Section 11(5)(a) and (b), `(other than an Australian 22
citizen)'-- 23
omit. 24
(2) Section 11(7)-- 25
omit. 26
s 92 54 s 94
Revenue and Other Legislation Amendment Bill 2006
Clause 92 Insertion of new pt 9, div 3 1
Part 9-- 2
insert-- 3
`Division 3 Transitional provision for Revenue 4
and Other Legislation Amendment 5
Act 2006 6
`65 Application of s 11 to financial year starting 1 July 7
2006 8
`(1) Section 11, as in force immediately before the 9
commencement of the amending provision, applies for 10
levying land tax payable for the financial year starting 1 July 11
2006. 12
`(2) In this section-- 13
amending provision means the Revenue and Other 14
Legislation Amendment Act 2006, section 91.'. 15
Part 8 Amendment of Taxation 16
Administration Act 2001 17
Clause 93 Act amended in pt 8 18
This part amends the Taxation Administration Act 2001. 19
Clause 94 Amendment of s 3 (Purpose of Act and relationship with 20
revenue laws) 21
(1) Section 3, heading, `Purpose'-- 22
omit, insert-- 23
`Purposes'. 24
(2) Section 3(1), `purpose'-- 25
omit, insert-- 26
s 94 55 s 94
Revenue and Other Legislation Amendment Bill 2006
`main purpose'. 1
(3) Section 3-- 2
insert-- 3
`(4) Another purpose of this Act is to make provision about the 4
administration and enforcement of recognised laws.'. 5
© State of Queensland 2006
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