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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 2007
Queensland
Revenue and Other Legislation
Amendment Bill 2007
Contents
Page
Part 1 Preliminary
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Part 2 Amendment of Duties Act 2001
3 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 254 (Rate of mortgage duty) . . . . . . . . . . . . . . . 4
5 Amendment of s 383 (Rate of vehicle registration duty, other
than for a special vehicle) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
6 Insertion of new ch 17, pt 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Part 7 Transitional and savings provisions for
Revenue and Other Legislation Amendment
Act 2007
584 Application of amendment about rate of mortgage
duty ................................. 5
585 Mortgage duty associated with debenture
subscriptions in financial year ending 30 June 2008 . 5
586 Mortgage duty associated with caveats and releases
of mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 Insertion of new sch 4C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Schedule 4C Rate of vehicle registration duty other than for
special vehicles
Part 3 Amendment of Electricity Act 1994
8 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
9 Insertion of new s 326 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
326 Provision for new s 23 . . . . . . . . . . . . . . . . . . . . . . . . 8
Part 4 Amendment of Electricity and Other Legislation
Amendment Act 2006
10 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2
Revenue and Other Legislation Amendment Bill 2007
11 Amendment of s 30 (Replacement of ch 5, pts 1A-1C of Act
No. 64 of 1994). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
12 Amendment of s 44 (Insertion of new ch 11, pt 1A of Act No. 64
of 1994) ....................................... 10
13 Amendment of s 145 (Insertion of new ch 5A of Act No. 29 of
2003) ........................................ 10
Part 5 Amendment of Land Tax Act 1915
14 Act amended in pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
15 Amendment of s 3 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . 12
16 Insertion of new s 3G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
3G Capping of value for particular years . . . . . . . . . . . . . 12
17 Amendment of s 16 (Taxpayer to furnish returns) . . . . . . . . . . . . 13
18 Amendment of s 27 (Appeal) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
19 Replacement of s 62 (Application of particular amendments) . . . 15
62 Application of particular amendments . . . . . . . . . . . . 15
20 Insertion of new pt 9, div 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Division 4 Savings provision for Revenue and Other
Legislation Amendment Act 2007
66 Obligation to furnish returns . . . . . . . . . . . . . . . . . . . . 15
21 Amendment of sch 1 (Amounts and rates of land tax--
particular individuals) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
22 Amendment of sch 2 (Amounts and rates of land tax--company,
absentee or trustee) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Part 6 Amendment of Petroleum Products Subsidy Act 1965
23 Act amended in pt 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
24 Amendment of s 2 (Meaning of terms) . . . . . . . . . . . . . . . . . . . . . 16
25 Amendment of s 3 (Calculation of subsidy) . . . . . . . . . . . . . . . . . 17
26 Omission of ss 4-6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
27 Amendment of s 7 (Certificates). . . . . . . . . . . . . . . . . . . . . . . . . . 17
28 Omission of s 8 (Payments) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
29 Amendment of s 10 (Preservation of accounts etc.) . . . . . . . . . . 18
30 Amendment of s 11 (Stocktaking and inspection of accounts
etc.) ......................................... 18
31 Omission of s 12 (Powers of authorised officer) . . . . . . . . . . . . . . 18
32 Replacement of ss 15-17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
15 Closure of Commonwealth Petroleum Products
Subsidies Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
16 Expiry of Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
2007
A Bill
for
An Act to amend the Duties Act 2001, the Electricity Act 1994,
the Electricity and Other Legislation Amendment Act 2006, the
Land Tax Act 1915 and the Petroleum Products Subsidy Act
1965
s1 4 s5
Revenue and Other Legislation Amendment Bill 2007
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 2007. 5
Clause 2 Commencement 6
(1) Part 2 commences on 1 January 2008. 7
(2) Parts 5 and 6 commence on 1 July 2007. 8
Part 2 Amendment of Duties Act 2001 9
Clause 3 Act amended in pt 2 10
This part amends the Duties Act 2001. 11
Clause 4 Amendment of s 254 (Rate of mortgage duty) 12
Section 254, `40c'-- 13
omit, insert-- 14
`20c'. 15
Clause 5 Amendment of s 383 (Rate of vehicle registration duty, 16
other than for a special vehicle) 17
Section 383, from `$2'-- 18
omit, insert-- 19
`as stated in schedule 4C.'. 20
s6 5 s6
Revenue and Other Legislation Amendment Bill 2007
Clause 6 Insertion of new ch 17, pt 7 1
Chapter 17-- 2
insert-- 3
`Part 7 Transitional and savings 4
provisions for Revenue and 5
Other Legislation Amendment 6
Act 2007 7
`584 Application of amendment about rate of mortgage 8
duty 9
`(1) Section 254,1 as in force on 1 January 2008, applies to a 10
mortgage only if the liability date for the mortgage is on or 11
after 1 January 2008. 12
`(2) However, section 254, as in force immediately before 1 13
January 2008, applies to a mortgage if an arrangement was 14
made before 1 January 2008 the sole or main purpose of 15
which was to defer a liability date for the mortgage until 1 16
January 2008 or later so the rate of mortgage duty under 17
section 254, as in force on or after 1 January 2008, would 18
apply in relation to the liability date. 19
`(3) Also, a person is not entitled, under a relevant Act or 20
otherwise, to a refund of mortgage duty paid before 1 January 21
2008 only because a liability date for the mortgage is on or 22
after 1 January 2008. 23
`(4) In this section-- 24
relevant Act means this Act or the Administration Act. 25
`585 Mortgage duty associated with debenture 26
subscriptions in financial year ending 30 June 2008 27
`(1) This section applies in relation to mortgage duty payable 28
under section 266(3) on the amount subscribed for, in the 29
financial year ending 30 June 2008, for debentures. 30
1 Section 254 (Rate of mortgage duty)
s7 6 s7
Revenue and Other Legislation Amendment Bill 2007
`(2) The rate of mortgage duty is-- 1
(a) 40c for each $100, or part of $100, of the amount 2
subscribed for in the period from 1 July 2007 to 31 3
December 2007; and 4
(b) 20c for each $100, or part of $100, of the amount 5
subscribed for in the period from 1 January 2008 to 30 6
June 2008. 7
`(3) The rate of mortgage duty under subsection (2)(a) applies to 8
an amount subscribed for debentures if an arrangement was 9
made before 1 January 2008 the sole or main purpose of 10
which was to defer the subscription until 1 January 2008 or 11
later so the rate of mortgage duty under subsection (2)(b) 12
would apply in relation to the subscription. 13
`586 Mortgage duty associated with caveats and releases 14
of mortgage 15
`(1) This section applies in relation to-- 16
(a) mortgage duty imposed under section 268 on a caveat 17
claiming an interest under a mortgage; and 18
(b) mortgage duty imposed under section 269 on a release 19
of mortgage. 20
`(2) To the extent an amount of mortgage duty imposed on the 21
relevant mortgage is calculated by reference to the rate under 22
pre-amended section 254, the amount of mortgage duty 23
imposed on the caveat or release is also calculated under 24
pre-amended section 254, even if the caveat or release is 25
effected on or after 1 January 2008. 26
`(3) In this section-- 27
pre-amended section 254 means section 254 as in force 28
before 1 January 2008.'. 29
Clause 7 Insertion of new sch 4C 30
After schedule 4B-- 31
insert-- 32
s8 7 s9
Revenue and Other Legislation Amendment Bill 2007
`Schedule 4C Rate of vehicle registration 1
duty other than for 2
special vehicles 3
section 383 4
Type of vehicle Amount of vehicle registration duty
for each $100, and each part of
$100, of the vehicle's dutiable value
hybrid vehicle (with any number of $2.00
cylinders)
electric vehicle
vehicle with 1 to 4 cylinders $3.00
vehicle with 2 rotors
steam vehicle
vehicle with 5 or 6 cylinders $3.50
vehicle with 3 rotors
vehicle with 7 or more cylinders $4.00'.
Part 3 Amendment of Electricity Act 5
1994 6
Clause 8 Act amended in pt 3 7
This part amends the Electricity Act 1994. 8
Clause 9 Insertion of new s 326 9
After section 325-- 10
insert-- 11
s 10 8 s 11
Revenue and Other Legislation Amendment Bill 2007
`326 Provision for new s 23 1
`(1) The words `, inserted section 23(6)' and `omit,' are taken 2
never to have been included in the amending provision. 3
`(2) This section expires at the end of the day after it commences. 4
`(3) This section is declared to be a law to which the Acts 5
Interpretation Act 1954, section 20A applies. 6
`(4) In this section-- 7
amending provision means the Community Ambulance Cover 8
and Other Acts Amendment Act 2007, section 38(4).'. 9
Part 4 Amendment of Electricity and 10
Other Legislation Amendment 11
Act 2006 12
Clause 10 Act amended in pt 4 13
This part amends the Electricity and Other Legislation 14
Amendment Act 2006. 15
Clause 11 Amendment of s 30 (Replacement of ch 5, pts 1A-1C of 16
Act No. 64 of 1994) 17
Section 30, after inserted section 120ZK-- 18
insert-- 19
` `Division 7 Miscellaneous provisions 20
`120ZL Relationship with Fair Trading Act 1989 21
`To remove any doubt, it is declared that, subject to section 22
120ZN, an industry code does not limit or otherwise affect the 23
operation of the Fair Trading Act 1989. 24
s 11 9 s 11
Revenue and Other Legislation Amendment Bill 2007
`120ZM Compliance with particular requirements under Fair 1
Trading Act 1989, s 61 for door-to-door contracts 2
`(1) This section applies if-- 3
(a) a retail entity enters into, or proposes to enter into, a 4
negotiated retail contract with a small customer; and 5
(b) the contract is, or would if entered into be, a prescribed 6
contract under the Fair Trading Act 1989 (FTA), part 3, 7
division 4; and 8
(c) an industry code applies to the contract. 9
`(2) The contract is taken to include the statement required under 10
FTA, section 61(1)(f) (paragraph (f)) if a statement included 11
in the contract as otherwise required under paragraph (f) states 12
the cooling-off period that the industry code requires for the 13
contract instead of the cooling-off period mentioned in 14
paragraph (f). 15
Note-- 16
See clause 4.2.4 (Cooling-off) of the initial industry code commencing 17
on the FRC day. 18
`(3) The notices required to be given under FTA, section 61(1)(g) 19
(paragraph (g)) are taken to have been given, and the 20
requirements for the notices stated in FTA, section 61(1)(h) to 21
(j) are taken to be complied with, if-- 22
(a) the customer is given a notice (the substitute notice) by 23
or for the retail entity in relation to the entering into of 24
the contract, as required under the industry code; and 25
(b) the substitute notice complies with-- 26
(i) all requirements under the industry code about 27
explaining the customer's right to rescind the 28
contract; and 29
Note-- 30
See clause 7.6 (Written disclosure statement) of the initial 31
industry code commencing on the FRC day. 32
(ii) the requirements for a notice or notices, stated in 33
FTA, section 61(1)(h)(i) and (ii), (i) and (j); and 34
(c) the substitute notice gives all information that-- 35
s 12 10 s 13
Revenue and Other Legislation Amendment Bill 2007
(i) is required to be given under the approved forms of 1
notice under paragraph (g); and 2
(ii) is relevant to the goods and services to be provided 3
under the contract. 4
`(4) The substitute notice need not comply with FTA, s 5
61(1)(h)(iii).'. 6
Clause 12 Amendment of s 44 (Insertion of new ch 11, pt 1A of Act 7
No. 64 of 1994) 8
Section 44, inserted sections 244A and 244B-- 9
renumber as inserted sections 226A and 226B. 10
Clause 13 Amendment of s 145 (Insertion of new ch 5A of Act No. 29 11
of 2003) 12
Section 145, after inserted section 270ZJ-- 13
insert-- 14
` `Part 6 Miscellaneous provisions 15
`270ZJA Relationship with Fair Trading Act 1989 16
`To remove any doubt, it is declared that, subject to section 17
270ZJB, an industry code does not limit or otherwise affect 18
the operation of the Fair Trading Act 1989. 19
`270ZJB Compliance with particular requirements under Fair 20
Trading Act 1989, s 61 for door-to-door contracts 21
`(1) This section applies if-- 22
(a) a retailer enters into, or proposes to enter into, a 23
negotiated retail contract with a small customer; and 24
(b) the contract is, or would if entered into be, a prescribed 25
contract under the Fair Trading Act 1989 (FTA), part 3, 26
division 4; and 27
(c) an industry code applies to the contract. 28
s 13 11 s 13
Revenue and Other Legislation Amendment Bill 2007
`(2) The contract is taken to include the statement required under 1
FTA, section 61(1)(f) (paragraph (f)) if a statement included 2
in the contract as otherwise required under paragraph (f) states 3
the cooling-off period that the industry code requires for the 4
contract instead of the cooling-off period mentioned in 5
paragraph (f). 6
Note-- 7
See clause 4.3 (Cooling-off) of the initial industry code commencing on 8
the FRC day. 9
`(3) The notices required to be given under FTA, section 61(1)(g) 10
(paragraph (g)) are taken to have been given, and the 11
requirements for the notices stated in FTA, section 61(1)(h) to 12
(j) are taken to be complied with, if-- 13
(a) the customer is given a notice (the substitute notice) by 14
or for the retailer in relation to the entering into of the 15
contract, as required under the industry code; and 16
(b) the substitute notice complies with-- 17
(i) all requirements under the industry code about 18
explaining the customer's right to rescind the 19
contract; and 20
Note-- 21
See clause 5.6 (Written disclosure statement) of the initial 22
industry code commencing on the FRC day. 23
(ii) the requirements for a notice or notices, stated in 24
FTA, section 61(1)(h)(i) and (ii), (i) and (j); and 25
(c) the substitute notice gives all information that-- 26
(i) is required to be given under the approved forms of 27
notice under paragraph (g); and 28
(ii) is relevant to the goods and services to be provided 29
under the contract. 30
`(4) The substitute notice need not comply with FTA, s 31
61(1)(h)(iii).'. 32
s 14 12 s 16
Revenue and Other Legislation Amendment Bill 2007
Part 5 Amendment of Land Tax Act 1
1915 2
Clause 14 Act amended in pt 5 3
This part amends the Land Tax Act 1915. 4
Clause 15 Amendment of s 3 (Definitions) 5
(1) Section 3, definition relevant unimproved value-- 6
omit. 7
(2) Section 3-- 8
insert-- 9
`capped value see section 3G(3). 10
relevant unimproved value of land, for a financial year, 11
means-- 12
(a) if section 3G applies--the capped value of the land for 13
the financial year; or 14
(b) otherwise--the lesser of the following-- 15
(i) the unimproved value of the land that applies for 16
the financial year; 17
(ii) the averaged unimproved value of the land for the 18
financial year.'. 19
Clause 16 Insertion of new s 3G 20
In part 1-- 21
insert-- 22
`3G Capping of value for particular years 23
`(1) This section applies in relation to the land tax levied for each 24
of the following financial years (the relevant years)-- 25
· the financial year starting 1 July 2007 26
· the financial year starting 1 July 2008 27
· the financial year starting 1 July 2009. 28
s 17 13 s 17
Revenue and Other Legislation Amendment Bill 2007
`(2) This section applies to a parcel of land, for the land tax levied 1
for a relevant year, if-- 2
(a) section 3CA does not apply for levying land tax on the 3
land for the relevant year; and 4
(b) the land had an unimproved value that applied for the 5
previous financial year; and 6
(c) the uncapped value of the land for the relevant year is 7
more than 150% of the relevant unimproved value of the 8
land for the previous financial year. 9
`(3) The capped value of the land for the relevant year is 150% of 10
the relevant unimproved value of the land for the previous 11
financial year. 12
`(4) In this section-- 13
uncapped value of land, for a relevant year, means the lesser 14
of the following-- 15
(a) the unimproved value of the land that applies for the 16
relevant year; 17
(b) the averaged unimproved value of the land for the 18
relevant year.'. 19
Clause 17 Amendment of s 16 (Taxpayer to furnish returns) 20
(1) Section 16(1), words before paragraph (a)-- 21
omit, insert-- 22
`(1) For the purposes of the assessment and levy of land tax for a 23
financial year starting on or after 1 July 2007, every owner of 24
land, as at midnight on 30 June immediately before the 25
financial year, of the relevant unimproved value of--'. 26
(2) Section 16(1)(a), `$300 000'-- 27
omit, insert-- 28
`$350 000'. 29
(3) Section 16(1)(b)-- 30
omit, insert-- 31
`(b) for another owner--$600 000 or more;'. 32
s 18 14 s 18
Revenue and Other Legislation Amendment Bill 2007
(4) Section 16(1), `each'-- 1
omit, insert-- 2
`the'. 3
(5) Section 16(1), `30 June then last past'-- 4
omit, insert-- 5
`that 30 June'. 6
Clause 18 Amendment of s 27 (Appeal) 7
(1) Section 27(1A), words after `excessive'-- 8
omit, insert-- 9
`if the underlying value, or each underlying value, is the value 10
of the area or interest made or caused to be made by the chief 11
executive under the Valuation of Land Act 1944.'. 12
(2) Section 27-- 13
insert-- 14
`(4) In this section-- 15
underlying value, for a relevant unimproved value, means-- 16
(a) if the relevant unimproved value is an unimproved 17
value--the unimproved value; or 18
(b) if the relevant unimproved value is an averaged 19
unimproved value--an unimproved value used to work 20
out the averaged unimproved value; or 21
(c) if the relevant unimproved value is a capped value--an 22
unimproved value used, directly or indirectly, to work 23
out the capped value. 24
Examples of underlying value for paragraph (c)-- 25
· an unimproved value of the land for the previous year used 26
directly to work out the land's capped value for the current 27
year 28
· an unimproved value of the land 2 years ago which is used 29
to work out the land's averaged unimproved value for the 30
previous year which in turn is used to work out the land's 31
capped value for the current year'. 32
s 19 15 s 21
Revenue and Other Legislation Amendment Bill 2007
Clause 19 Replacement of s 62 (Application of particular 1
amendments) 2
Section 62-- 3
omit, insert-- 4
`62 Application of particular amendments 5
`This Act, as amended by the Revenue and Other Legislation 6
Amendment Act 2007, part 5, applies to land tax levied for a 7
financial year starting on or after 1 July 2007.'. 8
Clause 20 Insertion of new pt 9, div 4 9
Part 9-- 10
insert-- 11
`Division 4 Savings provision for Revenue and 12
Other Legislation Amendment Act 13
2007 14
`66 Obligation to furnish returns 15
`(1) To remove any doubt, it is declared that the amendment of 16
section 16 by the Revenue and Other Legislation Amendment 17
Act 2007 does not affect a liability incurred under that section 18
including a requirement for an owner of land to furnish a 19
return for a financial year before 1 July 2007. 20
`(2) This section does not limit the Acts Interpretation Act 1954, 21
section 20.'. 22
Clause 21 Amendment of sch 1 (Amounts and rates of land 23
tax--particular individuals) 24
(1) Schedule 1, `$500 000'-- 25
omit, insert-- 26
`$600 000'. 27
(2) Schedule 1, `$500'-- 28
omit, insert-- 29
`$1 200'. 30
s 22 16 s 24
Revenue and Other Legislation Amendment Bill 2007
Clause 22 Amendment of sch 2 (Amounts and rates of land 1
tax--company, absentee or trustee) 2
(1) Schedule 2, `$300 000'-- 3
omit, insert-- 4
`$350 000'. 5
(2) Schedule 2, `$1 500'-- 6
omit, insert-- 7
`$2 250'. 8
Part 6 Amendment of Petroleum 9
Products Subsidy Act 1965 10
Clause 23 Act amended in pt 6 11
This part amends the Petroleum Products Subsidy Act 1965. 12
Clause 24 Amendment of s 2 (Meaning of terms) 13
(1) Section 2(1), definitions authorised officer, Commonwealth 14
Minister and scheme-- 15
omit. 16
(2) Section 2(1)-- 17
insert-- 18
`authorised officer means a person who held an appointment, 19
immediately before 1 July 2007, as an authorised officer 20
under section 5 as it was in force at that time. 21
repealed, in relation to a section, means that section of this 22
Act as in force before its repeal by the Revenue and Other 23
Legislation Amendment Act 2007, part 6. 24
scheme means the scheme in force from time to time before 1 25
July 2007 in relation to Queensland under the repealed States 26
Grants (Petroleum Products) Act 1965 (Cwlth).'. 27
s 25 17 s 27
Revenue and Other Legislation Amendment Bill 2007
(3) Section 2(1), definition registered distributor of eligible 1
petroleum products, `who is'-- 2
omit, insert-- 3
`who was, at any time before 1 July 2007,'. 4
(4) Section 2(2), `is directed'-- 5
omit, insert-- 6
`was directed'. 7
(5) Section 2(2), `are or are not'-- 8
omit, insert-- 9
`were or were not'. 10
Clause 25 Amendment of s 3 (Calculation of subsidy) 11
Section 3-- 12
insert-- 13
`(2) However, from 1 July 2007 subsection (1) does not apply and 14
no payments may be made under this Act.'. 15
Clause 26 Omission of ss 4-6 16
Sections 4 to 6-- 17
omit. 18
Clause 27 Amendment of s 7 (Certificates) 19
(1) Section 7(1) and (2)-- 20
omit. 21
(2) Section 7(3), after `advance'-- 22
insert-- 23
`under repealed section 4'. 24
s 28 18 s 31
Revenue and Other Legislation Amendment Bill 2007
Clause 28 Omission of s 8 (Payments) 1
Section 8-- 2
omit. 3
Clause 29 Amendment of s 10 (Preservation of accounts etc.) 4
(1) Section 10, `who receives'-- 5
omit, insert-- 6
`who received'. 7
(2) Section 10, after `claim'-- 8
insert-- 9
`under repealed section 6'. 10
Clause 30 Amendment of s 11 (Stocktaking and inspection of 11
accounts etc.) 12
(1) Section 11, heading-- 13
omit, insert-- 14
`11 Inspection of accounts etc.'. 15
(2) Section 11(1), from `or any vehicle'-- 16
omit, insert-- 17
`and may inspect the accounts, books and documents relating 18
to the sale, use and purchase of eligible petroleum products.'. 19
(3) Section 11(2), `or person in charge of any vehicle'-- 20
omit. 21
Clause 31 Omission of s 12 (Powers of authorised officer) 22
Section 12-- 23
omit. 24
s 32 19 s 32
Revenue and Other Legislation Amendment Bill 2007
Clause 32 Replacement of ss 15-17 1
Sections 15 to 17-- 2
omit, insert-- 3
`15 Closure of Commonwealth Petroleum Products 4
Subsidies Fund 5
`(1) The fund is closed with effect from 1 July 2007. 6
`(2) As soon as practicable after 1 July 2007-- 7
(a) the auditor-general must certify the receipts for and 8
disbursements of the fund for the financial year ending 9
on 30 June 2007; and 10
(b) the department must transfer an amount representing the 11
closing balance for the fund to the Commonwealth 12
department. 13
`(3) Any amounts recovered under section 9 must be transferred to 14
the Commonwealth department. 15
`(4) In this section-- 16
Commonwealth department means the Commonwealth 17
department in which the Petroleum (Submerged Lands) Act 18
1967 (Cwlth) is administered. 19
fund means the Commonwealth Petroleum Products 20
Subsidies Fund continued in existence under repealed section 21
16. 22
`16 Expiry of Act 23
`This Act expires on 1 July 2009.'. 24
© State of Queensland 2007
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