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REVENUE AND OTHER LEGISLATION AMENDMENT BILL (NO. 2) 1999

      Queensland




REVENUE AND OTHER
   LEGISLATION
 AMENDMENT BILL
     (No. 2) 1999

 


 

 

Queensland REVENUE AND OTHER LEGISLATION AMENDMENT BILL (No. 2) 1999 TABLE OF PROVISIONS Section Page PART 1--PRELIMINARY 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 PART 2--AMENDMENT OF FUEL SUBSIDY ACT 1997 3 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4 Amendment of s 4 (Meaning of "bulk end user") . . . . . . . . . . . . . . . . . . . . . 6 5 Amendment of s 9 (Only 1 subsidy payable for fuel) . . . . . . . . . . . . . . . . . . 7 6 Amendment of s 39 (Records of sales to be kept) . . . . . . . . . . . . . . . . . . . . 7 7 Amendment of s 40 (Records to be kept by licensed off-road diesel consumers) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Amendment of s 68 (Records of sales to be kept) . . . . . . . . . . . . . . . . . . . . 7 9 Amendment of s 69 (Records to be kept by licensed retailers) . . . . . . . . . . 8 10 Amendment of s 104 (Records of sales to be kept) . . . . . . . . . . . . . . . . . . . 8 11 Amendment of s 105 (Records to be kept by licensed bulk end users) . . . 8 12 Amendment of s 165 (Person receiving subsidy without entitlement) . . . . 9 13 Amendment of s 166 (Person incorrectly receiving benefit of subsidy) . . . 10 14 Insertion of new s 167A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 167A Person receiving reimbursement for surcharge . . . . . . . . . . . . . . . . . 10 15 Amendment of s 187 (Decision to require persons to pay amounts owing) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 16 Amendment of s 193 (Confidentiality of information) . . . . . . . . . . . . . . . . . 11 17 Amendment of sch 3 (Dictionary) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 PART 3--AMENDMENT OF LAND TAX ACT 1915 18 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

 


 

2 Revenue and Other Legislation Amendment (No. 2) 19 Amendment of s 13 (Land exempted from tax) . . . . . . . . . . . . . . . . . . . . . . 12 20 Amendment of s 26D (Taxpayer may object to assessment) . . . . . . . . . . . . 12 21 Insertion of new s 27AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 27AA How appeal is started . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 PART 4--AMENDMENT OF PAY-ROLL TAX ACT 1971 22 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 23 Amendment of s 3 (Interpretation)-- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 PART 5--AMENDMENT OF STAMP ACT 1894 Division 1--Preliminary 24 Act amended in pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Division 2--General amendments 25 Amendment of s 55A (Duty relating to principal place of residence and first principal place of residence) . . . . . . . . . . . . . . . . . . . . . 14 26 Amendment of s 56B (Unit trust schemes) . . . . . . . . . . . . . . . . . . . . . . . . . . 14 27 Amendment of s 56FA (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 28 Amendment of s 56FC (Valuation of land) . . . . . . . . . . . . . . . . . . . . . . . . . . 18 29 Amendment of s 56FH (When statement to be lodged) . . . . . . . . . . . . . . . . 18 30 Amendment of s 56FN (Meaning of "interest", "majority interest" and "further interest") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 31 Amendment of s 61B (Instrument amending a trust deed constituting a public unit trust scheme) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 32 Amendment of s 80 (Amendment of assessments) . . . . . . . . . . . . . . . . . . . . 21 33 Insertion of new s 90 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 90 Transitional provisions for the conversion of prescribed interests . . 22 34 Amendment of sch 1 (Stamp duties on instruments) . . . . . . . . . . . . . . . . . . 25 Division 3--Amendments about the Commonwealth Places (Mirror Taxes) Act 1998 (Cwlth) 35 Amendment of s 2 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 36 Amendment of s 35B (Statements to be lodged by required persons with the commissioner) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 37 Insertion of new s 91 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 91 Recognition of duty paid in certain circumstances . . . . . . . . . . . . . . 27

 


 

3 Revenue and Other Legislation Amendment (No. 2) PART 6--MINOR AMENDMENTS OF ACTS 38 Acts amended--schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 SCHEDULE MINOR AMENDMENTS OF ACTS COMMONWEALTH PLACES (MIRROR TAXES ADMINISTRATION) ACT 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 DEBITS TAX ACT 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 PAY-ROLL TAX ACT 1971 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 STAMP ACT 1894 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 STATUTE LAW (MISCELLANEOUS PROVISIONS) ACT 1994 . . . . . . . 38

 


 

 

1999 A BILL FOR An Act to amend certain Acts administered by the Treasurer

 


 

s1 6 s4 Revenue and Other Legislation Amendment (No. 2) The Parliament of Queensland enacts-- 1 ART 1--PRELIMINARY 2 P title 3 Short Clause 1. This Act may be cited as the Revenue and Other Legislation 4 Amendment Bill (No. 2) 1999. 5 6 Commencement Clause 2.(1) Part 5, division 3 has effect when an arrangement is made under the 7 Commonwealth Places (Mirror Taxes Administration) Act 1999, section 4. 8 (2) When the arrangement is made, part 5, division 3 is taken to have had 9 effect on 6 October 1997. 10 (3) The remaining provisions of this Act commence on assent. 11 ART 2--AMENDMENT OF FUEL SUBSIDY 12 P ACT 1997 13 amended in pt 2 14 Act Clause 3. This part amends the Fuel Subsidy Act 1997. 15 of s 4 (Meaning of "bulk end user") 16 Amendment Clause 4. Section 4(1), after `off-road diesel consumer'-- 17 insert-- 18 `or entitle the person, under a corresponding law, to a similar subsidy for 19 diesel as an off-road diesel consumer'. 20

 


 

s5 7 s8 Revenue and Other Legislation Amendment (No. 2) of s 9 (Only 1 subsidy payable for fuel) 1 Amendment Clause 5. Section 9(7)-- 2 omit. 3 of s 39 (Records of sales to be kept) 4 Amendment Clause 6.(1) Section 39(1), `, complying with subsections (2) and (3)'-- 5 omit, insert-- 6 `as required under subsections (2) to (4)'. 7 (2) Section 39-- 8 insert-- 9 `(4) Each record must be kept for 5 years after it is made.'. 10 of s 40 (Records to be kept by licensed off-road diesel 11 Amendment consumers) 12 Clause 7. Section 40(1), `complying with subsection (2)'-- 13 omit, insert-- 14 `as required under subsections (2) and (3)'. 15 (2) Section 40-- 16 insert-- 17 `(3) The record must be kept for 5 years after it is made.'. 18 of s 68 (Records of sales to be kept) 19 Amendment Clause 8. Section 68(1), `, complying with subsections (2) and (3)'-- 20 omit, insert-- 21 `as required under subsections (2) to (4)'. 22 (2) Section 68-- 23

 


 

s9 8 s 11 Revenue and Other Legislation Amendment (No. 2) insert-- 1 `(4) Each record must be kept for 5 years after it is made.'. 2 of s 69 (Records to be kept by licensed retailers) 3 Amendment Clause 9. Section 69(1), `complying with subsection (2)'-- 4 omit, insert-- 5 `as required under subsections (2) and (3)'. 6 (2) Section 69-- 7 insert-- 8 `(3) The record must be kept for 5 years after it is made.'. 9 of s 104 (Records of sales to be kept) 10 Amendment Clause 10. Section 104(1), `, complying with subsections (2) and (3)'-- 11 omit, insert-- 12 `as required under subsections (2) to (4)'. 13 (2) Section 104-- 14 insert-- 15 `(4) Each record must be kept for 5 years after it is made.'. 16 of s 105 (Records to be kept by licensed bulk end users) 17 Amendment Clause 11. Section 105(1), `complying with subsection (2)'-- 18 omit, insert-- 19 `as required under subsections (2) and (3)'. 20 (2) Section 105-- 21 insert-- 22 `(3) The record must be kept for 5 years after it is made.'. 23

 


 

s 12 9 s 12 Revenue and Other Legislation Amendment (No. 2) of s 165 (Person receiving subsidy without entitlement) 1 Amendment Clause 12.(1) Section 165(2) and (3)-- 2 omit, insert-- 3 `(2) The commissioner may, by written notice given to the claimant, 4 require the claimant to pay to the commissioner-- 5 (a) the amount (the "overpaid amount") that is the difference 6 between the paid amount and the correct amount; and 7 (b) a further amount (the "incorrect payment penalty") if the 8 commissioner is satisfied-- 9 (i) the purchaser of the fuel for which the claim is made, 10 because of a contravention of the Act, did not fully receive 11 the benefit of the subsidy; or 12 (ii) the claim is materially false; or 13 (iii) the claimant sold the fuel other than in reliance on a licence.'. 14 (2) Section 165(4) and (5)-- 15 renumber as section 165(3) and (4). 16 (3) Section 165(4), as renumbered, `(3)'-- 17 omit, insert-- 18 `(2)'. 19 (4) Section 165-- 20 insert-- 21 `(5) The claimant must pay to the commissioner the overpaid amount 22 and the whole or part of the incorrect payment penalty the claimant is 23 required to pay (the "penalty payable") within the time stated in the notice. 24 `(6) The stated time must not be less than 7 days after the claimant 25 receives the notice. 26 `(7) An amount not paid as required under subsection (5) is a debt owing 27 to the commissioner.'. 28

 


 

s 13 10 s 14 Revenue and Other Legislation Amendment (No. 2) of s 166 (Person incorrectly receiving benefit of subsidy) 1 Amendment Clause 13. Section 166-- 2 insert-- 3 `(7) The incorrect subsidy amount and the whole or part of the incorrect 4 benefit penalty the purchaser is required to pay (the "penalty payable"), 5 must be paid-- 6 (a) if this section applies to the purchaser under 7 subsection (1)--within 7 days after the sale; or 8 (b) if this section applies to the purchaser under 9 subsection (2)--within 7 days after the thing mentioned in 10 subsection (2)(b) applies to the purchaser. 11 `(8) An amount not paid as required under subsection (7) is a debt owing 12 to the commissioner.'. 13 of new s 167A 14 Insertion Clause 14. In chapter 6, part 3, after section 167-- 15 insert-- 16 receiving reimbursement for surcharge 17 `Person `167A.(1) This section applies to a purchaser of fuel if-- 18 (a) the seller of the fuel did not recover from the purchaser the part of 19 the sale price that is an amount equal to the subsidy for the sale, 20 because the purchase of the fuel was, or purportedly was, a net 21 sale for chapter 2, 3 or 4; and 22 (b) the purchaser receives, other than under this Act or a 23 corresponding law, an amount in relation to the surcharge for the 24 fuel (the "reimbursed amount"). 25 `(2) The licensee must pay the reimbursed amount to the commissioner 26 within 7 days after the amount is received. 27 `(3) An amount not paid as required under subsection (2) is a debt owing 28 to the commissioner.'. 29

 


 

s 15 11 s 16 Revenue and Other Legislation Amendment (No. 2) of s 187 (Decision to require persons to pay amounts 1 Amendment owing) 2 Clause 15.(1) Section 187, heading-- 3 omit, insert-- 4 `Commissioner to give information notice for certain decisions'. 5 (2) Section 187(1)-- 6 omit, insert-- 7 `187.(1) This section applies if-- 8 (a) the commissioner decides a prescribed section applies to a person; 9 or 10 (b) under a prescribed section, the commissioner decides to require a 11 person to pay an amount.'. 12 (3) Section 187(3), definition "prescribed section", after `166,'-- 13 insert-- 14 `167A,'. 15 of s 193 (Confidentiality of information) 16 Amendment Clause 16.(1) Section 193(3)(b)-- 17 omit, insert-- 18 `(b) the chief executive officer of customs under the Customs 19 Administration Act 1985 (Cwlth) or a delegate of the chief 20 executive officer; or 21 (c) an entity administering a corresponding law.'. 22 (2) Section 193(4), definition "corresponding law"-- 23 omit, insert-- 24 ` "corresponding law" includes a law of the Commonwealth about the 25 payment of subsidies for fuel.'. 26

 


 

s 17 12 s 20 Revenue and Other Legislation Amendment (No. 2) of sch 3 (Dictionary) 1 Amendment Clause 17. Schedule 3-- 2 insert-- 3 ` "corresponding law" means a law of another State about the payment of 4 subsidies for fuel.'. 5 ART 3--AMENDMENT OF LAND TAX ACT 1915 6 P amended in pt 3 7 Act Clause 18. This part amends the Land Tax Act 1915. 8 of s 13 (Land exempted from tax) 9 Amendment Clause 19. Section 13(1)(g), `a site for'-- 10 omit, insert-- 11 `the site of'. 12 of s 26D (Taxpayer may object to assessment) 13 Amendment Clause 20. Section 26D(2)-- 14 omit, insert-- 15 `(2) The objection must-- 16 (a) be made in writing to the commissioner; and 17 (b) state the grounds on which it is made; and 18 (c) be made within 30 days after the notified date on which the land 19 tax is payable.'. 20

 


 

s 21 13 s 23 Revenue and Other Legislation Amendment (No. 2) of new s 27AA 1 Insertion Clause 21. After section 27-- 2 insert-- 3 appeal is started 4 `How `27AA. An appeal is started by-- 5 (a) filing written notice of appeal with the Land Court; and 6 (b) serving a copy of the notice on the commissioner.'. 7 PART 4--AMENDMENT OF PAY-ROLL TAX 8 ACT 1971 9 amended in pt 4 10 Act Clause 22. This part amends the Pay-roll Tax Act 1971. 11 of s 3 (Interpretation)-- 12 Amendment Clause 23. Section 3, definition "corresponding law"-- 13 omit, insert-- 14 ` "corresponding law" means-- 15 (a) in relation to Queensland--a law in force in Queensland imposing 16 on employers a tax on wages paid or payable by them and the 17 assessment and collection of the tax, but does not include the 18 Commonwealth Act or this Act; and 19 (b) in relation to another State--means a law in force in the State 20 imposing on employers a tax on wages paid or payable by them 21 and the assessment and collection of the tax, but does not include 22 the Commonwealth Act.'. 23

 


 

s 24 14 s 26 Revenue and Other Legislation Amendment (No. 2) ART 5--AMENDMENT OF STAMP ACT 1894 1 P Division 1--Preliminary 2 amended in pt 5 3 Act Clause 24. This part amends the Stamp Act 1894. 4 2--General amendments 5 Division of s 55A (Duty relating to principal place of residence 6 Amendment and first principal place of residence) 7 Clause 25.(1) Section 55A(2AB)(a), `a partial interest'-- 8 omit, insert-- 9 `an interest or a further interest'. 10 (2) Section 55A(2AB)(b)-- 11 omit. 12 (3) Section 55A(2AB)(c), `other than as a co-owner--' 13 omit, insert-- 14 `under the transaction,'. 15 (4) Section 55A(2AB), `partial interest in the property'-- 16 omit, insert-- 17 `acquisition'. 18 of s 56B (Unit trust schemes) 19 Amendment Clause 26.(1) Section 56B(1), definition "public unit trust scheme", 20 paragraphs (a) and (b)-- 21 renumber as paragraphs (e) and (f). 22

 


 

s 26 15 s 26 Revenue and Other Legislation Amendment (No. 2) (2) Section 56B(1), definition "public unit trust scheme", from 1 `means' to `under which--'-- 2 omit, insert-- 3 `means a unit trust scheme as defined in schedule 2-- 4 (a) the units of which are listed on a stock exchange; or 5 (b) until the end of the transitional period defined in 6 section 61B(1)--for which there is an approved deed under the 7 Corporations Law, part 7.12, division 5 (as in force on 30 June 8 1998); or 9 (c) that is a registered scheme under the Corporations Law, part 5C; 10 or 11 (d) for which there is a deed of a class approved under a regulation; 12 but does not include a unit trust scheme mentioned in 13 paragraph (b), (c) or (d) under which--'. 14 (3) After section 56B(1A)-- 15 insert-- 16 `(1AA) If the start-up units are not issued in the way mentioned in 17 subsection (1A)(a) or are not the only units issued in the unit trust scheme 18 in the start-up period (the "disqualifying circumstances"), all of the 19 following apply-- 20 (a) the scheme is taken not to have been a public unit trust scheme 21 under subsection (1A); 22 (b) if because of the application of paragraph (a) duty becomes 23 payable, interest, at the rate of 10% per annum and computed 24 from 60 days after the disposition giving rise to the liability to the 25 duty until payment of the duty, is payable on the amount of the 26 duty; 27 (c) after considering the circumstances, the commissioner may waive 28 or reduce the interest; 29 (d) the trustee must, within 28 days after the disqualifying 30 circumstances occur, give the commissioner written notice that 31 the start-up units were not issued in the way mentioned in 32

 


 

s 26 16 s 26 Revenue and Other Legislation Amendment (No. 2) subsection (1A)(a) or were not the only units issued in the unit 1 trust scheme in the start-up period; 2 (e) section 80 applies as if the amount of any duty assessed in the 3 first instance, on the basis that the unit trust scheme was a public 4 unit trust scheme, has been assessed at an insufficient amount. 5 Maximum penalty for subsection (1AA)(d)--100 penalty units plus an 6 amount equal to double the amount of any additional duty payable because 7 of the application of subsection (1AA)(a). 8 `(1AB) If the trustee is a corporation, the executive officers of the 9 corporation must ensure the corporation complies with 10 subsection (1AA)(d). 11 `(1AC) If the corporation commits an offence against 12 subsection (1AA)(d), each of the corporation's executive officers also 13 commits an offence, namely, the offence of failing to ensure the corporation 14 complies with subsection (1AA)(d). 15 Maximum penalty for subsection (1AC)--the same as the maximum 16 penalty for an offence against subsection (1AA)(d). 17 `(1AD) Evidence that the corporation has been convicted of an offence 18 under subsection (1AA)(d) is evidence that each of the executive officers 19 committed the offence of failing to ensure that the corporation complied 20 with subsection (1AA)(d). 21 `(1AE) However, it is a defence for an executive officer to prove-- 22 (a) if the officer was in a position to influence the conduct of the 23 corporation in relation to the offence--the officer exercised 24 reasonable diligence to ensure the corporation complied with 25 subsection (1AA)(d); or 26 (b) the officer was not in a position to influence the conduct of the 27 corporation in relation to the offence. 28 `(1AF) If proceedings for an offence against subsection (1AA)(d) are not 29 taken against the trustee, the commissioner may impose a penalty of-- 30 (a) 3% of the additional duty payable because of the application of 31 subsection (1AA)(a) for the first month, or part of the month, 32 after the period mentioned in subsection (1AA)(d); and 33

 


 

s 27 17 s 27 Revenue and Other Legislation Amendment (No. 2) (b) 2% of the additional duty payable because of the application of 1 subsection (1AA)(a) for each subsequent month or part of the 2 month, until the additional duty is paid. 3 `(1AG) However, if the penalty calculated under subsection (1AF) 4 would be less than $10, the penalty is $10. 5 `(1AH) After considering the circumstances, the commissioner may 6 waive or reduce the penalty. 7 `(1AI) In this section-- 8 "executive officer", of a corporation, means a person who is concerned 9 with, or takes part in, the corporation's management, whether or not 10 the person is a director or the person's position is given the name of 11 executive officer.'. 12 of s 56FA (Interpretation) 13 Amendment Clause 27.(1) Section 56FA(1), definition "acquire", paragraph (a), `to a 14 subscriber to a memorandum'-- 15 omit, insert-- 16 `on incorporation'. 17 (2) Section 56FA(1), definition "acquire"-- 18 insert-- 19 `(ca) any circumstance, whether involving an acquisition of a 20 shareholding or not, where there is an increase, whether from no 21 interest or otherwise, in an interest in a corporation;'. 22 (3) Section 56FA(1)-- 23 insert-- 24 ` "rules", of a corporation, means 1 or more of the following-- 25 (a) the corporation's constitution; 26 (b) replaceable rules applying to the corporation under the 27 Corporations Law; 28

 


 

s 28 18 s 29 Revenue and Other Legislation Amendment (No. 2) (c) internal management rules applying to the corporation under the 1 Corporations Law.'. 2 (4) Section 56FA(5)(a), `memorandum and articles of association'-- 3 omit, insert-- 4 `rules'. 5 (5) Section 56FA(5)(a), `memorandum, articles'-- 6 omit, insert-- 7 `rules'. 8 (6) Section 56FA(5)(b)(i), `memorandum or articles of association'-- 9 omit, insert-- 10 `rules'. 11 of s 56FC (Valuation of land) 12 Amendment Clause 28.(1) Section 56FC, heading, `land'-- 13 omit, insert-- 14 `property'. 15 (2) Section 56FC, `land'-- 16 omit, insert-- 17 `property' 18 (3) Section 56FC(1)(a), after `required to'-- 19 insert-- 20 `, or the commissioner believes on reasonable grounds should,'. 21 (4) Section 56FC(1)(a), `further'-- 22 omit. 23 of s 56FH (When statement to be lodged) 24 Amendment Clause 29. Section 56FH(3) and (7), `a shareholding'-- 25

 


 

s 30 19 s 30 Revenue and Other Legislation Amendment (No. 2) omit, insert-- 1 `an interest'. 2 of s 56FN (Meaning of "interest", "majority interest" 3 Amendment and "further interest") 4 Clause 30.(1) Section 56FN(1), (2) and (3), `acquires'-- 5 omit, insert-- 6 `has'. 7 (2) Section 56FN(1), (2) and (3), `after the shareholding was acquired'-- 8 omit. 9 (3) Section 56FN(1A)-- 10 omit, insert-- 11 `(1A) For the prescribed provisions, if a person acquires an interest in a 12 corporation under an agreement, subject to subsection (1D), the person is 13 taken to have acquired the interest at the time the agreement is made.'. 14 (4) Section 56FN-- 15 insert-- 16 `(1D) However, if the corporation in which a person acquires an interest 17 is not, at the time the agreement is made, a corporation to which the 18 prescribed provisions apply but would be a corporation to which the 19 prescribed provisions apply if the time the agreement was completed were 20 the time of the acquisition, then the person is taken to have acquired the 21 interest on completion of the agreement.'. 22 (5) Section 56FN(3)(c), `further shareholding'-- 23 omit, insert-- 24 `shareholding'. 25 (6) Section 56FN-- 26 insert-- 27 `(4) A person's interest in a corporation is the person's entitlement 28 calculated under section 56FA(5) and expressed as a percentage of the value 29

 


 

s 31 20 s 31 Revenue and Other Legislation Amendment (No. 2) of all the corporation's distributable property if the corporation were to be 1 wound-up immediately.'. 2 of s 61B (Instrument amending a trust deed constituting 3 Amendment a public unit trust scheme) 4 Clause 31.(1) Section 61B(1)-- 5 omit, insert-- 6 `61B.(1) For this section-- 7 "approved deed" means a deed approved under the Corporations Law, 8 part 7.12, division 5 (as in force on 30 June 1998). 9 "excluded issue" means an issue under the Corporations Law, 10 section 66(2). 11 "managed investment scheme" has the same meaning as in the 12 Corporations Law, section 9.1 13 "public unit trust scheme" means a unit trust scheme that-- 14 (a) until the end of the transitional period-- 15 (i) has been offered to the public and has an approved deed; or 16 (ii) complies with the conversion conditions and is not required 17 to have an approved deed because all issues of units in the 18 scheme were excluded issues when the issues were made; or 19 (b) is a registered scheme under the Corporations Law, part 5C. 20 "registered scheme" means a managed investment scheme that is 21 registered under the Corporations Law, section 601EB. 22 "transitional period" means the period from 1 July 1998 to the later of the 23 following-- 24 (a) 30 June 2000; 25 1 For the meaning of "managed investment scheme" see the attachment to this Act.

 


 

s 32 21 s 32 Revenue and Other Legislation Amendment (No. 2) (b) the last day permitted by the Corporations Law or Australian 1 Securities and Investments Commission for the transition of a 2 prescribed interest scheme to a registered scheme.'. 3 (2) Section 61B-- 4 insert-- 5 `(1A) For subsection (1), definition "public unit trust scheme", the 6 conversion conditions are-- 7 (a) the unit trust scheme must convert to a registered scheme in the 8 transitional period; and 9 (b) the scheme must convert under an instrument signed in the 10 transitional period; and 11 (c) any variation of the terms or manner of operation of the trust 12 must be-- 13 (i) for giving effect to the conversion; and 14 (ii) made in the transitional period.'. 15 of s 80 (Amendment of assessments) 16 Amendment Clause 32. Section 80(2)-- 17 omit, insert-- 18 `(2) Subsection (2A) applies if-- 19 (a) a court decides the amount of duty payable on an instrument or 20 statement has been assessed, for any reason, at an insufficient 21 amount; or 22 (b) the commissioner finds the amount of duty payable on an 23 instrument or statement has been assessed, for any reason, at an 24 insufficient amount. 25 `(2A) The commissioner may reassess the duty-- 26 (a) for an incorrect assessment mentioned in subsection (2)(a)--at 27 any time within 2 years after the court's decision; or 28

 


 

s 33 22 s 33 Revenue and Other Legislation Amendment (No. 2) (b) for an incorrect assessment mentioned in subsection (2)(b) if the 1 assessment was made because of incorrect or insufficient 2 information, including information relating to future 3 circumstances--at any time within 2 years after obtaining the 4 information necessary to make a correct assessment; or 5 (c) in any other case--within 2 years from the date on which the duty 6 under the assessment became due and payable. 7 `(2B) The commissioner may demand and recover an amount equal to 8 the difference between the amount of duty assessed at an insufficient 9 amount and the amount of duty assessed under subsection (2A).'. 10 of new s 90 11 Insertion Clause 33. After section 89-- 12 insert-- 13 provisions for the conversion of prescribed interests 14 `Transitional `90.(1) The purpose of this section is to provide for the payment of 15 nominal duty only on a conversion instrument if the conversion conditions 16 are met. 17 `(2) If a conversion instrument is not exempt from duty under this Act, 18 and the conversion conditions are met, the duty payable on the instrument 19 is-- 20 (a) for an instrument mentioned in the definition "conversion 21 instrument", paragraph (a)--nil; 22 (b) for an instrument mentioned in the definition "conversion 23 instrument", paragraph (b)--$4; 24 (c) for an instrument mentioned in the definition "conversion 25 instrument", paragraph (c), (d), (e) or (f)--$100. 26 `(3) For subsections (1) and (2), the conversion conditions are-- 27 (a) the conversion instrument must be made for giving effect to the 28 conversion of a prescribed interest scheme to a registered scheme; 29 and 30

 


 

s 33 23 s 33 Revenue and Other Legislation Amendment (No. 2) (b) the conversion instrument must be signed in the transitional 1 period; and 2 (c) the persons who are members of the registered scheme must have 3 the same beneficial interest in the property of the scheme 4 immediately before the conversion instrument is signed as they 5 had immediately after the instrument was signed; and 6 (d) for a conversion instrument mentioned in subsection (5), 7 definition "conversion instrument", paragraph (a) or (b)--any 8 instrument of settlement or declaration of trust that subsequently 9 alters the terms of the trust as intended, will be an instrument to 10 which section 61B applies. 11 `(4) This section expires 1 year after the end of the transitional period. 12 `(5) In this section-- 13 "conversion instrument" means-- 14 (a) an instrument transferring trust property from a retiring trustee of 15 a trust to a new trustee of the trust and on which nil duty would be 16 payable under schedule 1, paragraph (v) of the first proviso to 17 subsection (3) or (4) under the heading `Conveyance or transfer' 18 if it were not for the intention to alter the terms of the trust at any 19 future time to give effect to the conversion of the trust to a 20 registered scheme; or 21 (b) a declaration of trust on which only $4 duty would be payable 22 under schedule 1, under the heading `Declaration of trust' if it 23 were not for the intention to alter the terms of the trust at any 24 future time to give effect to the conversion of the trust to a 25 registered scheme; or 26 (c) an instrument transferring trust property from a retiring trustee of 27 a prescribed interest scheme to the entity that will, after the 28 transition of the prescribed interest scheme to a registered scheme, 29 be the custodian of the responsible entity for the registered 30 scheme; or 31 (d) an instrument transferring property of a registered scheme from 32 the responsible entity of the scheme to the custodian of the 33 responsible entity; or 34

 


 

s 33 24 s 33 Revenue and Other Legislation Amendment (No. 2) (e) a declaration of trust made by a custodian acting as a trustee; or 1 (f) a transaction that effects the appointment of a custodian and-- 2 (i) imposes on the custodian a trust restriction mentioned in 3 section 54AB(1AB)(b); or 4 (ii) that would be chargeable with duty under section 54AC if it 5 were not for this provision. 6 "custodian" means the corporation that has been or will be appointed under 7 the Corporations Law, section 601FB, to hold the property of a 8 registered scheme as agent for the responsible entity of the scheme. 9 "managed investment scheme" has the same meaning as in the 10 Corporations Law, section 9.2 11 "prescribed interest scheme" means an investment scheme that offers 12 prescribed interests as that term was defined in the Corporations Law 13 (as in force on 30 June 1998). 14 "registered scheme" means a managed investment scheme that is 15 registered under the Corporations Law, section 601EB. 16 "responsible entity", of a registered scheme, has the same meaning as in 17 the Corporations Law, section 9.3 18 "transitional period" means the period from 1 July 1998 to the later of the 19 following-- 20 (a) 30 June 2000; 21 (b) the last day permitted by the Corporations Law or the Australian 22 Securities and Investments Commission for the transition of a 23 prescribed interest scheme to a registered scheme.'. 24 2 For the meaning of "managed investment scheme" see the attachment to this Act. 3 For the meaning of "responsible entity" see the attachment to this Act.

 


 

s 34 25 s 36 Revenue and Other Legislation Amendment (No. 2) of sch 1 (Stamp duties on instruments) 1 Amendment Clause 34. Schedule 1, under the heading `Mortgage, bond, debenture, and 2 covenant', exemptions-- 3 insert-- 4 `7.(1) An application solely for a credit card that is chargeable with duty 5 under provision (1)(b) or (c). 6 `(2) Subsection (1) does not apply if, when making the application for the 7 credit card, the cardholder and the cardholder's bank contemplate the use of 8 the card for a transaction exceeding $100 000 within 1 year after the issue of 9 the card. 10 `(3) Words used in this exemption that are defined in section 42B(1) 11 have the same meaning in this exemption.'. 12 Division 3--Amendments about the Commonwealth Places (Mirror 13 Taxes) Act 1998 (Cwlth) 14 of s 2 (Definitions) 15 Amendment Clause 35. Section 2(1)-- 16 insert-- 17 ` "Commonwealth place" means a place in Queensland acquired by the 18 Commonwealth for public purposes.'. 19 of s 35B (Statements to be lodged by required persons 20 Amendment with the commissioner) 21 Clause 36. Section 35B-- 22 insert-- 23 `(7) Despite subsection (1AA)(b), if a required person is carrying on 24 rental business in Queensland, other than in a Commonwealth place, and is 25 also carrying on rental business in a Commonwealth place in Queensland, 26 the total amount received by the required person for the purposes of 27 subsection (1AA)(b) is the sum of-- 28

 


 

s 37 26 s 37 Revenue and Other Legislation Amendment (No. 2) (a) the total amount received by the required person under 1 subsection (1AA)(b) for the rental business carried on in 2 Queensland, other than in a Commonwealth place; and 3 (b) the total amount received by the required person under 4 subsection (1AA)(b) for the rental business carried on in the 5 Commonwealth place in Queensland. 6 `(8) Despite subsection (1AB)(b), if a required person is carrying on 7 rental business in Queensland, other than in a Commonwealth place, and is 8 also carrying on rental business in a Commonwealth place in Queensland, 9 the total amount received by the required person under 10 subsection (1AB)(b)(ii) is the sum of-- 11 (a) the total amount received by the required person under 12 subsection (1AB)(b)(ii) for the rental business carried on in 13 Queensland, other than in a Commonwealth place; and 14 (b) the total amount received by the required person under 15 subsection (1AB)(b)(ii) for the rental business carried on in the 16 Commonwealth place in Queensland. 17 `(9) Despite subsection (1AB)(c), if a required person is carrying on 18 credit business in Queensland, other than in a Commonwealth place, and is 19 also carrying on credit business in a Commonwealth place in Queensland, 20 the sum of the total amounts debited by the required person under all credit 21 arrangements and the total amounts of all forbearances by the required 22 person under subsection (1AB)(c) (the "total credit amounts") is the sum 23 of-- 24 (a) the total credit amounts for the credit business carried on in 25 Queensland, other than in a Commonwealth place; and 26 (b) the total credit amounts for the credit business carried on in the 27 Commonwealth place in Queensland.'. 28 of new s 91 29 Insertion Clause 37. After section 90, as inserted by this Act-- 30 insert-- 31

 


 

s 38 27 s 38 Revenue and Other Legislation Amendment (No. 2) of duty paid in certain circumstances 1 `Recognition `91.(1) If this Act requires regard to be had to duty previously paid or 2 payable, regard must be had to any duty previously paid or payable under 3 the Commonwealth Act if regard would have been had under this Act to 4 that duty if that duty were paid or payable under this Act. 5 `(2) In this section-- 6 "Commonwealth Act" means the Stamp Act 1894 (Queensland) as a law 7 applied under the Commonwealth Places (Mirror Taxes) Act 1998 8 (Cwlth).'. 9 ART 6--MINOR AMENDMENTS OF ACTS 10 P amended--schedule 11 Acts Clause 38. The schedule amends the Acts it mentions. 12

 


 

28 Revenue and Other Legislation Amendment (No. 2) SCHEDULE 1 ¡ INOR AMENDMENTS OF ACTS 2 M section 38 3 COMMONWEALTH PLACES (MIRROR TAXES 4 ´ ADMINISTRATION) ACT 1999 5 1. Section 3, heading-- 6 omit, insert-- 7 `Act binds all persons'. 8 DEBITS TAX ACT 1990 9 ´ 1. Section 11(1)(a), `officer;'-- 10 omit, insert-- 11 `officer; or'. 12 2. Section 11(1)(b), `person;'-- 13 omit, insert-- 14 `person; or'. 15 PAY-ROLL TAX ACT 1971 16 ´ 1. Section 9(5), `containing the prescribed particulars'-- 17 omit. 18

 


 

29 Revenue and Other Legislation Amendment (No. 2) SCHEDULE (continued) 2. Section 16I(1) and (2)(b), `containing the prescribed particulars'-- 1 omit. 2 3. Section 46(4), from `at the place' to `furnished,'-- 3 omit. 4 TAMP ACT 1894 5 ´S 1. Title-- 6 omit, insert-- 7 `An Act about the assessment and payment of stamp duties'. 8 2. Section 1, heading, `and commencement of Act'-- 9 omit. 10 3. Section 1, from `, and shall come into operation'-- 11 omit. 12 4. Section 2, `2.(1) In this Act--'-- 13 omit, insert-- 14 `2. The dictionary in schedule 2 defines particular words used in this 15 Act.'. 16 5. Section 2(1), definitions-- 17 relocate to schedule 2, as inserted by this Act. 18

 


 

30 Revenue and Other Legislation Amendment (No. 2) SCHEDULE (continued) 6. Before section 2(2), as heading-- 1 insert-- 2 `Effect of stamping duplicate instruments'. 3 7. Before section 2AB, as renumbered by this Act-- 4 insert-- 5 `Attachment 6 `2AA.(1) The attachment to this Act contains definitions of words that 7 have the same meaning in this Act as they have in the Corporations Law. 8 `(2) The attachment is not part of this Act. 9 `(3) The attachment must be revised so that it is an accurate copy of the 10 definitions as amended from time to time. 11 `(4) The revision must happen in the first reprint of this Act after an 12 amendment of any of the definitions.'. 13 8. Section 2(2) and (2A)-- 14 renumber as section 2AB(1) and (2). 15 9. Section 6, `, by order in council,'-- 16 omit. 17 10. Sections 13 and 26(3)(a) and(c), `order in council or'-- 18 omit. 19

 


 

31 Revenue and Other Legislation Amendment (No. 2) SCHEDULE (continued) 11. Sections 31B(1), definitions "declared State" and "prescribed stock 1 exchange", 56B(1), definition "unit trust scheme", 56FA(1), definition 2 "discretionary trust", 59E(1)(a)(i) and (iii) and (d), schedule 1, under 3 the heading `Caveat', exemption, schedule 1, under the heading 4 `Conveyance or transfer', exemption 15(f), schedule 1, under the 5 heading `Request', exemption and schedule 2 (as inserted by this Act), 6 definition "corporate debt security", `by order in council'-- 7 omit, insert-- 8 `under a regulation'. 9 12. Section 31J(2), `The Governor in Council may by order in 10 council'-- 11 omit, insert-- 12 `A regulation may'. 13 13. Sections 35(4A) and (4C)(b), `the Governor in Council by order in 14 council'-- 15 omit, insert-- 16 `a regulation'. 17 14. Sections 35(4B), `Queensland Government Development Authority 18 constituted under the Statutory Bodies Financial Arrangements Act 19 1982'-- 20 omit, insert-- 21 `Queensland Treasury Corporation'. 22

 


 

32 Revenue and Other Legislation Amendment (No. 2) SCHEDULE (continued) 15. Sections 35(4B), `the Governor in Council by order in council 1 prescribes'-- 2 omit, insert-- 3 `a regulation declares'. 4 16. Section 35F(1), `The Governor in Council may, from time to time, 5 by order in council'-- 6 omit, insert-- 7 `A regulation may'. 8 17. Section 35G-- 9 omit. 10 18. Section 42B(2), `31 December 1975 and after'-- 11 omit. 12 19. Section 42B(2), `thereafter'-- 13 omit. 14 20. Section 42B(2), from `, accompanied by a declaration' to 15 `return,'-- 16 omit. 17 21. Section 42B(3A), `the Governor in Council may by order in 18 council'-- 19 omit, insert-- 20 `a regulation may'. 21

 


 

33 Revenue and Other Legislation Amendment (No. 2) SCHEDULE (continued) 22. Section 42B(4), `the Governor in Council may, by order in 1 council,'-- 2 omit, insert-- 3 `a regulation may'. 4 23. Section 42B(4), `such order in council is revoked'-- 5 omit, insert-- 6 `the declaration is repealed'. 7 24. Section 49C(1)(a), `specified in its memorandum of association'-- 8 omit. 9 25. Section 49C(1)(a), `specified in the memorandum of association'-- 10 omit. 11 26. Section 54(4), from `the memorandum of association' to `such 12 corporation'-- 13 omit, insert-- 14 `the certificate of incorporation'. 15 27. Section 54AB(5), `The Governor in Council'-- 16 omit, insert-- 17 `A regulation'. 18 28. Section 54AB(5), `by order in council,'-- 19 omit. 20

 


 

34 Revenue and Other Legislation Amendment (No. 2) SCHEDULE (continued) 29. Section 56B(1), definition "unit trust scheme", `section 2'-- 1 omit, insert-- 2 `schedule 2'. 3 30. Section 64(3A)(b), `prescribed by the Governor in Council by 4 order in council'-- 5 omit, insert-- 6 `declared under a regulation'. 7 31. Section 64(4), `The Governor in Council may prescribe'-- 8 omit, insert-- 9 `A regulation may declare'. 10 32. Section 64(4), `prescribed'-- 11 omit, insert-- 12 `declared'. 13 33. Section 64(4), `order in council'-- 14 omit, insert-- 15 `regulation'. 16 34. Section 69, from `(approved' to `gazette)'-- 17 omit, insert-- 18 `, approved under a regulation,'. 19

 


 

35 Revenue and Other Legislation Amendment (No. 2) SCHEDULE (continued) 35. Section 83B(1)(c), `26(3)(e)'-- 1 omit, insert-- 2 `26(8)'. 3 36. Section 85(1)(a), `116(1)(b)'-- 4 omit, insert-- 5 `112(c)'. 6 37. Schedule 1, under the heading `Conveyance or transfer', (2A)(c), 7 `section 2(1)'-- 8 omit, insert-- 9 `schedule 2'. 10 38. Schedule 1, under the heading `Conveyance or transfer', 11 exemption 2, `Land Act 1962'-- 12 omit, insert-- 13 `Land Act 1994'. 14 39. Schedule 1, under the heading `Conveyance or transfer', 15 exemptions 14(b)(iii) and (d)(iii) and schedule 1, under the heading 16 `Mortgage, bond, debenture, and covenant', exemption 5, `by the 17 Governor in Council by order in council'-- 18 omit, insert-- 19 `under a regulation'. 20 40. Schedule 1, under the heading `Declaration of trust', 21 exemption 3-- 22 omit. 23

 


 

36 Revenue and Other Legislation Amendment (No. 2) SCHEDULE (continued) 41. Schedule 1, under the heading `Mortgage, bond, debenture, and 1 covenant', exemption 3, `to which the Governor in Council by order in 2 council'-- 3 omit, insert-- 4 `and under which a regulation'. 5 42. After schedule 1-- 6 insert-- 7 `SCHEDULE 2 8 `DICTIONARY 9 section 2'. 10 43. After schedule 2, as inserted by this Act-- 11 insert-- 12 `ATTACHMENT 13 section 2AA 14 `DEFINITIONS IN CORPORATIONS LAW 15 ` "managed investment scheme" means: 16 (a) a scheme that has the following features: 17 (i) people contribute money or money's worth as consideration 18 to acquire rights (interests) to benefits produced by the 19 scheme (whether the rights are actual, prospective or 20

 


 

37 Revenue and Other Legislation Amendment (No. 2) SCHEDULE (continued) contingent and whether they are enforceable or not) 1 (ii) any of the contributions are to be pooled, or used in a 2 common enterprise, to produce financial benefits, or benefits 3 consisting of rights or interests in property, for the people 4 (the members) who hold interests in the scheme (whether as 5 contributors to the scheme or as people who have acquired 6 interests from holders) 7 (iii) the members do not have day-to-day control over the 8 operation of the scheme (whether or not they have the right 9 to be consulted or to give directions); or 10 (b) a time-sharing scheme; 11 but does not include the following: 12 (c) a partnership covered by an application order made for the 13 purposes of section 115 14 (d) a body corporate (other than a body corporate that operates as a 15 time sharing scheme) 16 (e) a scheme in which all the members are bodies corporate that are 17 related to each other and to the body corporate that promotes the 18 scheme 19 (f) a franchise 20 (g) a statutory fund maintained under the Life Insurance Act 1995 21 (h) a regulated superannuation fund, an approved deposit fund, a 22 pooled superannuation trust, or a public sector superannuation 23 scheme, within the meaning of the Superannuation Industry 24 (Supervision) Act 1993 25 (i) a scheme operated by an Australian ADI in the ordinary course of 26 its banking business 27 (j) the issue of debentures or convertible notes by a body corporate 28 (k) a barter scheme under which each participant may obtain goods or 29 services from another participant for consideration that is wholly 30 or substantially in kind rather than in cash 31

 


 

38 Revenue and Other Legislation Amendment (No. 2) SCHEDULE (continued) (l) a retirement village scheme operating within or outside Australia: 1 (i) under which the participants, or a majority of them, are 2 provided, or are to be provided, with residential 3 accommodation within a retirement village (whether or not 4 the entitlement of a participant to be provided with 5 accommodation derives from a proprietary interest held by 6 the participant in the premises where the accommodation is, 7 or is to be, provided); and 8 (ii) which is not a time-sharing scheme 9 (m) a scheme that is operated by a co-operative company registered 10 under Part VI of the Companies (Co-operative) Act 1943 of 11 Western Australia or under a previous law of Western Australia 12 that corresponds to that Part 13 (n) a scheme of a kind declared by the regulations not to be a 14 managed investment scheme. 15 "responsible entity" of a registered scheme means the company named in 16 ASIC's record of the scheme's registration as the responsible entity or 17 temporary responsible entity of the scheme.'. 18 STATUTE LAW (MISCELLANEOUS PROVISIONS) 19 ´ ACT 1994 20 1. Schedule 1, amendments of Stamp Act 1894, amendment 2-- 21 omit. 22 © State of Queensland 1999

 


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