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REVENUE LAWS AMENDMENT BILL 1993

      Queensland




  REVENUE LAWS
AMENDMENT BILL 1993

 


 

Queensland REVENUE LAWS AMENDMENT BILL 1993 TABLE OF PROVISIONS Section Page PART 1--PRELIMINARY 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 PART 2--AMENDMENT OF DEBITS TAX ACT 1990 3 Amended Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 Replacement of Schedule 1 (AMOUNT OF TAX) . . . . . . . . . . . . . . . . . . . . 4 SCHEDULE 1 AMOUNT OF TAX PART 3--AMENDMENT OF LAND TAX ACT 1915 5 Amended Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Amendment of s.3 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 Amendment of s.11 (Taxable value) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 8 Omission of ss.11A and 11AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 Amendment of s.11B (Provisions relating to land comprised in building units plan etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 10 Amendment of s.11D (Time-sharing--lots comprised in building units plan or group titles plan) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 11 Amendment of s.11E (Time-sharing--fee simple held by tenants in common) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 12 Amendment of s.13 (Land exempted from tax) . . . . . . . . . . . . . . . . . . . . . . . 7 13 Insertion of new s.61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 61 Transitional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 PART 4--AMENDMENT OF PAY-ROLL TAX ACT 1971 14 Amended Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

 


 

2 Revenue Laws Amendment 15 Amendment of s.3 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 16 Insertion of new s.8A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 8A Value of taxable wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 17 Replacement of s.51 (Regulations) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 51 Regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 52 Transitional--returns specifying fringe benefits . . . . . . . . . . . . . . . . 11 PART 5--AMENDMENT OF STAMP ACT 1894 18 Amended Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 19 Replacement of s.36 (Meaning of "Bill of Exchange") . . . . . . . . . . . . . . . . 11 36 Stamp duty not chargeable on certain orders . . . . . . . . . . . . . . . . . . 11 20 Omission of ss.37-42A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 21 Amendment of s.42B (Stamp duty on credit card business) . . . . . . . . . . . . 12 22 Amendment of s.55A (Duty relating to principal place of residence and first principal place of residence) . . . . . . . . . . . . . . . . . . . . . 12 23 Replacement of s.83 (Regulations) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 83 Regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 24 Insertion of new s.86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 86 Transitional--policies of insurance relating to trailers . . . . . . . . . . . 17 25 Amendment of Schedule 1 (STAMP DUTIES ON INSTRUMENTS) . . . . . 17 PART 6--REPEAL OF LAND TAX (ADJUSTMENT) ACT 1989 26 Repeals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

 


 

1993 A BILL FOR An Act to amend certain Acts administered by the Treasurer

 


 

4 Revenue Laws Amendment The Parliament of Queensland enacts-- 1 PART 1--PRELIMINARY 2 title 3 Short Clause1. This Act may be cited as the Revenue Laws Amendment Act 1993. 4 5 Commencement Clause2.(1) Parts 3 and 6 are taken to have commenced on 29 June 1993. 6 (2) Section 25(5) commences on 1 December 1993. 7 (3) Parts 2 and 4 and sections 19 to 21 and 23 and 25(1) commence on 8 1 January 1994. 9 ART 2--AMENDMENT OF DEBITS TAX ACT 1990 10 P Act 11 Amended The Debits Tax Act 1990 is amended as set out in this Part. 12 Clause3. of Schedule 1 (AMOUNT OF TAX) 13 Replacement Schedule 1-- 14 Clause4. omit, insert-- 15

 


 

5 Revenue Laws Amendment `SCHEDULE 1 1 AMOUNT OF TAX 2 ` section 2.2 3 Column 1 Column 2 4 Range of taxable debits or eligible debits Amount of tax $1 or more but less than $100 . . . . . . . . . . . . . . . . . $0.25 $100 or more but less than $500 . . . . . . . . . . . . . . . $0.45 $500 or more but less than $5 000 . . . . . . . . . . . . . $0.85 $5 000 or more but less than $10 000 . . . . . . . . . . . $1.60 $10 000 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.10'. PART 3--AMENDMENT OF LAND TAX ACT 1915 5 Act 6 Amended The Land Tax Act 1915 is amended as set out in this Part. 7 Clause5. of s.3 (Interpretation) 8 Amendment Clause6. Section 3(1) (definition "Exempt proprietary company")-- 9 omit, insert-- 10 ` "exempt proprietary company" has the meaning given by section 9 of 11 the Corporations Law;'. 12

 


 

6 Revenue Laws Amendment of s.11 (Taxable value) 1 Amendment Clause7.(1) Section 11(4) to (6)-- 2 omit, insert-- 3 `(3) In calculating the taxable value of all land owned by an individual 4 (otherwise than in the capacity of trustee) who is not an absentee, the 5 appropriate amount under subsection (4) is to be deducted. 6 `(4) The appropriate amount is-- 7 (a) if all or part of the land is used solely for the business of 8 agriculture, pasturage or dairy farming--the greater of the 9 following amounts-- 10 (i) an amount equal to the unimproved value of the land, or the 11 part of the land, being used in that way; 12 (ii) $160 000; or 13 (b) if paragraph (a) does not apply--$160 000. 14 `(5) In calculating the taxable value of all land owned by a person who is 15 neither-- 16 (a) an absentee or a company (other than an exempt proprietary 17 company); nor 18 (b) in the person's ownership of the land, a trustee of a trust of which 19 an absentee or a company (other than an exempt proprietary 20 company) is a beneficiary in the first instance or through a series 21 of trusts; 22 the amount (if any) under subsection (6) is to be deducted. 23 `(6) The amount is an amount equal to the unimproved value of the land, 24 or the part of the land, being used solely for the business of agriculture, 25 pasturage or dairy farming. 26 `(6AA) A person is not entitled to a deduction under both subsections (3) 27 and (5).'. 28 (2) Section 11(6A)-- 29 omit `subsection (4), where land comprising one parcel is owned by a 30 person', 31 insert `subsection (3), if land comprising 1 parcel is owned by an 32

 


 

7 Revenue Laws Amendment individual'. 1 (3) Section 11(7)-- 2 omit. 3 mission of ss.11A and 11AA 4 O Sections 11A and 11AA-- 5 Clause8. omit. 6 of s.11B (Provisions relating to land comprised in 7 Amendment building units plan etc.) 8 Section 11B(2)-- 9 Clause9. omit `11(4)', insert `11(3)'. 10 of s.11D (Time-sharing--lots comprised in building units 11 Amendment plan or group titles plan) 12 Section 11D(5)-- 13 Clause10. omit `11(4)', insert `11(3)'. 14 of s.11E (Time-sharing--fee simple held by tenants in 15 Amendment common) 16 Section 11E(4)-- 17 Clause11. omit `11(4)', insert `11(3)'. 18 of s.13 (Land exempted from tax) 19 Amendment Clause12.(1) Section 13(1)(ix) and (xiii) to (xv)-- 20 omit. 21 (2) Section 13(4)-- 22 omit. 23

 


 

8 Revenue Laws Amendment of new s.61 1 Insertion Clause13. After section 60-- 2 insert-- 3 4 `Transitional `61.(1) Despite the repeal of the Land Tax (Adjustment) Act 1989 (the 5 "repealed Act"), the repealed Act continues to apply to the assessment, 6 levy and recovery of land tax under this Act for the financial year starting on 7 1 July 1992 and each previous financial year to which the repealed Act 8 applied. 9 `(2) This section expires at the end of the day on which it commences.'. 10 ART 4--AMENDMENT OF PAY-ROLL TAX ACT 11 P 1971 12 Act 13 Amended The Pay-roll Tax Act 1971 is amended as set out in this Part. 14 Clause14. of s.3 (Interpretation) 15 Amendment Section 3(1)-- 16 Clause15.(1) insert-- 17 ` "fringe benefit" means-- 18 (a) a benefit that, in relation to an employee, or an employer of an 19 employee, is a fringe benefit under the Fringe Benefits 20 Assessment Act; or 21 (b) anything prescribed by regulation to be a fringe benefit; 22 but does not include-- 23 (c) a car parking fringe benefit within the meaning of that Act; or 24 (d) anything prescribed by regulation not to be a fringe benefit; 25

 


 

9 Revenue Laws Amendment "Fringe Benefits Assessment Act" means the Fringe Benefits Tax 1 Assessment Act 1986 (Commonwealth); 2 "paid or payable", in relation to wages that are fringe benefits, means-- 3 (a) paid; 4 (b) if another meaning is prescribed by regulation--that meaning; 5 "pay", in relation to wages, includes provide, confer and assign;'. 6 (2) Section 3(1) (definition "wages")-- 7 omit `to an employee as such', 8 insert `to, or in relation to, an employee as an employee, or applied for 9 the employee's benefit,'. 10 (3) Section 3(1) (definition "wages")-- 11 insert-- 12 `(g) fringe benefits.'. 13 (4) Section 3(2)-- 14 omit. 15 of new s.8A 16 Insertion Clause16. After section 8-- 17 insert-- 18 of taxable wages 19 `Value `8A.(1) The value of taxable wages that are paid or payable in kind (other 20 than fringe benefits under the Fringe Benefits Assessment Act) is the value 21 under the regulations. 22 `(2) The value of taxable wages that are fringe benefits under the Fringe 23 Benefits Assessment Act is the value that would be the taxable value of the 24 benefits as fringe benefits under that Act, unless otherwise prescribed by 25 regulation under this Act.'. 26

 


 

10 Revenue Laws Amendment of s.51 (Regulations) 1 Replacement Section 51-- 2 Clause17. omit, insert-- 3 4 `Regulations `51.(1) The Governor in Council may make regulations for the purposes 5 of this Act. 6 `(2) Regulations may be made with respect to-- 7 (a) the forms to be used under this Act; and 8 (b) the way of making an application to the Commissioner under this 9 Act; and 10 (c) the evidence the Commissioner may require to decide whether or 11 not-- 12 (i) an employer was an employer for part only of a financial 13 year; or 14 (ii) a person was a member of a group; or 15 (iii) a notice under section 13(2) or a certificate under section 16 14(1) should be given; and 17 (d) the giving and signing of a return, application, notice, statement or 18 form by or on behalf of an employer; and 19 (e) providing that a return, application, notice, statement or form 20 signed on behalf of an employer is taken to have been signed by 21 the employer; and 22 (f) in relation to fringe benefits, what is to be included in a return as 23 the value of fringe benefits paid or payable by an employer; and 24 (g) any other matter for the application of this Act to a fringe benefit; 25 and 26 (h) the authentication of a certificate, notice or other document issued 27 under this Act; and 28 (i) the way of notifying the appointment of a public officer of a 29 company; and 30 (j) prescribing maximum penalties of not more than 8 penalty units 31

 


 

11 Revenue Laws Amendment for contraventions of a regulation. 1 specifying fringe benefits 2 `Transitional--returns `52.(1) Without affecting the liability of an employer to pay-roll tax, an 3 employer is not required to include taxable wages that are fringe benefits in 4 a return under section 13 so far as it relates to the month of December 1993. 5 `(2) This section expires at the end of the day on which it commences.'. 6 PART 5--AMENDMENT OF STAMP ACT 1894 7 Act 8 Amended The Stamp Act 1894 is amended as set out in this Part. 9 Clause18. of s.36 (Meaning of "Bill of Exchange") 10 Replacement Section 36-- 11 Clause19. omit, insert-- 12 duty not chargeable on certain orders 13 `Stamp `36. Stamp duty is not chargeable on an order for the payment of money 14 directed to-- 15 (a) a sugar milling company; or 16 (b) a dairy company; or 17 (c) an association registered under the Primary Producers' 18 Co-operative Associations Act 1923; or 19 (d) a board constituted under the Primary Producers' Organisation 20 and Marketing Act 1926 or the Fruit Marketing Organisation Act 21 1923; or 22 (e) a board constituted under a law dealing with the destruction of 23 dingoes, marsupials or pests generally; or 24 (f) a board, association or other authority prescribed by the Governor 25

 


 

12 Revenue Laws Amendment in Council by regulation.'. 1 of ss.37-42A 2 Omission Section 37 to 42A-- 3 Clause20. omit. 4 of s.42B (Stamp duty on credit card business) 5 Amendment Clause21.(1) Section 42B(3)(a) and (b)-- 6 omit, insert-- 7 `(a) if the cardholder's bank is a prescribed cardholder's bank--the 8 amount calculated by multiplying 10 cents by the number of 9 merchants with whom there was a transaction, during the relevant 10 billing period, in which a relevant credit card was used; or 11 (b) if the cardholder's bank is not a prescribed cardholder's 12 bank--the amount calculated by multiplying 10 cents by the 13 number of transactions, during the relevant billing period, in 14 which a relevant credit card was used.'. 15 (2) Section 42B (after subsection (3A))-- 16 insert-- 17 `(3AA) In subsection (3)(a) and (b)-- 18 "relevant billing period" means the billing period that ended in the month 19 the close of which started the period of 28 days within which the return 20 concerned is required to be given; 21 "relevant credit card" means a credit card issued to or at the direction of 22 the cardholder for whom the account concerned is kept.'. 23 of s.55A (Duty relating to principal place of residence 24 Amendment and first principal place of residence) 25 Section 55A(1) (definition "prescribed first principal place 26 Clause22.(1) of residence")-- 27 omit. 28

 


 

13 Revenue Laws Amendment (2) Section 55A(1)-- 1 insert-- 2 ` "prescribed first principal place of residence" means a prescribed 3 principal place of residence about which the Commissioner is 4 satisfied-- 5 (a) the person acquiring the premises does not hold, and at any time 6 before acquiring the premises has not held, an interest in a 7 property that consists of, consisted of, includes or included 8 another place of residence in Queensland or elsewhere; and 9 (b) the value of the entire property acquired that consists of or 10 includes the prescribed principal place of residence is not more 11 than $160 000; 12 "relevant rebate" means-- 13 (a) in relation to property consisting of a prescribed principal place of 14 residence-- 15 (i) if the property is valued at $80 000 or less . . . $800 16 (ii) if the property is valued at more than $80 000 but 17 not more than $150 000 . . . . . . . . . . . . . . . . . . $400 18 (iii) if the property is valued at more than $150 000 19 but not more than $155 000 . . . . . . . . . . . . . . . $200 20 (iv) if the property is valued at more than $155 000 21 but not more than $160 000 . . . . . . . . . . . . . . . $100; and 22 (b) in relation to property including a prescribed principal place of 23 residence--the rebate that would have been available if the 24 property consisted of the residence less an amount that bears to 25 that rebate the same proportion as the value of the property not 26 attributable to the prescribed principal place of residence bears to 27 the value of the property.'. 28 (3) Section 55A(1) (definition "first acquirer's interest")-- 29 insert-- 30 `(c) the value of the entire property acquired is not more than 31 $160 000;'. 32

 


 

14 Revenue Laws Amendment (4) Section 55A(2)(a) and (b)-- 1 omit `, at the amount and rate specified as', 2 insert `--as specified'. 3 (5) Section 55A(2A) (definition "FAD1")-- 4 omit `TV', insert `PRV'. 5 (6) Section 55A(2A) (definition "SAD1")-- 6 omit `TV', insert `PRV'. 7 (7) Section 55A(2A) (definition "PRV", after `TV')-- 8 insert `up to $250 000'. 9 (8) Section 55A(2A) (definition "NAD2")-- 10 omit `[TV - ((FAS x PRV) + (SAS x PRV))]', 11 insert `(FAS x PRV) + (SAS x PRV)'. 12 (9) Section 55A(2A) (definition "SPRV", after `TV')-- 13 insert `up to $250 000'. 14 (10) Section 55A(2A) (definition "NPRV")-- 15 omit all words from `means' to `interests, the amount', 16 insert `in relation to all acquirers' interests, means the total of the 17 amounts'. 18 (11) Section 55A(2AB)-- 19 omit, insert-- 20 `(2AB) Subject to subsections (2B) and (2E)-- 21 (a) if a person acquires a partial interest in a property consisting of or 22 including a place of residence; and 23 (b) if that interest and any other interest acquired by another person as 24 part of the same transaction, or as part of a series of related 25 transactions, is not the entire interest in the property; and 26 (c) had the person acquired the entire interest in the property other 27 than as a co-owner--the Commissioner would be satisfied that 28 the place of residence is a prescribed principal place of residence 29

 


 

15 Revenue Laws Amendment or a prescribed first principal place of residence; 1 the duty payable on the person's acquisition is an amount equal to the duty 2 that would be payable if the person were acquiring the entire interest in the 3 property multiplied by the fraction that represents the person's partial 4 interest in the property.'. 5 (12) Section 55A(2B) (formula)-- 6 omit `(NAD1 x [1-FAS-SAS])', 7 insert `NAD1-NAD2'. 8 (13) Section 55A(2C) (formula)-- 9 omit `NAD2', insert `NAD1-NAD2'. 10 (14) Section 55A(2E) (formula)-- 11 omit `NAD3', insert `NAD1-NAD3'. 12 (15) Section 55A(2F)(a)(i) and (b)(i) (after `7 September 1989')-- 13 insert `but before the commencement of section 22(15) of the Revenue 14 Laws Amendment Act 1993'. 15 (16) Section 55A-- 16 insert-- 17 `(3D) If it appears to the Commissioner that a person acquiring a partial 18 interest in property consisting of or including a place of residence for which 19 ad valorem duty has been paid on an instrument under subsection (2AB)-- 20 (a) has not acquired the interest for the purpose of occupying the 21 place of residence as the person's principal place of residence; or 22 (b) has not entered into occupation of the premises as the person's 23 principal place of residence on taking possession of the premises 24 or within any further time that the Commissioner has allowed; or 25 (c) having entered into occupation of the premises--has not 26 remained in occupation as the person's principal place of 27 residence for a continuous period of 6 months; 28 then-- 29 (d) the duty payable on the person's acquisition is the amount that 30 would have been payable if the Commissioner had not been 31

 


 

16 Revenue Laws Amendment satisfied under subsection (2AB)(c) that the place of residence 1 was a prescribed principal place of residence; and 2 (e) section 80 applies as if the amount of duty assessed in the first 3 instance had been assessed at an insufficient amount. 4 `(3E) If-- 5 (a) for the purpose of calculating duty for a partial interest in property 6 under subsection (2AB), the Commissioner was satisfied under 7 paragraph (c) of the subsection that the place of residence 8 concerned was a prescribed first principal place of residence; and 9 (b) it now appears to the Commissioner that, at the time the person 10 acquired the partial interest or at any time before acquiring the 11 interest, the person held an interest in a property that consisted of 12 or included a place of residence in Queensland or elsewhere; 13 then-- 14 (c) the duty payable on the person's acquisition is the amount that 15 would have been payable if the Commissioner had not been 16 satisfied under subsection (2AB)(c) that the place of residence 17 was a prescribed first principal place of residence; and 18 (d) section 80 applies as if the amount of duty assessed in the first 19 instance had been assessed at an insufficient amount.'. 20 (17) Section 55A(4)(a) and (b) (after `(2),')-- 21 insert `(2AB),'. 22 (18) Section 55A(5)-- 23 omit `or (3B)', insert `, (3B) or (3D)'. 24 of s.83 (Regulations) 25 Replacement Section 83-- 26 Clause23. omit, insert-- 27 28 `Regulations `83.(1) The Governor in Council may make regulations for the purposes 29 of this Act. 30

 


 

17 Revenue Laws Amendment `(2) Regulations may be made with respect to-- 1 (a) the duties of persons employed in the administration of this Act; 2 and 3 (b) the time and way of giving notices; and 4 (c) the forms to be used under this Act; and 5 (d) the effective cancellation of adhesive duty stamps on documents 6 allowed to be stamped with adhesive stamps; and 7 (e) prescribing maximum penalties of not more than 1 penalty unit 8 for contraventions of a regulation. 9 of new s.86 10 Insertion Clause24. After section 85-- 11 insert-- 12 of insurance relating to trailers 13 `Transitional--policies `86.(1) If paragraphs (4) and (6) under the heading `POLICIES OF 14 INSURANCE' in Schedule 1 both apply to a renewal of a policy of 15 insurance relating to a trailer, duty is payable under paragraph (4). 16 (2) This section expires on 30 November 1993.'. 17 mendment of Schedule 1 (STAMP DUTIES ON INSTRUMENTS) 18 A Schedule 1 (heading BILL OF EXCHANGE OR 19 Clause25.(1) PROMISSORY NOTE and all words, exemptions and references to duty 20 under the heading)-- 21 omit. 22 (2) Schedule 1 (CONVEYANCE OR TRANSFER, paragraph (4)(a), 23 provisos)-- 24 omit, insert-- 25 `However, if the property acquired consists 26 of or includes a prescribed principal place of 27 residence, the duty payable under this 28 paragraph (4) is-- 29

 


 

18 Revenue Laws Amendment (i) for every $100 (or part of $100) of 1 the value of the consideration up to 2 $250 000 that, in the 3 Commissioner's opinion, is 4 reasonably attributable to the 5 principal place of residence 6 (irrespective of the total value of the 7 consideration) . . . . . . . . . . . . . . . . $1.00 (ii) on the balance of the value of the 8 consideration . . . . . . . . . . . . . . . . . the duty that would have been payable under this paragraph (4)(a) on the va lue of t he consideration for the entire property if it did not consist of or include a prescribed principal place of residence less the duty that would have been payable under this paragraph (4)(a) on the acquisition of a property that does not consist of or include a prescribed principal place of residence for a consideration equal to the value of the consideration on which duty was calculated under provision (i). If the prescribed principal place of residence is 9 a prescribed first principal place of residence, 10 the duty payable under the exception is 11 reduced by the amount of the relevant rebate as 12 defined in section 55A(1).'. 13

 


 

19 Revenue Laws Amendment (3) Schedule 1 (CONVEYANCE OR TRANSFER, paragraph (4)(b), 1 column 2)-- 2 omit all words from `Duty calculated' to `conveyed or transferred', 3 insert-- 4 `Duty calculated on the full unencumbered value of the property at the rates specified in the table contained in subparagraph (a) of this paragraph (4) including the exception to the subparagraph as if-- (A) other than in column 2 of the exception to the subparagraph, the words `value of the consideration' in the subparagraph were `full unencumbered value of the property'; and (B) in column 2 of the exception to the su bp ar a g r ap h, the words `value of the consideration for' were `full un enc u m b e r ed value of' and the words `value of the consideration on' were `full un enc u m b e r ed value of the property on'; and

 


 

20 Revenue Laws Amendment (C) the provision starting with the words `If the prescribed' and ending with the words `section 55A(1).' were omitted.'. (4) Schedule 1 (POLICIES OF INSURANCE, paragraph (4), after `In 1 respect of')-- 2 insert `the renewal of'. 3 (5) Schedule 1 (POLICIES OF INSURANCE, paragraph (4))-- 4 omit. 5 (6) Schedule 1 (POLICIES OF INSURANCE, paragraph (6), after 6 `motor vehicle' (2nd mention))-- 7 insert `or a trailer (if the trailer is covered by a policy of insurance in 8 connection with the motor vehicle)'. 9 ART 6--REPEAL OF LAND TAX (ADJUSTMENT) 10 P ACT 1989 11 12 Repeals The Land Tax (Adjustment) Act 1989 and Part 3 of the Land Tax 13 Clause26. Legislation Amendment Act 1991 are repealed. 14 15

 


 

21 Revenue Laws Amendment State of Queensland 1993

 


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