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Queensland
REVENUE LAWS
AMENDMENT BILL (No. 2)
1996
Queensland
REVENUE LAWS AMENDMENT BILL
(No. 2) 1996
TABLE OF PROVISIONS
Section Page
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
PART 2--AMENDMENT OF DEBITS TAX ACT 1990
3 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of sch 2 (Modifications of Commonwealth Act) . . . . . . . . . . . 4
PART 3--AMENDMENT OF LAND TAX ACT 1915
5 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
6 Amendment of long title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
7 Amendment of s 3 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
8 Insertion of new s 3AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
3AA Meaning of "averaged unimproved value" . . . . . . . . . . . . . . . . . . . . 10
9 Amendment of s 8 (Land tax on unimproved value) . . . . . . . . . . . . . . . . . . 10
10 Amendment of s 11 (Taxable value) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
11 Amendment of s 11B (Provisions relating to land comprised in a
building units plan etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Amendment of s 11C (Deduction--home unit companies) . . . . . . . . . . . . . 11
13 Amendment of s 13 (Land exempted from tax) . . . . . . . . . . . . . . . . . . . . . . 12
14 Amendment of s 16 (Taxpayer to furnish returns) . . . . . . . . . . . . . . . . . . . . . 12
15 Amendment of s 25 (Joint owners) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
16 Amendment of s 26C (Liability of owner who subdivides certain land) . . . 12
17 Amendment of s 27 (Appeal) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
18 Insertion of new s 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2
Revenue Laws Amendment (No. 2)
62 Application of certain amendments . . . . . . . . . . . . . . . . . . . . . . . . . . 13
PART 4--AMENDMENT OF PAY-ROLL TAX ACT 1971
19 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
20 Amendment of s 3 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
21 Insertion of new s 11E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
11E Avoidance arrangements involving employment agents . . . . . . . . . 14
PART 5--AMENDMENT OF STAMP ACT 1894
22 Act amended in pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
23 Amendment of s 2 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
24 Amendment of s 2A (Meaning of "full unencumbered value") . . . . . . . . . . 18
25 Amendment of s 17 (Mode of calculating ad valorem duty in
certain cases) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
26 Amendment of s 31A (Transfers of marketable securities and
share rights) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
27 Amendment of s 31H (Duty on transactions on registers of
Queensland incorporated companies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
28 Amendment of s 31K (Application of CHESS provisions) . . . . . . . . . . . . . . 19
29 Amendment of s 31N (Record of SCH-regulated transfers) . . . . . . . . . . . . . 19
30 Amendment of s 31X (Liability to account for duty for a security
loan or security lending scheme for more than 1 year) . . . . . . . . . . . . . . . . 19
31 Amendment of s 50 (How ad valorem duty to be calculated in
respect of stock and securities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
32 Insertion of new s 82A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
82A Approval of forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
33 Insertion of new s 86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
86 Transitional provision about forms . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
34 Amendments about forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
35 Amendment of sch 1 (Stamp duties on instruments) . . . . . . . . . . . . . . . . . . 23
1996
A BILL
FOR
An Act to amend certain Acts administered by the Treasurer
s1 4 s4
Revenue Laws Amendment (No. 2)
The Parliament of Queensland enacts-- 1
PART 1--PRELIMINARY 2
title 3
Short
Clause 1. This Act may be cited as the Revenue Laws Amendment Act (No. 2) 4
1996. 5
6
Commencement
Clause 2. Sections 22, 23(1) and 35(3) are taken to have commenced on 15 July 7
1996. 8
ART 2--AMENDMENT OF DEBITS TAX ACT 1990 9
P
amended in pt 2 10
Act
Clause 3. This part amends the Debits Tax Act 1990. 11
of sch 2 (Modifications of Commonwealth Act) 12
Amendment
Clause 4.(1) Schedule 2, item (1), after `(1) in section 3(1)--'-- 13
insert-- 14
`(aa)for the definition of "account" there were substituted-- 15
` "account" means: 16
(a) a primary account; or 17
(b) a source of funds account; 18
"account certificate" means a certificate under section 11B;'. 19
`(ab)after the definition of "bank" the following definition were 20
s4 5 s4
Revenue Laws Amendment (No. 2)
inserted-- 1
` "certificate account" means an account of a class for which an account 2
certificate is in force;'.'. 3
(2) Schedule 2, item (1), paragraph (e)-- 4
omit, insert-- 5
`(e) for the definition of "exempt debit" there were substituted-- 6
` "exempt debit", in relation to an account, means: 7
(a) a debit that is made solely for the purpose of reversing a credit 8
previously made to the account; or 9
(b) a debit that is made for the purpose of deducting an amount under 10
subsection 221YHZC(1A) of the Income Tax Assessment Act 11
1936 (Cwlth); or 12
(c) a debit that is made for the purpose of recovering from the 13
account holder an amount equal to an amount of tax that the 14
financial institution has paid or is liable to pay; or 15
(d) a debit that is a transfer debit; or 16
(e) if the account is a loan account to which transfer debits may be 17
made (other than a loan account to which payments by a financial 18
institution in respect of cheques or payment orders drawn on the 19
institution by the account holder, or by any 1 or more of the 20
account holders, may be directly debited)--a debit that is made to 21
the account; or 22
(f) if the account is a certificate account--a debit that is made to the 23
account; or 24
(g) a debit that is included in a kind or class of debits that are 25
prescribed for the purposes of this paragraph;'.'. 26
(3) Schedule 2, item (1), after paragraph (h)-- 27
insert-- 28
`(ha)after the definition of "person" the following definition were 29
inserted-- 30
` "primary account" means: 31
(a) an account kept with a bank, being an account to which payments 32
s4 6 s4
Revenue Laws Amendment (No. 2)
by the bank in respect of cheques drawn on the bank by the 1
account holder, or by any 1 or more of the account holders, may 2
be debited; or 3
(b) an account kept with a non-bank financial institution, being an 4
account to which payments by the institution in respect of 5
payment orders drawn on the institution by the account holder, or 6
by any 1 or more of the account holders, may be debited;'.'. 7
(4) Schedule 2, item (1), after paragraph (i)-- 8
insert-- 9
`(ia) before the definition of "tax" the following definition were 10
inserted-- 11
` "source of funds account" means an account (other than a primary 12
account) kept with or by a financial institution to which transfer debits 13
may be made;'.'. 14
(5) Schedule 2, item (1), after paragraph (k)-- 15
insert-- 16
`(ka)after the definition of "taxable debit" the following definition 17
were inserted-- 18
` "transfer debit" means a debit made by a financial institution to an 19
account kept with or by the institution, but only to the extent the debit 20
is made (whether directly or indirectly through 1 or more interposed 21
accounts) in respect of a debit-- 22
(a) that is made, or is to be made, to a primary account kept with the 23
institution; and 24
(b) that is made, or is to be made, to satisfy a cheque or payment 25
order drawn on the institution;'.'. 26
(6) Schedule 2, item (10), `3.1(1)'-- 27
omit, insert-- 28
`7(1)'. 29
(7) Schedule 2, after item (12)-- 30
insert-- 31
`(12A) in section 11A(2), for `a certificate of exemption' there were 32
s4 7 s4
Revenue Laws Amendment (No. 2)
substituted `an account certificate or certificate of exemption'; 1
`(12B) after section 11A the following section were inserted in Part III-- 2
`Certificate accounts 3
`11B.(1) A financial institution may make written application to the 4
commissioner for a certificate for a class of accounts-- 5
(a) that are not primary accounts to which payments by the financial 6
institution in respect of cheques or payment orders drawn on the 7
institution by an account holder, or by any 1 or more of the 8
account holders, may be directly debited; and 9
(b) that are kept in Queensland; and 10
(c) to which transfer debits may be made. 11
`(2) The financial institution must give the commissioner the information 12
the commissioner asks for to help the commissioner decide the application. 13
`(3) The commissioner may issue the certificate only if the 14
commissioner is satisfied that accounts of the class are not sufficiently 15
connected with any primary account. 16
`(4) In deciding whether or not accounts of the class are sufficiently 17
connected with any primary account, the commissioner must have regard 18
to-- 19
(a) the terms on which the accounts and any primary account to 20
which the accounts may be connected are established; and 21
(b) the circumstances in which transfer debits may be made to the 22
accounts in respect of debits made, or to be made, to a primary 23
account; and 24
(c) the frequency with which transfer debits may be made to the 25
accounts; and 26
(d) any other circumstances the commissioner considers appropriate. 27
`(5) For subsection (4)(b), the circumstances to which the commissioner 28
may have regard include, in particular-- 29
(a) if the primary account is an overdraft account--whether the sole 30
purpose of any transfer debit is to reduce a debit balance in the 31
primary account to an agreed overdraft limit (if the excess of the 32
s5 8 s5
Revenue Laws Amendment (No. 2)
debit balance over the limit arises inadvertently); and 1
(b) in any other case--whether the sole purpose of any transfer debit 2
is to offset a debit balance in the primary account (if the debit 3
balance arises inadvertently). 4
`(6) An account certificate-- 5
(a) may be issued on conditions the commissioner considers 6
appropriate about the nature of any connection with a primary 7
account; and 8
(b) if issued on conditions--must state the conditions. 9
`(7) If a certificate account ceases to satisfy the conditions of the account 10
certificate, the account ceases to be a certificate account for the period the 11
account does not satisfy the conditions. 12
`(8) An account certificate-- 13
(a) comes into force on the day stated in the certificate (which may be 14
a day before the day on which the certificate is issued); and 15
(b) remains in force until-- 16
(i) the expiry day stated in the certificate; or 17
(ii) if no expiry day is stated--no accounts of the class exist.'.'. 18
(8) Schedule 2, item (14), `3.1(2)'-- 19
omit, insert-- 20
`7(2)'. 21
PART 3--AMENDMENT OF LAND TAX ACT 1915 22
amended in pt 3 23
Act
Clause 5. This part amends the Land Tax Act 1915. 24
s6 9 s8
Revenue Laws Amendment (No. 2)
of long title 1
Amendment
Clause 6. Title, before `unimproved values'-- 2
insert-- 3
`relevant'. 4
of s 3 (Definitions) 5
Amendment
Clause 7.(1) Section 3, definition "exempt proprietary company"-- 6
omit. 7
(2) Section 3-- 8
insert-- 9
` "averaged unimproved value" see section 3AA. 10
"proprietary company" see the Corporations Law, section 9.1 11
"relevant proprietary company" means a proprietary company (other 12
than an exempt foreign company) no share or interest in which is held 13
by a body corporate (other than another proprietary company that is 14
not an exempt foreign company), whether directly or through 15
interposed companies or trusts. 16
"relevant unimproved value", of land, for a financial year, means the 17
lesser of the following-- 18
(a) the unimproved value of the land that applies for the financial 19
year; 20
(b) the averaged unimproved value of the land for the financial year.'. 21
of new s 3AA 22
Insertion
Clause 8. After section 3A-- 23
insert-- 24
1 Section 9 (Dictionary)
s9 10 s9
Revenue Laws Amendment (No. 2)
of "averaged unimproved value" 1
`Meaning
`3AA.(1) The "averaged unimproved value", of land, for a financial 2
year, is-- 3
(a) if, in addition to the land having an unimproved value that applies 4
for the financial year, the land had unimproved values that applied 5
for each of the previous 2 financial years--the amount calculated 6
as the average of the 3 unimproved values; or 7
(b) in any other case--an amount equal to the unimproved value of 8
the land that applies for the financial year multiplied by the 9
averaging factor for the financial year. 10
`(2) In this section-- 11
"averaging factor", for a financial year, means the number calculated, to 12
2 decimal places, using the formula-- 13
T 14
3V 15
where-- 16
"T" means the total of the unimproved values, applicable for the 17
financial year and the previous 2 financial years, for all land for 18
which a valuation under the Valuation of Land Act 1944 was 19
entered on a valuation roll under that Act at the 30 June 20
immediately before each of the years, being the unimproved 21
values of the land at those times; 22
"V" means the total of the unimproved values, applicable for the 23
financial year, for all land for which a valuation under the 24
Valuation of Land Act 1944 was entered on a valuation roll under 25
that Act at the 30 June immediately before the year, being the 26
unimproved values of the land at that time.'. 27
of s 8 (Land tax on unimproved value) 28
Amendment
Clause 9.(1) Section 8, heading, before `unimproved value'-- 29
insert-- 30
`relevant'. 31
(2) Section 8, `the unimproved value of'-- 32
s 10 11 s 12
Revenue Laws Amendment (No. 2)
omit, insert-- 1
`the relevant unimproved value of'. 2
of s 11 (Taxable value) 3
Amendment
Clause 10.(1) Section 11(2), (4)(a)(i), (6), (6A) and (6D), before `unimproved 4
value'-- 5
insert-- 6
`relevant'. 7
(2) Section 11(2), before `unimproved values'-- 8
insert-- 9
`relevant'. 10
(3) Section 11(5)(a) and (b), `an exempt proprietary company'-- 11
omit, insert-- 12
`a relevant proprietary company'. 13
of s 11B (Provisions relating to land comprised in a 14
Amendment
building units plan etc.) 15
Clause 11.(1) Section 11B(1)(a), (2) and (3A), before `unimproved value'-- 16
insert-- 17
`relevant'. 18
(2) Section 11B(1)(c), `an unimproved value'-- 19
omit, insert-- 20
`a relevant unimproved value'. 21
of s 11C (Deduction--home unit companies) 22
Amendment
Clause 12. Section 11C(1), (1A)(a) and (3)(a), before `unimproved value'-- 23
insert-- 24
`relevant'. 25
s 13 12 s 17
Revenue Laws Amendment (No. 2)
of s 13 (Land exempted from tax) 1
Amendment
Clause 13. Section 13(1)(j), before `unimproved value'-- 2
insert-- 3
`relevant'. 4
of s 16 (Taxpayer to furnish returns) 5
Amendment
Clause 14. Section 16(1), before `unimproved value'-- 6
insert-- 7
`relevant'. 8
of s 25 (Joint owners) 9
Amendment
Clause 15. Section 25(2A), `an unimproved value'-- 10
omit, insert-- 11
`a relevant unimproved value'. 12
of s 26C (Liability of owner who subdivides certain land) 13
Amendment
Clause 16. Section 26C(3), before `unimproved value'-- 14
insert-- 15
`relevant'. 16
of s 27 (Appeal) 17
Amendment
Clause 17. Section 27(1A)-- 18
omit, insert-- 19
`(1A) However, no right of appeal against an assessment exists under 20
this Act, on the grounds that the relevant unimproved value assigned to an 21
area of land or interest in land is excessive-- 22
(a) for a case in which the value is an unimproved value--if the value 23
is the value of the area or interest made or caused to be made by 24
the chief executive under the Valuation of Land Act 1944; or 25
s 18 13 s 20
Revenue Laws Amendment (No. 2)
(b) for a case in which the value is an averaged unimproved value--if 1
the value, or each value, used to work out the averaged 2
unimproved value is the value of the area or interest made or 3
caused to be made by the chief executive under the Valuation of 4
Land Act 1944.'. 5
of new s 62 6
Insertion
Clause 18. After section 61-- 7
insert-- 8
of certain amendments 9
`Application
`62. This Act, as amended by the Revenue Laws Amendment Act (No. 2) 10
1996, part 3, applies to land tax levied for the financial year beginning on 11
1 July 1997 and each subsequent financial year.'. 12
ART 4--AMENDMENT OF PAY-ROLL TAX ACT 13
P
1971 14
amended in pt 4 15
Act
Clause 19. This part amends the Pay-roll Tax Act 1971. 16
of s 3 (Interpretation) 17
Amendment
Clause 20.(1) Section 3(1)-- 18
insert-- 19
` "agent", for the definition "employment agent", means an individual or 20
company (whether or not the individual or company is acting as a 21
trustee). 22
"client", for the definition "employment agent", means an individual or 23
company (whether or not the individual or company is acting as a 24
trustee). 25
"employment agent" means an agent that, by an arrangement, procures 26
s 21 14 s 21
Revenue Laws Amendment (No. 2)
(either directly or indirectly through interposed individuals, companies 1
or trusts) the services of an individual (the "worker") for a client 2
(other than the agent or worker) if, under the arrangement-- 3
(a) the worker does not become the employee of either the agent or 4
the client but does carry out functions similar to the functions of 5
an employee; and 6
(b) remuneration is paid, or is payable, (either directly or indirectly) 7
by the agent to-- 8
(i) the worker; or 9
(ii) an individual (other than the worker), whether or not as 10
trustee; or 11
(iii) a company, whether or not as trustee; 12
for services supplied, or to be supplied, by the worker to the 13
client; and 14
(c) the agent receives, or is entitled to receive, (either directly or 15
indirectly) a payment (whether by way of a lump sum or ongoing 16
fee) during or for the period in which the services are supplied by 17
the worker to the client.'. 18
(2) Section 3(1), definition "employer", `for the purposes of the 19
definition "wages", paragraph (f)'-- 20
omit. 21
(3) Section 3(1), definition "wages", paragraph (f)-- 22
omit, insert-- 23
`(f) remuneration mentioned in the definition "employment agent", 24
paragraph (b); and'. 25
of new s 11E 26
Insertion
Clause 21. Part 3, after section 11D-- 27
insert-- 28
arrangements involving employment agents 29
`Avoidance
`11E.(1) This section applies if-- 30
s 21 15 s 21
Revenue Laws Amendment (No. 2)
(a) an avoidance arrangement exists in relation to an employment 1
agency in a return period; and 2
(b) the assumed non-adjusted tax for the period is less than the 3
assumed adjusted tax for the period. 4
`(2) If this section applies in a return period, for the period-- 5
(a) if the avoidance arrangement involves an employment agent 6
acting as trustee for a client of the employment agent under a trust 7
or acting as agent for a client of the employment agent under an 8
agency agreement--section 42(1)(a), (b) and (f) does not apply to 9
the trustee or agent, or in relation to the trust or agency agreement; 10
and 11
(b) if the avoidance arrangement involves a client of an employment 12
agent acquiring, or clients of an employment agent jointly 13
acquiring, a controlling interest in the business of the employment 14
agent referable to the client or clients--the client or clients is or 15
are taken not to have the controlling interest; and 16
(c) the employment agent, or each employment agent, involved in the 17
employment agency is answerable as an employer for doing 18
everything required to be done under this Act for the payment of 19
wages by the employment agent that are subject to pay-roll tax 20
under this Act (including the giving of returns and payment of 21
pay-roll tax); and 22
(d) if the employment agency involves more than 1 employment 23
agent--the employment agents constitute a group. 24
`(3) For this section, a client has, or clients have, a controlling interest in 25
a business if the client has, or the clients have, a controlling interest in the 26
business under section 16D.2 27
`(4) In subsection (1)-- 28
(a) a reference to the assumed non-adjusted tax for a return period is 29
a reference to the total amount of pay-roll tax that would be 30
payable by the employment agent or agents involved in the 31
employment agency for the period if the amount were calculated 32
without applying any resultant provision; and 33
2 Section 16D (Grouping of commonly controlled businesses)
s 21 16 s 21
Revenue Laws Amendment (No. 2)
(b) a reference to the assumed adjusted tax for a return period is a 1
reference to the total amount of pay-roll tax that would be payable 2
by the employment agent or agents involved in the employment 3
agency for the period if the amount were calculated applying each 4
relevant resultant provision. 5
`(5) To remove any doubt about the application of subsection (4)(b), it is 6
declared that if an employment agency is involved in more than 1 avoidance 7
arrangement in a return period, subsection (4)(b) is to be applied by first 8
applying each relevant resultant provision to each avoidance arrangement 9
and then calculating the total amount for the subsection. 10
`(6) In this section-- 11
"avoidance arrangement" means an arrangement involving an 12
employment agency if the arrangement involves 1 or more of the 13
following-- 14
(a) an employment agent acting as trustee for a client of the 15
employment agent under a trust; 16
(b) an employment agent acting as agent for a client of the 17
employment agent under an agency agreement; 18
(c) a client of an employment agent acquiring, or clients of an 19
employment agent jointly acquiring, a controlling interest in 20
the business of the employment agent referable to the client 21
or clients. 22
"client" includes an individual or company that is related to the client-- 23
(a) in a way mentioned in the Stamp Act 1894, section 56FA(3);3 or 24
(b) in another way prescribed under a regulation. 25
"employment agency" means a business enterprise involving-- 26
(a) the business of an employment agent; or 27
(b) the businesses of 2 or more employment agents. 28
"resultant provision" means subsection (2), paragraph (a), (b), (c) or 29
(d).'. 30
3 Section 56FA (Interpretation)
s 22 17 s 23
Revenue Laws Amendment (No. 2)
PART 5--AMENDMENT OF STAMP ACT 1894 1
amended in pt 5 2
Act
Clause 22. This part amends the Stamp Act 1894. 3
of s 2 (Definitions) 4
Amendment
Clause 23.(1) Section 2(1)-- 5
insert-- 6
` "CUFS" means a security, issued by or for CHESS Depositary 7
Nominees Pty Ltd (A.C.N. 017 346 506), that represents a beneficial 8
interest in-- 9
(a) a share, or right in respect of shares, that-- 10
(i) is held in a foreign company (as defined in section 31B4); 11
and 12
(ii) is listed on the market operated by Australian Stock 13
Exchange Limited; or 14
(b) a unit in a public unit trust scheme that is listed on the market 15
operated by Australian Stock Exchange Limited. 16
"right in respect of shares" includes-- 17
(a) a CUFS; and 18
(b) a security (other than a CUFS, a unit in a unit trust scheme or a 19
security prescribed under a regulation) that-- 20
(i) is listed on a prescribed stock exchange (as defined in 21
section 31B); and 22
(ii) represents a beneficial interest in a marketable security, or 23
right in respect of shares, listed on a prescribed stock 24
exchange (as defined in section 31B).'. 25
(2) Section 2(1)-- 26
4 Section 31B (Interpretation)
s 24 18 s 26
Revenue Laws Amendment (No. 2)
insert-- 1
` "approved form" see section 82A.5'. 2
of s 2A (Meaning of "full unencumbered value") 3
Amendment
Clause 24.(1) Section 2A(3), after `marketable security'-- 4
insert-- 5
`or right in respect of shares'. 6
(2) Section 2A(9), `(other than stock or marketable security)'-- 7
omit, insert-- 8
`(other than any stock, marketable security or right in respect of shares)'. 9
(3) Section 2A(9), `of any stock or marketable security'-- 10
omit, insert-- 11
`of any stock, marketable security or right in respect of shares'. 12
of s 17 (Mode of calculating ad valorem duty in certain 13
Amendment
cases) 14
Clause 25.(1) Section 17(1)(b)-- 15
omit, insert-- 16
`(b) any stock, marketable security or right in respect of shares;'. 17
(2) Section 17(1), `the stock or security'-- 18
omit, insert-- 19
`the stock, security or right'. 20
of s 31A (Transfers of marketable securities and share 21
Amendment
rights) 22
Clause 26. Section 31A(1A), `or marketable security'-- 23
5 Section 82A (Approval of forms)
s 27 19 s 30
Revenue Laws Amendment (No. 2)
omit, insert-- 1
`, marketable security or right in respect of shares'. 2
of s 31H (Duty on transactions on registers of 3
Amendment
Queensland incorporated companies) 4
Clause 27. Section 31H(1) and (3)(a), after `marketable security'-- 5
insert-- 6
`or right in respect of shares'. 7
of s 31K (Application of CHESS provisions) 8
Amendment
Clause 28.(1) Section 31K, after `marketable securities'-- 9
insert-- 10
`or rights in respect of shares'. 11
(2) Section 31K(c)(ii), after `scheme'-- 12
insert-- 13
`, or a CUFS in a unit in a public unit trust scheme,'. 14
of s 31N (Record of SCH-regulated transfers) 15
Amendment
Clause 29. Section 31N(3)(e) and (f), after `marketable security'-- 16
insert-- 17
`or right in respect of shares'. 18
of s 31X (Liability to account for duty for a security loan 19
Amendment
or security lending scheme for more than 1 year) 20
Clause 30. Section 31X(1)(b), after `marketable security'-- 21
insert-- 22
`or right in respect of shares'. 23
s 31 20 s 33
Revenue Laws Amendment (No. 2)
of s 50 (How ad valorem duty to be calculated in respect 1
Amendment
of stock and securities) 2
Clause 31.(1) Section 50, heading, `stock and securities'-- 3
omit, insert-- 4
`stock, marketable securities and share rights'. 5
(2) Section 50(1), `any stock or marketable security'-- 6
omit, insert-- 7
`any stock, marketable security or right in respect of shares'. 8
(3) Section 50(1), `the stock or security'-- 9
omit, insert-- 10
`the stock, security or right'. 11
(4) Section 50(2), after `marketable security'-- 12
insert-- 13
`or right in respect of shares'. 14
(5) Section 50(2), after `the security'-- 15
insert-- 16
`or right'. 17
of new s 82A 18
Insertion
Clause 32. After section 82-- 19
insert-- 20
of forms 21
`Approval
`82A. The commissioner may approve forms for use under this Act.'. 22
of new s 86 23
Insertion
Clause 33. After section 85-- 24
insert-- 25
s 34 21 s 34
Revenue Laws Amendment (No. 2)
provision about forms 1
`Transitional
`86.(1) This section applies if-- 2
(a) immediately before its commencement, there was a prescribed 3
form, or a form approved by the commissioner, for a matter; and 4
(b) on the commencement, there is to be an approved form for the 5
matter or a form may be approved for the matter. 6
`(2) Until there is an approved form for the matter, the form that was the 7
prescribed form, or the form approved by the commissioner, for the matter 8
immediately before the commencement is taken to be the approved form 9
for the matter. 10
`(3) This section expires 1 year after it commences.'. 11
about forms 12
Amendments
Clause 34.(1) Sections 22(7)(d), (12)(b) and (13)(a), 26(12), 31D(1)(a), 13
31J(4)(a), 35A(4), 35B(1)(a), 35B(1AC), 46F(1) and (2), 55A(2F), 14
56FD(1), 56FH(4), 56FJ(1), 57A(3), 64B(3)(a) and 75(2), `prescribed'-- 15
omit, insert-- 16
`approved'. 17
(2) Section 22(14), definition "prescribed form"-- 18
omit. 19
(3) Section 26(4), `the prescribed form of requisition for impressed duty 20
stamps in respect of the instrument'-- 21
omit, insert-- 22
`the approved form for the instrument'. 23
(4) Section 26(6), `the said prescribed form'-- 24
omit, insert-- 25
`the approved form'. 26
(5) Section 29A(3), `, in the prescribed form,'-- 27
omit. 28
(6) Section 31D(1)(aa), `the prescribed form, or until a form is 29
s 34 22 s 34
Revenue Laws Amendment (No. 2)
prescribed, in a form acceptable to the commissioner, with the 1
commissioner'-- 2
omit, insert-- 3
`the approved form'. 4
(7) Sections 31Q(1)(a), 31X(2) and 54AC(3), `form approved by the 5
commissioner'-- 6
omit, insert-- 7
`approved form'. 8
(8) Section 31U(1)(a)-- 9
omit, insert-- 10
`(a) lodge a return in the approved form; and'. 11
(9) Section 32A(4), `such form as may be prescribed'-- 12
omit, insert-- 13
`the approved form'. 14
(10) Section 35A(3), `prescribed form or in a form to the like effect'-- 15
omit, insert-- 16
`approved form'. 17
(11) Sections 35H(1) and 84(1), `accordance with the prescribed form 18
and manner'-- 19
omit, insert-- 20
`the approved form and in the way prescribed under a regulation'. 21
(12) Sections 42B(2) and (5) and 56FC(1)(a), `a form approved by the 22
commissioner'-- 23
omit, insert-- 24
`the approved form'. 25
(13) Sections 54A(2) and (3) and 54AB(2), `prescribed form' to 26
`information'-- 27
omit, insert-- 28
`approved form'. 29
s 35 23 s 35
Revenue Laws Amendment (No. 2)
(14) Section 56FI(1), `, which shall be in the prescribed form'-- 1
omit, insert-- 2
`in the approved form'. 3
of sch 1 (Stamp duties on instruments) 4
Amendment
Clause 35.(1) Schedule 1, under the heading `Application for registration or 5
application for transfer of registration of a motor vehicle', exemption 5(b)-- 6
omit, insert-- 7
`(b) a local government, a regional health authority established under 8
the Health Services Act 1991, the Queensland Ambulance Service 9
or the Queensland Fire and Rescue Authority;'. 10
(2) Schedule 1, under the heading `Conveyance or transfer', 11
paragraph (2A)(c), after `unit trust scheme'-- 12
insert-- 13
`, or a right in respect of shares (being a right of a kind mentioned in 14
section 2(1), definition "right in respect of shares", paragraph (a) or (b)) 15
that relates to a unit in a public unit trust scheme,'. 16
(3) Schedule 1, under the heading `Conveyance or transfer', 17
exemptions-- 18
insert-- 19
`18. A transfer of a marketable security or right in respect of shares to or 20
from CHESS Depositary Nominees Pty Ltd (A.C.N. 017 346 506) that-- 21
(a) relates to the issue or redemption of a CUFS in the marketable 22
security or right in respect of shares; and 23
(b) is entered into in the ordinary course of business.'. 24
(4) Schedule 1, under the heading `Lease', exemption 1-- 25
omit, insert-- 26
`1.(1) A lease, agreement or other document made for the lease of 27
premises as a private dwelling house. 28
s 35 24 s 35
Revenue Laws Amendment (No. 2)
`(2) A relevant agreement under the Mobile Homes Act 1989.6 1
`(3) Subsections (1) and (2) apply only if-- 2
(a) the premises are, or, for a relevant agreement, the mobile home 3
is, used for the purpose of residence; and 4
(b) the premises are not, or the mobile home is not, used for carrying 5
on any profession, trade, business or commercial venture in the 6
premises or mobile home.'. 7
8
9
© State of Queensland 1996
6 Mobile Homes Act 1989, section 3(1)--
"relevant agreement" means an agreement under which a person is entitled--
(a) to position a mobile home on a site; and
(b) to occupy the mobile home as the person's only or principal place of
residence.
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