[Index] [Search] [Download] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Stamp Duties (Tax Reform) Amendment
Bill 2009
A BILL FOR
An Act to amend the Stamp Duties Act 1923 and to make related
amendments to the Statutes Amendment (Budget 2005)
Act 2005.
Contents
Part 1—Preliminary
1 Short
title
2 Commencement
3 Amendment provisions
Part 2—Amendment of Stamp Duties
Act 1923
4 Amendment of section 7—Distribution of
stamps, commission etc
5 Amendment of section 16—Duty in force when
instrument produced for stamping to apply
6 Amendment of section
31B—Interpretation
7 Insertion of section
31N
31N Repeal of Division
8 Repeal of Part 3
Division 5
9 Amendment of section 71—Instruments chargeable as
conveyances
10 Amendment of section 71C—Concessional rates of duty in
respect of purchase of first home etc
11 Amendment of section
71D—Concessional duty to encourage resource exploration
activity
12 Repeal of Part 3 Division 9
13 Amendment of section
79—Mortgage securing future and contingent liabilities
14 Insertion of
section 82A
82A Repeal of Division
15 Insertion of
Part 4A
Part 4A—Abolition of various duties
Division 1—Abolition of duty on rental
business
103 Abolition of duty on rental business
(1 July 2009)
Division 2—Abolition of duty on
mortgages
104 Abolition of duty on mortgages (1 July
2009)
16 Amendment of section 107—Transfer of property to
correct error
17 Amendment of Schedule 1—Transitional
provisions
2 No refund of duty on cheque
forms
18 Amendment of Schedule 2—Stamp duties and
exemptions
Schedule 1—Related amendments
Part 1—Amendment of Statutes Amendment (Budget
2005) Act 2005
1 Amendment of section
2—Commencement
2 Repeal of Part 7
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Stamp Duties (Tax Reform) Amendment
Act 2009.
(1) Subject to subsection (2), this Act will come into operation on
the day on which it is assented to by the Governor.
(2) Section 13 will come into operation on
1 July 2009.
In this Act, a provision under a heading referring to the amendment of a
specified Act amends the Act so specified.
Part
2—Amendment of Stamp Duties
Act 1923
4—Amendment of
section 7—Distribution of stamps, commission etc
Section 7(3)—delete subsection (3)
5—Amendment of
section 16—Duty in force when instrument produced for stamping to
apply
Section 16—delete "The duty" and substitute:
Subject to this Act, the duty
6—Amendment of
section 31B—Interpretation
Section 31B, definition of dutiable rental
business—delete "but does not include such business arising from
contracts, agreements or arrangements entered into on or after
1 July 2009;"
After section 31M insert:
31N—Repeal of Division
(1) After 1 July 2009, the Governor may, by proclamation, fix a date for
the repeal of this Division.
(2) On the date fixed under subsection (1), this Division (including
this section) is repealed.
Part 3 Division 5—delete the Division
9—Amendment
of section 71—Instruments chargeable as conveyances
Section 71(14)—delete "an amount equal to the difference between the
amount of the duty and ten dollars" and substitute:
the amount of the duty
10—Amendment of
section 71C—Concessional rates of duty in respect of purchase of first
home etc
Section 71C—after subsection (3) insert:
(3a) For the purposes of subsection (3), property values are to be
expressed to the nearest multiple of $1 000 and if a property value lies
exactly at the mid point between 2 multiples of $1 000, the property
value is to be rounded down to the lower of those multiples.
11—Amendment of
section 71D—Concessional duty to encourage resource exploration
activity
(1) Section 71D(1)—delete "Minister of Mines and Energy" and
substitute:
Minister to whom the administration of the Mining Act 1971 is
committed
(2) Section 71D(3), definition of exploration tenement,
(b)—delete paragraph (b) and substitute:
(b) an exploration licence granted under the Petroleum
Act 2000; or
12—Repeal of Part
3 Division 9
Part 3 Division 9—delete the Division
13—Amendment
of section 79—Mortgage securing future and contingent
liabilities
Section 79(6) and (7)—delete subsections (6) and (7)
After section 82 insert:
82A—Repeal of Division
(1) After 1 July 2009, the Governor may, by proclamation, fix a
date for the repeal of this Division and Schedule 2
clause 11.
(2) On the date fixed under subsection (1), this Division (including
this section) and Schedule 2 clause 11 are repealed.
After Part 4 insert:
Part 4A—Abolition of various
duties
Division 1—Abolition of duty on rental
business
103—Abolition of duty on rental business
(1 July 2009)
(1) No liability to duty arises in relation to an amount received in
respect of rental business (within the meaning of Part 3 Division 2)
after 30 June 2009.
(2) Despite the provisions of Part 3 Division 2, registration
under that Division is not required or to be granted on or after
22 July 2009 and the registration of a person who is registered
immediately before 22 July 2009 is to be taken to have been cancelled
on that date.
(3) For the avoidance of doubt, a person is not entitled to a refund of
duty paid in relation to an amount received in respect of rental business before
1 July 2009 only because the contract or agreement under which the
amount was received expires on or after that date.
Division 2—Abolition of duty on
mortgages
104—Abolition of duty on mortgages (1 July
2009)
(1) No liability to duty arises under Schedule 2 clause 11 in relation
to—
(a) a mortgage, bond, debenture, covenant or warrant of attorney executed,
or that first affects property in this State, on or after 1 July 2009;
or
(b) a mortgage executed, or that first affects property in this State,
before 1 July 2009 if no advance secured under the mortgage is made
before that day; or
(c) an advance or further advance on or after 1 July 2009 under
a mortgage executed, or that first affects property in this State, before that
day.
(2) Despite section 16, if a mortgage, bond, debenture, covenant or
warrant of attorney executed before 1 July 2009 but produced to the
Commissioner for the purpose of being stamped on or after that day is dutiable
under Schedule 2 clause 11, the duty will be calculated according to the rates
in force as at the day on which the instrument became liable to duty (or further
duty).
16—Amendment of
section 107—Transfer of property to correct error
Section 107(3)—delete "ten dollars plus"
17—Amendment of
Schedule 1—Transitional provisions
Schedule 1—after clause 1 insert:
2—No refund of duty on cheque
forms
Despite any other provision of this Act or the Taxation Administration
Act 1996, no refund of duty on cheque forms is allowed.
18—Amendment of
Schedule 2—Stamp duties and exemptions
(1) Schedule 2 clause 10—delete clause 10
(2) Schedule 2 clause 13—delete clause 13
Part 1—Amendment of Statutes Amendment (Budget
2005) Act 2005
1—Amendment of
section 2—Commencement
Section 2(5)—delete subsection (5)
Part 7—delete the Part