Western Australian Bills

[Index] [Search] [Download] [Related Items] [Help]


This is a Bill, not an Act. For current law, see the Acts databases.


REVENUE LAWS AMENDMENT (ASSESSMENT) BILL 2001

                         Western Australia


     Revenue Laws Amendment (Assessment)
                   Bill 2001

                              CONTENTS


        Part 1 -- Preliminary
1.      Short title                              2
2.      Commencement                             2
        Part 2 -- Pay-roll Tax Assessment
             Act 1971 amended
3.      Section 11 inserted                      3
        Part 3 -- Rates and Charges (Rebates
             and Deferments) Act 1992 amended
4.      The Act amended in this Part             5
5.      Section 3 amended                        5
6.      Section 23 amended                       6
7.      Section 26 amended                       6
8.      Section 28 amended                       6
9.      Section 31 amended                       7
10 .    Section 32 amended                       7
11 .    Section 33 amended                       7
12 .    Section 34 repealed                      8
13 .    Section 40 replaced and transitional     9
14 .    Section 42 amended                      12
15 .    Section 43 amended                      13
16 .    Transitional                            13
        Part 4 -- Stamp Act 1921 amended
        Division 1 -- Preliminary
17 .    The Act amended in this Part            15

                                                page i
                               12--1
Revenue Laws Amendment (Assessment) Bill 2001



Contents



           Division 2 -- Provisions that commence on Royal
                 Assent
   18 .    Section 63 amended                                15
   19 .    Section 75JB amended                              15
   20 .    Section 76AG amended                              15
   21 .    Section 76AN amended                              15
           Division 3 -- Provisions that commence on
                 30 June 2001
   22 .    Section 95A amended                               16
   23 .    Section 97 inserted                               17
   24 .    Pay-roll Tax Assessment Act 1971, consequential
           amendment to                                      18
           Division 4 -- Provisions that commence on
                 1 July 2001
   25 .    Section 76AI amended                              18
   26 .    Section 76AP amended                              19




page ii
                           Western Australia


                     LEGISLATIVE ASSEMBLY



     Revenue Laws Amendment (Assessment)
                   Bill 2001


                               A Bill for


An Act to amend the --
  •  Pay-roll Tax Assessment Act 1971;
  •  Rates and Charges (Rebates and Deferments) Act 1992; and
  •  Stamp Act 1921,
and for related purposes.



The Parliament of Western Australia enacts as follows:




                                                           page 1
     Revenue Laws Amendment (Assessment) Bill 2001
     Part 1       Preliminary

     s. 1



                              Part 1 -- Preliminary
     1.         Short title
                This Act may be cited as the Revenue Laws Amendment
                (Assessment) Act 2001.

 5   2.         Commencement
          (1)   Subject to this section, this Act comes into operation on the day
                on which it receives the Royal Assent.
          (2)   If this Act receives the Royal Assent before or on 1 July 2001,
                Parts 2 and 3 come into operation on 1 July 2001.
10        (3)   If this Act receives the Royal Assent after 1 July 2001, Parts 2
                and 3 are deemed to have come into operation on 1 July 2001.
          (4)   If this Act receives the Royal Assent before or on 30 June 2001,
                Part 4 Division 3 comes into operation on 30 June 2001.
          (5)   If this Act receives the Royal Assent after 30 June 2001, Part 4
15              Division 3 is deemed to have come into operation on
                30 June 2001.
          (6)   If this Act receives the Royal Assent before or on 1 July 2001,
                Part 4 Division 4 comes into operation immediately after the
                coming into operation of Part 5 Division 2 of the Financial
20              Relations Agreement (Consequential Provisions) Act 1999.
          (7)   If this Act receives the Royal Assent after 1 July 2001, Part 4
                Division 4 is deemed to have come into operation immediately
                after the coming into operation of Part 5 Division 2 of the
                Financial Relations Agreement (Consequential Provisions)
25              Act 1999.




     page 2
                                Revenue Laws Amendment (Assessment) Bill 2001
                         Pay-roll Tax Assessment Act 1971 amended      Part 2

                                                                               s. 3



          Part 2 -- Pay-roll Tax Assessment Act 1971 amended
     3.           Section 11 inserted
                  After section 10 of the Pay-roll Tax Assessment Act 1971* the
                  following section is inserted --
 5   "
            11.         Special circumstances in which rate of tax may be
                        ascertained on basis of whole or part of financial
                        year
                  (1)   In this section --
10                      "financial year" means the financial year commencing
                             on 1 July 2001 and each financial year thereafter.
                  (2)   This section applies to an employer if --
                         (a) the employer pays or is liable to pay taxable
                               wages or interstate wages for part only of a
15                             financial year; and
                         (b) the Commissioner is satisfied that, because of
                               the employer's trade or business, the
                               employer's liability to pay taxable wages or
                               interstate wages fluctuates with different
20                             periods of the financial year.
                  (3)   If the employer has conducted the trade or business in
                        Australia --
                          (a) during the whole of the financial year, the rate
                                of pay-roll tax payable by the employer shall be
25                              ascertained in accordance with the relevant
                                section of the Pay-roll Tax Act 1971 as if the
                                employer had paid or was liable to pay taxable
                                wages or interstate wages during the whole of
                                the year; or
30                        (b) during part only of the financial year, the rate
                                of pay-roll tax payable by the employer shall be


                                                                            page 3
    Revenue Laws Amendment (Assessment) Bill 2001
    Part 2        Pay-roll Tax Assessment Act 1971 amended

    s. 3



                         ascertained in accordance with the relevant
                         section of the Pay-roll Tax Act 1971 as if the
                         employer had paid or was liable to pay taxable
                         wages or interstate wages during that part of the
5                        financial year.
                                                                             ".
             [* Reprinted as at 12 November 1996.
                For subsequent amendments see 2000 Index to Legislation of
                Western Australia, Table 1, p. 327-9.]




    page 4
                             Revenue Laws Amendment (Assessment) Bill 2001
            Rates and Charges (Rebates and Deferments) Act 1992     Part 3
                                                      amended

                                                                                 s. 4


      Part 3 -- Rates and Charges (Rebates and Deferments)
                       Act 1992 amended
     4.         The Act amended in this Part
                The amendments in this Part are to the Rates and Charges
 5              (Rebates and Deferments) Act 1992*.
                [* Reprinted as at 19 May 2000.]

     5.         Section 3 amended
          (1)   Section 3(1) is amended by inserting, in the appropriate
                alphabetical position, the following definition --
10              "
                      "Commonwealth seniors health card" means a
                         currently valid card, known by that name, issued
                         on behalf of the Commonwealth to the holder or,
                         where a card of another kind is prescribed
15                       specifically for the purpose of this definition, that
                         other card;
                                                                                  ".
          (2)   Section 3(1) is amended in the definition of "eligibility" as
                follows:
20                (a) after paragraph (a)(ii) by deleting "or";
                  (b) after paragraph (a)(iii) by inserting --
                          "
                                     or
                              (iv)   a Commonwealth seniors health card;
25                                                                                ".
          (3)   Section 3(1) is amended by deleting the definition of "rating
                year" and inserting the following definition instead --
                " "rating year" means 1 July to 30 June; ".


                                                                            page 5
     Revenue Laws Amendment (Assessment) Bill 2001
     Part 3        Rates and Charges (Rebates and Deferments) Act 1992
                   amended

     s. 6


          (4)   Section 3(1) is amended by deleting the definition of
                "registration date".

     6.         Section 23 amended
                After section 23(3) the following subsection is inserted --
 5          "
                (4)       Subject to this Act, a person is eligible to apply to the
                          administrative authority to have their entitlement as
                          regards any land registered if a prescribed charge is
                          payable on that land, on production to the
10                        administrative authority of both a seniors' card and a
                          Commonwealth seniors health card.
                                                                                      ".

     7.         Section 26 amended
                Section 26(1) is amended as follows:
15                (a) after paragraph (c) by deleting "or";
                 (b) after paragraph (d) by deleting the full stop and
                       inserting --
                      "
                                  ; or
20                          (e)   production of both a seniors' card and a
                                  Commonwealth seniors health card, issued to
                                  that person as the holder, as sufficient evidence
                                  that the person is a person to whom
                                  section 23(4) applies.
25                                                                                    ".

     8.         Section 28 amended
                Section 28(1)(b) is amended by inserting after "except where
                section 31(3)(a)" --
                " or (aa) ".



     page 6
                              Revenue Laws Amendment (Assessment) Bill 2001
             Rates and Charges (Rebates and Deferments) Act 1992     Part 3
                                                       amended

                                                                                        s. 9


     9.          Section 31 amended
                 Section 31(3) is amended as follows:
                   (a) by deleting the word "or" after paragraph (a);
                  (b) by inserting the following paragraph after
 5                      paragraph (a) --
                       "
                           (aa)        where a financial agreement made under
                                       section 90B, 90C or 90D of the Family Law
                                       Act 1975 of the Commonwealth makes
10                                     provision in relation to a relevant prescribed
                                       charge, in a manner not inconsistent with that
                                       agreement; or
                                                                                         ".

     10.         Section 32 amended
15         (1)   Section 32(1)(a) is amended by deleting "prior to the
                 registration date for that charge,".
           (2)   Section 32(5) is repealed and the following subsection is
                 inserted instead --
             "
20               (5)       The determination of the entitlement of an applicant
                           shall be made on the facts relevant to the applicant as at
                           the commencement of the rating year.
                                                                                         ".

     11.         Section 33 amended
25         (1)   Section 33(3) is amended by inserting after "subsection (4)" --
                 " or (6)         ".




                                                                                    page 7
     Revenue Laws Amendment (Assessment) Bill 2001
     Part 3        Rates and Charges (Rebates and Deferments) Act 1992
                   amended

     s. 12


           (2)   After section 33(5) the following subsections are inserted --
             "
                 (6)   Despite subsection (3), a registered person in respect of
                       a prescribed charge who is an eligible pensioner may,
 5                     subject to this Act --
                         (a) pay a rebated amount in respect of a prescribed
                               charge of that kind; or
                         (b) defer payment of amounts of a prescribed
                               charge of that kind,
10                     if that person and the administrative authority have
                       agreed on an arrangement for the payment of arrears
                       due from that person in respect of the prescribed
                       charge.
                 (7)   If, in respect of a charged period for which the payment
15                     of a rebated amount or a deferment is allowed under
                       subsection (6), the registered person does not pay the
                       arrears due to be paid in that charged period under the
                       arrangement, the administrative authority may by
                       written notice given to the registered person require
20                     that person to pay the prescribed charge by the date
                       specified in the notice and the registered person ceases
                       to be entitled to pay the rebated amount or to defer
                       payment of the prescribed charge, as the case may be.
                 (8)   Despite section 6.62 of the Local Government
25                     Act 1995, if an arrangement for the payment of arrears
                       is agreed on under subsection (6) and an amount is paid
                       in respect of the rebated amount, that amount is to be
                       applied for or towards payment of the rebated amount.
                                                                                   ".

30   12.         Section 34 repealed
                 Section 34 is repealed.



     page 8
                              Revenue Laws Amendment (Assessment) Bill 2001
             Rates and Charges (Rebates and Deferments) Act 1992     Part 3
                                                       amended

                                                                                  s. 13


     13.           Section 40 replaced and transitional
           (1)     Section 40 is repealed and the following section is inserted
                   instead --
     "
 5           40.         Rebates to registered persons
                   (1)   This section applies to a person who --
                          (a) at the commencement of the charged period is
                                liable for the payment of a prescribed charge, or
                                in respect of a prescribed charge which is
10                              apportioned under section 28, on any land used
                                by that person as their ordinary place of
                                residence; and
                          (b) has --
                                   (i) an entitlement as regards that land
15                                      which is registered by the administrative
                                        authority either at the commencement of
                                        or during the charged period; or
                                  (ii) the right, as a dependant occupying the
                                        land in circumstances to which
20                                      section 31(1) applies, to be allowed the
                                        benefit of a rebate.
                   (2)   The liability of a person to whom this section applies
                         for payment of a prescribed charge, or the proportion
                         that relates to the extent of the entitlement of the
25                       eligible person may, subject to this Act, be satisfied by
                         the payment of a rebated amount before the end of the
                         charged period.
                   (3)   Where, apart from this Act, an administrative authority
                         allows a discount on a prescribed charge, and any
30                       conditions applicable to that discount are met,
                         subsection (2) applies as though the liability for
                         payment of the prescribed charge had been reduced by
                         the discount allowed.

                                                                               page 9
     Revenue Laws Amendment (Assessment) Bill 2001
     Part 3        Rates and Charges (Rebates and Deferments) Act 1992
                   amended

     s. 13


               (4)   An administrative authority shall, subject to this Act,
                     allow to any person to whom this section applies a
                     rebate on any prescribed charge, that rebate being
                     calculated in such a manner as to reflect the extent of
 5                   the entitlement which that person has in the land and,
                     in accordance with section 28, apportioned where
                     appropriate.
               (5)   If a person to whom this section applies is an eligible
                     senior and not an eligible pensioner for the whole or a
10                   part of the charged period, the rebate to be allowed
                     shall be determined using the following equation --
                                                         DS
                                           R = PC × (       )
                                                         CY
                      where --
                      R   is the rebate to be allowed;
15                    PC is the portion of the prescribed charge calculated
                         under subsection (9)(a);
                      DS is the number of the days during the charged period
                         that the person is registered as an eligible senior; and
                      CY is the number of days in the charged period.
20             (6)   If a person to whom this section applies is an eligible
                     pensioner and not an eligible senior for the whole or a
                     part of the charged period, the rebate to be allowed
                     shall be determined using the following equation --
                                                         DP
                                           R = PC × (       )
                                                         CY
25                    where --
                      R   is the rebate to be allowed;
                      PC is the portion of the prescribed charge calculated
                         under subsection (9)(b);


     page 10
                      Revenue Laws Amendment (Assessment) Bill 2001
     Rates and Charges (Rebates and Deferments) Act 1992     Part 3
                                               amended

                                                                       s. 13


              DP is the number of the days during the charged period
                 that the person is registered as an eligible pensioner;
                 and
              CY is the number of days in the charged period.
 5     (7)   If a person to whom this section applies is an eligible
             senior for a part of the charged period and an eligible
             pensioner for another part of the charged period, the
             rebate to be allowed shall be determined using the
             following equation --
                                          DS                DP
10                        R = ( PCS × (      )) + ( PCP × (    ))
                                          CY                CY
              where --
              R      is the rebate to be allowed;
              PCS    is the portion of the prescribed charge calculated
                     under subsection (9)(a);
15            PCP    is the portion of the prescribed charge calculated
                     under subsection (9)(b);
              DS     is the number of the days during the charged
                     period that the person is registered as an eligible
                     senior;
20            DP     is the number of the days during the charged
                     period that the person is registered as an eligible
                     pensioner; and
              CY is the number of days in the charged period.
       (8)   Where a person who is authorised to pay a rebated
25           amount, pays an amount in excess of the rebated
             amount in respect of a prescribed charge, then the
             administrative authority shall refund, or give credit, for
             the excess amount.




                                                                    page 11
     Revenue Laws Amendment (Assessment) Bill 2001
     Part 3        Rates and Charges (Rebates and Deferments) Act 1992
                   amended

     s. 14


                  (9)   The portion of the prescribed charge to be used in
                        determining the rebate of a person to whom this section
                        applies shall be --
                          (a) for an eligible senior, on any prescribed charge
 5                              by way of rates or for the provision of water
                                supply, sewerage or drainage -- 25% of the
                                prescribed charge concerned, up to such limit
                                as is prescribed;
                          (b) for an eligible pensioner, on any prescribed
10                              charge by way of rates or for the provision of
                                water supply, sewerage or drainage -- 50% of
                                the prescribed charge concerned; and
                          (c) on any other prescribed charge -- the
                                prescribed percentage.
15                                                                                ".
           (2)    Regulations --
                   (a) that are made under the Rates and Charges (Rebates and
                         Deferments) Act 1992 as amended by this section; and
                   (b) that are made within 6 months after this section receives
20                       the Royal Assent,
                  may come into operation at a time specified in those regulations
                  that is not earlier than 1 July 2001 and may relate to a rebate
                  that an eligible senior is to be allowed on a prescribed charge
                  referred to in section 40(9) of that Act (as inserted by this
25                section).

     14.          Section 42 amended
           (1)    After section 42(2) the following subsection is inserted --
             "
                 (2a)   If subsection (2) applies, the administrative authority
30                      shall refund, or give credit for, the amount of the
                        rebate.
                                                                                  ".

     page 12
                              Revenue Laws Amendment (Assessment) Bill 2001
             Rates and Charges (Rebates and Deferments) Act 1992     Part 3
                                                       amended

                                                                                s. 15


           (2)   After section 42(3) the following subsection is inserted --
             "
                 (4)   On or after 1 July 2001, where an entitlement as
                       regards land is registered during a rating year and
 5                     during that year --
                         (a) a prescribed charge is made by way of rates
                               relating to improvements effected to the land
                               during the year; or
                         (b) a prescribed charge is made in respect of
10                             additional or other water supply, sewerage or
                               drainage services provided during the year,
                       this Act has effect in relation to those prescribed
                       charges arising during a charged period that occurs in
                       that rating year for the period of the rating year to
15                     which both the charges relate and the entitlement as
                       regards the land is registered.
                                                                                     ".

     15.         Section 43 amended
                 Section 43(1)(a) is amended by inserting after "an eligible
20               pensioner" --
                        "
                                or is registered as an eligible pensioner during a
                                rating year
                                                                                     ".

25   16.         Transitional
           (1)   If before 1 July 2001 a person is eligible to be registered and is
                 registered under section 32 of the Rates and Charges (Rebates
                 and Deferments) Act 1992 on or after 1 July 2001 and on or
                 before 30 September 2001, section 40 of that Act (as inserted by
30               section 13) applies to that person as if the entitlement had been
                 registered at the commencement of the charged period.


                                                                             page 13
    Revenue Laws Amendment (Assessment) Bill 2001
    Part 3        Rates and Charges (Rebates and Deferments) Act 1992
                  amended

    s. 16


       (2)    If a person becomes eligible to be registered and is registered on
              or after 1 July 2001 and on or before 30 September 2001,
              section 40 (as inserted by section 13) applies to that person as if
              the person were registered on the day the person became
5             eligible to be registered.




    page 14
                            Revenue Laws Amendment (Assessment) Bill 2001
                                     Stamp Act 1921 amended        Part 4
                                                  Preliminary Division 1
                                                                     s. 17



                  Part 4 -- Stamp Act 1921 amended
                          Division 1 -- Preliminary
     17.      The Act amended in this Part
              The amendments in this Part are to the Stamp Act 1921* unless
 5            otherwise indicated.
              [* Reprinted as at 22 October 1999.
                 For subsequent amendments see 2000 Index to Legislation of
                 Western Australia, Table 1, p. 417-24.]

           Division 2 -- Provisions that commence on Royal Assent
10   18.      Section 63 amended
              Section 63(2)(b)(ii) is amended by deleting "or a pooled
              superannuation trust".

     19.      Section 75JB amended
              Section 75JB(2)(c) is amended by deleting "for".

15   20.      Section 76AG amended
              Section 76AG(4)(e) is amended by deleting "assets" and
              inserting instead --
              " property ".

     21.      Section 76AN amended
20            Section 76AN(3)(e) is amended by deleting "assets" and
              inserting instead --
              " property ".




                                                                         page 15
     Revenue Laws Amendment (Assessment) Bill 2001
     Part 4        Stamp Act 1921 amended
     Division 3    Provisions that commence on 30 June 2001
     s. 22



           Division 3 -- Provisions that commence on 30 June 2001
     22.         Section 95A amended
                 After section 95A(11) the following subsections are inserted --
            "
 5              (12)   In subsections (13) and (14) --
                       "workers' compensation policy" means a policy of
                            insurance against an employer's liability to pay
                            compensation under the Workers' Compensation
                            and Rehabilitation Act 1981.
10              (13)   It is a defence to a charge under subsection (10)(b) in
                       relation to a return that relates to a workers'
                       compensation policy in respect of which duty is paid at
                       the rate provided in item 16(1)(a)(ii) of the Second
                       Schedule to prove that the return was false in a material
15                     particular because the person charged had been
                       supplied information which was false as to the liability
                       of the person insured to pay pay-roll tax.
                (14)   If an approved person is supplied information relating
                       to a workers' compensation policy --
20                       (a) which is false in a material particular; and
                         (b) which results in the approved person
                               transmitting to the Commissioner less duty than
                               is payable in respect of the policy under item
                               16(1)(a) of the Second Schedule,
25                     the approved person --
                         (c) shall include details of the additional duty
                              payable in the next return that the person lodges
                              under subsection (6);
                         (d) shall transmit with the return the additional
30                            duty payable; and



     page 16
                                Revenue Laws Amendment (Assessment) Bill 2001
                                           Stamp Act 1921 amended      Part 4
                         Provisions that commence on 30 June 2001 Division 3
                                                                         s. 23



                         (e)   may recover the additional duty from the
                               person insured under the policy in a court of
                               competent jurisdiction.
                                                                                   ".

 5   23.         Section 97 inserted
                 After section 96 the following section is inserted --
     "
           97.         Workers' compensation policies, refunds of excess
                       duty
10               (1)   If on an application made by a person under
                       subsection (2) the Commissioner is satisfied that the
                       person has paid duty at the rate specified in item
                       16(1)(a)(i) of the Second Schedule but should have
                       paid duty at the rate specified in item 16(1)(a)(ii), the
15                     Commissioner may refund the difference.
                 (2)   An application for a refund under subsection (1)
                       shall --
                         (a) be made within 2 years after the beginning of
                              the relevant insurance policy's cover period;
20                       (b) be made in writing, in a form approved by the
                              Commissioner, by the person who issued the
                              policy; and
                         (c) be accompanied by such further information as
                              the Commissioner may require.
25               (3)   If the Commissioner refunds duty to the person who
                       issued the policy and the duty was originally paid by
                       that person out of money provided by the person
                       insured, the person who issued the policy shall --
                         (a) reimburse the person insured an amount equal
30                             to the refund within 90 days after the refund
                               was paid or within any longer period allowed
                               by the Commissioner; and

                                                                             page 17
     Revenue Laws Amendment (Assessment) Bill 2001
     Part 4        Stamp Act 1921 amended
     Division 4    Provisions that commence on 1 July 2001
     s. 24



                          (b)   if the reimbursement is not made within that
                                period -- repay the amount of the refund to the
                                Commissioner within 7 days from the end of
                                that period.
 5             (4)       The Commissioner may recover any amount that
                         should have been, but was not, repaid under
                         subsection (3)(b) as if it were unpaid duty.
                                                                                   ".

     24.       Pay-roll Tax Assessment Act 1971, consequential amendment
10             to
               Section 5(2) of the Pay-roll Tax Assessment Act 1971* is
               amended by inserting before paragraph (b) the following --
                     "
                          (a)   may disclose to an insurance company, for the
15                              purposes of the company determining the stamp
                                duty to be paid on a policy of insurance issued
                                or to be issued by it against an employer's
                                liability to pay compensation under the
                                Workers' Compensation and Rehabilitation
20                              Act 1981, whether the employer, in the
                                12 months immediately preceding the cover
                                period of the policy, was liable to pay tax; and
                                                                                   ".
               [* Reprinted as at 12 November 1996.
25                For subsequent amendments see 2000 Index to Legislation of
                  Western Australia, Table 1, p. 327-9.]

           Division 4 -- Provisions that commence on 1 July 2001
     25.       Section 76AI amended
               Section 76AI(1) is repealed and the following subsections are
30             inserted instead --



     page 18
                                Revenue Laws Amendment (Assessment) Bill 2001
                                            Stamp Act 1921 amended      Part 4
                            Provisions that commence on 1 July 2001 Division 4
                                                                         s. 26



             "
                  (1)   This Division applies to a WA company if it is a
                        land-holder within the meaning in subsection (2)
                        unless --
 5                        (a) it is listed on a recognized stock exchange; and
                          (b) the Commissioner is satisfied that its listing
                               was not part of an arrangement or scheme
                               having as its purpose, or one of its purposes, the
                               defeat of the object of this Part.
10               (1a)   For the purposes of subsection (1)(b) the
                        Commissioner may take into account any matter that
                        the Commissioner considers is relevant but must take
                        into account --
                          (a) how long the WA company has been listed on a
15                              recognized stock exchange;
                          (b) any conditions or exemptions that apply to the
                                exchange's approval of the listing of the
                                company;
                          (c) who owns the company's shares;
20                        (d) what proportion of the company's shares are
                                available to be traded on the exchange; and
                          (e) the turnover of the company's shares on the
                                exchange.
                                                                                    ".
25   26.          Section 76AP amended
           (1)    Section 76AP(1) is amended as follows:
                    (a) by inserting after paragraph (a) --
                         " and ";
                   (b) by deleting paragraph (b) and "and" following it;
30                  (c) by deleting the full stop after paragraph (c) and inserting
                         a comma instead;


                                                                            page 19
     Revenue Laws Amendment (Assessment) Bill 2001
     Part 4        Stamp Act 1921 amended
     Division 4    Provisions that commence on 1 July 2001
     s. 26



                    (d)    by inserting after paragraph (c) the following --
                "
                          unless --
                           (d) it is listed on a recognized stock exchange; and
 5                          (e) the Commissioner is satisfied that its listing
                                 was not part of an arrangement or scheme
                                 having as its purpose, or one of its purposes, the
                                 defeat of the object of this Part.
                                                                                      ".
10      (2)     After section 76AP(1) the following subsection is inserted --
           "
               (1a)       For the purposes of subsection (1)(e) the Commissioner
                          may take into account any matter that the
                          Commissioner considers is relevant but must take into
15                        account --
                            (a) how long the corporation has been listed on a
                                  recognized stock exchange;
                            (b) any conditions or exemptions that apply to the
                                  exchange's approval of the listing of the
20                                corporation;
                            (c) who owns the corporation's shares;
                            (d) what proportion of the corporation's shares are
                                  available to be traded on the exchange; and
                            (e) the turnover of the corporation's shares on the
25                                exchange.
                                                                                      ".




 


[Index] [Search] [Download] [Related Items] [Help]