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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
Revenue Laws Amendment Bill 2008
CONTENTS
Part 1 -- Preliminary
1. Short title 2
2. Commencement 2
Part 2 -- Amendments relating to vehicle
licence duty
Division 1 -- Amendments if assent day not
later than 1 July 2008
3. Duties Legislation Amendment Act 2008 amended 3
4. Duties Act 2008 amended 3
Division 2 -- Amendments if assent day after
1 July 2008
5. Duties Legislation Amendment Act 2008 amended 3
6. Duties Act 2008 amended 4
Division 3 -- Amendment to other Acts
7. Revenue Laws Amendment (Taxation) Act 2007
amended 4
8. Stamp Act 1921 amended 4
Part 3 -- Land Tax Act 2002 amended
9. The Act amended 5
10. Section 5 amended 5
Part 4 -- Land Tax Assessment Act 2002
amended
11. The Act amended 6
12. Section 22 amended 6
281--1 page i
Revenue Laws Amendment Bill 2008
Contents
13. Section 23A inserted 7
23A. Private residential property owned by
executor or administrator -- beneficiary
with right to future ownership 7
14. Section 26A amended 8
15. Section 36 amended 9
16. Section 39A amended 9
17. Section 39B amended 10
18. Glossary amended 11
Part 5 -- Metropolitan Region Improvement Tax
Act 1959 amended
19. The Act amended 15
20. Section 10 amended 15
Part 6 -- Rates and Charges (Rebates and
Deferments) Act 1992 amended
21. The Act amended 16
22. Section 23 amended 16
Part 7 -- Duties Act 2008 amended
23. The Act amended 17
24. Section 28 amended 17
25. Section 118 amended 17
26. Chapter 2 Part 6 Division 4A inserted 17
Division 4A -- Residential concession
147A. Terms used in this Division 17
147B. Eligible transactions 18
147C. Concessional transactions 18
147D. Residential property 19
147E. Concessional rate 19
147F. Reassessment if building begins or
contract is entered into after duty liability
arises 19
147G. Application for assessment or
reassessment at concessional rate 21
27. Section 147 amended 21
28. Schedule 2 amended 22
29. Schedule 3 amended 23
11A. Residential concession (Part 6
Division 4A) 23
page ii
Revenue Laws Amendment Bill 2008
Contents
Part 8 -- Stamp Act 1921 amended
30. The Act amended 24
31. Section 76 amended 24
page iii
Western Australia
LEGISLATIVE ASSEMBLY
Revenue Laws Amendment Bill 2008
A Bill for
An Act to amend the following Acts --
• Duties Act 2008;
• Duties Legislation Amendment Act 2008;
• Revenue Laws Amendment (Taxation) Act 2007;
• Stamp Act 1921;
• Land Tax Act 2002;
• Land Tax Assessment Act 2002;
• Metropolitan Region Improvement Tax Act 1959;
• Rates and Charges (Rebates and Deferments) Act 1992.
The Parliament of Western Australia enacts as follows:
page 1
Revenue Laws Amendment Bill 2008
Part 1 Preliminary
s. 1
Part 1 -- Preliminary
1. Short title
This is the Revenue Laws Amendment Act 2008.
2. Commencement
5 (1) This Act comes into operation, or is deemed to have come into
operation, as follows:
(a) Part 1 -- on the day on which this Act receives the
Royal Assent ("assent day");
(b) Part 2 -- subject to and in accordance with
10 subsections (2) and (3);
(c) Parts 3, 4, 5, 6 and 7 --
(i) come into operation on 1 July 2008 if assent day
is not later than that day; or
(ii) are deemed to have come into operation on
15 1 July 2008 if assent day is later than that day;
(d) Part 8 is deemed to have come into operation on
6 February 2008.
(2) If assent day is not later than 1 July 2008, then on assent day --
(a) Part 2 Divisions 1 and 3 come into operation; and
20 (b) Part 2 Division 2 is repealed.
(3) If assent day is after 1 July 2008, then on assent day --
(a) Part 2 Division 1 is repealed; and
(b) Part 2 Divisions 2 and 3 come into operation.
page 2
Revenue Laws Amendment Bill 2008
Amendments relating to vehicle licence duty Part 2
Amendments if assent day not later than 1 July 2008 Division 1
s. 3
Part 2 -- Amendments relating to vehicle licence duty
Division 1 -- Amendments if assent day not later than
1 July 2008
3. Duties Legislation Amendment Act 2008 amended
5 (1) The amendments in this section are to the Duties Legislation
Amendment Act 2008.
(2) Section 2(b) is amended by deleting "1 January 2009;" and
inserting instead --
" 1 July 2008; ".
10 (3) The heading to Part 2 Division 2 Subdivision 2 is amended by
deleting "1 January 2009" and inserting instead --
" 1 July 2008 ".
4. Duties Act 2008 amended
(1) The amendment in this section is to the Duties Act 2008.
15 (2) Schedule 3 Division 2 is repealed.
Division 2 -- Amendments if assent day after 1 July 2008
5. Duties Legislation Amendment Act 2008 amended
(1) The amendments in this section are to the Duties Legislation
Amendment Act 2008.
20 (2) Section 2(b) is amended by deleting "1 January 2009;" and
inserting instead --
"
the day on which the Revenue Laws
Amendment (Taxation) Act 2008 receives the
25 Royal Assent;
".
page 3
Revenue Laws Amendment Bill 2008
Part 2 Amendments relating to vehicle licence duty
Division 3 Amendment to other Acts
s. 6
(3) The heading to Part 2 Division 2 Subdivision 2 is amended by
deleting "commencing on 1 January 2009" and inserting
instead --
" to vehicle licence duty ".
5 6. Duties Act 2008 amended
(1) The amendments in this section are to the Duties Act 2008.
(2) Schedule 3 Division 2 clause 29 is amended as follows:
(a) in subclause (1) by deleting "1 January 2009." and
inserting instead --
10 " 1 July 2008. ";
(b) by deleting subclause (2) and inserting instead --
"
(2) Subject to section 17 of the Taxation Administration
Act 2003, the Commissioner must make any reassessment
15 necessary to give effect to this clause.
".
Division 3 -- Amendment to other Acts
7. Revenue Laws Amendment (Taxation) Act 2007 amended
(1) The amendments in this section are to the Revenue Laws
20 Amendment (Taxation) Act 2007.
(2) Section 2 is amended as follows:
(a) at the end of paragraph (d) by deleting the semicolon
and inserting instead a full stop;
(b) by deleting paragraph (e).
25 (3) Section 13(2) is repealed.
8. Stamp Act 1921 amended
(1) The amendment in this section is to the Stamp Act 1921.
(2) Schedule 4 Division 2 clause 3 is repealed.
page 4
Revenue Laws Amendment Bill 2008
Land Tax Act 2002 amended Part 3
s. 9
Part 3 -- Land Tax Act 2002 amended
9. The Act amended
The amendments in this Part are to the Land Tax Act 2002.
10. Section 5 amended
5 Section 5 is amended as follows:
(a) in the heading to Table 6 by deleting "and subsequent
financial years";
(b) by inserting after Table 6 the following Table --
"
10 Table 7: Land tax rates for 2008/09 and subsequent
financial years
Unimproved value
of the land
Exceeding Not exceeding Rate of land tax
($) ($)
0 300 000 Nil
300 000 1 000 000 0.10 cent for each $1 in excess
of $300 000
1 000 000 2 200 000 $700 + 0.50 cent for each
$1 in excess of $1 000 000
2 200 000 5 500 000 $6 700 + 1.30 cents for each $1
in excess of $2 200 000
5 500 000 11 000 000 $49 600 + 1.55 cents for each
$1 in excess of $5 500 000
11 000 000 $134 850 + 2.30 cents for each
$1 in excess of $11 000 000
".
page 5
Revenue Laws Amendment Bill 2008
Part 4 Land Tax Assessment Act 2002 amended
s. 11
Part 4 -- Land Tax Assessment Act 2002 amended
11. The Act amended
The amendments in this Part are to the Land Tax Assessment
Act 2002.
5 12. Section 22 amended
Section 22 is amended as follows:
(a) in paragraph (a) after "executor" by inserting --
" or administrator ";
(b) by deleting paragraph (b)(ii) and inserting instead --
10 "
(ii) has a right under the will to use the
property as a place of residence --
(I) for as long as he or she wishes;
or
15 (II) for a fixed or ascertainable
period,
whether or not the individual is or may
become entitled under the will to
ownership of all or part of the property
20 at some future time;
";
(c) after paragraph (a) by inserting --
" and ".
Note: The heading to section 22 will be altered after "administrator" by
25 inserting " -- beneficiary with right to reside".
page 6
Revenue Laws Amendment Bill 2008
Land Tax Assessment Act 2002 amended Part 4
s. 13
13. Section 23A inserted
After section 22 the following section is inserted --
"
23A. Private residential property owned by executor or
5 administrator -- beneficiary with right to future
ownership
(1) Private residential property is exempt for an assessment
year if at midnight on 30 June in the previous financial
year --
10 (a) the property is owned by the executor or
administrator of an individual's estate; and
(b) an individual identified in the will (the
"beneficiary") is entitled under the will to
ownership of all or part of the property at a
15 fixed or ascertainable future time; and
(c) the beneficiary uses the property as his or her
primary residence.
(2) However, if the beneficiary's future entitlement is to
ownership of part only of the property, then the
20 exemption applies to the proportion of the property to
which the beneficiary will become entitled.
(3) If --
(a) land is exempt under this section for a financial
year; and
25 (b) at midnight on 30 June in that financial year the
beneficiary is not using the property as his or
her primary residence,
the executor or administrator must notify the
Commissioner to that effect within 3 months after that
30 30 June.
Penalty: $5 000.
".
page 7
Revenue Laws Amendment Bill 2008
Part 4 Land Tax Assessment Act 2002 amended
s. 14
14. Section 26A amended
(1) Section 26A(1) and (2) are repealed and the following
subsections are inserted instead --
"
5 (1) In this section --
"disabled person" means a person who --
(a) is qualified for a disability support pension
under the Social Security Act 1991
(Commonwealth) Part 2.3 (whether or not
10 the person receives that pension); or
(b) is under 16 years of age and is cared for by a
parent or guardian, within the meaning given
in the Social Security Act 1991
(Commonwealth), who is qualified for a
15 carer payment under Part 2.5 of that Act in
respect of that care (whether or not the
person receives that payment).
(2) Private residential property is exempt for an assessment
year if at midnight on 30 June in the financial year
20 before the assessment year --
(a) a disabled person uses the property as his or her
primary residence; and
(b) it is owned by one or more individuals, at least
one of whom is related to the disabled person.
25 ".
(2) Section 26A(3) is amended by deleting
"subsection (2)(a)(ii) --" and inserting instead --
" subsection (2)(b) -- ".
(3) Section 26A(4), (5) and (6) are repealed.
page 8
Revenue Laws Amendment Bill 2008
Land Tax Assessment Act 2002 amended Part 4
s. 15
15. Section 36 amended
Section 36(a) is amended by deleting "other" and inserting
instead --
" similar ".
5 16. Section 39A amended
(1) Section 39A(3) is amended by inserting after
"subsection (4)" --
" or (5A) ".
(2) Section 39A(4) is repealed and the following subsections are
10 inserted instead --
"
(4) The owner of land may apply to the Commissioner in
the approved form for a determination that the land is
dwelling park land.
15 (5A) A person who owned land in an assessment year
("year A") may apply to the Commissioner in the
approved form for a determination that the land was
dwelling park land as at midnight on 30 June in the
financial year preceding year A.
20 (5B) An application under subsection (5A) cannot be
made --
(a) more than 5 years after the original assessment
for year A was made; or
(b) if year A commenced before 1 July 2005.
25 ".
(3) Section 39A(5) is amended by inserting after
"subsection (4)" --
" or (5A) ".
(4) Section 39A(6) is repealed.
page 9
Revenue Laws Amendment Bill 2008
Part 4 Land Tax Assessment Act 2002 amended
s. 17
(5) Section 39A(7) is amended by deleting "subsection (4)(b)" and
inserting instead --
" subsection (4) ".
(6) After section 39A(7) the following subsection is inserted --
5 "
(8A) If a determination as to land is made as applied for
under subsection (5A), section 39B applies to that land
in respect of year A.
".
10 (7) Section 39A(8) is amended by deleting "subsections (6)
and (7)" and inserting instead --
" subsections (7) and (8A) ".
(8) Section 39A(9) is amended by inserting after "is made" --
" as applied for under subsection (4) ".
15 (9) Section 39A(10) is amended by deleting "subsection (6), (7),"
and inserting instead --
" subsection (7), (8A), ".
17. Section 39B amended
Section 39B(2) is amended by deleting "referred to in
20 section 39A(6)(a)." and inserting instead --
"
in respect of which an assessment has already been
made.
".
page 10
Revenue Laws Amendment Bill 2008
Land Tax Assessment Act 2002 amended Part 4
s. 18
18. Glossary amended
(1) The amendments in this section are to the Glossary.
(2) Clause 1 is amended as follows:
(a) in the definition of "disabled beneficiary" by deleting
5 paragraphs (a) and (b) and "or" after paragraph (b) and
inserting instead --
"
(a) is qualified for a disability support pension under
the Social Security Act 1991 (Commonwealth)
10 Part 2.3 (whether or not the person receives that
pension); or
(b) is under 16 years of age and is cared for by a
parent or guardian, within the meaning given in
the Social Security Act 1991 (Commonwealth),
15 who is qualified for a carer payment under
Part 2.5 of that Act in respect of that care
(whether or not the person receives that
payment); or
";
20 (b) in the definition of "registered" by deleting "Western
Australian Land Information Authority established by
the Land Information Authority Act 2006 section 5" and
inserting instead --
" Land Information Authority ";
25 (c) by inserting in the appropriate alphabetical position --
"
"Land Information Authority" means the Western
Australian Land Information Authority established by
the Land Information Authority Act 2006 section 5;
30 ".
page 11
Revenue Laws Amendment Bill 2008
Part 4 Land Tax Assessment Act 2002 amended
s. 18
(3) Clause 2(1) and (2) are repealed and the following subclause is
inserted instead --
"
(1) In this Act unless the contrary intention appears --
5 "lot" means a defined portion of land --
(a) which is the whole of the land the subject of --
(i) a Crown grant issued under the Land
Act 1933; or
(ii) a certificate of title registered under the
10 Transfer of Land Act 1893; or
(iii) a certificate of Crown land title or
qualified certificate of Crown land title,
created and registered under the Transfer
of Land Act 1893; or
15 (iv) a survey into a location or lot under the
Land Administration Act 1997
section 27(2); or
(v) a part-lot shown on a diagram or plan of
survey of a subdivision deposited with
20 the Land Information Authority; or
(vi) a conveyance registered under the
Registration of Deeds Act 1856; or
(vii) a lot depicted on a strata plan or survey
strata plan where the land the subject of
25 the plan has been subdivided within the
meaning given in clause 3(1)(d) or (e); or
(viii) an entitlement to occupy a non-strata
home unit;
or
30 (b) depicted on a plan or diagram available from, or
deposited with, the Land Information Authority
and for which a separate Crown grant or
certificate of title has been or can be issued; or
page 12
Revenue Laws Amendment Bill 2008
Land Tax Assessment Act 2002 amended Part 4
s. 18
(c) depicted on a diagram or plan of survey of a
subdivision approved by the Western Australian
Planning Commission.
".
5 (4) Clause 2(4) is amended as follows:
(a) after "constructed" by inserting --
" (the "home lot") ";
(b) after "each other lot" by inserting --
" (the "other lots") ".
10 (5) After clause 2(4) the following subclauses are inserted --
"
(5) In determining whether to be satisfied as mentioned in
subclause (4) the Commissioner may have regard to the
following --
15 (a) the nature, extent and degree of permanence of any
structures or other improvements on the other lots;
(b) the degree of physical separation of, and the means
of access between, the home lot and the other lots;
(c) whether the appearance and physical characteristics
20 of the home lot and the other lots, taken together,
are those of one integrated area;
(d) the extent to which the home lot and other lots are
collectively or separately provided for in terms of
matters such as --
25 (i) fencing;
(ii) means of access and egress;
(iii) provision of water, power and other
utilities;
(e) the purposes for which the other lots are used and
30 whether that use is --
(i) of a residential nature; and
(ii) of an ongoing, not temporary or transient,
nature;
page 13
Revenue Laws Amendment Bill 2008
Part 4 Land Tax Assessment Act 2002 amended
s. 18
(f) whether the use of the home lot and the use of the
other lots, taken together, constitutes the use of all
of the lots as one integrated place of residence;
(g) how often the other lots are used and by whom;
5 (h) the extent to which the activities undertaken on the
other lots could be undertaken at the home lot in the
absence of the other lots;
(i) the relative size of the lots;
(j) any other matters the Commissioner considers
10 relevant.
(6) For the purposes of subclauses (3), (4) and (5) the intention
of the owner of the land, the individuals residing there or
any other person, in relation to all or any of the lots is
irrelevant.
15 ".
(6) Clause 3(1) is amended as follows:
(a) by deleting paragraph (d) and "or" after it and inserting
instead --
"
20 (d) in the case of land that is the subject of a strata
plan --
(i) if the plan is required to be accompanied by
a certificate under the Strata Titles Act 1985
section 25 -- the plan is approved by the
25 Commission; or
(ii) if not -- a certificate required under the
Strata Titles Act 1985 section 5B(2) is
given by a local government;
or
30 ";
(b) after each of paragraphs (a), (b) and (c) by inserting --
" or ".
page 14
Revenue Laws Amendment Bill 2008
Metropolitan Region Improvement Tax Act 1959 amended Part 5
s. 19
Part 5 -- Metropolitan Region Improvement Tax
Act 1959 amended
19. The Act amended
The amendments in this Part are to the Metropolitan Region
5 Improvement Tax Act 1959.
20. Section 10 amended
Section 10 is amended as follows:
(a) in the heading to Table 1 by deleting "and subsequent
years of assessment";
10 (b) by inserting after Table 1 the following Table --
"
Table 2: Metropolitan Region Improvement Tax rates
for 2008/09 and subsequent years of assessment
Unimproved value
of the land
Exceeding Not exceeding Rate of Metropolitan Region
($) ($) Improvement Tax
0 300 000 Nil
300 000 0.15 cent for each $1 in excess
of $300 000
".
page 15
Revenue Laws Amendment Bill 2008
Part 6 Rates and Charges (Rebates and Deferments) Act 1992
amended
s. 21
Part 6 -- Rates and Charges (Rebates and
Deferments) Act 1992 amended
21. The Act amended
The amendments in this Part are to the Rates and Charges
5 (Rebates and Deferments) Act 1992.
22. Section 23 amended
(1) Section 23(5)(b) is amended by deleting "and no rent or income
is derived from the land by anyone".
(2) Section 23(7) is repealed and the following subsection is
10 inserted instead --
"
(7) In this section --
"disabled person" means a person who --
(a) receives a disability support pension under
15 the Social Security Act 1991
(Commonwealth) Part 2.3; or
(b) is under 16 years of age and is cared for by a
parent or guardian, within the meaning given
in the Social Security Act 1991
20 (Commonwealth), who receives a carer
payment under Part 2.5 of that Act in respect
of that care.
".
page 16
Revenue Laws Amendment Bill 2008
Duties Act 2008 amended Part 7
s. 23
Part 7 -- Duties Act 2008 amended
23. The Act amended
The amendments in this Part are to the Duties Act 2008.
24. Section 28 amended
5 Section 28(5)(b) is amended by deleting "section 30(1)(a)," and
inserting instead --
" section 30(1), ".
25. Section 118 amended
Section 118(1) is amended by inserting before "includes" --
10 "
means a trustee of a trust, other than a unit trust
scheme or a discretionary trust, and
".
26. Chapter 2 Part 6 Division 4A inserted
15 Before Chapter 2 Part 6 Division 4 the following Division is
inserted --
"
Division 4A -- Residential concession
147A. Terms used in this Division
20 (1) In this Division --
"construction" includes the continuation of
construction of a partially constructed building;
"eligible transaction" has the meaning given in
section 147B;
25 "residence" means a building, or part of a building,
that --
(a) may lawfully be used; and
page 17
Revenue Laws Amendment Bill 2008
Part 7 Duties Act 2008 amended
s. 26
(b) in the Commissioner's opinion, is suitable to
be used; and
(c) is intended by the taxpayer to be used,
as a place of residence for one or more individuals;
5 "residential property" has the meaning given in
section 147D;
"taxpayer", in relation to a transaction, means the
person liable to pay duty.
(2) For the purposes of this Division the construction of a
10 residence begins on --
(a) the date when laying the foundations for the
residence begins; or
(b) another date the Commissioner considers
appropriate in the circumstances of the case.
15 147B. Eligible transactions
Each of the following is an "eligible transaction" --
(a) a dutiable transaction referred to in
section 11(1)(a);
(b) a dutiable transaction referred to in
20 section 11(1)(b) other than a transaction
referred to in section 67;
(c) a dutiable transaction referred to in
section 11(1)(d)(ii);
(d) a dutiable transaction of a kind prescribed for
25 the purposes of this section.
147C. Concessional transactions
(1) An eligible transaction is a "concessional
transaction" for the purposes of this Division if the
dutiable property is land that is residential property.
page 18
Revenue Laws Amendment Bill 2008
Duties Act 2008 amended Part 7
s. 26
(2) Despite section 37(3)(a), transactions may be
aggregated under section 37 even though at least one of
them is a concessional transaction under subsection (1),
and the transactions so aggregated are to be treated as a
5 single dutiable transaction that is a concessional
transaction for the purposes of this Division.
147D. Residential property
Land is "residential property" if --
(a) there is a residence on the land; or
10 (b) the taxpayer has begun construction of a
residence on the land; or
(c) the taxpayer has entered into a contract for the
construction of a residence on the land; or
(d) the taxpayer has entered into a contract to
15 purchase a movable building that will be
affixed to the land and be a residence,
and it does not matter if the land is also used for
another purpose.
147E. Concessional rate
20 Duty is chargeable on a concessional transaction at the
applicable concessional rate of duty and the
Commissioner, on the application of the taxpayer, is to
assess the liability to duty at that rate.
147F. Reassessment if building begins or contract is
25 entered into after duty liability arises
(1) Subsection (2) applies if duty is assessed at the general
rate on an eligible transaction for dutiable property that
is land (the "land").
page 19
Revenue Laws Amendment Bill 2008
Part 7 Duties Act 2008 amended
s. 26
(2) If this subsection applies and, within the period of
5 years from the day on which liability to duty arose
(the "relevant period"), the taxpayer --
(a) begins construction of a residence on the land;
5 or
(b) enters into a contract for the construction of a
residence on the land; or
(c) enters into a contract to purchase a movable
building that will be affixed to the land and be a
10 residence,
the Commissioner, on the application of the taxpayer,
is to reassess the liability to duty of the eligible
transaction at the applicable concessional rate of duty.
(3) Subsection (4) applies if duty is assessed at the general
15 rate on 2 or more transactions (the "separate
transactions") aggregated and treated as a single
transaction (the "aggregated transaction") under
section 37 as long as at least one of the separate
transactions is an eligible transaction for dutiable
20 property that is land (the "land").
(4) If this subsection applies and, within the period of
5 years from the day on which liability to duty arose
(the "relevant period"), the taxpayer --
(a) begins construction of a residence on the land;
25 or
(b) enters into a contract for the construction of a
residence on the land; or
(c) enters into a contract to purchase a movable
building that will be affixed to the land and be a
30 residence,
the Commissioner, on the application of the taxpayer,
is to reassess the liability to duty of the aggregated
transaction at the applicable concessional rate of duty
page 20
Revenue Laws Amendment Bill 2008
Duties Act 2008 amended Part 7
s. 27
and the duty as reassessed is to be apportioned between
the separate transactions as decided by the
Commissioner.
(5) An application for reassessment under this section can
5 be made at any time on or before whichever is the later
of --
(a) the last day of the relevant period; or
(b) the last day of the period of 12 months from the
day on which construction began or the contract
10 was entered into, as the case may be.
(6) The limitations as to time in the Taxation
Administration Act section 17 do not apply in respect
of a reassessment under this section.
147G. Application for assessment or reassessment at
15 concessional rate
An application for assessment or reassessment under
this Division must be made in the approved form.
".
27. Section 147 amended
20 After section 147(2) the following subsection is inserted --
"
(3) If a dutiable transaction is, or is treated as, a
concessional transaction for the purposes of this section
and for the purposes of Division 4A, the taxpayer may
25 choose whether this Division or Division 4A is to apply
and the Commissioner, with the consent or at the
request of the taxpayer, may --
(a) treat an application for assessment or
reassessment under this Division as an
30 application for assessment or reassessment
under Division 4A, in which case this Division
no longer applies; or
page 21
Revenue Laws Amendment Bill 2008
Part 7 Duties Act 2008 amended
s. 28
(b) treat an application for assessment or
reassessment under Division 4A as an
application for assessment or reassessment
under this Division, in which case Division 4A
5 no longer applies.
".
28. Schedule 2 amended
(1) Schedule 2 Division 2 is amended by deleting "3 and" and
inserting instead --
10 " 3, 4A and ".
(2) Schedule 2 Division 2 is amended in the item for section 143 as
follows:
(a) by deleting "$24.81" and inserting instead --
" $22.51 ";
15 (b) by deleting "$14.91" and inserting instead --
" $13.01 ".
(3) Schedule 2 Division 2 is amended by inserting before the item
for section 147 --
"
s. 147E
Residential $0 -- $120 000 $1.90 per $100.00 or
property part of $100.00
$120 001 -- $150 000 $2 280 + $2.85 per
$100.00 or part of
$100.00 above
$120 000
$150 001 -- $360 000 $3 135 + $3.80 per
$100.00 or part of
$100.00 above
$150 000
page 22
Revenue Laws Amendment Bill 2008
Duties Act 2008 amended Part 7
s. 29
$360 001 -- $725 000 $11 115 + $4.75 per
$100.00 or part of
$100.00 above
$360 000
$725 001 and upwards $28 453 + $5.15 per
$100.00 or part of
$100.00 above
$725 000
".
29. Schedule 3 amended
After Schedule 3 clause 10 the following clause is inserted --
"
5 11A. Residential concession (Part 6 Division 4A)
(1) In this clause --
"concessional transaction" means a transaction that is a
concessional transaction under section 147C(1).
(2) Section 147C(2) applies as long as the concessional
10 transaction mentioned in it (or at least one of them, if there
are 2 or more) takes place on or after 1 July 2008.
".
page 23
Revenue Laws Amendment Bill 2008
Part 8 Stamp Act 1921 amended
s. 30
Part 8 -- Stamp Act 1921 amended
30. The Act amended
The amendments in this Part are to the Stamp Act 1921.
31. Section 76 amended
5 (1) Section 76(1) is amended in paragraph (b) of the definition of
"land" by deleting "of ownership" and inserting instead --
" of an entitlement ".
(2) Before section 76(7) the following subsection is inserted --
"
10 (7A) In determining the entitlement of an entity to land for
the purposes of section 76AI, 76AL, 76AP, 76AS,
76ATB, 76ATE, 76ATI or 76ATL, if --
(a) the entity has an entitlement to something that
is part of land as a fixture; and
15 (b) that entitlement is, or purports to be, separate
from the ownership of the rest of the land,
the entity is to be regarded as having an entitlement to
land to the extent of its entitlement to the fixture.
".
20
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