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STATE TAXATION ACTS (AMENDMENT) BILL 1999

                    PARLIAMENT OF VICTORIA

        State Taxation Acts (Amendment) Act 1999
                                  Act No.


                      TABLE OF PROVISIONS
Clause                                                                   Page

PART 1--PRELIMINARY                                                         1
  1.     Purpose                                                            1
  2.     Commencement                                                       2

PART 2--DEBITS TAX ACT 1990                                                 3
  3.     Definitions and interpretation                                     3

PART 3--FINANCIAL INSTITUTIONS DUTY ACT 1982                                5
  4.     No exemption for tertiary educational companies controlled by
         tertiary educational institutions                                  5

PART 4--GAMING MACHINE CONTROL ACT 1991                                     7
  5.     Sections 135A, 135B and 135C repealed                              7
  6.     Additional amount payable by Trustees                              7
  7.     New section 164 inserted                                           7
         164.    Transitional provision: amounts payable by trustees        7

PART 5--PAY-ROLL TAX ACT 1971                                               9
  8.     Liability where employment agent is member of group                9
  9.     Reduction in pay-roll tax rate                                     9
  10.    No exemption for educational companies controlled by
         educational institutions                                           9

PART 6--STAMPS ACT 1958                                                    11
  11.    Definitions                                                       11
  12.    New section 24AA inserted                                         12
         24AA. Comptroller may obtain Valuer-General valuation of
                  land                                                     13
  13.    Valuation of land on objection                                    13
  14.    Marketable securities duty                                        14
  15.    Duty on real property on declaration of trust                     16
  16.    Conveyances as a result of single transaction                     17



                                          i
532203B.I1-5/5/99

 


 

Clause Page 17. Motor vehicle duty 17 18. New subdivision (18) of Division 3 of Part 2 inserted 17 (18)--Financial Sector (Transfers of Business) 17 137O. Statement on transfer of property 17 137P. Duty not chargeable in respect of certain transfers 19 19. New section 137T inserted 19 137T. Managed investment schemes 19 20. Exemptions 21 PART 7--TATTERSALL CONSULTATIONS ACT 1958 22 21. Duty payable by promoter 22 22. Transitional 22 PART 8--TAXATION ADMINISTRATION ACT 1997 23 23. Interest rate in respect of tax defaults 23 PART 9--TAXATION (INTEREST ON OVERPAYMENTS) ACT 1986 24 24. Updated reference to Tribunal 24 25. Interest rate 24 NOTES 26 ii 532203B.I1-5/5/99

 


 

PARLIAMENT OF VICTORIA A BILL to amend the Debits Tax Act 1990, the Financial Institutions Duty Act 1982, the Gaming Machine Control Act 1991, the Pay-roll Tax Act 1971, the Stamps Act 1958, the Tattersall Consultations Act 1958, the Taxation Administration Act 1997 and the Taxation (Interest on Overpayments) Act 1986 and for other purposes. State Taxation Acts (Amendment) Act 1999 The Parliament of Victoria enacts as follows: PART 1--PRELIMINARY 1. Purpose The purpose of this Act is to amend the Debits Tax Act 1990, the Financial Institutions Duty 5 Act 1982, the Gaming Machine Control Act 1 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 2 Act No. 1991, the Pay-roll Tax Act 1971, the Stamps Act 1958, the Tattersall Consultations Act 1958, the Taxation Administration Act 1997 and the Taxation (Interest on Overpayments) Act 1986 5 and for other purposes. 2. Commencement (1) This Act (except sections 5, 6, 18, 19, 21, 23 and 25) comes into operation on the day on which it receives the Royal Assent. 10 (2) Section 19 is deemed to have come into operation on 1 July 1998. (3) Sections 5, 6, 21, 23 and 25 come into operation on 1 July 1999. (4) Section 18 comes into operation on the day on 15 which section 10 of the Financial Sector Reform (Victoria) Act 1999 comes into operation. _______________ 2 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 3 Act No. PART 2--DEBITS TAX ACT 1990 No. 78/1990. 3. Definitions and interpretation Reprint No. 2 (1) In section 3(1) of the Debits Tax Act 1990-- as at 18 March 1999. (a) for the definition of "account" substitute-- 5 ' "account" means an account, kept with a financial institution, to which payments by the institution in respect of cheques drawn on the institution by the account holder, or by any one or more of the 10 account holders, may be debited;'; (b) for the definition of "account transaction" substitute-- ' "account transaction", in relation to an account, means the payment of a 15 cheque, or the doing of any other thing, that will result in the making of a debit to that account;'; (c) the definition of "bank" is repealed; (d) for the definition of "cheque" substitute-- 20 ' "cheque", in relation to an account, means an order in writing drawn on a financial institution by or on behalf of the account holder, or any one or more of the account holders, requiring the 25 institution to pay on demand a sum certain in money to, or to the order of, a specified person or persons, or to bearer;'; (e) in paragraph (b)(ii) of the definition of 30 "excluded debit" omit "or payment order" wherever occurring; 3 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 3 Act No. (f) for the definition of "financial institution" substitute-- ' "financial institution" means-- (a) an institution that is a financial 5 institution for the purposes of the Cheques Act 1986 of the Commonwealth; or (b) any other person who is, or who is in a class of persons that is, 10 prescribed for the purposes of this definition;'; (g) in the definition of "incomplete" omit "or payment order" wherever occurring; (h) the definitions of "non-bank financial 15 institution" and "payment order" are repealed. (2) In section 3(9) of the Debits Tax Act 1990 for "non-bank financial institution" substitute "financial institution". 20 (3) After section 3(9) of the Debits Tax Act 1990 insert-- "(10) A reference in this Act to the carrying on of banking business includes a reference to a business carried on by a financial institution 25 in the course of which the institution keeps accounts for its customers.". (4) In section 7 of the Debits Tax Act 1990-- (a) for "non-bank account" (wherever occurring) substitute "customer's account"; 30 (b) for "bank" (wherever occurring) substitute "financial institution". _______________ 4 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 4 Act No. PART 3--FINANCIAL INSTITUTIONS DUTY ACT 1982 No. 9850. 4. No exemption for tertiary educational companies Reprint No. 3 controlled by tertiary educational institutions as at 22 August After section 25(12) of the Financial Institutions 1997. Further 5 Duty Act 1982 insert-- amended by Nos 84/1996, 43/1997, '(13) For the purposes of sub-section (12)(d)-- 86/1997, 48/1998 and "tertiary educational institution" includes 103/1998. a company-- (a) in which a tertiary educational 10 institution has a controlling interest; and (b) that provides, promotes or supports the tertiary educational services of that institution. 15 (14) A tertiary educational institution has a controlling interest in a company for the purposes of sub-section (13) if-- (a) the members of the board of management (by whatever name called) 20 of the company, or a majority of those members, or one or more of those members, being a member or members who is or are entitled to exercise a majority in voting power at meetings of 25 the board of management, are or is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the tertiary 30 educational institution; or (b) the tertiary educational institution may (whether directly or indirectly) exercise, control the exercise of, or 5 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 4 Act No. substantially influence the exercise of, 50% or more of the voting power attached to voting shares, or any class of voting shares, issued by the 5 company; or (c) the tertiary educational institution has power to appoint 50% or more of the members of the board of management (by whatever name called) of the 10 company.'. _______________ 6 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 5 Act No. PART 4--GAMING MACHINE CONTROL ACT 1991 No. 53/1991. 5. Sections 135A, 135B and 135C repealed Reprint No. 5 Sections 135A, 135B and 135C of the Gaming as at 30 June 1998. Further Machine Control Act 1991 are repealed. amended by Nos 117/1993, 90/1997, 93/1997, 90/1998 and 94/1998. 5 6. Additional amount payable by Trustees After section 136(3) of the Gaming Machine Control Act 1991 insert-- "(3A) A gaming operator must ensure that, in addition to amounts payable under sub- 10 section (3), there is paid, in respect of such periods as the Authority determines, to the Authority to be paid into the Consolidated Fund, 7 per centum of the daily net cash balances during that period of all gaming 15 machines of the gaming operator at approved venues.". 7. New section 164 inserted After section 163 of the Gaming Machine Control Act 1991 insert-- 20 "164. Transitional provision: amounts payable by trustees Part 9, as amended by section 6 of the State Taxation Acts (Amendment) Act 1999, applies to a period commencing on or after 25 1 July 1999.". 7 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 Act No. _______________ 8 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 8 Act No. PART 5--PAY-ROLL TAX ACT 1971 No. 8154. 8. Liability where employment agent is member of group Reprint No. 6 After section 3E(2) of the Pay-roll Tax Act 1971 as at 22 August insert-- 1997. Further amended by 5 "(2A) Sub-section (1) does not apply if the client Nos 80/1997, 86/1997, and the employment agent are members of 48/1998 and the same group within the meaning of 103/1998. section 9A.". 9. Reduction in pay-roll tax rate 10 In section 7(1) of the Pay-roll Tax Act 1971-- (a) in paragraph (g) after "1998" insert "and before the month of July 1999"; (b) after paragraph (g) insert-- "; and 15 (h) at the rate of 575% in respect of such of those wages as are paid or payable after the month of June 1999 and are not liable to pay-roll tax at the rate prescribed in paragraph (c), (d), (e), (f) 20 or (g).". 10. No exemption for educational companies controlled by educational institutions After section 10(1) of the Pay-roll Tax Act 1971 insert-- 25 '(2) For the purposes of sub-section (1)(bb)-- "educational institution" includes a company-- (a) in which an educational institution has a controlling interest; and 9 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 10 Act No. (b) that provides, promotes or supports the educational services of that institution. (3) An educational institution has a controlling 5 interest in a company for the purposes of sub-section (2) if-- (a) the members of the board of management (by whatever name called) of the company, or a majority of those 10 members, or one or more of those members, being a member or members who is or are entitled to exercise a majority in voting power at meetings of the board of management, are or is 15 accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the educational institution; or 20 (b) the educational institution may (whether directly or indirectly) exercise, control the exercise of, or substantially influence the exercise of, 50% or more of the voting power 25 attached to voting shares, or any class of voting shares, issued by the company; or (c) the educational institution has power to appoint 50% or more of the members of 30 the board of management (by whatever name called) of the company.'. _______________ 10 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 11 Act No. PART 6--STAMPS ACT 1958 No. 6375. 11. Definitions Reprint No. 14 In section 3 of the Stamps Act 1958-- as at 1 September 1997. Further (a) for the definition of "public unit trust amended by 5 scheme" substitute-- Nos 84/1996, 86/1997, ' "public unit trust scheme" means a unit 46/1998, 48/1998, trust scheme-- 52/1998, 83/1998, (a) any of the units of which are listed 85/1998, for quotation on Australian Stock 97/1998 and 103/1998. 10 Exchange Limited or on a recognised stock exchange; or (b) that is the subject of a deed that is an approved deed for the purposes of Division 5 of Part 7.12 of the 15 Corporations Law or a corresponding law, but only if-- (i) some or all of its units have been offered to the public; and 20 (ii) no fewer than 50 persons hold units in it; or (c) that is a managed investment scheme within the meaning of Chapter 5C of the Corporations 25 Law and in respect of which-- (i) some or all of its units have been offered to the public; and (ii) no fewer than 50 persons 30 hold units in it; or 11 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 11 12 Act No. (d) that is exempted from the requirements of Part 7.12 of the Corporations Law and in respect of which-- 5 (i) some or all of its units have been offered to the public; and (ii) no fewer than 50 persons hold units in it; or 10 (e) that, in the opinion of the Comptroller, will be a public unit trust scheme within 12 months after the Comptroller gives written notification of that opinion to a 15 person who has requested the Comptroller to express that opinion in relation to the unit trust scheme;'; (b) after the definition of "public unit trust 20 scheme" insert-- ' "recognised stock exchange" means a stock exchange recognised in accordance with the Business Rules of Australian Stock Exchange Limited;'; 25 (c) after the definition of "the chief office" insert-- ' "transfer" of a marketable security includes a buy-back of shares in accordance with Division 2 of Part 2J.1 30 of the Corporations Law;'. 12. New section 24AA inserted 12 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 Act No. After section 24 of the Stamps Act 1958 insert-- "24AA. Comptroller may obtain Valuer-General valuation of land (1) If-- 5 (a) a transferee of land provides any information to the Comptroller as to the value of the land; and (b) the Comptroller considers that the value is understated-- 10 the Comptroller may refer the matter to the Valuer-General for valuation of the land. (2) The transferee must pay the cost of a valuation by the Valuer-General under sub-section (1) if-- 15 (a) the Valuer-General's valuation exceeds the value provided by the transferee by 15% or more; and (b) the transferee does not object to the assessment of duty based on the 20 valuation or, if the transferee does object, the valuation as determined on objection, appeal or review exceeds the value provided by the transferee by 15% or more.". 25 13. Valuation of land on objection In section 33A of the Stamps Act 1958 for sub-section (4) substitute-- "(4) If an objection concerns the value of any land, the Comptroller must refer the matter 30 to the Valuer-General for a valuation of that land, whether or not a valuation was obtained from the Valuer-General under section 24AA(1) in respect of that land. 13 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 14 Act No. (5) The objector must pay the cost of the valuation under sub-section (4) if-- (a) the objector had provided any information to the Comptroller as to the 5 value of the land; and (b) the Valuer-General's valuation exceeds the value provided by the objector by 15% or more; and (c) the valuation as determined on the 10 objection, or on appeal or review, exceeds the value provided by the objector by 15% or more.". 14. Marketable securities duty (1) After section 59(1A) of the Stamps Act 1958 15 insert-- "(1B) For the purposes of sub-section (1), if-- (a) marketable securities or rights in respect of shares are vested in a person as trustee; and 20 (b) the beneficial interest in those marketable securities or rights in respect of shares is transferred to that person-- the person is deemed to have disposed of 25 those marketable securities or rights in respect of shares. (1C) For the purposes of sub-section (1), if-- (a) marketable securities or rights in respect of shares are vested in a person; 30 and (b) the person enters into an agreement for the disposal of those marketable 14 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 14 Act No. securities or rights in respect of shares to another person as trustee; and (c) before any instrument of transfer is executed, the first-mentioned person is 5 appointed trustee in place of the other person-- the person is deemed to have disposed of those marketable securities or rights in respect of shares. 10 (1D) For the purposes of sub-section (1), if-- (a) marketable securities or rights in respect of shares are vested in a person; and (b) the marketable securities or rights in 15 respect of shares become subject to a trust for another by reason of a declaration of trust by that person-- the person is deemed to have disposed of those marketable securities or rights in 20 respect of shares.". (2) After section 60A(4) of the Stamps Act 1958 insert-- "(5) For the purposes of this subdivision and subdivision (4AA) and of the Third 25 Schedule, Heading IV(A), a reference to a sale or purchase of marketable securities or rights in respect of shares includes a reference to a transaction that, on completion by the parties, results in a company buying- 30 back its own shares in accordance with Division 2 of Part 2J.1 of the Corporations Law.". 15 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 15 Act No. (3) In the Stamps Act 1958-- (a) in section 60B(4)(b)-- (i) for "otherwise than" substitute "or"; (ii) after "Trust" insert "or"; 5 (b) in section 60B(4A) for "Division 4B of Part 2.4 of the Corporations Law" substitute "Division 2 of Part 2J.1 of the Corporations Law (other than a buy-back that is effected by the purchaser under one or more 10 agreements, arrangements or understandings that the purchaser will issue shares)". 15. Duty on real property on declaration of trust In section 64A of the Stamps Act 1958 for sub- section (3) substitute-- 15 "(3) Where-- (a) real property is vested in a person; and (b) the real property becomes subject to a trust for another by reason of a declaration of trust by that person-- 20 the person shall, not later than 14 days after the real property become subject to the trust-- (c) furnish to the Comptroller of Stamps a statement in the prescribed form 25 accompanied by a statutory declaration setting out the prescribed particulars; and (d) pay to the Comptroller of Stamps as stamp duty on the statement a sum 30 equal to the amount of stamp duty that would have been payable if the real property had been conveyed by an 16 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 16 Act No. instrument of conveyance from the person to the other.". 16. Conveyances as a result of single transaction In section 68 of the Stamps Act 1958 sub-section 5 (5) is repealed. 17. Motor vehicle duty After section 137AK(3) of the Stamps Act 1958 insert-- "(4) If a registered used car dealer does not 10 comply with this section, the Comptroller may recover as a debt in a court of competent jurisdiction-- (a) the amount payable under sub-section (1)(b) and interest at the rate of 20% 15 per annum from the date on which payment was due; or (b) $25-- whichever is the greater. (5) The Comptroller may mitigate or remit a 20 debt payable under sub-section (4).". 18. New subdivision (18) of Division 3 of Part 2 inserted After subdivision (17A) of Division 3 of Part II of the Stamps Act 1958 insert-- '(18)--Financial Sector (Transfers of Business) 25 137O. Statement on transfer of property (1) A receiving body to whom any property is transferred under Part 3 of the Financial Sector (Transfers of Business) Act 1999 of the Commonwealth must lodge a statement 30 with the Comptroller in accordance with sub- section (2) if duty would have been chargeable under this Act had an instrument 17 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 18 Act No. for the conveyance, transfer or assignment of the property to the receiving body as beneficial owner been executed. (2) A statement under this section-- 5 (a) must be in the form approved by the Comptroller; and (b) must specify the property transferred and the value of that property as at the day on which the property became the property of the receiving body1. 10 (3) Subject to section 137P, the receiving body must pay to the Comptroller as duty on the statement a sum equal to the amount of stamp duty that would have been payable if 15 an instrument for the conveyance, transfer or assignment of the property to the receiving body as beneficial owner had been executed. (4) The statement must be lodged and duty paid within 3 months after the day on which the 20 property became the property of the receiving body. (5) The payment of duty on a statement under this section is to be denoted by an impressed stamp. 25 (6) A receiving body must not-- (a) fail to lodge a statement in accordance with this section; or (b) lodge a statement that, to the body's knowledge, is false or misleading in a 30 material particular. Penalty: 500 penalty units. (7) In this section and section 137P-- 18 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 19 Act No. "receiving body" has the same meaning as in the Financial Sector (Transfers of Business) Act 1999 of the Commonwealth. 5 137P. Duty not chargeable in respect of certain transfers (1) Duty is not chargeable on a statement under section 137O in respect of a transfer of property if the transfer is of a class that, 10 under guidelines approved for the time being by the Minister, is a class of transfer in respect of which duty is not chargeable. (2) If duty has been paid on a statement in respect of a transfer referred to in sub- 15 section (1), the Comptroller must refund that duty.'. 19. New section 137T inserted After section 137S of the Stamps Act 1958 insert-- 20 '137T. Managed investment schemes (1) The following are exempt from duty under this Act-- (a) an instrument for the transfer of property to a responsible entity if the 25 Comptroller of Stamps is satisfied that the transfer is a necessary consequence of an undertaking to which Division 11 of Part 11.2 of the Corporations Law applies becoming a registered scheme 30 within the meaning of that Division; (b) an instrument for the transfer of property from a responsible entity of a 19 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 19 Act No. managed investment scheme or a trustee of a responsible entity to a custodian or agent of the responsible entity; 5 (c) an instrument for the transfer of property as a consequence of a change of the responsible entity of a managed investment scheme; (d) an instrument that-- 10 (i) amends, varies or replaces an instrument that establishes or governs a managed investment scheme; and (ii) does not transfer, or have the 15 effect of transferring, any property to a person who does not hold units in the scheme; and (iii) does not have the effect of reducing the number of persons 20 who hold units in the scheme; (e) an instrument of settlement-- (i) made by a trustee in respect of property that, immediately before the settlement, is held by the 25 trustee as trustee of a public unit trust scheme; and (ii) under which the property is to be held on trust for the responsible entity of a managed investment 30 scheme. (2) In this section-- "managed investment scheme" means a managed investment scheme within the meaning of Chapter 5C of the 20 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 21 Act No. Corporations Law, and includes a public unit trust scheme; "responsible entity" has the same meaning as in the Corporations Law.'. 5 20. Exemptions In the Third Schedule to the Stamps Act 1958, in Heading IV(A), in exemption (5) for paragraph (e) substitute-- "(e) a transfer of any marketable security or right 10 in respect of shares to Her Majesty in right of the State of Victoria or to any municipality, the Municipal Association of Victoria, the Western Metropolitan Market Trust or any authority under the Water Act 15 1989.". _______________ 21 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 21 Act No. PART 7--TATTERSALL CONSULTATIONS ACT 1958 No. 6390. 21. Duty payable by promoter Reprint No. 7 In section 6 of the Tattersall Consultations Act as at 24 November 1958-- 1998. 5 (a) in sub-section (1)(a), for "3555" substitute "36"; (b) paragraph (c) of sub-section (1) is repealed; (c) in sub-section (1B), omit all words and expressions after "soccer football pool". 10 22. Transitional After section 12(2) of the Tattersall Consultations Act 1958 insert-- "(3) This Act as amended by section 21 of the State Taxation Acts (Amendment) Act 15 1999 applies to consultations conducted on or after 1 July 1999.". _______________ 22 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 23 Act No. PART 8--TAXATION ADMINISTRATION ACT 1997 No. 40/1997. 23. Interest rate in respect of tax defaults Reprint No. 1 (1) In section 25(a) of the Taxation Administration as at 25 March 1999. Act 1997 for sub-paragraph (i) substitute-- 5 "(i) unless an order is in force under sub- paragraph (ii), the Treasury Note yield rate; or". (2) At the end of section 25 of the Taxation Administration Act 1997 insert-- 10 '(2) The "Treasury Note yield rate" in respect of any day is the weighted average yield set at the last weekly tender for the 13 week Commonwealth of Australia Treasury Note before the end of May in the financial year 15 preceding the financial year in which the day occurs. (3) The Treasury Note yield rate must be rounded to the second decimal place (rounding 0005 upwards).'. 20 _______________ 23 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 24 Act No. PART 9--TAXATION (INTEREST ON OVERPAYMENTS) ACT 1986 No. 35/1986. 24. Updated reference to Tribunal Reprint No. 1 In section 3(1) of the Taxation (Interest on as at 19 March 1998. 5 Overpayments) Act 1986, for the definition of "Tribunal" substitute-- ' "Tribunal" means Victorian Civil and Administrative Tribunal established by the Victorian Civil and Administrative 10 Tribunal Act 1998.'. 25. Interest rate (1) In section 7(1) of the Taxation (Interest on Overpayments) Act 1986 for paragraph (b) substitute-- 15 "(b) at the interest rate from time to time applying under this section.". (2) In section 7 of the Taxation (Interest on Overpayments) Act 1986 for sub-sections (2) and (3) substitute-- 20 '(2) The interest rate is-- (a) unless an order is in force under paragraph (b), the Treasury Note yield rate; or (b) the rate specified for the time being by 25 order of the Minister published in the Government Gazette. (3) The "Treasury Note yield rate" in respect of any day is the weighted average yield set at the last weekly tender for the 13 week 30 Commonwealth of Australia Treasury Note before the end of May in the financial year 24 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 s. 25 Act No. preceding the financial year in which the day occurs. (3A) The Treasury Note yield rate must be rounded to the second decimal place 5 (rounding 0005 upwards).'. 25 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 Notes Act No. NOTES 1 Section 10(4) of the Financial Sector Reform (Victoria) Act 1999 provides that property transferred under Part 3 of the Financial Sector (Transfers of Business) Act 1999 of the Commonwealth ("the Commonwealth Act") becomes the property of the receiving body when the certificate of transfer issued under section 18 of the Commonwealth Act comes into force under Division 3 of Part 3 of the Commonwealth Act. By Authority. Government Printer for the State of Victoria. 26 532203B.I1-5/5/99

 


 

State Taxation Acts (Amendment) Act 1999 Act No. 27 532203B.I1-5/5/99

 


 

 


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