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


STATE TAXATION AND OTHER ACTS AMENDMENT BILL 2012

                 PARLIAMENT OF VICTORIA

   State Taxation and Other Acts Amendment Bill
                       2012



                       TABLE OF PROVISIONS
Clause                                                                     Page

PART 1--PRELIMINARY                                                           1
  1      Purpose                                                              1
  2      Commencement                                                         3

PART 2--LAND TAX ACT 2005                                                     4
  3      Definitions--Section 3                                               4
  4      Definitions--Section 52                                              4
  5      Principal place of residence exemption                               4
  6      Deferral of tax on certain residential land for 6 months             5
  7      New section 55A inserted                                             5
         55A      Deferral of tax for residential land to be used during
                  tax year                                                    5
  8      Absence from principal place of residence                            6
  9      Exemption continues if land becomes unfit for occupation             9
  10     Purchase of new principal residence                                  9
  11     Sale of old principal residence                                     11
  12     Unoccupied land subsequently used as principal residence            13
  13     Partial exemption if land used for business activities              14
  14     New section 62A inserted                                            14
         62A      Partial exemption if separate residence is leased for
                  residential purposes                                       14
  15     Section 63 substituted                                              15
         63       Partial exemption or refund for trustees                   15
  16     Recovery from lessee, mortgagee or occupier                         16
  17     Land held on trust                                                  16
  18     Transitional provision                                              17
         14       State Taxation and Other Acts Amendment
                  Act 2012                                                   17

PART 3--ROAD SAFETY ACT 1986                                                 18
  19     Definitions                                                         18
  20     Effecting registration, renewal or transfer                         18




571282B.I-23/10/2012                    i      BILL LA INTRODUCTION 23/10/2012

 


 

Clause Page PART 4--TAXATION ADMINISTRATION ACT 1997 19 21 Permitted disclosures to particular persons 19 22 Objections concerning the value of property 19 23 Suspension of determination 20 24 Transitional provision 21 PART 5--TRUSTEE COMPANIES ACT 1984 22 25 New Division headings inserted in Part V 22 26 New section 26AA inserted 22 26AA Definitions 22 27 Transfer determinations 23 28 Consequential amendment of State Trustees (State Owned Company) Act 1994 23 PART 6--REPEAL 24 29 Repeal of amending Act 24 ENDNOTES 25 571282B.I-23/10/2012 ii BILL LA INTRODUCTION 23/10/2012

 


 

PARLIAMENT OF VICTORIA Introduced in the Assembly State Taxation and Other Acts Amendment Bill 2012 A Bill for an Act to amend the Land Tax Act 2005, the Road Safety Act 1986, the Taxation Administration Act 1997, the Trustee Companies Act 1984 and for other purposes. The Parliament of Victoria enacts: PART 1--PRELIMINARY 1 Purpose The purpose of this Act is-- (a) to amend the Land Tax Act 2005-- 5 (i) to modify the requirements for the principal place of residence exemption; and (ii) to restrict the amount of unpaid tax the Commissioner can recover from a 10 lessee or occupier of land; and 571282B.I-23/10/2012 1 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 1--Preliminary s. 1 (iii) to make other minor amendments in relation to trusts; (b) to amend the Road Safety Act 1986 to set out the base registration fee for vehicle 5 registration in that Act; (c) to amend the Taxation Administration Act 1997-- (i) to permit the disclosure of taxation information to the Registrar of Titles; 10 and (ii) to give the Commissioner a discretion to refer a matter for valuation if an objection relates to the valuation of property; and 15 (iii) to require an objector to pay the cost of a valuation where the objector has not provided information about the value of property to the Commissioner; and (iv) to change the time from which the 20 Commissioner may suspend the determination of an objection; (d) to amend the Trustee Companies Act 1984 to provide for the transfer of estate assets and liabilities on all compulsory and voluntary 25 transfer determinations made under the Corporations Act in respect of trustee companies registered in Victoria and to make a consequential amendment to the State Trustees (State Owned Company) Act 30 1994. 571282B.I-23/10/2012 2 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 1--Preliminary s. 2 2 Commencement (1) This Act (except Part 3) comes into operation on the day after the day on which it receives the Royal Assent. 5 (2) Subject to subsection (3), Part 3 comes into operation on a day to be proclaimed. (3) If Part 3 does not come into operation before 30 March 2013, it comes into operation on that day. __________________ 571282B.I-23/10/2012 3 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 3 PART 2--LAND TAX ACT 2005 See: 3 Definitions--Section 3 Act No. 88/2005. In section 3(1) of the Land Tax Act 2005, in the Reprint No. 4 definition of discretionary trust omit ", a fixed as at 5 13 October trust or a trust to which a unit trust scheme 2011 relates". and amending Act Nos 49/2010, 35/2011 and 69/2011. LawToday: www. legislation. vic.gov.au 4 Definitions--Section 52 In section 52(1) of the Land Tax Act 2005 insert the following definitions-- 10 "separate residence means a building affixed to land that is capable of separate occupation as a residence; vested beneficiary, in relation to land held on trust, means a beneficiary of the trust who-- 15 (a) is a natural person; and (b) has a vested beneficial interest in possession in the land.". 5 Principal place of residence exemption (1) In section 54(1)(b) of the Land Tax Act 2005, for 20 "natural person who is a beneficiary of the trust" substitute "vested beneficiary in relation to the land". (2) In section 54(1A)(b)(i) and (ii) of the Land Tax Act 2005, for "Part" substitute "Division". 25 (3) In section 54(2) of the Land Tax Act 2005, for "beneficiary", substitute "vested beneficiary". 571282B.I-23/10/2012 4 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 6 (4) In section 54(3) of the Land Tax Act 2005-- (a) in paragraph (c)(ii), for "that year." substitute "that year; and"; (b) after paragraph (c) insert-- 5 "(d) does not contain a separate residence.". 6 Deferral of tax on certain residential land for 6 months In section 55(1)(b) of the Land Tax Act 2005, for "beneficiary" substitute "vested beneficiary in 10 relation to the land". 7 New section 55A inserted After section 55 of the Land Tax Act 2005 insert-- "55A Deferral of tax for residential land to be 15 used during tax year (1) The Commissioner may determine that land tax in respect of land for a year is not payable until the expiry of a 6 month period that begins and ends in that year if-- 20 (a) a person becomes the owner of the land on or after 1 July in the preceding year; and (b) as at 31 December in the preceding year, the person does not use or occupy 25 the land as his or her principal place of residence; and (c) the Commissioner is satisfied that the person intends to continuously use and occupy the land as his or her principal 30 place of residence for the 6 month period. 571282B.I-23/10/2012 5 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 8 (2) The Commissioner may determine that land tax in respect of land for a year is not payable until the expiry of a 6 month period that begins and ends in that year if-- 5 (a) a trustee becomes the owner of the land on or after 1 July in the preceding year; and (b) as at 31 December in the preceding year, there is no vested beneficiary in 10 relation to that land using and occupying it as his or her principal place of residence; and (c) the Commissioner is satisfied that a vested beneficiary in relation to that 15 land intends to continuously use and occupy it as his or her principal place of residence for the 6 month period. (3) If land referred to in subsection (1) or (2) that would have been exempt land in respect 20 of a year but for section 54(2) has been continuously used and occupied as the person's principal place of residence for the period of 6 months, the land becomes exempt land in respect of that year at the end 25 of that period.". 8 Absence from principal place of residence (1) In the heading to section 56 of the Land Tax Act 2005, for "Temporary absence" substitute "Absence". 30 (2) For section 56(1)(c) and (d) of the Land Tax Act 2005 substitute-- "(c) that, in respect of the period of absence, no other land is exempt land under this Division or under a law of another jurisdiction 35 (whether in or outside Australia) as the principal place of residence of the owner or, 571282B.I-23/10/2012 6 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 8 in the case of a trustee, as the principal place of residence of a vested beneficiary in relation to the land.". (3) After section 56(1) of the Land Tax Act 2005 5 insert-- "(1A) For the purposes of this Division, land is taken to be used and occupied as the principal place of residence of a person despite the person's absence from the land 10 if-- (a) the person has lost the ability to live independently; and (b) the person resides-- (i) at a hospital as a patient of the 15 hospital; or (ii) at a residential care facility or supported residential service within the meaning of section 76(4), or a residential 20 service within the meaning of the Disability Act 2006, and receives residential or respite care at the facility or service; or (iii) with another person who provides 25 personal support to the person on a daily basis.". (4) In section 56(2) of the Land Tax Act 2005, after "subsection (1)" insert "or (1A)". (5) For section 56(3) of the Land Tax Act 2005 30 substitute-- "(3) Land will not be taken to be used and occupied as the principal place of residence of a person under this section unless the conditions set out in subsections (4) and (5) 35 are both satisfied. 571282B.I-23/10/2012 7 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 8 (4) The condition in this subsection is that the land-- (a) was exempt land under section 54 immediately before the person's 5 absence; or (b) was used and occupied-- (i) in the case of an owner--by the owner as his or her principal place of residence for a period of at least 10 6 consecutive months immediately before the owner's absence; or (ii) in the case of a trustee--by a vested beneficiary in relation to the land as his or her principal 15 place of residence for a period of at least 6 consecutive months immediately before the vested beneficiary's absence. (5) The condition in this subsection is that the 20 owner or trustee has not rented out the land for a period which is 6 months or more, or for periods which total 6 months or more, in the year preceding the tax year. (6) The maximum period for which land can be 25 taken to be used and occupied as the principal place of residence of a person despite the person's absence from the land under this section is 6 years from the date of the person's absence. 30 Note If a person has been absent for more than 6 years and land ceases to be taken to be used and occupied as the principal place of residence of the person, the land will no longer be exempt land under this Division 35 unless another exemption applies. 571282B.I-23/10/2012 8 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 9 (7) In this section-- personal support means the provision of one or more of the following-- (a) assistance with personal hygiene, 5 toileting or dressing; (b) assistance to achieve and maintain mobility; (c) support to seek out and maintain contact with health professionals, 10 social networks, family, friends and the community; (d) emotional wellbeing support; (e) assistance with or supervision in administering medication; 15 (f) assistance with eating and maintaining adequate nutrition.". 9 Exemption continues if land becomes unfit for occupation In section 58(4) of the Land Tax Act 2005, for 20 "beneficiary" substitute "vested beneficiary in relation to the land". 10 Purchase of new principal residence (1) For section 59(1) and (2) of the Land Tax Act 2005 substitute-- 25 "(1) Land is exempt land in respect of a year if-- (a) a person becomes the owner of the land in the preceding year for use and occupation as his or her principal place of residence; and 571282B.I-23/10/2012 9 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 10 (b) as at 31 December in the preceding year, the person is the owner of other land that he or she uses and occupies as his or her principal place of residence. 5 Note In this situation, the land referred to in paragraph (b) will be exempt land in the circumstances set out in section 54(1)(a). (2) Land is exempt land in respect of a year if-- 10 (a) a trustee becomes the owner of the land in the preceding year for use and occupation of a vested beneficiary in relation to the land as his or her principal place of residence; and 15 (b) as at 31 December in the preceding year, the trustee is the owner of other land that the vested beneficiary uses and occupies as his or her principal place of residence. 20 Note In this situation, the land referred to in paragraph (b) will be exempt land in the circumstances set out in section 54(1)(b).". (2) In section 59(3) of the Land Tax Act 2005, for 25 "An exemption under subsection (1) or (2) is revoked if the owner or beneficiary" substitute "The Commissioner may revoke an exemption under subsection (1) or (2) if the owner or vested beneficiary in relation to the land". 30 (3) For section 59(4) of the Land Tax Act 2005 substitute-- "(4) Subsection (1) does not apply to land in respect of a year if the owner derived any income from the land at any time when it 35 was not occupied as the principal place of residence of the owner. 571282B.I-23/10/2012 10 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 11 (5) Subsection (2) does not apply to land in respect of a year if the trustee derived any income from the land at any time when it was not occupied as the principal place of 5 residence of a vested beneficiary in relation to the land.". 11 Sale of old principal residence (1) For section 60(1) and (2) of the Land Tax Act 2005 substitute-- 10 "(1) Land owned by a person is exempt land in respect of a year if-- (a) either-- (i) the land was exempt land under section 54(1) for the preceding 15 year; or (ii) the person used and occupied the land as his or her principal place of residence for a period of at least 6 months during the preceding 20 year; and (b) as at 31 December in the preceding year, the person was the owner of other land that he or she used and occupied as his or her principal place of residence. 25 Note In this situation, the land referred to in paragraph (b) will be exempt land in the circumstances set out in section 54(1)(a). (2) Land owned by a trustee is exempt land in 30 respect of a year if-- (a) either-- (i) the land was exempt land under section 54(1) for the preceding year; or 571282B.I-23/10/2012 11 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 11 (ii) a vested beneficiary in relation to the land used and occupied it as his or her principal place of residence for a period of at least 5 6 months during the preceding year; and (b) as at 31 December in the preceding year, the trustee was the owner of other land that a vested beneficiary referred 10 to in paragraph (a) used and occupied as his or her principal place of residence. Note In this situation, the land referred to in paragraph (b) 15 will be exempt land in the circumstances set out in section 54(1)(b).". (2) In section 60(3) of the Land Tax Act 2005, for "An exemption under subsection (1) or (2) is revoked if the owner or trustee" substitute 20 "The Commissioner may revoke an exemption under subsection (1) or (2) if the owner or trustee". (3) For section 60(4) of the Land Tax Act 2005 substitute-- 25 "(4) Subsection (1) does not apply to land in respect of a year if the owner derived income from the land at any time when it was not occupied as the principal place of residence of the owner. 30 (5) Subsection (2) does not apply to land in respect of a year if the trustee derived any income from the land at any time when it was not occupied as the principal place of residence of a vested beneficiary in relation 35 to the land.". 571282B.I-23/10/2012 12 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 12 12 Unoccupied land subsequently used as principal residence (1) For section 61(1)(a) of the Land Tax Act 2005 substitute-- 5 "(a) the owner was unable to occupy that land as his or her principal place of residence as at 31 December in the preceding year because a residence was being constructed or renovated on it; and 10 (ab) once construction or renovation of that residence has been completed, the owner continuously uses and occupies the land as his or her principal place of residence for at least 6 months commencing in that year; 15 and". (2) For section 61(2) of the Land Tax Act 2005 substitute-- "(2) A trustee who was assessed for and paid land tax in respect of a year in respect of land that 20 is not occupied as the principal place of residence of a vested beneficiary in relation to the land is entitled to a refund of that land tax if-- (a) the vested beneficiary was unable to 25 occupy the land as his or her principal place of residence as at 31 December the preceding year because a residence was being constructed or renovated on it; and 30 (b) once construction or renovation of that residence has been completed, the vested beneficiary continuously uses and occupies the land as his or her principal place of residence for at least 35 6 months commencing in that year; and 571282B.I-23/10/2012 13 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 13 (c) an application for a refund is made before the end of the next following year.". (3) The note at the foot of section 61(4) of the Land 5 Tax Act 2005 is repealed. (4) In section 61(5) of the Land Tax Act 2005, for "beneficiary under the trust" substitute "vested beneficiary in relation to land". 13 Partial exemption if land used for business activities 10 (1) In section 62(1) of the Land Tax Act 2005-- (a) for "this Part" substitute "this Division"; (b) after "residential purposes" insert "by the owner, a vested beneficiary in relation to the land or a natural person who has a right to 15 reside on the land (as the case requires)". (2) For section 62(2)(e) of the Land Tax Act 2005 substitute-- "(e) any other matters the Commissioner considers relevant.". 20 14 New section 62A inserted After section 62 of the Land Tax Act 2005 insert-- "62A Partial exemption if separate residence is leased for residential purposes 25 If land that would be exempt under this Division contains a separate residence that is leased for residential purposes-- (a) land tax is assessable on the part of the land that is leased for residential 30 purposes; and (b) section 22 applies, if necessary, for that purpose.". 571282B.I-23/10/2012 14 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 15 15 Section 63 substituted For section 63 of the Land Tax Act 2005 substitute-- "63 Partial exemption or refund for trustees 5 (1) This section applies if-- (a) a trustee would be entitled to an exemption from or refund of land tax under this Division in respect of land because a vested beneficiary in relation 10 to the land has used and occupied it as his or her principal place of residence; and (b) there are other vested beneficiaries in relation to the land who have not used 15 and occupied it as their principal place of residence. (2) Despite anything to the contrary in this Division, the amount of the exemption or refund is determined as if the value of the 20 land were the proportion of the value of the land that is equal to the proportion that the interest in the land held by the vested beneficiary in relation to the land referred to in subsection (1)(a) bears to the total 25 interests of all vested beneficiaries in relation to that land. (3) Nothing in this section applies in the case of a person entitled to a life estate in possession.". 571282B.I-23/10/2012 15 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 16 16 Recovery from lessee, mortgagee or occupier (1) After section 98(1) of the Land Tax Act 2005 insert-- "(1A) The Commissioner cannot require a lessee or 5 occupier-- (a) to pay an amount of land tax under this section that is greater than the amount of rent the lessee or occupier is required to pay the taxpayer; or 10 (b) to pay an amount of land tax under this section before the day on which the lessee or occupier is required to pay rent to the taxpayer. (1B) Subsection (1A) does not apply to a lessee or 15 occupier that is a related corporation or relative of the taxpayer.". (2) After section 98(6) of the Land Tax Act 2005 insert-- "(6A) If a lessee or occupier pays an amount of tax 20 under this section-- (a) the amount is deemed to have been paid to the Commissioner by the taxpayer; and (b) the lessee or occupier is deemed to 25 have paid an equal amount of rent to the taxpayer under the lease or agreement or under any applicable tenancy law.". 17 Land held on trust 30 In sections 46B(4)(a) and 46D(1)(a) of the Land Tax Act 2005, after "deemed" insert ", for the purposes of this Act other than Division 1 of Part 4,". 571282B.I-23/10/2012 16 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 2--Land Tax Act 2005 s. 18 18 Transitional provision After clause 13 of Schedule 3 to the Land Tax Act 2005 insert-- "14 State Taxation and Other Acts 5 Amendment Act 2012 (1) Section 61, as in force immediately before the commencement day, continues to apply in relation to land tax paid in respect of the 2012 tax year. 10 (2) Section 98, as amended by section 16 of the State Taxation and Other Acts Amendment Act 2012, applies on and after the commencement day irrespective of whether the lease or other arrangement under 15 which the lessee or occupier occupies the land was entered into or made before, on or after that day. (3) In this clause-- commencement day means the day on which 20 Part 2 of the State Taxation and Other Acts Amendment Act 2012 comes into operation.". __________________ 571282B.I-23/10/2012 17 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 3--Road Safety Act 1986 s. 19 PART 3--ROAD SAFETY ACT 1986 See: 19 Definitions Act No. 127/1986. Insert the following definition in section 3(1) of Reprint No. 14 the Road Safety Act 1986-- as at 5 27 April 2012 and "base registration fee means the fee specified in amending section 9(2);". Act Nos 19/1991, 32/2011, 34/2011, 65/2011, 21/2012, 43/2012, 45/2012, 50/2012 and 52/2012. LawToday: www. legislation. vic.gov.au 20 Effecting registration, renewal or transfer After section 9(1A) of the Road Safety Act 1986 insert-- 10 "(2) Subject to the regulations, the fee payable for registration or renewal of registration of a motor vehicle or trailer is 1854 fee units. (3) The regulations may provide that a fee other than the base registration fee, or that no fee, 15 is payable for registration or renewal of registration of any category of motor vehicle or trailer.". __________________ 571282B.I-23/10/2012 18 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 4--Taxation Administration Act 1997 s. 21 PART 4--TAXATION ADMINISTRATION ACT 1997 21 Permitted disclosures to particular persons See: Act No. After section 92(1)(e)(va) of the Taxation 40/1997. Administration Act 1997 insert-- Reprint No. 5 as at 5 "(vab) the Registrar of Titles; or". 13 October 2011 and amending Act No. 69/2011. LawToday: www. legislation. vic.gov.au 22 Objections concerning the value of property (1) Insert the following heading to section 100A of the Taxation Administration Act 1997-- "Objections concerning the value of property". 10 (2) In section 100A(1) of the Taxation Administration Act 1997, for "must" substitute "may". (3) For section 100A(2) of the Taxation Administration Act 1997 substitute-- 15 "(2) The objector must pay the cost of a valuation under subsection (1) if, at the time the objection was lodged-- (a) the objector had not provided any information to the Commissioner as to 20 the value of the property; or (b) the objector-- (i) had provided information to the Commissioner as to the value of the property; and 25 (ii) the valuation under subsection (1) exceeds the value provided by the objector by 15% or more; and 571282B.I-23/10/2012 19 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 4--Taxation Administration Act 1997 s. 23 (iii) the valuation as determined on the objection, or on appeal or review, exceeds the value provided by the objector by 15% or more.". 5 23 Suspension of determination For section 102(1) and (2) of the Taxation Administration Act 1997 substitute-- "(1) The Commissioner may suspend the determination of an objection, by written 10 notice given to the objector, if-- (a) under a taxation law the Commissioner has required or requested a person to provide the Commissioner with information relevant to the objection; or 15 (b) the Commissioner has referred the matter to the Valuer-General or another competent valuer under section 100A for valuation. (2) A suspension under this section-- 20 (a) takes effect on service of the notice under subsection (1); and (b) remains in effect until-- (i) in the case of subsection (1)(a), the objector, or another person, 25 provides the information that the Commissioner has required or requested; or (ii) in the case of subsection (1)(b), the Commissioner receives the 30 valuation.". 571282B.I-23/10/2012 20 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 4--Taxation Administration Act 1997 s. 24 24 Transitional provision After clause 13(11) of Schedule 1 to the Taxation Administration Act 1997 insert-- "(12) Sections 100A and 102, as in force 5 immediately before the commencement of Part 4 of the State Taxation and Other Acts Amendment Act 2012, continue to apply on and after that commencement in relation to an objection lodged under 10 section 96 before that commencement.". __________________ 571282B.I-23/10/2012 21 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 5--Trustee Companies Act 1984 s. 25 PART 5--TRUSTEE COMPANIES ACT 1984 25 New Division headings inserted in Part V See: In the Trustee Companies Act 1984-- Act No. 10168. Reprint No. 5 (a) after the heading to Part V insert-- as at 5 21 May 2009 "Division 1--General". and amending Act Nos (b) after section 26 insert-- 68/2009 and 17/2010. "Division 2--Transfer of estate assets and LawToday: www. liabilities". legislation. vic.gov.au 26 New section 26AA inserted 10 Before section 26A of the Trustee Companies Act 1984 insert-- "26AA Definitions (1) Terms used in this Division and in Part 5D.6 of the Corporations Act have the same 15 meanings in this Division as they have in that Part. (2) For the of avoidance of doubt-- (a) a reference in Part 5D.6 of the Corporations Act to the Public Trustee 20 of a State or Territory is taken to be, in relation to Victoria, a reference to State Trustees; and (b) a reference in this Division to a receiving company includes a reference 25 to State Trustees.". 571282B.I-23/10/2012 22 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 5--Trustee Companies Act 1984 s. 27 27 Transfer determinations (1) For the heading to section 26A of the Trustee Companies Act 1984 substitute-- "Transfer determinations under the 5 Corporations Act". (2) For section 26A(1)(a) of the Trustee Companies Act 1984 substitute-- "(a) the Australian Securities and Investments Commission (ASIC) makes a determination 10 under section 601WBA(1) of the Corporations Act that there is to be a transfer of estate assets and liabilities from a transferring company to a receiving company; and". 15 28 Consequential amendment of State Trustees (State Owned Company) Act 1994 At the end of section 20A of the State Trustees See: Act No. (State Owned Company) Act 1994 insert-- 45/1994. Reprint No. 2 "(2) Despite subsection (1), sections 26AA, 26A as at 20 and 26B of the Trustee Companies Act 15 May 2008 and 1984 apply in respect of State Trustees.". amending Act No. 17/2010. LawToday: www. legislation. vic.gov.au __________________ 571282B.I-23/10/2012 23 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Part 6--Repeal s. 29 PART 6--REPEAL 29 Repeal of amending Act This Act is repealed on 30 March 2014. Note 5 The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984). 571282B.I-23/10/2012 24 BILL LA INTRODUCTION 23/10/2012

 


 

State Taxation and Other Acts Amendment Bill 2012 Endnotes ENDNOTES By Authority. Government Printer for the State of Victoria. 571282B.I-23/10/2012 25 BILL LA INTRODUCTION 23/10/2012

 


 

 


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