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STATE TAXATION ACTS (FURTHER TAX REFORM) BILL 2002

                 PARLIAMENT OF VICTORIA

State Taxation Acts (Further Tax Reform) Act 2002
                                   Act No.


                      TABLE OF PROVISIONS
Clause                                                                       Page

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

PART 2--DUTIES ACT 2000                                                         3
  3.     Abolition of duty on unquoted marketable securities                    3
  4.     Pensioner and first home owner exemptions and concessions              3
  5.     Capital reductions, rights alterations and allotment of shares by
         direction                                                              5
  6.     Transitional provision                                                 5
         18.      State Taxation Acts (Further Tax Reform) Act 2002             5
  7.     Consequential amendment of State Taxation Acts (Taxation
         Reform Implementation) Act 2001                                        6

PART 3--LAND TAX ACT 1958                                                       7
  8.     Increase in land tax threshold                                         7
         5.      Land tax for 2003 and subsequent years                         7

PART 4--PAY-ROLL TAX ACT 1971                                                   9
  9.     Reduction in pay-roll tax rate                                         9
  10.    Increase in pay-roll tax threshold brought forward                     9
                             

ENDNOTES                                                                       10




                                       i
541294B.I1-9/5/2002                            BILL LA CIRCULATION 22-10-2004

 


 

PARLIAMENT OF VICTORIA Initiated in Assembly 8 May 2002 A BILL to amend the Duties Act 2000, the Land Tax Act 1958 and the Pay-roll Tax Act 1971 to implement further tax reform and for other purposes. State Taxation Acts (Further Tax Reform) Act 2002 The Parliament of Victoria enacts as follows: PART 1--PRELIMINARY 1. Purpose The purpose of this Act is to amend the Duties Act 2000, the Land Tax Act 1958 and the 5 Pay-roll Tax Act 1971 to implement further tax reform. 1 541294B.I1-9/5/2002 BILL LA CIRCULATION 22-10-2004

 


 

State Taxation Acts (Further Tax Reform) Act 2002 Act No. part 1--preliminary s. 2 2. Commencement (1) This Act (except section 4) comes into operation on the day after the day on which it receives the Royal Assent. 5 (2) Section 4 comes into operation on 1 July 2002. __________________ 2 541294B.I1-9/5/2002 BILL LA CIRCULATION 22-10-2004

 


 

State Taxation Acts (Further Tax Reform) Act 2002 Act No. part 2--duties act 2000 s. 3 PART 2--DUTIES ACT 2000 See: 3. Abolition of duty on unquoted marketable securities Act No. 79/2000. In section 7(3A) of the Duties Act 2000, for Reprint No. 1 "1 July 2003" substitute "1 July 2002". as at 15 July 2001 and amending Act Nos 27/2001, 48/2001, 79/2001, 9/2002 and 11/2002. LawToday: www.dms. dpc.vic. gov.au 5 4. Pensioner and first home owner exemptions and concessions (1) In the Duties Act 2000-- (a) in section 59-- (i) in sub-section (1)(b), for "$100 000" 10 substitute "$150 000"; (ii) in sub-section (2)(b), for "$100 000 but does not exceed $130 000" substitute "$150 000 but does not exceed $200 000"; 15 (iii) in sub-section (3), for the formula substitute-- 466P " 18 640 - "; 5000 (b) in section 60-- (i) in sub-section (1)(c), for "$100 000" 20 substitute "$150 000"; 3 541294B.I1-9/5/2002 BILL LA CIRCULATION 22-10-2004

 


 

State Taxation Acts (Further Tax Reform) Act 2002 Act No. part 2--duties act 2000 s. 4 (ii) in sub-section (2)(c), for "$100 000 but does not exceed $130 000" substitute "$150 000 but does not exceed $200 000". 5 (2) In section 60 of the Duties Act 2000, for sub- sections (3) and (4) substitute-- "(3) The concession or refund is an amount calculated in accordance with the formula-- 466(200 000 - P) D 100(3P - 217 000) 10 where-- D is the amount of duty paid or payable (but for this Division) on the transfer; P is the aggregate amount referred to in sub-section (2)(c).". 15 (3) In the Duties Act 2000-- (a) in section 61-- (i) in sub-section (1), paragraph (d) is repealed; (ii) sub-section (3) is repealed; 20 (b) in section 62-- (i) in sub-section (1), for "$115 000" substitute "$150 000"; (ii) in sub-section (2), for "$115 000 but does not exceed $165 000" (where 25 twice occurring) substitute "$150 000 but does not exceed $200 000"; (iii) in sub-section (3), for the formula substitute-- 466P " 18 640 - "; 5000 4 541294B.I1-9/5/2002 BILL LA CIRCULATION 22-10-2004

 


 

State Taxation Acts (Further Tax Reform) Act 2002 Act No. part 2--duties act 2000 s. 5 (iv) in sub-section (4), for the formula substitute-- 466(200 000 - P) "D "; 100(3P - 217 000) (c) in section 63-- 5 (i) in sub-section (1)(c), for "$115 000" substitute "$150 000"; (ii) in sub-section (2)(c), for "$115 000 but does not exceed $165 000" substitute "$150 000 but does not exceed 10 $200 000"; (iii) in sub-section (3), for the formula substitute-- 466(200 000 - P) "D ". 100(3P - 217 000) 5. Capital reductions, rights alterations and allotment of 15 shares by direction In sections 94(3) and 97(2)(c) of the Duties Act 2000, for "1 July 2003" substitute "1 July 2002". 6. Transitional provision At the end of Schedule 2 to the Duties Act 2000 20 insert-- "18. State Taxation Acts (Further Tax Reform) Act 2002 Sections 59, 60, 61, 62 and 63, as in force immediately before the commencement of section 4 of the State Taxation Acts (Further Tax Reform) 25 Act 2002, continue to apply to a transfer that takes place on or after that commencement if the contract of sale giving rise to the transfer was entered into before that commencement.". 5 541294B.I1-9/5/2002 BILL LA CIRCULATION 22-10-2004

 


 

State Taxation Acts (Further Tax Reform) Act 2002 Act No. part 2--duties act 2000 s. 7 7. Consequential amendment of State Taxation Acts (Taxation Reform Implementation) Act 2001 See: In section 2(4) of the State Taxation Acts Act No. (Taxation Reform Implementation) Act 2001, 48/2001. 5 Statute Book: for "1 July 2003" substitute "1 July 2002". www.dms. dpc.vic. gov.au __________________ 6 541294B.I1-9/5/2002 BILL LA CIRCULATION 22-10-2004

 


 

State Taxation Acts (Further Tax Reform) Act 2002 Act No. part 3--land tax act 1958 s. 8 PART 3--LAND TAX ACT 1958 See: 8. Increase in land tax threshold Act No. 6289/1958. (1) In section 7A of the Land Tax Act 1958-- Reprint No. 11 as at (a) for "2001" substitute "2002"; 18 October 2001 5 (b) for "$125" substitute "$150". and amending (2) In the Second Schedule to the Land Tax Act Act No. 79/2001. 1958-- LawToday: www.dms. (a) in the heading to clause 4, omit "and dpc.vic. subsequent years"; gov.au 10 (b) in clause 4, omit "or a subsequent year". (3) In the Second Schedule to the Land Tax Act 1958, after clause 4 insert-- "5. Land tax for 2003 and subsequent years If the total unimproved value of land of an owner as 15 assessed under this Act for 2003 or a subsequent year is not less than the amount shown in column 1 of an item in Table E and, if an amount is shown in column 2 of that item, less than the amount shown in column 2 of that item, the duty of land tax payable on 20 the land is the amount determined in accordance with column 3 of that item. TABLE E Item Column 1 Column 2 Column 3 $ $ 1. 0 150 000 Nil 2. 150 000 200 000 $150 and 01 cents for each $1 of the value that exceeds $150 000 3. 200 000 540 000 $200 and 02 cents for each $1 of the value that exceeds $200 000 4. 540 000 675 000 $880 and 05 cents for each $1 of the value that exceeds $540 000 7 541294B.I1-9/5/2002 BILL LA CIRCULATION 22-10-2004

 


 

State Taxation Acts (Further Tax Reform) Act 2002 Act No. part 3--land tax act 1958 s. 8 Item Column 1 Column 2 Column 3 $ $ 5. 675 000 810 000 $1555 and 1 cent for each $1 of the value that exceeds $675 000 6. 810 000 1 080 000 $2905 and 175 cents for each $1 of the value that exceeds $810 000 7. 1 080 000 1 620 000 $7630 and 275 cents for each $1 of the value that exceeds $1 080 000 8. 1 620 000 2 700 000 $22 480 and 3 cents for each $1 of the value that exceeds $1 620 000 9. 2 700 000 $54 880 and 5 cents for each $1 of the value that exceeds $2 700 000". __________________ 8 541294B.I1-9/5/2002 BILL LA CIRCULATION 22-10-2004

 


 

State Taxation Acts (Further Tax Reform) Act 2002 Act No. part 4--pay-roll tax act 1971 s. 9 PART 4--PAY-ROLL TAX ACT 1971 See: 9. Reduction in pay-roll tax rate Act No. 8154/1971. In section 7(1) of the Pay-roll Tax Act 1971-- Reprint No. 8 as at (a) in paragraph (i), for "2003" substitute 15 July 2001 5 "2002"; and amending Act Nos (b) in paragraph (j)-- 82/2001 and 11/2002. (i) for "2003" substitute "2002 and before LawToday: the month of July 2003"; www.dms. dpc.vic. (ii) for "or (i)." substitute "or (i); and"; gov.au 10 (c) after paragraph (j) insert-- "(k) at the rate of 525% in respect of such of those wages as are paid or payable after the month of June 2003 and are not liable to pay-roll tax at the rate 15 prescribed in paragraph (c), (d), (e), (f), (g), (h), (i) or (j).". 10. Increase in pay-roll tax threshold brought forward In the Pay-roll Tax Act 1971-- (a) in section 9A(3A)(ga), in paragraphs (h) and 20 (i), for "2003" substitute "2002"; (b) in section 9B(1), in the definition of "prescribed amount", in paragraph (a)(iv) and (v) and paragraph (b)(vii), (viii) and (ix), for "2003" substitute "2002"; 25 (c) in section 11A(2), in paragraphs (h) and (i), for "2003" substitute "2002"; (d) in Schedule Two, in Parts O, P, Q and R, for "2003" substitute "2002". 9 541294B.I1-9/5/2002 BILL LA CIRCULATION 22-10-2004

 


 

State Taxation Acts (Further Tax Reform) Act 2002 Act No. Endnotes ENDNOTES By Authority. Government Printer for the State of Victoria. 10 541294B.I1-9/5/2002 BILL LA CIRCULATION 22-10-2004

 


 

 


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