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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA State Taxation (Amendment) Act 1998 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. Exemption as a consequence of branch closures 3 PART 3--FINANCIAL INSTITUTIONS DUTY ACT 1982 4 4. Update of reference and repeal of spent provisions 4 5. Statute law revision 4 PART 4--PAY-ROLL TAX ACT 1971 5 6. Victoria includes coastal waters 5 7. Definition of wages expanded 5 8. Wages liable to tax 5 9. Reduction in rate of pay-roll tax 6 PART 5--RACING ACT 1958 7 10. Abolition of rebates for bookmakers' turnover tax collected at metropolitan race meetings 7 PART 6--STAMPS ACT 1958 9 11. Family farm exemption 9 12. Pensioners' and first home buyers' exemptions 10 13. Alteration of thresholds for marginal rates of conveyance duty 13 14. Statute law revision 13 PART 7--TAXATION ADMINISTRATION ACT 1997 14 15. New section 108 substituted 14 108. Must tax be paid before a review or appeal is determined? 14 i 532061B.I1-21/4/98
Clause Page PART 8--TAXATION (RECIPROCAL POWERS) ACT 1987 15 16. Definitions 15 17. New section 3A inserted 15 3A. Declared revenue laws 15 NOTES 17 ii 532061B.I1-21/4/98
PARLIAMENT OF VICTORIA A BILL to amend the Debits Tax Act 1990, the Financial Institutions Duty Act 1982, the Pay-roll Tax Act 1971, the Racing Act 1958, the Stamps Act 1958, the Taxation Administration Act 1997 and the Taxation (Reciprocal Powers) Act 1987 and for other purposes. State Taxation (Amendment) Act 1998 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 Pay-roll Tax Act 1971, the Racing Act 1958, the Stamps Act 1958, the Taxation Administration Act 1997 and the Taxation (Reciprocal Powers) Act 1987. 1 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 2 Act No. 2. Commencement (1) This Act (except sections 3, 6, 8, 10, 12 and 13) comes into operation on the day on which it receives the Royal Assent. 5 (2) Sections 6 and 8 are deemed to have come into operation on 1 January 1998. (3) Section 13 is deemed to have come into operation on 21 April 1998. (4) Section 12 comes into operation on 1 July 1998. 10 (5) Section 3 comes into operation on a day to be proclaimed. (6) Subject to sub-section (7), section 10 comes into operation on a day to be proclaimed. (7) If section 10 does not come into operation before 15 1 July 1999, it comes into operation on that day. _______________ 2 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 3 Act No. PART 2--DEBITS TAX ACT 1990 No. 78/1990. 3. Exemption as a consequence of branch closures Reprint No. 1 In section 3(1) of the Debits Tax Act 1990, in the as at 21 June 1995. Further definition of "exempt debit" after paragraph (d) amended by 5 insert-- Nos 10/1996, 40/1997 and 86/1997. "(da) that is made solely because of the closure of the account as a result of the closure, amalgamation or re-structure of the branch of the financial institution at which the 10 account is kept; or". _______________ 3 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 4 Act No. PART 3--FINANCIAL INSTITUTIONS DUTY ACT 1982 No. 9850. 4. Update of reference and repeal of spent provisions Reprint No. 3 In the Financial Institutions Duty Act 1982-- as at 22 August 1997. Further (a) in section 3(1), in the definition of "financial amended by 5 institution", for paragraph (q) substitute-- No. 86/1997. "(q) Credit Union Services Corporation (Australia) Limited;"; (b) in section 38 sub-sections (2) and (3) are repealed. 10 5. Statute law revision In the Financial Institutions Duty Act 1982-- (a) in section 3(1), in the definition of "approved superannuation scheme" in paragraph (a) for "employés" where twice occurring 15 substitute "employees"; (b) in section 23(1)(b) and (c)-- (i) for "employé" (wherever occurring) substitute "employee"; (ii) for "employés" (wherever occurring) 20 substitute "employees"; (c) in section 24(1)(b) and (c)-- (i) for "employé" (wherever occurring) substitute "employee"; (ii) for "employés" (wherever occurring) 25 substitute "employees"; (d) in section 25(11)(a) for "bank by which account is kept" substitute "bank with which the account is kept". _______________ 30 4 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 6 Act No. PART 4--PAY-ROLL TAX ACT 1971 No. 8154. 6. Victoria includes coastal waters Reprint No. 6 In section 3(1) of the Pay-roll Tax Act 1971 as at 22 August insert the following definitions-- 1997. Further amended by 5 ' "coastal waters of Victoria" has the same Nos 80/1997 and 86/1997. meaning as "coastal waters of the State" has in relation to Victoria in the Coastal Waters (State Powers) Act 1980 of the Commonwealth; 10 "Victoria" includes the coastal waters of Victoria;'. 7. Definition of wages expanded In section 3(1) of the Pay-roll Tax Act 1971, in the definition of "wages"-- 15 (a) for "employé" (wherever occurring) substitute "employee"; (b) in paragraph (c) for "to a director" substitute "to or in relation to a director". 8. Wages liable to tax 20 (1) In section 6(1)(a) of the Pay-roll Tax Act 1971 for sub-paragraph (ii) substitute-- "(ii) subject to sub-section (1AAA), services performed or rendered by a person wholly in another country for a continuous period of 25 more than 6 months beginning on the day on which wages were first paid or payable to that person for services so performed or rendered; or". 5 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 9 Act No. (2) After section 6(1) of the Pay-roll Tax Act 1971 insert-- "(1AAA) Wages referred to in sub-section (1)(a)(ii) are liable to pay-roll tax under this Act 5 during the period of 6 months beginning on the day on which wages were first paid or payable for the relevant services.". 9. Reduction in rate of pay-roll tax In section 7(1) of the Pay-roll Tax Act 1971-- 10 (a) in paragraph (f) after "1997" insert "and before the month of July 1998"; (b) after paragraph (f) insert-- "; and (g) at the rate of 6% in respect of such of 15 those wages as are paid or payable after the month of June 1998 and are not liable to pay-roll tax at the rate prescribed in paragraph (c), (d), (e) or (f).". 20 _______________ 6 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 10 Act No. PART 5--RACING ACT 1958 No. 6353. 10. Abolition of rebates for bookmakers' turnover tax Reprint No. 10 collected at metropolitan race meetings as at 22 August (1) In section 119 of the Racing Act 1958-- 1997. Further amended by 5 (a) paragraphs (a) and (b) are repealed; No. 93/1997. (b) in paragraph (c) for ", other than harness race-meetings referred to in paragraph (b)" substitute "held at a race-course more than 32 kilometres from the General Post Office, 10 Melbourne"; (c) in paragraph (e)-- (i) sub-paragraph (i) is repealed; (ii) in sub-paragraph (ii) for "other than those referred to in sub-paragraph (i)" 15 substitute "held at a race-course more than 32 kilometres from the General Post Office, Melbourne"; (d) for paragraph (f) substitute-- "(f) to the Victorian Country Racing 20 Council Inc an amount equal to twenty- nine seventieths of the amount in that year paid to the Commissioner of State Revenue by way of stamp duty on bookmakers' statements in respect of 25 bets made at horse race-meetings held at a race-course more than 32 kilometres from the General Post Office, Melbourne.". (2) At the end of section 119 of the Racing Act 1958 30 insert-- "(2) Despite anything to the contrary in section 10(1) of the State Taxation (Amendment) 7 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 10 Act No. Act 1998, this section as in force immediately before the commencement of that section continues to apply with respect to amounts paid to the Commissioner of 5 State Revenue by way of stamp duty on bookmakers' statements in respect of bets made at race-meetings held before the commencement of that section.". _______________ 10 8 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 11 Act No. PART 6--STAMPS ACT 1958 No. 6375. 11. Family farm exemption Reprint No. 14 In section 71 of the Stamps Act 1958-- as at 1 September 1997. Further (a) in sub-section (1)-- amended by No. 86/1997. 5 (i) for "This section applies to an instrument of conveyance of real property that is a single farming enterprise" substitute "This section applies to an instrument of conveyance 10 executed on or after 2 December 1997 of real property that is land referred to in section 9(1)(ga), (h) or (ha) of the Land Tax Act 1958"; (ii) in paragraph (b) for sub-paragraph (iii) 15 substitute-- "(iii) a trustee under a discretionary trust the terms of which do not allow the distribution of the whole or any part of the capital of the 20 trust that comprises land referred to in section 9(1)(ga), (h) or (ha) of the Land Tax Act 1958 to any person or body other than a person or body referred to in sub- 25 paragraph (ii)."; (b) sub-sections (5), (6), (7), (8), (9), (10), (11), (12), (13), (14) and (15) are repealed; (c) in sub-section (16), the definitions of "business of primary production" and "single 30 farming enterprise" are repealed. 9 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 12 Act No. 12. Pensioners' and first home buyers' exemptions (1) In section 71A of the Stamps Act 1958-- (a) in sub-section (3B)(c) for "$100 000" substitute "$130 000"; 5 (b) in sub-section (4)(b) for "$70 000" substitute "$100 000"; (c) in sub-section (5) for paragraph (b) substitute-- "(b) the value of the real property exceeds 10 $100 000 but does not exceed $130 000--"; (d) in sub-section (5) for the formula substitute-- "28 600 22 P - 3 300"; 15 (e) in sub-section (6)(b) for "$70 000" substitute "$100 000"; (f) in sub-section (7) for paragraph (b) substitute-- "(b) the aggregate of the value of the real 20 property at the time the conveyance was made and the cost of the construction of the dwelling exceeds $100 000 but does not exceed $115 000--"; 25 (g) in sub-section (7) for the formula substitute-- 22(130 000 - P) "SD × 7 2 P - 60 000". (2) After section 71A(7) of the Stamps Act 1958 insert-- 10 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 12 Act No. "(8) Where, in relation to an instrument of conveyance of real property on which at the time the conveyance was made there was not a dwelling but on which at the date of the 5 application to the Comptroller of Stamps under this section there is a dwelling-- (a) the transferee is an eligible person for the purposes of this section; and (b) the aggregate of the value of the real 10 property at the time the conveyance was made and the cost of the construction of the dwelling exceeds $115 000 but does not exceed $130 000---- 15 the transferee may make application in writing to the Comptroller of Stamps for an amount, by way of refund of or exemption from stamp duty paid or payable on the conveyance, calculated in accordance with 20 the formula-- 11(130 000 - P) SD × 3(3 P - 217 000) where-- (c) SD is the amount of stamp duty paid or payable (but for this sub-section) on the 25 instrument of conveyance; (d) P is the amount that is the aggregate of the value of the real property at the time the conveyance was made and the cost of the construction of the 30 dwelling.". (3) In section 71B of the Stamps Act 1958-- (a) in sub-section (3)(g) for "$150 000" substitute "$165 000"; 11 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 12 Act No. (b) in sub-section (4)(b) for "$100 000" substitute "$115 000"; (c) in sub-section (5) for paragraph (b) substitute-- 5 "(b) the value of the real property exceeds $115 000 but is less than $165 000--"; (d) in sub-section (5) for the formula substitute-- 256 P "8448 - 5000"; 10 (e) in sub-section (6) for paragraph (d) substitute-- "(d) the value of the real property exceeds $115 000 but is less than $165 000--"; (f) in sub-section (6) for the formula 15 substitute-- 256(165 000 - P) "SD × 100(3 P - 217 000)"; (g) in sub-section (7)(b) for "$100 000" substitute "$115 000"; (h) in sub-section (8) for paragraph (b) 20 substitute-- "(b) the aggregate of the value of the real property at the time the conveyance was made and the cost of the construction of the dwelling exceeds 25 $115 000 but is less than $165 000--"; (i) in sub-section (8) for the formula substitute-- 256(165 000 - P) "SD × 100(3 P - 217 000)". 12 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 13 Act No. 13. Alteration of thresholds for marginal rates of conveyance duty (1) In the Third Schedule to the Stamps Act 1958, for the Table under Heading VI substitute-- 5 "THE TABLE Item Column 1 Column 2 Column 3 1 $0 $20 000 1·40% of the value of the property 2 $20 001 $115 000 $280 and 2·40% of that part of the value of the property that exceeds $20 000 3 $115 001 $870 000 $2560 and 6·00% of that part of the value of the property that exceeds $115 000 4 $870 001 5·5% of the value of the property". (2) The Table under Heading VI in the Third Schedule to the Stamps Act 1958, as in force immediately before the commencement of this section, continues to apply to a transfer or other 10 instrument executed or made on or after that commencement as a result of an agreement entered into before that commencement. 14. Statute law revision In section 112 of the Stamps Act 1958, in the 15 definition of "bookmaker" for "employé" substitute "employee". _______________ 13 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 15 Act No. PART 7--TAXATION ADMINISTRATION ACT 1997 No. 40/1997 15. New section 108 substituted as amended by Nos For section 108 of the Taxation Administration 86/1997 and Act 1997 substitute-- 93/1997. 5 "108. Must tax be paid before a review or appeal is determined? (1) A taxpayer may make a request under section 106(1) for a review or appeal whether or not the tax to which it relates has 10 been paid. (2) If a taxpayer makes a request before the tax has been paid, the Commissioner may apply to the Supreme Court for an order that the tax, or a specified part of it, be paid before 15 the review or appeal proceed. (3) On an application under sub-section (2), the Supreme Court may order that the review or appeal not proceed until the tax, or a specified part of it, is paid. 20 (4) The Supreme Court may make an order under sub-section (3) only if satisfied that it is reasonably likely that, unless the order is made, any tax payable by the taxpayer in accordance with the determination of the 25 review or appeal would not be paid within the period within which it is payable.". _______________ 14 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 16 Act No. PART 8--TAXATION (RECIPROCAL POWERS) ACT 1987 No. 37/1987. 16. Definitions Reprint No. 1 In section 3(1) of the Taxation (Reciprocal as at 19 September Powers) Act 1987-- 1996. Further amended by 5 (a) for the definition of "State Commissioner" Nos 31/1997, 36/1997 and substitute-- 40/1997. ' "State Commissioner" means Commissioner of State Revenue under the Taxation Administration Act 10 1997;'. 17. New section 3A inserted After section 3 of the Taxation (Reciprocal Powers) Act 1987 insert-- "3A. Declared revenue laws 15 (1) The Governor in Council may, by Order published in the Government Gazette, declare-- (a) a law of the Commonwealth or of another State or a Territory that is a 20 revenue law within the meaning of an Act of the Commonwealth, the other State or the Territory corresponding to this Act to be a declared revenue law for the purposes of this Act; and 25 (b) an office under a law of the Commonwealth, the other State or the Territory to be a declared office in relation to that revenue law. (2) This Act has effect in relation to a declared 30 revenue law as if-- (a) a reference in this Act to the State Commissioner under a State Taxation 15 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 s. 17 Act No. Act were a reference to the State Commissioner; and (b) a reference in this Act to a Corresponding Commissioner were a 5 reference to the holder of the declared office in relation to the declared revenue law; and (c) a reference in this Act to a corresponding law were a reference to 10 the declared revenue law.". 16 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 Notes Act No. NOTES By Authority. Government Printer for the State of Victoria. 17 532061B.I1-21/4/98
State Taxation (Amendment) Act 1998 Act No. 18 532061B.I1-21/4/98
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