2002

THE LEGISLATIVE ASSEMBLY

FOR THE AUSTRALIAN CAPITAL TERRITORY

(As presented)

(Treasurer)

2002

THE LEGISLATIVE ASSEMBLY

FOR THE AUSTRALIAN CAPITAL TERRITORY

(As presented)

(Treasurer)

An Act to amend the Duties Act 1999, and for other purposes

The Legislative Assembly for the Australian Capital Territory enacts as follows:

This Act is the Duties Amendment Act 2002 (No 2).

This Act commences on the day after its notification day.

Note The naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).

This Act amends the Duties Act 1999.

Note The Taxation Administration Act 1999 is also amended in s 18.

(b) an interest in shares, or an interest in units in a unit trust scheme, if—

(i) the shares or units are quoted on a stock exchange; or

(ii) the interest is quoted on a stock exchange.

(2) The dutiable value of a business asset to which section 27 applies is to be determined in accordance with that section.

(4) The unencumbered value of a Crown lease at the time it is granted is, for this chapter, taken to be the amount determined by the granting body to be that value.

(5) However, if the commissioner is not satisfied with the amount determined by the granting body of a Crown lease to be the unencumbered value of the lease, the commissioner may—

(a) have the Crown lease valued as at the time it was granted; and

(b) determine the unencumbered value of the lease in accordance with the valuation.

(5A) If the granting body of a Crown lease did not determine the value of the lease at the time it was granted, the commissioner may—

(a) have the Crown lease valued as at the time it was granted; and

(b) determine the unencumbered value of the lease in accordance with the valuation.

(5B) In determining the unencumbered value of a Crown lease at the time it is or was granted, the granting body or a person making a valuation of the lease under subsection (5) (a) or (5A) (a) must assume—

(a) that the consideration for the lease is or was to be paid as a lump sum; and

(b) that the lessee is not obliged by the lease to carry out any works, or to cause any works to be carried out, on the land leased or elsewhere.

(5C) The commissioner may recover from the lessee under a Crown lease—

(a) the cost of getting a valuation under subsection (5) if the value of the Crown lease shown by the valuation was more than the value of the lease determined by the granting authority; or

(b) the cost of getting a valuation under subsection (5A).

(1) This section applies to the following dutiable transactions:

(a) a transfer of, or an agreement to transfer, dutiable property from a trustee of a relevant fund or trust to a custodian of the trustee of the fund or trust, if there is no change in the beneficial ownership of the property;

(b) a transfer of, or an agreement to transfer, dutiable property from a custodian of a trustee of a relevant fund or trust to a trustee of the fund or trust, if there is no change in the beneficial ownership of the property;

(c) a transfer of, or an agreement to transfer, dutiable property from a custodian of a trustee of a relevant fund or trust to another custodian of the trustee of the fund or trust, if there is no change in the beneficial ownership of the property.

(2) The duty chargeable on a dutiable transaction is—

(a) unless paragraph (b) applies, the lesser of—

(i) ad valorem duty in accordance with this chapter; and

(ii) $200; or

(b) if the dutiable property transferred, or agreed to be transferred, is marketable securities—$20.

subsection (3),

subsection (2),

(5) In this section:

complying superannuation fund includes a complying approved deposit fund and an eligible rollover fund.

relevant fund or trust, in relation to the transfer of dutiable property, means—

(a) a complying superannuation fund; or

(b) a pooled superannuation trust; or

(c) a fund or trust that, in the trustees’ opinion, will be a complying superannuation fund or a pooled superannuation trust within 12 months after the day the transfer takes effect.

all

or part of

dutiable property

a dutiable transaction,

(b) it is marked by the commissioner or in a way approved by the commissioner; or

(c) it bears an endorsement, or is otherwise effected, in accordance with an approval under the Taxation Administration Act 1999, section 42 (Special arrangements for classes of persons) or section 43 (Special arrangements for individual applicants).

(a) provide an exemption for the taxpayers from stated provisions of the tax law to which it applies; or

(b) authorise payments of tax to be made by return; or

(c) authorise the lodging of returns and payments of tax by electronic means.

For the latest republication of amended laws, see www.legislation.act.gov.au.