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This is a Bill, not an Act. For current law, see the Acts databases.
DUTIES AMENDMENT BILL 2009
2009
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Duties
Amendment Bill 2009
Contents
Page
2009
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Duties Amendment Bill
2009
A Bill for
An Act to amend the
Duties Act
1999
The Legislative Assembly for the Australian Capital Territory enacts as
follows:
This Act is the Duties Amendment Act 2009.
This Act commences on 1 July 2009.
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.
insert
73D Transfers etc—long-term leases for
residential purposes
(1) No duty is chargeable under this chapter on a dutiable transaction
that is a transfer or grant of a long-term lease for residential
purposes.
(2) This section applies to a dutiable transaction entered into on or
after 29 November 2006.
(3) Subsection (2) and this subsection expire 5 years after the day they
commence.
5 Marketable
securitiesNew section
75 (4)
before the notes, insert
(4) No duty is chargeable under this chapter on a transfer, or an
agreement for a sale or transfer, of marketable securities if the commissioner
is satisfied that the transfer or agreement is made to give effect to a scheme
that would qualify as a roll-over under the Income Tax Assessment Act 1997
(Cwlth), subdivision 124-Q.
6 How
person acquires an interest in a landholder—pt
3.2New section 84 (2)
(c)
insert
(c) if the person holds an interest in the landholder (whether or not as
trustee) and the capacity in which the person holds the interest changes
(including if there is a change in the beneficial ownership of an interest held
by a person as trustee).
Example—par (c)
a person who holds a unit in the landholder declares a trust in relation to
the unit
Note An example is part of the Act, is not exhaustive and may
extend, but does not limit, the meaning of the provision in which it appears
(see Legislation Act, s 126 and s 132).
7 New
division 3.7.1 heading
insert
Division 3.7.1 Exempt
transactions—personal relationships
after section 115H, insert
Division 3.7.2 Exempt
transactions—‘top hatting’ arrangements
115I Definitions—div 3.7.2
In this division:
exchanging members—see the Income Tax Assessment Act
1997 (Cwlth), section 124-1045 (1).
interposed trust—see the Income Tax Assessment Act
1997 (Cwlth), section 124-1045 (1).
115J Exemption for relevant
acquisitions
(1) An exchanging member who makes a relevant acquisition to which section
87 (Acquisition statements) applies may apply to the commissioner for an
exemption from duty under this Act on the relevant acquisition.
(2) The commissioner must grant the exemption if satisfied
that—
(a) the relevant acquisition was made to give effect to a scheme that
would qualify as a roll-over under the Income Tax Assessment Act 1997
(Cwlth), subdivision 124-Q; and
Note A roll-over involves a scheme for interposing a unit trust
scheme (whether a new or existing unit trust scheme) between people who have an
ownership interest in 2 or more unit trust schemes, or in 1 or more companies
and 1 or more unit trust schemes, and the unit trust schemes or companies in
which they have an ownership interest. The interests of the unit holders or
shareholders are stapled together to form stapled securities and the interposed
unit trust becomes the owner of all the stapled interests.
(b) when the scheme is completed, the interposed trust will be a listed
trust, widely held trust or landholder; and
(c) the acquisition is not part of a scheme a purpose of which is to
minimise duty otherwise payable under this Act; and
(d) the conditions of the exemption, if any, will be met by the
applicant.
(3) If duty under this chapter has been paid on the relevant acquisition,
the commissioner must refund any duty paid that is not payable because of the
exemption.
115K Conditions of exemption
(1) An exemption granted under this division is subject to any conditions
stated by the commissioner.
(2) A condition of the exemption is binding on each exchanging
member.
115L Revocation of exemption
(1) The commissioner may revoke an exemption granted under this division
if—
(a) the interposed trust is not a listed trust, widely held trust or
landholder when the scheme is completed; or
(b) the interposed trust ceases to be a listed trust, widely held trust or
landholder within 12 months after the day the scheme is completed; or
(c) the commissioner is no longer satisfied of a matter mentioned in
section 115J (2) (a) or (c); or
(d) the decision to grant the exemption was based on false or misleading
information in a material particular given to the commissioner in relation to
the application; or
(e) a condition of the exemption is not met.
(2) If the commissioner revokes an exemption granted under this
division—
(a) duty is chargeable under this chapter on the relevant acquisition as
if the exemption had never been granted; and
(b) the exchanging member who made the relevant acquisition must lodge an
acquisition statement with the commissioner not later than 28 days after the day
the exemption is revoked; and
(c) the commissioner must make an assessment of duty chargeable under this
chapter on the relevant acquisition; and
(d) a tax default happens for the Taxation Administration Act if the whole
of any duty assessed under paragraph (c) is not paid to the commissioner within
90 days after the assessment.
9 ObjectionsNew
section 252 (ua) to (uc)
insert
(ua) under section 115J (2) refusing to grant an exemption from duty;
or
(ub) under section 115K imposing a condition on an exemption; or
(uc) under section 115L revoking an exemption; or
10 Dictionary,
new definitions
insert
exchanging members, for division 3.7.2 (Exempt
transactions—‘top hatting’ arrangements)—see section
115I.
interposed trust, for division 3.7.2 (Exempt
transactions—‘top hatting’ arrangements)—see section
115I.
Endnotes
1 Presentation speech
Presentation speech made in the Legislative Assembly on 2009.
2 Notification
Notified under the Legislation Act on 2009.
3 Republications of amended laws
For the latest republication of amended laws, see
www.legislation.act.gov.au.
© Australian Capital Territory
2009
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