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This is a Bill, not an Act. For current law, see the Acts databases.
REVENUE LEGISLATION AMENDMENT BILL 2006 (NO 2)
2006
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Revenue
Legislation Amendment Bill 2006 (No 2)
Contents
Page
2006
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Revenue Legislation
Amendment Bill 2006 (No 2)
A Bill for
An Act to amend the
Duties Act 1999 and the
Taxation Administration Act 1999
The Legislative Assembly for the Australian Capital Territory enacts as
follows:
This Act is the Revenue Legislation Amendment Act 2006 (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)).
3 Legislation
amended—pt 2
This part amends the Duties Act 1999.
substitute
15 Lodging written instrument etc with
commissioner
(1) A transferee who is liable to pay duty in relation to a dutiable
transaction must, within 90 days after the day the liability arises lodge with
the commissioner—
(a) the written instrument that effects the dutiable transaction or, if
there is more than 1 written instrument that effects the transaction, each of
them; or
(b) the written statement made in accordance with
section 14.
(2) This section does not apply in relation to a dutiable transaction if,
within the 90-day period, an electronic application for assessment of duty in
relation to the transaction is lodged with the commissioner by a person approved
under section 239.
5 ReplicasSection
228 (3)
omit
duly stamped
substitute
stamped
6 ReplicasSection
228 (4), definition of replica, paragraph (c)
omit
duly stamped
substitute
stamped
substitute
233 Meaning of stamp etc
(1) An instrument is stamped if—
(a) the instrument is endorsed by the commissioner to indicate
that—
(i) an amount of duty has been paid; or
(ii) duty is not payable; or
(b) a unique authorisation number in relation to the instrument is given
by the commissioner under section 239.
(2) If an electronic assessment application in relation to an instrument
has been made to the commissioner by a person approved under section 239, the
instrument is taken to have been lodged with the commissioner for
stamping.
234 Stamping instruments
If an instrument in relation to which duty is chargeable under this Act, or
that effects or evidences a dutiable transaction, is lodged with the
commissioner for stamping, the commissioner must—
(a) if the instrument is chargeable with duty, or effects or evidences a
dutiable transaction, and the duty and any interest or penalty tax under the
Taxation Administration Act, part 5 is paid in full—stamp the instrument
indicating the amount of duty paid; or
(b) if the instrument is not chargeable with duty, or no duty is
chargeable for the transaction effected or evidenced by the
instrument—stamp the instrument indicating that duty is not
payable.
235 Stamping duplicates or counterparts of
instruments
If an instrument is stamped and a duplicate or counterpart of the
instrument has been lodged with the commissioner in accordance with
section 227 (1), the commissioner must stamp the duplicate or counterpart
of the instrument.
238 Stamp defaced or removed
If an instrument has been stamped as mentioned in
section 233 (1) (a), the instrument is taken to have been stamped
even if the stamp is defaced or removed from the instrument.
239 Electronic assessment and payment of
duty
(1) A person may apply to the commissioner, in writing, for approval to
make assessment applications and pay duty electronically.
Note If a form is approved under the Taxation Administration
Act, s 139C for this provision, the form must be used.
(2) On application under subsection (1), the commissioner
must—
(a) approve the application; or
(b) refuse to approve the application.
(3) An approval may be given subject to conditions stated in the approval.
Examples
1 a condition about the kinds of transactions to which the approval
applies
2 a condition about how payment must be made
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).
(4) The commissioner may amend, suspend or cancel an approval given to a
person under this section by written notice given to the person.
(5) If the commissioner receives an electronic assessment application in
relation to a transaction or instrument in accordance with an approval under
this section, the commissioner must—
(a) make an assessment of the duty payable in relation to the transaction
or instrument; and
(b) give the person written notice of the assessment
stating—
(i) the amount of duty payable; or
(ii) that duty is not payable; and
(c) if the person accepts the assessment, and the full amount of any duty
payable is paid—give the person a unique authorisation number for the
transaction or instrument.
Note A person given a notice under s (5) (b) must keep the
records required under the Taxation Administration Act, s 57 (2).
241 Offence to stamp without authority
A person other than the commissioner commits an offence if the
person—
(a) endorses an instrument in a way that purports to indicate that the
instrument has been stamped by the commissioner as mentioned in section
233 (1) (a); or
(b) does something that purports to indicate that a unique authorisation
number in relation to the instrument has been given by the commissioner as
mentioned in section 233 (1) (b).
Maximum penalty: 100 penalty units, imprisonment for 1 year or
both.
8 Deferred
payments for certain stamped
instrumentsSection
246 (3)
omit
duly stamped
substitute
stamped
9 Registration
of transfers of sharesNew section
248 (2) (aa)
before section 248 (2) (a), insert
(aa) is stamped; or
10 Section
248 (2) (a) (i)
omit
11 Registration
of transfers of unitsNew section
249 (2) (aa)
before section 249 (2) (a), insert
(aa) is stamped; or
12 Section
249 (2) (a) (i)
omit
13 Receipt
of instruments in evidenceSection
250 (1) (a) and (3)
omit
duly stamped
substitute
stamped
14 Dictionary,
definition of duly stamped
omit
15 Dictionary,
definition of impressed stamp
omit
16 Dictionary,
new definition of stamped
insert
stamped—see section 233.
Part
3 Taxation Administration Act
1999
17 Legislation
amended—pt 3
This part amends the Taxation Administration Act 1999.
substitute
57 Requirement to keep proper
records
(1) A person must keep the records that are necessary to enable the
person’s tax liability under a tax law to be properly assessed.
(2) A person who is given a notice under the Duties Act 1999,
section 239 (5) (b) (Electronic assessment and payment of duty)
in relation to a transaction or instrument must keep the records necessary to
enable liability for duty in relation to the transaction or instrument to be
properly assessed.
(3) This section does not affect a provision of any other tax law about
the keeping of records.
19 Means
and time of paymentSection
122 (1)
substitute
(1) Duty payable under an approval mentioned in the Duties
Act 1999, section 239 (Electronic assessment and payment of duty)
must be paid to the commissioner by electronic means in accordance with the
approval.
(1A) Any other tax may be paid to the commissioner—
(a) by a bank cheque or postal money order delivered to an office of the
commissioner; or
(b) by any other means, including electronic means, approved by the
commissioner.
Endnotes
1 Presentation speech
Presentation speech made in the Legislative Assembly on 2006.
2 Notification
Notified under the Legislation Act on 2006.
3 Republications of amended laws
For the latest republication of amended laws, see
www.legislation.act.gov.au.
© Australian Capital Territory
2006
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