Queensland Numbered Acts Queensland Numbered ActsChapter 17—
insert—
'In this part—
acquirer, in relation to a relevant acquisition in a landholder, includes a related person of the acquirer who, under section 175(2), is jointly and severally liable for the payment of landholder duty on the relevant acquisition.
amending Act means the Fiscal Repair Amendment Act 2012.
commencement day means the day this section commences.
retrospectivity period means the period beginning at the start time and ending immediately before the commencement day.
start time means 10.30a.m. on 13 January 2012.
'(1) For deciding whether a resource authority, other than an exploration authority, was land under the pre-amended Act, the amendment of schedule 6 by the amending Act is to be disregarded.
'(2) In this section—
pre-amended Act means this Act as in force before the commencement day.
'The purpose of this division is to provide for the imposition of duty in relation to exploration authorities during the retrospectivity period.
'(1) During the retrospectivity period, this Act is taken to have applied as if schedule 6, definition land had provided as follows—
'land—
(a) includes—
(i) airspace above land and the coastal waters of the State; and
(ii) an exploration authority; but
(b) does not include an exploration permit under the Petroleum (Submerged Lands) Act 1982.'.
'(2) For subsection (1), schedule 6, definition exploration authority, as inserted by section 8 of the amending Act, is taken to have had effect on and from the start time.
'During the retrospectivity period, this Act is taken to have applied as if schedule 6, definition statutory licence had provided as follows—
'statutory licence means a licence, permit or other authority issued or given under a Queensland or Commonwealth Act, other than the following—
(a) a chattel authority;
(b) an exploration permit under the Petroleum (Submerged Lands) Act 1982.'.
'Transfer duty is not imposed on a dutiable transaction mentioned in section 9(1)(f) that is the grant of an exploration authority if liability for transfer duty arose during the retrospectivity period.
'(1) This section applies to a dutiable transaction mentioned in section 9(1)(a) that is the transfer, on or after the start time, of an exploration authority if—
(a) the transfer is made under an agreement for the transfer of the exploration authority, whether conditional or not; and
(b) the agreement for the transfer was entered into before the start time.
'(2) Transfer duty is not imposed on the dutiable transaction.
'(1) This section applies if—
(a) a relevant acquisition in a landholder is made on or after the start time; and
(b) there was, before the start time, an agreement to acquire the interest that is the subject of the relevant acquisition, whether the agreement is conditional or not; and
(c) the interest is, under section 163(2)(b), acquired after the start time.
'(2) Exploration land-holdings must be excluded from the Queensland land-holdings of the landholder for the purposes of—
(a) if the landholder is a private landholder—working out the dutiable value of the relevant acquisition under section 179; or
(b) if the landholder is a public landholder—working out the landholder duty imposed on the relevant acquisition under section 179A.
'(3) In this section—
exploration land-holdings, of a landholder, means land-holdings mentioned in section 167 if the land is an exploration authority.
'(1) This section applies to a dutiable transaction for which liability for transfer duty arose during the retrospectivity period, if—
(a) but for this division, the transaction would not have been a dutiable transaction under chapter 2; and
(b) for assessing transfer duty on the dutiable transaction—
(i) section 30 does not apply to the transaction; or
(ii) if section 30 applies to the transaction—paragraph (a) applies to each of the dutiable transactions that are to be aggregated.
'(2) The period within which the parties liable to pay transfer duty relating to the dutiable transaction must comply with section 19(3) is taken to be 30 days after the commencement day.
'(3) For a standard self assessment of duty on the dutiable transaction—
(a) the date liability for duty for the transaction arises is, for section 455A(3), taken to be the commencement day; and
(b) the date by which a liable party to the instrument that effects or evidences the transaction must comply with section 471E(1) is taken to be 30 days after the commencement day.
'(1) This section applies to a dutiable transaction for which liability for transfer duty arose during the retrospectivity period, if—
(a) but for this division, the dutiable value of the transaction would have been required to be assessed without having regard to an exploration authority; and
(b) because of this division, the dutiable value of the transaction is required to be assessed having regard to dutiable property that is an exploration authority; and
(c) before the commencement day, an assessment of a party's liability for transfer duty on the dutiable transaction has not been made, or taken to have been made, by the commissioner.
Note—
A reference in this subsection to a dutiable transaction includes a reference to a dutiable transaction that should have been assessed under section 30 together with 1 or more other dutiable transactions that, but for this division, would not have been dutiable transactions.
'(2) Section 638(2) and (3) applies in relation to the dutiable transaction.
'(3) However, to the extent unpaid primary tax relating to the dutiable transaction is attributable to dutiable property other than an exploration authority, section 638(2) and (3) does not affect—
(a) the start date for unpaid tax interest on the unpaid primary tax under the Administration Act, section 54; or
(b) a party's liability for penalty tax.
'(1) This section applies to a dutiable transaction for which liability for transfer duty arose during the retrospectivity period, if—
(a) but for this division, the dutiable value of the transaction would have been required to be assessed without having regard to an exploration authority; and
(b) because of this division, the dutiable value of the transaction is required to be assessed having regard to dutiable property that is an exploration authority; and
(c) before the commencement day, an assessment has been made, or taken to have been made, of a party's liability for transfer duty on the dutiable transaction.
Note—
A reference in this subsection to a dutiable transaction includes a reference to a dutiable transaction that should have been assessed under section 30 together with 1 or more other dutiable transactions that, but for this division, would not have been dutiable transactions.
'(2) Transfer duty for the dutiable transaction must be reassessed.
'(3) Within 30 days after the commencement day, a party liable for transfer duty on the dutiable transaction must—
(a) give notice in the approved form to the commissioner that the reassessment is required; and
(b) lodge the instrument that effects or evidences the transaction or the transfer duty statement for the transaction.
Note—
Under the Administration Act, failure to give the commissioner notice about a matter under a tax law is an offence under section 120 of that Act. Also, under the Administration Act, the requirement under paragraph (b) is a lodgement requirement for which a failure to comply is an offence under section 121 of that Act.
'(4) If a party complies with subsection (3) for the dutiable transaction, the party is not liable for penalty tax under the Administration Act, section 58(2)(c) to the extent the difference between the transfer duty assessed on the original assessment, and on the reassessment, is attributable to dutiable property that is an exploration authority.
'(5) Subsection (6) applies to unpaid tax interest that is payable on unpaid primary tax for the dutiable transaction, to the extent the tax is attributable to dutiable property that is an exploration authority.
'(6) For the Administration Act, section 54(2) and (2A), the start date is—
(a) the due date for the reassessment under this section; or
(b) if the party has not complied with subsection (3)—the date that is the same number of days before the due date for the reassessment as the number of days in the periods of noncompliance with the subsection.
'(1) This section applies to a relevant acquisition in a landholder or corporate trustee for which liability for duty arose during the retrospectivity period, if—
(a) but for this division, the acquisition would not have been a relevant acquisition in a landholder or corporate trustee under chapter 3; and
(b) for assessing landholder duty or corporate trustee duty on the relevant acquisition—
(i) section 180 or 223 does not apply to the acquisition; or
(ii) if section 180 or 223 applies to the acquisition—paragraph (a) applies to each of the acquisitions that are to be aggregated.
'(2) The period within which the acquirer must comply with section 177 or 217 is taken to be 30 days after the commencement day.
'(1) This section applies to a relevant acquisition in a landholder or corporate trustee for which liability for duty arose during the retrospectivity period, if—
(a) but for this division, the following would have been required to be assessed without having regard to an exploration authority—
(i) for a relevant acquisition in a public landholder—the amount of duty imposed on the relevant acquisition;
(ii) otherwise—the dutiable value of the relevant acquisiton; and
(b) because of this division, the dutiable value of, or the amount of duty imposed on, the relevant acquisition is required to be assessed having regard to—
(i) for landholder duty—land-holdings that are an exploration authority; or
(ii) for corporate trustee duty—dutiable property, or an indirect interest in dutiable property, that is an exploration authority; and
(c) before the commencement day, an assessment of the acquirer's liability for landholder duty or corporate trustee duty on the relevant acquisition has not been made by the commissioner.
Note—
A reference in this subsection to a relevant acquisition includes a reference to a relevant acquisition that should have been assessed under section 180 or 233 together with 1 or more other relevant acquisitions that, but for this division, would not have been relevant acquisitions.
'(2) Section 641(2) applies in relation to the relevant acquisition.
'(3) However, to the extent unpaid primary tax relating the relevant acquisition is attributable to land-holdings or dutiable property other than an exploration authority, section 641(2) does not affect—
(a) the start date for unpaid tax interest on the unpaid primary tax under the Administration Act, section 54; or
(b) the acquirer's liability for penalty tax.
'(1) This section applies to a relevant acquisition in a landholder or corporate trustee for which liability for duty arose during the retrospectivity period, if—
(a) but for this division, the following would have been required to be assessed without having regard to an exploration authority—
(i) for a relevant acquisition in a public landholder—the amount of duty imposed on the relevant acquisition;
(ii) otherwise—the dutiable value of the relevant acquisiton; and
(b) because of this division, the dutiable value of, or the amount of duty imposed on, the relevant acquisition is required to be assessed having regard to—
(i) for landholder duty—land-holdings that are an exploration authority; or
(ii) for corporate trustee duty—dutiable property, or an indirect interest in dutiable property, that is an exploration authority; and
(c) before the commencement day, an assessment of the acquirer's liability for landholder duty or corporate trustee duty on the relevant acquisition has been made by the commissioner.
Note—
A reference in this subsection to a relevant acquisition includes a reference to a relevant acquisition that should have been assessed under section 180 or 233 together with 1 or more other relevant acquisitions that, but for this division, would not have been relevant acquisitions.
'(2) Landholder duty or corporate trustee duty for the relevant acquisition must be reassessed.
'(3) Within 30 days after the commencement day, the acquirer must—
(a) give notice in the approved form to the commissioner that the reassessment is required; and
(b) lodge the landholder duty statement or corporate trustee duty statement for the relevant acquisition.
Note—
Under the Administration Act, failure to give the commissioner notice about a matter under a tax law is an offence under section 120 of that Act. Also, under the Administration Act, the requirement under paragraph (b) is a lodgement requirement for which a failure to comply is an offence under section 121 of that Act.
'(4) If the acquirer complies with subsection (3), the acquirer is not liable for penalty tax under the Administration Act, section 58(2)(c) to the extent the difference between the duty assessed on the original assessment, and on the reassessment, is attributable to a land-holding or dutiable property that is an exploration authority.
'(5) Subsection (6) applies to unpaid tax interest that is payable on unpaid primary tax for the relevant acquisition, to the extent the tax is attributable to a land-holding or dutiable property that is an exploration authority.
'(6) For the Administration Act, section 54(2) and (2A), the start date is—
(a) the due date for the reassessment under this section; or
(b) if the acquirer has not complied with subsection (3)—the date that is the same number of days before the due date for the reassessment as the number of days in the periods of noncompliance with the subsection.
'(1) This section applies to a self assessor registered under chapter 12, part 3 if—
(a) during the retrospectivity period, the self assessor lodged a transaction statement under section 455 or 455A; and
(b) the transaction statement relates to a dutiable transaction or relevant acquisition to which subdivision 3 or 4 applies.
'(2) The self assessor must, within 30 days after the commencement day, give notice to the commissioner that the transaction statement was lodged.
Note—
Under the Administration Act, failure to give the commissioner notice about a matter under a tax law is an offence under section 120 of that Act.
'(3) Section 488 applies to a failure by a self assessor to comply with subsection (2).
'(1) This section applies if, during the retrospectivity period—
(a) a person—
(i) recorded an instrument or transaction in a register of interests in property; and
(ii) the instrument, or the instrument that effects or evidences the transaction, relates to a transaction or acquisition to which subdivision 3 or 4 applies; or
(b) the trustee or responsible entity of a unit trust—
(i) recorded in the trust's records an instrument that effects or evidences a trust acquisition or trust surrender of units in a unit trust; and
(ii) section 638, 639 or 640 applies to the trust acquisition or trust surrender; or
(c) a person—
(i) entered in the records of a corporation or society an instrument that effects or evidences a relevant acquisition; and
(ii) section 641, 642 or 643 applies to the relevant acquisition.
'(2) The person, trustee or responsible entity must, within 30 days after the commencement day, give notice to the commissioner that the record or entry was made.
Note—
Under the Administration Act, failure to give the commissioner notice about a matter under a tax law is an offence under section 120 of that Act.
'(1) A person can not be prosecuted under this Act or the Administration Act for an act or omission done or omitted to be done during the retrospectivity period if, when the act or omission occurred, it would not have constituted an offence but for this division.
'(2) Subsection (1) does not limit the Criminal Code, section 11.
'(1) This section applies to an instrument that was stamped during the retrospectivity period.
'(2) If, at the time the instrument was stamped, it was properly stamped under section 491 but for this division, the instrument is taken to have been properly stamped despite this division.
'Section 167, as amended by the amending Act, section 5 applies to a relevant acquisition made on or after the commencement day.
'Schedule 3 as in force on the commencement day applies to dutiable transactions and relevant acquisitions if liability for transfer duty, landholder duty or corporate trustee duty arises on or after the commencement day.'.