Section 31F—delete the section and substitute:
31F—Lodgement of statement and payment of duty
(1) A person who is,
or ought to be, registered must, not later than the 21st day of each
month—
(a)
lodge with the Commissioner a statement in the approved form setting
out—
(i)
the total amount received during the previous month in
respect of dutiable rental business; and
(ii)
the amount representing the component referable to
equipment financing arrangements entered into before 1 October 2003 (the "old
equipment financing component ); and
(iii)
the amount representing the component referable to
equipment financing arrangements entered into on or after 1 October 2003 (the
"new equipment financing component ); and
(iv)
the amount representing the component referable to other
kinds of
rental business (the "general rental business component"); and
Exception—
The statement need not include amounts received in respect of hire purchase
agreements entered into before 1 January 2003.
(b) pay
to the Commissioner duty equivalent to the aggregate of—
(i)
1.8% of the old equipment financing component; and
(ii)
0.75% of the new equipment financing component; and
(iii)
if the general rental business component exceeds
$6 000—1.8% of the amount of the excess.
(2) The amount to be
disclosed in respect of dutiable rental business or a particular component of
dutiable rental business under subsection (1)—
(a) is
to include amounts received for services incidental or related to the business
or the relevant component of the business; but
(b) is
not to include amounts received to reimburse, offset or defray liability to
GST.
Exception—
If an equipment financing arrangement (or a collateral agreement) provides
that the financier is to be responsible for servicing the goods—
(a) the
cost of servicing, if separately charged, need not be disclosed and is not
liable to duty; or
(b) if
the cost of servicing is not separately charged, a proportion of the
consideration received by the financier that the Commissioner considers
properly referable to servicing the goods, need not be disclosed and is not
liable to duty.
(3) If the
Commissioner is satisfied, on application in the approved form by a registered
person, that the total on which duty is to be calculated for the ensuing 12
months is likely to be less than $120 000, the Commissioner may permit
the person to lodge statements and pay duty on an annual basis.
(4) A person must
comply with any conditions on which the Commissioner grants permission under
subsection (3).
Maximum penalty: $10 000.
(5) The Commissioner
may, at any time, revoke a permission granted under subsection (3) for breach
of a condition or any other proper reason.