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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA State Taxation Acts Amendment Bill 2007 TABLE OF PROVISIONS Clause Page PART 1--PRELIMINARY 1 1 Purpose 1 2 Commencement 2 PART 2--DUTIES ACT 2000 3 3 Definition 3 4 What are interests and significant interests in landholders? 3 5 Who may acquire an interest? 3 6 How duty is charged on relevant acquisitions 4 7 Demonstrator vehicles 5 8 Part heading substituted 5 PART 3--TAXATION ADMINISTRATION ACT 1997 6 9 Reduction in penalty tax for voluntary disclosures 6 PART 4--REPEAL OF AMENDING ACT 7 10 Repeal of Act 7 ENDNOTES 8 561042B.I-22/5/2007 i BILL LA INTRODUCTION 22/5/2007
PARLIAMENT OF VICTORIA Introduced in the Assembly State Taxation Acts Amendment Bill 2007 A Bill for an Act to amend the Duties Act 2000 and the Taxation Administration Act 1997 and for other purposes. The Parliament of Victoria enacts: PART 1--PRELIMINARY 1 Purpose The purpose of this Act is to-- (a) amend the Duties Act 2000 to clarify the 5 land rich duty provisions and the motor vehicle duty provisions; and (b) amend the Taxation Administration Act 1997 with respect to penalty tax reductions. 561042B.I-22/5/2007 1 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007 Part 1--Preliminary s. 2 2 Commencement This Act comes into operation on the day after the day on which it receives the Royal Assent. __________________ 561042B.I-22/5/2007 2 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007 Part 2--Duties Act 2000 s. 3 PART 2--DUTIES ACT 2000 3 Definition In section 3(1) of the Duties Act 2000, the See: Act No. definition of entitled is repealed. 79/2000. Reprint No. 5 as at 10 February 2006 and amending Act Nos 38/2006, 84/2006 and 86/2006. LawToday: www. legislation. vic.gov.au 5 4 What are interests and significant interests in landholders? In section 76(1) of the Duties Act 2000, for "a beneficial entitlement" substitute "an entitlement". 10 5 Who may acquire an interest? (1) After section 77(2) of the Duties Act 2000 insert-- "(2AA) Without limiting subsection (1), a person is taken to obtain an interest beneficially if the 15 person obtains the interest as trustee of a trust. (2AB) A trustee who holds or acquires an interest in a land rich landholder is to be treated as a separate person in respect of each trust of 20 which the trustee is a trustee and the personal capacity of the trustee, if any.". 561042B.I-22/5/2007 3 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007 Part 2--Duties Act 2000 s. 6 (2) Section 77(2B) of the Duties Act 2000 is repealed. (3) In section 77(2C) of the Duties Act 2000-- (a) for "For the purposes of section 79, an 5 acquisition" substitute "An acquisition"; (b) for "subsection (2A) or (2B)" substitute "subsection (2A)". 6 How duty is charged on relevant acquisitions (1) After section 83(1) of the Duties Act 2000 10 insert-- "(1A) If a relevant acquisition results from the aggregation of the interests acquired by-- (a) a person; or (b) an associated person; or 15 (c) any other person in an associated transaction-- a reference in subsection (1) to the interest acquired includes a reference to any interest acquired by those persons on the same day. 20 (1B) If the relevant acquisition is the acquisition of an interest by a person that amounts to a significant interest in the landholder when aggregated with other interests acquired by-- 25 (a) the person; or (b) an associated person; or (c) any other person in an associated transaction-- during the 3 years preceding the acquisition 30 of the interest by the person, duty is chargeable at the rate specified under this Act for a transfer of dutiable property on the 561042B.I-22/5/2007 4 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007 Part 2--Duties Act 2000 s. 7 aggregate of the amounts separately calculated in accordance with subsection (1) in respect of each of the interests that comprise the relevant acquisition.". 5 (2) After section 83(4) of the Duties Act 2000 insert-- "(5) In this section-- associated transaction has the same meaning as in section 79.". 10 7 Demonstrator vehicles For section 230(2)(a)(ii) of the Duties Act 2000 substitute-- "(ii) the use of the motor vehicle as a demonstrator vehicle; or". 15 8 Part heading substituted For the heading to Part 4 of Chapter 9 of the Duties Act 2000 substitute-- "PART 4--DUTY ON CHANGE OF USE". __________________ 561042B.I-22/5/2007 5 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007 Part 3--Taxation Administration Act 1997 s. 9 PART 3--TAXATION ADMINISTRATION ACT 1997 9 Reduction in penalty tax for voluntary disclosures See: (1) In sections 31(1) and 31(2) of the Taxation Act No. 40/1997. Administration Act 1997, for "the taxpayer 5 Reprint No. 3 discloses" substitute "the taxpayer voluntarily as at 1 January discloses". 2006 and (2) For section 31(3) of the Taxation amending Act No. Administration Act 1997 substitute-- 84/2006. LawToday: "(3) Subsection (1) or (2) (as the case requires) 10 www. does not apply in respect of information legislation. vic.gov.au disclosed by a taxpayer if the taxpayer is registered by the Commissioner under a taxation law and-- (a) the tax default involved the failure to 15 lodge a return and pay tax by the date required under that taxation law; or (b) in the case of a taxpayer who lodged a return by the due date that disclosed a liability to pay tax, the tax default 20 involved the failure to pay that tax by the date required under the taxation law.". __________________ 561042B.I-22/5/2007 6 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007 Part 4--Repeal of amending Act s. 10 PART 4--REPEAL OF AMENDING ACT 10 Repeal of Act This Act is repealed on the first anniversary of its commencement. 561042B.I-22/5/2007 7 BILL LA INTRODUCTION 22/5/2007
State Taxation Acts Amendment Bill 2007 Endnotes ENDNOTES By Authority. Government Printer for the State of Victoria. 561042B.I-22/5/2007 8 BILL LA INTRODUCTION 22/5/2007
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