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PARLIAMENT OF VICTORIA
State Taxation Acts (Further Miscellaneous
Amendments) Act 2003
Victorian Legislation and Parliamentary Documents
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
PART 2--DUTIES ACT 2000 3
3. Payment of duty on mortgages associated with debenture issues 3
4. Heading to Part 1 of Chapter 11 inserted 4
5. Part 2 of Chapter 11 inserted to replace section 250 5
PART 2--CORPORATE RECONSTRUCTIONS 5
Division 1--Corporate Reconstruction Exemption 5
250. What is a corporate group? 5
250A. What is an eligible transaction? 6
250B. Exemption for certain transactions arising out of
corporate reconstruction 6
250C. Conditions of exemption 7
250D. Revocation of exemption 8
Division 2--Tax Assessment, Penalty and Interest 9
250E. Part 5 of Taxation Administration Act 1997 not
applicable 9
250F. Joint and severable liability for duty, penalty and
interest 9
250G. Liability for duty 10
250H. Reassessment of duty 10
250I. Penalty for false or misleading application 10
250J. Penalty for failure to notify 11
250K. Remission of penalty 11
250L. Interest 11
250M. Remission of interest 12
6. New headings inserted in Chapter 11 12
i
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Clause Page
PART 3--TAXATION ADMINISTRATION ACT 1997 13
7. Permitted disclosures to particular persons 13
Victorian Legislation and Parliamentary Documents
8. Grounds for objection in case of reassessment 13
PART 4--LAND TAX ACT 1958 14
9. Definitions amended 14
10. Retirement village exemption 14
11. Principal place of residence exemption 15
12. Administrative powers 16
PART 5--FIRST HOME OWNER GRANT ACT 2000 17
Division 1--Eligibility Criteria and Eligible Transactions 17
13. Definition amended 17
14. When must eligibility criteria be complied with? 17
15. New section 8 substituted 17
8. Criterion 1--Applicant to be a natural person and at
least 18 years of age 17
16. Applicant eligible if previous grant paid back 18
17. Applicant (or applicant's partner) must not have had relevant
interest in residential property 18
18. New section 12 substituted 19
12. Criterion 5--Residence requirement 19
19. Eligible transactions 19
20. Payment in anticipation of compliance with residence
requirement 20
21. Death of applicant 20
Division 2--Miscellaneous Amendments 21
22. Interest payable on amount to be repaid and penalty 21
23. Power to recover amount paid in error etc. 21
24. New section 49A inserted 22
49A. Registering charge on land 22
ENDNOTES 24
ii
551114B.I1-16/10/2003 BILL LA CIRCULATION 16/10/2003
PARLIAMENT OF VICTORIA
Initiated in Assembly 14 October 2003
Victorian Legislation and Parliamentary Documents
A BILL
to make further miscellaneous amendments to the Duties Act 2000,
the Taxation Administration Act 1997, the Land Tax Act 1958 and
the First Home Owner Grant Act 2000 and for other purposes.
State Taxation Acts (Further
Miscellaneous Amendments) Act 2003
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to make further
miscellaneous amendments to the Duties Act
5 2000, the Taxation Administration Act 1997,
the Land Tax Act 1958 and the First Home
Owner Grant Act 2000.
551114B.I1-16/10/2003 BILL LA CIRCULATION 16/10/2003
1
State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 1--Preliminary
s. 2
2. Commencement
(1) This Act (other than Part 2 and Division 1 of
Victorian Legislation and Parliamentary Documents
Part 5) comes into operation on the day after the
day on which it receives the Royal Assent.
5 (2) Part 2 (other than section 3) and Division 1 of
Part 5 come into operation on 1 January 2004.
(3) Section 3 is deemed to have come into operation
on 16 August 2003.
__________________
2
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State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 2--Duties Act 2000
s. 3
PART 2--DUTIES ACT 2000
Victorian Legislation and Parliamentary Documents
3. Payment of duty on mortgages associated with
debenture issues
See:
(1) In section 172(1)(b) of the Duties Act 2000, Act No.
5 after "mortgage" insert "first executed before 79/2000.
Reprint No. 3
16 August 2003". as at
1 July 2003.
LawToday:
www.dms.
dpc.vic.
gov.au
(2) In section 172(2) of the Duties Act 2000--
(a) in paragraph (a), after "a mortgage" insert
"first executed before 16 August 2003";
10 (b) for paragraph (b) substitute--
"(b) a mortgage first executed before
16 August 2003 securing in part the
repayment of such money is not liable
to mortgage duty in respect of advances
15 arising from debentures subscribed for
before 16 August 2003.".
(3) After section 172(3) of the Duties Act 2000
insert--
"(3A) The obligation to lodge a statutory
20 declaration in accordance with sub-
section (3) ceases after July 2003.
(3B) The corporation and the trustee must lodge
with the Commissioner a statutory
declaration on or before 1 July 2004 setting
25 out, in the following categories, the total
amount subscribed for in Victoria in respect
of the corporation's debentures during the
period commencing on and including 1 July
2003 and ending on 15 August 2003 (but not
30 including amounts repayable at call or in less
3
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State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 2--Duties Act 2000
s. 4
than 30 days) and to pay duty in the
following amounts--
Victorian Legislation and Parliamentary Documents
Money repayable at or $0.40 for every
after the expiration of $2000, or part
not less than 30 days
and not more than
3 months
Money repayable at or $0.80 for every
after the expiration of $2000, or part
not less than 3 months
and not more than
6 months
Money repayable at call after a specified
period is taken to be money repayable at the
5 expiration of that period.
(3C) A mortgage referred to in sub-section (2)(b)
is taken to be duly stamped for the amount
disclosed in a statutory declaration referred
to in sub-section (3) or (3B).
10 (3D) Any further advance in respect of
subscriptions made on or after 16 August
2003 is subject to duty under section 154.".
4. Heading to Part 1 of Chapter 11 inserted
After the heading to Chapter 11 of the Duties Act
15 2000 insert--
"PART 1--SECURITY FOR PAYMENT OF
TAX".
4
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State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 2--Duties Act 2000
s. 5
5. Part 2 of Chapter 11 inserted to replace section 250
For section 250 of the Duties Act 2000
Victorian Legislation and Parliamentary Documents
substitute--
'PART 2--CORPORATE RECONSTRUCTIONS
5 Division 1--Corporate Reconstruction
Exemption
250. What is a corporate group?
(1) In this Part, if a corporation, either directly
or indirectly--
10 (a) holds at least 90% of the beneficial
ownership of another corporation; and
(b) has the ability to cast, or to control the
casting of, at least 90% of the
maximum number of votes that may be
15 cast at a general meeting of the other
corporation--
the corporations constitute a corporate group
and each is a member of that group.
(2) In this Part, if one or more corporations
20 beneficially own in aggregate at least 90% of
a unit trust scheme, the shares and units of
which are traded as stapled securities on the
Australian Stock Exchange or a recognised
stock exchange, the corporations and the unit
25 trust scheme constitute a corporate group and
each is a member of that group.
(3) Nothing in this Part applies to a corporation
to the extent that it is a trustee of a
discretionary trust.
5
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Act No.
Part 2--Duties Act 2000
s. 5
250A. What is an eligible transaction?
In this Part--
Victorian Legislation and Parliamentary Documents
"eligible transaction" means any of the
following that occurs on or after
5 1 January 2004--
(a) a transfer of dutiable property
from one member of a corporate
group to another member of the
group; or
10 (b) a vesting of dutiable property by,
or as a consequence of, a court
order where the property was held
by one member of a corporate
group and is vested in another
15 member of the group; or
(c) an application to register a motor
vehicle as a result of a transfer of
the vehicle from one member of a
corporate group to another
20 member of the group; or
(d) a dutiable transaction to which
section 14 applies between
members of a corporate group; or
(e) a relevant acquisition to which
25 section 80 applies by a member of
a corporate group from another
member of the group.
250B. Exemption for certain transactions arising
out of corporate reconstruction
30 (1) A member of a corporate group may apply to
the Commissioner for an exemption under
this Part.
6
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Act No.
Part 2--Duties Act 2000
s. 5
(2) The Commissioner must grant an exemption
from duty under this Act on an instrument or
transfer of dutiable property if the
Victorian Legislation and Parliamentary Documents
Commissioner is satisfied that--
5 (a) the instrument or transfer is, or arises
out of, an eligible transaction; and
(b) the eligible transaction does not arise
from arrangements or a scheme devised
for the principal purpose of taking
10 advantage of the benefit of this section;
and
(c) the conditions of the exemption, if any,
will be met by the applicant.
(3) If duty under this Act has been paid on an
15 eligible transaction, the Commissioner must
refund any duty paid that, by reason of the
exemption, is not payable.
(4) The Minister must, before 31 October in
each year, cause to be laid before each House
20 of the Parliament a report of exemptions
granted and refunds made under this Part in
the preceding financial year, including--
(a) the name of each member of a
corporate group that has had the benefit
25 of an exemption or refund; and
(b) the amount of duty that would have
been chargeable but for the exemption
and the amount of any refund.
250C. Conditions of exemption
30 (1) An exemption granted under this Part is
subject to any conditions specified by the
Commissioner.
(2) If an exemption is granted under this Part,
the conditions of the exemption are binding
35 on each member of the corporate group.
7
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2003
Act No.
Part 2--Duties Act 2000
s. 5
250D. Revocation of exemption
(1) The Commissioner may revoke an
Victorian Legislation and Parliamentary Documents
exemption granted under this Part if--
(a) the members of the corporate group do
5 not remain members of the group for a
period of at least 3 years commencing
immediately after the day on which the
transaction occurred in respect of which
the exemption was granted; or
10 (b) the instrument or transfer of dutiable
property is not, or does not arise out of,
an eligible transaction; or
(c) a change of circumstances results in the
transaction in respect of which the
15 exemption was granted no longer being
an eligible transaction; or
(d) the exemption was granted based on
false or misleading information in a
material particular provided by the
20 corporate group to the Commissioner;
or
(e) the eligible transaction arises from
arrangements or a scheme devised for
the principal purpose of taking
25 advantage of the benefit of section
250B.
(2) Sub-section (1)(a) does not apply if the
Commissioner is satisfied that a corporation
or unit trust scheme that was a member of
30 the corporate group on the day on which the
transaction occurred in respect of which the
exemption was granted ceases to be a
member of the group by virtue of--
(a) a public float that occurred within
35 12 months after the day on which the
transaction occurred; or
8
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State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 2--Duties Act 2000
s. 5
(b) its liquidation, deregistration or, in the
case of a unit trust scheme, winding up.
Victorian Legislation and Parliamentary Documents
(3) In this section--
"public float" means a share float or a
5 public unit trust scheme--
(a) the shares or units of which are
quoted on the Australian Stock
Exchange or a recognised stock
exchange and are offered to the
10 public generally; and
(b) of which the issue of the shares or
units to the public does not give
any person and their related
persons a combined beneficial
15 interest in the floated entity
greater than 20%; and
(c) that is not part of a scheme for the
purpose of minimising duty
otherwise payable under this Act.
20 Division 2--Tax Assessment, Penalty and
Interest
250E. Part 5 of Taxation Administration Act
1997 not applicable
If an exemption under this Part is revoked,
25 Part 5 of the Taxation Administration Act
1997 does not apply to any tax default
occurring as a result of the revocation.
250F. Joint and severable liability for duty,
penalty and interest
30 If an exemption under this Part is revoked,
each corporation or unit trust scheme that
was a member of the group when the
exemption was granted or is a member of the
9
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State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 2--Duties Act 2000
s. 5
group when the exemption is revoked, is
jointly and severally liable for payment of--
Victorian Legislation and Parliamentary Documents
(a) the duty payable; and
(b) any penalty or interest under this
5 Division.
250G. Liability for duty
If an exemption under this Part is revoked--
(a) liability for duty in relation to the
instrument or transfer of dutiable
10 property arises when the dutiable
transaction occurred; and
(b) the duty is payable on or before the day
specified by the Commissioner in the
notice of reassessment.
15 250H. Reassessment of duty
(1) A reassessment under section 9(3)(c) of the
Taxation Administration Act 1997 of duty
following a revocation of an exemption
under this Part is authorised if more than
20 3 years have passed since the initial
assessment was made.
(2) A notice of reassessment served following
the revocation of an exemption under this
Part must specify any interest or penalty
25 payable in respect of the revocation.
250I. Penalty for false or misleading application
(1) If an exemption in relation to an instrument
or transfer of dutiable property was granted
based on false or misleading information in a
30 material particular provided by the corporate
group to the Commissioner, the taxpayer is
liable to pay a penalty in addition to the
amount of duty unpaid.
10
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State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 2--Duties Act 2000
s. 5
(2) The amount of penalty payable under sub-
section (1) is 75% of the amount of the duty.
Victorian Legislation and Parliamentary Documents
250J. Penalty for failure to notify
(1) If a corporate group, within 28 days after a
5 change of circumstance that results in the
Commissioner revoking the exemption under
this Part, fails to notify the Commissioner in
the form of a statutory declaration of that
change of circumstance, the taxpayer is
10 liable to pay a penalty in addition to the
amount of duty unpaid.
(2) The amount of penalty payable under sub-
section (1) is 25% of the amount of the duty.
250K. Remission of penalty
15 The Commissioner, in such circumstances as
the Commissioner considers appropriate,
may remit a penalty under this Division by
any amount.
250L. Interest
20 (1) If the Commissioner revokes an exemption
granted under this Part, the taxpayer is liable
to pay interest on the duty payable in relation
to the instrument or transfer of dutiable
property calculated on a daily basis from the
25 end of the relevant day until the day the duty
is paid.
(2) The rate of interest for the purposes of sub-
section (1) is the interest rate from time to
time applying under Division 1 of Part 5 of
30 the Taxation Administration Act 1997.
(3) In this section--
"relevant day" means the day that is
3 months after the day on which the
transaction occurred in respect of which
35 the exemption was granted.
11
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State Taxation Acts (Further Miscellaneous Amendments) Act
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Act No.
Part 2--Duties Act 2000
s. 6
250M. Remission of interest
The Commissioner, in such circumstances as
Victorian Legislation and Parliamentary Documents
the Commissioner considers appropriate,
may remit interest payable under this
5 Division by any amount.'.
6. New headings inserted in Chapter 11
In the Duties Act 2000--
(a) before section 251 insert--
"PART 3--MANAGED INVESTMENT
10 SCHEMES";
(b) before section 251A insert--
"PART 4--MORTGAGE-BACKED
SECURITIES".
__________________
12
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State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 3--Taxation Administration Act 1997
s. 7
PART 3--TAXATION ADMINISTRATION ACT 1997
Victorian Legislation and Parliamentary Documents
7. Permitted disclosures to particular persons
See:
In section 92(e) of the Taxation Administration Act No.
Act 1997-- 40/1997.
Reprint No. 2
5 (a) in sub-paragraph (v), after "Auditor- as at
13 September
General;" insert "or"; 2001 and
amending Act
(b) after sub-paragraph (v) insert-- No. 79/2001.
LawToday:
"(va) the Director of Fair Trading; or www.dms.
dpc.vic.
(vb) a member of the Australian Federal gov.au
10 Police; or".
8. Grounds for objection in case of reassessment
For section 97(2) of the Taxation
Administration Act 1997 substitute--
"(2) The grounds for the objection, in the case of
15 a reassessment, may only relate to tax
liabilities specified in the reassessment to the
extent that they are additional to, or greater
than, those under the previous assessment.".
__________________
13
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State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 4--Land Tax Act 1958
s. 9
PART 4--LAND TAX ACT 1958
Victorian Legislation and Parliamentary Documents
9. Definitions amended
See: In section 3(1) of the Land Tax Act 1958--
Act No.
6289.
(a) in the definition of "business of primary
Reprint No. 12
5 production", in paragraph (a), after
as at
13 June 2002
"cultivation" insert "(whether in a natural,
and
processed or converted state)";
amending Act
No. 59/2003.
(b) in the definition of "land or lands used for
LawToday:
www.dms.
primary production", in paragraph (a), after
dpc.vic.
10 "such cultivation" insert "(whether in a
gov.au
natural, processed or converted state)";
(c) in the definition of "retirement village", after
"occupied" insert ", or available for
occupation,".
15 10. Retirement village exemption
(1) For section 9(1)(j) of the Land Tax Act 1958
substitute--
"(j) land which is occupied, or currently
available for occupation, as a retirement
20 village--".
(2) For sections 9(2AA) and 9(2AB) of the Land Tax
Act 1958 substitute--
"(2AA) If the Commissioner is satisfied that
part only of land is land to which sub-
25 section (1)(j) applies--
(a) land tax is assessable on the
remaining part of the land, unless
an exemption (other than sub-
section (1)(j)) applies to the
30 remaining part; and
(b) section 3A applies, if necessary,
for that purpose.".
14
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State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 4--Land Tax Act 1958
s. 11
11. Principal place of residence exemption
(1) In section 13AA(1) of the Land Tax Act 1958
Victorian Legislation and Parliamentary Documents
insert the following definition--
' "acceptable delay" means a delay in the
5 commencement or completion of a building
or other work necessary to enable the
intended use and occupation of the land to
become its actual use and occupation that is
due to reasons beyond the control of the
10 owner or trustee;'.
(2) After section 13E(2) of the Land Tax Act 1958
insert--
"(2A) The Commissioner may extend the period of
operation of sub-section (1) beyond the
15 period referred to in sub-section (2) for a
further period of not more than 2 years in
any particular case if the Commissioner is
satisfied that there has been an acceptable
delay in that case.".
20 (3) After section 13H(3) of the Land Tax Act 1958
insert--
'(3A) If--
(a) an owner or trustee is entitled under
sub-section (3) to a refund of tax in
25 respect of the first year preceding the
tax year referred to in that sub-section
("the first year") in respect of land; and
(b) the owner or trustee was assessed for
and paid tax in respect of that land in
30 respect of the year or 2 years
immediately preceding the first year;
and
15
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Act No.
Part 4--Land Tax Act 1958
s. 12
(c) the owner or trustee was not entitled to
an exemption under this Part in respect
of any other land in respect of the year
Victorian Legislation and Parliamentary Documents
or years referred to in paragraph (b)--
5 the Commissioner may refund to the owner
or trustee the tax paid in respect of the year
or years referred to in paragraph (b) in a
particular case if the Commissioner is
satisfied that there has been an acceptable
10 delay in that case.'.
(4) In section 13H(4) of the Land Tax Act 1958, for
"(2) and (3)" substitute "(2), (3) and (3A)".
12. Administrative powers
After section 72(4) of the Land Tax Act 1958
15 insert--
'(5) In sub-section (4)--
"premises" includes land, a vehicle, a vessel
and an aircraft.'.
__________________
16
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State Taxation Acts (Further Miscellaneous Amendments) Act
2003
Act No.
Part 5--First Home Owner Grant Act 2000
s. 13
PART 5--FIRST HOME OWNER GRANT ACT 2000
Victorian Legislation and Parliamentary Documents
Division 1--Eligibility Criteria and Eligible Transactions
13. Definition amended
See:
In section 3(1) of the First Home Owner Grant Act No.
5 Act 2000, in the definition of "residence 5/2000 and
amending Act
requirement", for "within 12 months" substitute Nos 42/2000,
"for a continuous period of at least 6 months 10/2001 and
27/2001.
commencing within the 12 month period LawToday:
immediately". www.dms.
dpc.vic.
gov.au
10 14. When must eligibility criteria be complied with?
In section 7(1)(a) of the First Home Owner
Grant Act 2000, after "criteria" insert "at the
time that the transaction for which the grant is
sought is completed".
15 15. New section 8 substituted
For section 8 of the First Home Owner Grant
Act 2000 substitute--
"8. Criterion 1--Applicant to be a natural
person and at least 18 years of age
20 (1) An applicant for a first home owner grant
must be--
(a) a natural person; and
(b) at least 18 years of age.
(2) The Commissioner may exempt an applicant
25 from the requirement in sub-section (1)(b) if
the Commissioner is satisfied that--
(a) the home to which the application
relates will be occupied by the
applicant as his or her principal place of
30 residence for a continuous period of at
17
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Act No.
Part 5--First Home Owner Grant Act 2000
s. 16
least 6 months commencing within the
12 month period immediately after
completion of the eligible transaction or
Victorian Legislation and Parliamentary Documents
within a longer period approved by the
5 Commissioner; and
(b) the application does not form part of a
scheme to circumvent limitations on, or
requirements affecting, eligibility for or
entitlement to a first home owner
10 grant.".
16. Applicant eligible if previous grant paid back
In section 10(2) of the First Home Owner Grant
Act 2000 omit "under the conditions on which the
grant was made".
15 17. Applicant (or applicant's partner) must not have
had relevant interest in residential property
For section 11(3) of the First Home Owner
Grant Act 2000 substitute--
"(3) An applicant is ineligible if, before the
20 commencement date of the relevant
transaction, the applicant, or the applicant's
partner--
(a) held a relevant interest in residential
property in Victoria or an interest in
25 residential property in another State or
Territory that is a relevant interest
under the corresponding law of that
State or Territory; and
(b) occupied the property as a place of
30 residence for a continuous period of at
least 6 months.".
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Act No.
Part 5--First Home Owner Grant Act 2000
s. 18
18. New section 12 substituted
For section 12 of the First Home Owner Grant
Victorian Legislation and Parliamentary Documents
Act 2000 substitute--
"12. Criterion 5--Residence requirement
5 (1) An applicant for a first home owner grant
must occupy the home to which the
application relates as the applicant's principal
place of residence for a continuous period of
at least 6 months (or the lesser period
10 approved by the Commissioner)
commencing within the 12 month period
immediately after completion of the eligible
transaction or within a longer period
approved by the Commissioner.
15 (2) The Commissioner may approve a lesser
period of occupation under sub-section (1) if
the Commissioner is satisfied that there are
good reasons why the applicant cannot
comply with the requirement to occupy the
20 home for 6 months.
(3) If an application is made by joint applicants
and at least one (but not all) of the applicants
complies with the residence requirement, the
non-complying applicant or applicants are
25 exempted from compliance with the
residence requirement.".
19. Eligible transactions
(1) For section 13(5)(a)(i) of the First Home Owner
Grant Act 2000 substitute--
30 "(i) the purchaser (or a nominee of the purchaser)
becomes entitled to possession of the home
under the contract; and".
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Act No.
Part 5--First Home Owner Grant Act 2000
s. 20
(2) After section 13(7) of the First Home Owner
Grant Act 2000 insert--
Victorian Legislation and Parliamentary Documents
'(8) For the purposes of this Part, if--
(a) a purchaser under a contract for the
5 purchase of a home nominates another
person (the "nominee") as purchaser;
and
(b) the nominee provides valuable
consideration for the purchase to the
10 vendor--
the contract for the purchase of the home is
taken to be an eligible transaction in relation
to the nominee, whether or not the nominee
is a party to that contract.'.
15 20. Payment in anticipation of compliance with
residence requirement
In section 20(1) of the First Home Owner Grant
Act 2000, for "within 12 months after completion
of the eligible transaction or" substitute "for a
20 continuous period of at least 6 months
commencing within the 12 month period
immediately after completion of the eligible
transaction or within".
21. Death of applicant
25 For section 22(3) of the First Home Owner
Grant Act 2000 substitute--
"(3) If a deceased applicant for a first home
owner grant had not, by the date of death,
occupied the home to which the application
30 relates as the applicant's principal place of
residence for a continuous period of 6
months commencing within the 12 month
period immediately after completion of the
eligible transaction or a longer period
35 allowed by the Commissioner, but the
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Part 5--First Home Owner Grant Act 2000
s. 22
Commissioner is satisfied that the applicant
intended to do so, the residence requirement
is satisfied.".
Victorian Legislation and Parliamentary Documents
Division 2--Miscellaneous Amendments
5 22. Interest payable on amount to be repaid and penalty
After section 48(3) of the First Home Owner
Grant Act 2000 insert--
"(4) An amount or penalty under this section is
payable by the date specified in the notice.
10 (5) An applicant (or former applicant) is liable to
pay interest on any unpaid--
(a) amount that is required to be repaid to
the Commissioner under sub-section
(1); or
15 (b) penalty imposed under sub-section (2)
or (3)--
calculated on a daily basis from the end of
the last day for payment until the day it is
paid at the interest rate from time to time
20 applying under Division 1 of Part 5 of the
Taxation Administration Act 1997.
(6) The Commissioner, in such circumstances as
the Commissioner considers appropriate,
may remit interest payable by an applicant
25 (or former applicant) under this section by
any amount.".
23. Power to recover amount paid in error etc.
In section 49(3) of the First Home Owner Grant
Act 2000, for "applicant's interest in that home"
30 substitute "land to which the home is affixed".
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s. 24
24. New section 49A inserted
After section 49 of the First Home Owner Grant
Victorian Legislation and Parliamentary Documents
Act 2000 insert--
"49A. Registering charge on land
5 (1) If, under section 49(3), there is a first charge
on land, the Commissioner may deposit with
the Registrar of Titles a certificate signed by
the Commissioner stating that--
(a) the amount stated in the certificate is
10 owing in relation to the charge on the
land; and
(b) there is a charge on the land under
section 49(3).
(2) The Registrar of Titles must make a
15 recording in the Register of the certificate
referred to in sub-section (1).
(3) The Commissioner must, as soon as
practicable after payment of the amount to
which section 49 applies, deposit with the
20 Registrar of Titles--
(a) a request to make a recording in the
Register of the discharge of the charge;
and
(b) a certificate signed by the
25 Commissioner stating that the amount
owing in relation to the charge on the
land has been paid.
(4) The Registrar of Titles must make a
recording in the Register of the discharge of
30 the charge.
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Part 5--First Home Owner Grant Act 2000
s. 24
(5) The Commissioner may, by written notice,
require an applicant (or former applicant) for
a first home owner grant who holds a
Victorian Legislation and Parliamentary Documents
relevant interest in relation to which there is
5 a charge, to pay the amount of any fees paid
by the Commissioner for the recording, or
discharge, of the charge.
(6) An amount required to be paid under sub-
section (5) must be paid by the applicant (or
10 former applicant) within 28 days after the
date on which the notice is given to the
applicant (or former applicant).".
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Endnotes
ENDNOTES
Victorian Legislation and Parliamentary Documents
By Authority. Government Printer for the State of Victoria.
24
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