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STATE TAXATION ACTS (GENERAL AMENDMENT) ACT 2005 (NO 36 OF 2005) - SECT 22

Transitional provisions

In Schedule 2 to the Duties Act 2000 , after clause 20 insert

        '21.     State Taxation Acts (General Amendment) Act 2005

    (1)     Subject to sub-clause (2)—

        (a)     Part 4A of Chapter 2 applies to a transfer resulting from a sale contract that was entered into, or an option that was granted, on or after the commencement day;

        (b)     section 31, as in force immediately before the commencement day, continues to apply on and after that day to a transfer resulting from an agreement (within the meaning of that section) that was entered into before that day.

    (2)     If each person who would be liable for duty under section 31 because of sub-clause (1)(b) in respect of a transfer of dutiable property notifies the Commissioner in writing, those persons may elect to have their liability for duty under this Act in respect of the transfer determined in accordance with Part 4A of Chapter 2 instead of section 31.

    (3)     The Commissioner and each person who notifies the Commissioner under sub-clause (2) is bound by an election under that sub-clause.

    (4)     Despite its repeal, section 49, as in force immediately before the commencement day, continues to apply on and after that day to a distribution of the assets of a company because of the reduction of the capital of the company if the resolution for the transactions affecting the capital (or a copy of it) was lodged with the Australian Securities and Investments Commission in compliance with Chapter 2J of the Corporations Act before the commencement day.

    (5)     Despite its repeal, section 50, as in force immediately before the commencement day, continues to apply on and after that day to a distribution of the assets of a company because of the winding up of the company if—

        (a)     in the case of a voluntary winding up—the resolution for the winding up was passed in compliance with Chapter 5 of the Corporations Act before the commencement day;

        (b)     in the case of a winding up by the court—the order for the winding up was made before the commencement day.

    (6)     Despite its repeal, section 234, as in force immediately before the commencement day, continues to apply on and after that day to a distribution of the assets of a company because of the winding up or the reduction of the capital of the company if—

        (a)     in the case of a voluntary winding up—the resolution for the winding up was passed in compliance with Chapter 5 of the Corporations Act before the commencement day;

        (b)     in the case of a winding up by the court—the order for the winding up was made before the commencement day;

        (c)     in the case of a reduction of capital—the resolution for the transactions affecting the capital (or a copy of it) was lodged with the Australian Securities and Investments Commission in compliance with Chapter 2J of the Corporations Act before the commencement day.

    (7)     In this clause—

"commencement day" means the day after the day on which the State Taxation Acts (General Amendment) Act 2005 receives the Royal Assent.'.

__________________

See:
Act No.
5/2000.
Reprint No. 1
as at
1 January 2004
and amending
Act Nos
46/2004 and 71/2004.
LawToday:
www.dms.
dpc.vic.
gov.au



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