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STATE TAXATION ACTS FURTHER AMENDMENT ACT 2008 (NO. 84 OF 2008) - SECT 3

Definitions

See:
Act No.
79/2000.
Reprint No. 6
as at
25 July 2007
and amending
Act Nos
12/2008 and 31/2008.
LawToday:
www.
legislation.
vic.gov.au

    (1)     Insert the following definitions in section 32A of the Duties Act 2000

""excluded costs" means—

        (a)     legal costs or other fees or charges, including reasonable selling agents' fees and any statutory fees or charges;

        (b)     survey or valuation payments;

        (c)     GST other than in circumstances where an input tax credit or reduced input tax credit is available;

        (d)     any other costs that, in the Commissioner's opinion, were reasonably incurred—

              (i)     if the subsequent purchaser obtained the transfer right from the first purchaser—by the first purchaser as part of the sale contract;

              (ii)     if the subsequent purchaser obtained the transfer right from another subsequent purchaser—by that other subsequent purchaser or an associate of that other subsequent purchaser in order for that other subsequent purchaser to obtain a transfer right;

"first purchaser"—

        (a)     for the purposes of Division 2, has the meaning given in section 32B(1)(a);

        (b)     for the purposes of Division 3, has the meaning given in section 32I(1)(a);

        (c)     for the purposes of Division 4, has the meaning given in section 32P(1)(a);

"subsequent purchaser"—

        (a)     for the purposes of Division 2, has the meaning given in section 32B(1)(b);

        (b)     for the purposes of Division 3, has the meaning given in section 32I(1)(b);

        (c)     for the purposes of Division 4, has the meaning given in section 32P(1)(b);

"subsequent transaction"—

        (a)     for the purposes of Division 2, has the meaning given in section 32B(3);

        (b)     for the purposes of Division 3, has the meaning given in section 32I(3);

        (c)     for the purposes of Division 4, has the meaning given in section 32P(3);

"transfer right"—

        (a)     for the purposes of Division 2, has the meaning given in section 32B(1)(b);

        (b)     for the purposes of Division 3, has the meaning given in section 32I(1)(b);

        (c)     for the purposes of Division 4, has the meaning given in section 32P(1)(b).".

    (2)     In paragraph (b)(ii) of the definition of option in section 32A of the Duties Act 2000 , for "owner." substitute "owner;".

    (3)     At the end of section 32A of the Duties Act 2000 insert

    "(2)     For the purposes of this Part—

        (a)     if a person who has a transfer right obtains an increased transfer right by a subsequent transaction, the person is a subsequent purchaser in relation to that subsequent transaction only to the extent of the increase in the transfer right;

        (b)     if, by a subsequent transaction, a person retains a transfer right and another person obtains a transfer right, that other person is a subsequent purchaser in relation to that subsequent transaction only to the extent of the transfer right obtained by that other person.".



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