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This is a Bill, not an Act. For current law, see the Acts databases.
TREASURY LEGISLATION AMENDMENT BILL 2002
2002
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Treasury
Legislation Amendment Bill 2002
Contents
Page
2002
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Treasury Legislation
Amendment Bill 2002
A Bill for
An Act to amend certain laws relating to taxation, and for other
purposes
The Legislative Assembly for the Australian Capital Territory enacts as
follows:
This Act is the Treasury Legislation Amendment Act 2002.
(1) This Act, other than the provisions mentioned in subsections (2) to
(4), commences on the day after its notification day.
(2) Part 2 and section 27 commence on 1 July 2002.
(3) Parts 3 and 4 and sections 26, 28 and 29 commence on 16 July
2002.
(4) Part 5 is taken to have commenced on 1 September 2001.
Part
2 Taxation Administration Act
1999
This part amends the Taxation Administration Act 1999.
4 Definitions
for ActSection 3, definition of market
rate component
substitute
market rate component, in relation to interest for a
day—see section 26 (2).
5 Interest
rateSection 26 (2) and
(3)
substitute
(2) The market rate component for a day is—
(a) if a determination of a rate is, under section 139 (1) (b)
(Determination of amounts payable under tax laws), in force for this paragraph
for the day—the determined rate; or
(b) if paragraph (a) does not apply—the monthly 90-day bank bill
rate worked out in accordance with the table and rounded to the 2nd decimal
place (with 0.005 rounded to 0.01).
Table
If the day is....
|
the monthly 90-day bank bill rate
is....
|
in the 1st 6 months of a year
|
(a) if, before 1 January of the year, the monthly 90-day bank bill rate
for the previous November had been published—that rate;
or
(b) if paragraph (a) does not apply—the last monthly 90-day bank
bill rate published before 1 January of the year.
|
in the 2nd 6 months of a year
|
(a) if, before 1 July of the year, the monthly 90-day bank bill rate for
the previous May had been published—that rate;
or
(b) if paragraph (a) does not apply—the last monthly 90-day bank
bill rate published before 1 July of the year.
|
substitute
(5) In this section:
monthly 90-day bank bill rate means the monthly average yield
of 90-day bank accepted bills published by the Reserve Bank of Australia for a
particular month.
renumber subsections when Act next republished under the Legislation Act
2001
Part
3 Rates and Land Tax Act
1926
This part amends the Rates and Land Tax Act 1926.
substitute
22 Recovery of rates
(1) The following amounts are amounts owing to the Territory by the owner
of a parcel:
(a) the amount of unpaid overdue rates;
(b) interest worked out in accordance with this section;
(c) the costs and expenses reasonably incurred by the Territory in
attempting to recover an amount payable under this subsection.
Note The Legislation Act 2001, s 177 (Recovery of amounts
owing under laws) provides that an amount owing by a person to another person
may be recovered as a debt in a court of competent jurisdiction.
(2) The interest payable is worked out—
(a) for each month during which, or during a part of which, an amount
mentioned in subsection (1) remains unpaid; and
(b) on the first day of that month; and
(c) at the interest rate applying to that day; and
(d) on the total of the amounts mentioned in subsection (1) that are
unpaid on a day when the interest is worked out.
(3) The Minister may, in writing, determine an interest rate for this
section.
(4) A determination under subsection (3) is a disallowable
instrument.
Note A disallowable instrument must be notified, and presented to
the Legislative Assembly, under the Legislation Act 2001.
(5) For subsection (2) (c), the interest rate applying to a day
is—
(a) if a determination under subsection (3) provides for an interest rate
for the day—the rate provided under the determination for the day;
or
(b) if paragraph (a) does not apply—the interest rate applying under
the Taxation Administration Act 1999, division 5.1 (Interest) to the
day.
Note The Taxation Administration Act 1999, s 26 (Interest
rate), sets out the interest rate applying to any day for div 5.1 of that
Act.
(6) If a court enters judgment for an amount of rates, whether the
judgment is only for the amount of rates or includes other amounts, the rates do
not cease, for this section, to be unpaid rates only because of the entry of the
judgment.
(7) If interest is payable on a judgment debt for an amount of rates owing
under subsection (1) (a), or for an amount that includes an amount of such
rates, the amount of interest payable under subsection (1) (b) on those rates is
reduced—
(a) for a judgment for an amount of rates—by the amount of interest
payable on the judgment; or
(b) for a judgment for an amount that includes an amount of rates—by
an amount equal to the proportion of the judgment interest attributable to the
rates.
(8) If an amount worked out under this section contains a fraction of a
cent, the amount must be rounded to the nearest cent, with 0.5 cent being
disregarded.
(9) In this section:
due date, for rates for a parcel, means—
(a) the date specified in an assessment notice for the parcel as the date
by which the rates may be paid in full; or
(b) an instalment day.
Note Section 14 (Assessment of rates) deals with assessment
notices.
overdue rates, for a parcel, means rates that have become
payable, but have not been paid, by the due date.
Note Section 15 (Payment of rates) deals with when rates become
payable.
10 Payment
by ratepayer’s debtorSection 22AAA
(11), definition of rates, paragraph (a)
omit
22 (3)
substitute
22 (1)
11 Interest
on refundNew section 28B
(3)
insert
(3) If no rate is determined under subsection (1) (a) for a day for which
a calculation is to be made under subsection (1) (b), the interest rate applying
to the day is the market rate component applying under the Taxation
Administration Act 1999, section 26 (Interest rate) to the day.
12 Review
of interest decisionSection 30 (5)
(a)
substitute
(a) is worked out at the rate applying under section 28B (Interest on
refund); and
Part
4 Rates and Land Rent (Relief) Act
1970
This part amends the Rates and Land Rent (Relief) Act
1970.
14 Interpretation
for pt 2Section 2B (3)
omit
under section 4 (3) or section 16.
substitute
under section 4 (Effect of making a determination) or 16 (Interest payable
on amount after revocation of determination).
substitute
3 Deferral of rent and rates
16 Effect
of making a determinationSection 4
(3)
substitute
(3) A person whose obligation to pay an amount is deferred because of the
making of a determination must pay interest on the amount at the rate applying
under section 23 (Interest rate).
(4) Interest is payable on an amount from the date of deferral of the
obligation to pay the amount until the day when the amount is paid or the
determination is revoked.
omit everything before paragraph (a), substitute
(5) For subsection (4), the date of deferral of an amount of rent or rates
is—
substitute
16 Interest payable on amount after revocation of
determination
If, on the revocation of a determination, a person to whom a determination
relates does not pay an amount owing to the Territory under this Act, the person
must pay to the Territory interest on the unpaid part of the amount at the rate
applying under section 23 (Interest rate).
19 Remission
of interestSection 17
omit
under section 4 (3) or section 16.
substitute
under section 4 (Effect of making a determination) or 16 (Interest payable
on amount after revocation of determination).
substitute
23 Interest rate
(1) The Minister may, in writing, determine a rate at which interest is
payable on an amount—
(a) deferred because of the making of a determination under section 3
(Deferral of rent and rates); or
(b) unpaid after the date of revocation of a determination.
(2) A determination under subsection (1) is a disallowable
instrument.
Note A disallowable instrument must be notified, and presented to
the Legislative Assembly, under the Legislation Act 2001.
(3) If, for a day for which interest is payable on an amount mentioned in
subsection (1) (a), no interest rate has been determined under subsection (1),
interest is payable on the amount for the day at the market rate component
applying under the Taxation Administration Act 1999, section 26 (Interest
rate) to the day.
(4) If, for a day for which interest is payable on an amount mentioned in
subsection (1) (b), no interest rate has been determined under subsection (1),
interest is payable on the amount for the day at a rate equal to the interest
rate applying under the Taxation Administration Act 1999, division 5.1
(Interest) to the day.
Note The Taxation Administration Act 1999, s 26 (Interest
rate), sets out the interest rate applying to any day for div 5.1 of that
Act.
21 ObjectionsSection
23B (1) (b)
omit
deferment
substitute
deferral
Part
5 Payroll Tax Act
1987
This part amends the Payroll Tax Act 1987.
23 Exemption
from tax—new startersSection 9A (2)
(a)
substitute
(a) recognised training; and
omit
substitute
(6) The Minister may, in writing, declare that approved training is not
recognised training.
(7) A declaration under subsection (6) is a disallowable
instrument.
Note A disallowable instrument must be notified, and presented to
the Legislative Assembly, under the Legislation Act 2001.
(8) In this section:
approved training means—
(a) training that is approved training for the Vocational Education and
Training Act 1995; or
(b) training for the purpose of enabling a person to become qualified in a
vocation that is a prescribed vocation for the Vocational Education and
Training Act 1995.
Note The Vocational Education and Training Act 1995, s 4 (1),
defines approved training and prescribed vocation
for that Act.
recognised training means approved training other than
training declared under subsection (6) not to be recognised
training.
26 Rates
and Land Rent (Relief) Regulations 1985
repeal
Rates and Land Rent (Relief) Regulations 1985 No 16
27 Instrument
under Taxation Administration Act 1999
repeal
Taxation Administration Act (Interest Rates) Order 2001 (No 1)
NI No 65
28 Instruments
under Rates and Land Tax Act 1926
repeal
Rates and Land Tax (Interest Rates) Determination 2001 (No 1)
DI No 342
Rates and Land Tax (Interest Rates) Determination 2001 (No 2)
DI No 343
29 Instrument
under Rates and Land Rent (Relief) Act 1970
repeal
Rates and Land Rent (Relief) (Interest Rates) Determination 2001 (No
1) NI No 66
Endnote
Republications of amended laws
1 For the latest republications of amended laws, see
www.legislation.act.gov.au.
© Australian Capital Territory
2002
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