REVENUE AND OTHER LEGISLATION AMENDMENT BILL 2010

An Act to amend legislation administered by the Treasurer and the Victims of Crime Assistance Act

Part VIII Transitional matters for Revenue and Other Legislation Amendment Act 2010

89A Senior, pensioner and carer concession
Part 8 Transitional matters for Revenue and Other Legislation Amendment Act 2010

102 Increase in first home owner concession and principal place of residence rebate and new senior, pensioner and carer concession

103 Extension of period for occupancy for entitlement to first home owner concession and principal place of residence rebate
56CAA Acquisition of interest by share transfer
104 Acquisition of interest by transfer of shares
3A Taxation law
56A Application of payment
Part 16 Transitional matters for Revenue and Other Legislation Amendment Act 2010

Part 9 Transitional matters for Revenue and Other Legislation Amendment Act 2010

An Act to amend legislation administered by the Treasurer and the Victims of Crime Assistance Act

This Act may be cited as the Revenue and Other Legislation Amendment Act 2010.

(1) Part 2 and Part 4, Divisions 1 and 2, are taken to have commenced on 4 May 2010.

(h) an interest as lessee or sublessee of the land under a registered lease or sublease granted under section 19 or 19A of the Aboriginal Land Rights (Northern Territory) Act 1976 (Cth) if the term of the lease is 15 years or more.

(d) an interest is not a relevant interest if the holder of the interest is the lessor or sublessor under a lease or sublease mentioned in section 5(2).

(8A) The consideration for an eligible transaction does not include rent given for a lease or sublease mentioned in section 5(2).

Part VIII Transitional matters for Revenue and Other Legislation Amendment Act 2010

amended, in relation to a specified provision, means the provision as in force on the commencement day.

commencement day means the day on which Part 3 of the Revenue and Other Legislation Amendment Act 2010 commences.

transitional period means a period mentioned in section 55(1)(b) or (2)(b).

transitional royalty year means a royalty year that commences before 1 July 2010 and ends after that date.

(1) The percentage of net value specified in amended section 10(1) applies in relation to:

(b) a period that commences on or after 1 July 2010 in a transitional royalty year.

(2) The percentage of net value specified in section 10(1), as in force immediately before the commencement day, applies in relation to:

If a transitional royalty year commences on 1 January 2010, the percentage of the net value for the period 1 January 2010 to 30 June 2010 is 18% and the percentage of the net value for the period 1 July 2010 to 31 December 2010 is 20%.

(3) For calculating the net value under amended section 10(2) in relation to each transitional period in a transitional royalty year, the amount of each element of the formula must be apportioned between the transitional periods:

(a) as agreed between the royalty payer and Secretary on or before 31 December 2010; or

(4) To avoid doubt, an apportionment under subsection (3) may apportion the whole of an amount to one of the transitional periods and none of the amount to the other transitional period.

Division 2 Amendments commencing on 4 May 2010
11 Amendment of section 56C (Interpretation)

(15) Subsection (16) applies to an acquisition of an interest in a corporation if all of the following conditions are satisfied:

(i) to enable the person (other than the corporation) from whom the interest is acquired to obtain finance under an arrangement (the finance arrangement), whether by way of renewal of the finance arrangement or otherwise;

(ii) to enable the person to obtain an extension of the period for which finance was obtained under the finance arrangement;

(i) the acquisition alone does not constitute a significant interest in the corporation;

(ii) an amount was deducted from the duty charged on a statement lodged under section 56K in relation to the acquisition under section 56M(2)(c)(ix).

(a) the person from whom the interest is acquired is taken to be still holding the interest; and

(17) Subsection (16) ceases to have effect in relation to the persons mentioned in that subsection at the earlier of the following:

(b) the person mentioned in subsection (16)(b) is required under section 56K(7) to relodge a statement.

(a) an amount is deducted from the duty chargeable on a statement prepared and lodged under subsection (1) for a relevant acquisition of an interest by a person in a corporation because of section 56M(2)(c)(ix); and

(b) it becomes apparent that neither of the following events will occur within 5 years after the relevant acquisition (or a longer period approved by the Commissioner in writing):

(ii) if the relevant acquisition was by way of a mortgage – the mortgagee exercising the mortgagee's power of sale in selling the interest to someone other than the person mentioned in subparagraph (i).

(7) The person mentioned in subsection (6)(a) must, within 30 days after it becomes apparent that the event mentioned in subsection (6)(b)(i) or (ii) will not occur within the 5 years or longer period mentioned in that subsection:

(b) pay duty (including interest and penalty tax) on the statement as if the deduction had never applied.

(8) The Commissioner may reassess duty on an instrument in relation to an acquisition, even though the time limit for reassessment under the Taxation Administration Act may have passed, if:

(a) the duty was assessed on the basis that an amount is to be deducted under section 56M(2)(c)(ix); but

(b) a statement is required to be relodged in relation to the acquisition under subsection (7) (whether or not the statement is in fact relodged).

(9) A person commits an offence if the person fails to comply with subsection (1), (2), (3), (5B) or (7).

(ix) the Commissioner is satisfied the acquisition is made only for any of the following purposes:

(A) to enable a person (other than the corporation) from whom the interest is acquired to obtain finance under an arrangement (the finance arrangement), whether by way of renewal of the finance arrangement or otherwise;

(B) to enable the person to obtain an extension of the period for which finance was obtained under the finance arrangement;

(C) to enable the person or someone providing finance to the person under the finance arrangement to enforce or terminate the finance arrangement;

(1) Section 88(1), definitions period for occupancy and relevant time

(3) Section 88(1), definition principal place of residence rebate, paragraph (b)

comprehensive home building contract, see section 3 of the First Home Owner Grant Act.

(a) if the home is built on the land at the relevant
time – 12 months after the date the conveyees become entitled to possession of the land under the conveyance; or

(b) if there is no home built on the land at the relevant time and the conveyees are owner builders of the home or have entered into a comprehensive home building contract for the home – the earlier of the following:

(i) 5 years after the date the conveyees become entitled to possession of the land;

(c) if there is no home built on the land at the relevant time and the conveyees have entered into an off-the-plan contract for the home – 12 months after the date the conveyees become entitled to possession of the land under the conveyance; or

(d) in any case – the longer period approved by the Commissioner under this Division.

(a) if one instrument effects or evidences the conveyance – the time when the instrument is executed; or

(b) if more than one instrument effects or evidences the conveyance – the time when the first of the instruments is executed.

conveyance includes the grant or transfer of a lease or sublease mentioned in section 5(2) of the First Home Owner Grant Act.

conveyee includes a lessee and sublessee under a lease or sublease mentioned in section 5(2) of the First Home Owner Grant Act.

senior, pensioner and carer concession means a concession from the payment of duty on a conveyance of land equal to the lesser of the following:

(i) the conveyee or conveyees will occupy a home on the land or to be built on the land as their principal place of residence for the prescribed period commencing within the period for occupancy; and

(3A) The Commissioner may reassess duty on the conveyance even though the time limit for reassessment under the Taxation Administration Act has passed if the conveyee or conveyees would otherwise receive the concession if the time limit had not passed.

(c) approve an extension of the period in which the conveyee or conveyees are required under subsection (1)(k) to become entitled to possession of the land.

(1) The conveyees of a conveyance of land are entitled to the senior, pensioner and carer concession if the Commissioner, on an application for the concession, is satisfied:

(f) no conveyee will acquire an interest in the land in the capacity of a trustee; and

(g) the conveyees will occupy a home on the land or to be built on the land as their principal place of residence for the prescribed period commencing within the period for occupancy; and

(i) if, at the relevant time there is a home on the land or the conveyance is an off-the-plan contract – the dutiable value of the land does not exceed $750 000;

(ii) if, at the relevant time there is no home on the land – the dutiable value of the land does not exceed $385 000; and

(2) The Commissioner may exempt one or more conveyees (the relevant conveyees) for the conveyance in relation to any of the requirements in subsection (1)(g) (the occupancy requirements) if:

(a) not all of the conveyees will be able to occupy a home on the land as their principal place of residence within the period for occupancy; and

(b) at least one of the conveyees mentioned in subsection (1)(b) will be able to commence to occupy a home on the land as his or her principal place of residence for the prescribed period commencing within the period for occupancy; and

(c) apart from the circumstances mentioned in paragraphs (a) and (b), the conveyees would be entitled to the senior, pensioner and carer concession; and

(d) the Commissioner is satisfied there are special reasons for exempting the relevant conveyees from the occupancy requirement.

(3) A conveyee must, within 30 days after the date on which it first becomes apparent that he or she will fail to comply with any of the occupancy requirements, give written notice of that fact to the Commissioner.

(4) Subsection (3) does not apply to a conveyee in relation to an occupancy requirement if an exemption under subsection (2) covers that conveyee and requirement.

(5) The Commissioner may reassess duty on the conveyance even though the time limit for reassessment under the Taxation Administration Act has passed if the conveyees would otherwise receive the concession if the time limit had not passed.

(6) The Commissioner must reassess duty on the conveyance on the basis the conveyees were not entitled to the concession (whether or not the time limit for reassessment under the Taxation Administration Act has passed) if a conveyee fails to comply with any of the occupancy requirements.

(b) the Commissioner is satisfied there are special reasons for not making the reassessment.

(8) This section applies to the acquisition by a person, other than the Chief Executive Officer (Housing), of an interest in land under a scheme administered by the Chief Executive Officer (Housing) under section 22 or 24 of the Housing Act as if:

(b) if 2 or more persons are acquiring the interest – the persons were acquiring 100% of the land in the same proportions as they are acquiring the interest.

(9) If a person acquires land or an interest in land as the guardian of a person (the disabled person) who is under a legal disability, this section applies as if the disabled person were:

(10) A person applying for the senior, pensioner and carer concession must give to the Commissioner a declaration in the approved form providing the information relating to the application that the Commissioner requires.

(11) The Commissioner may, if satisfied there are special reasons to do so, approve:

(b) a reduction (but not the complete elimination) of the prescribed period for this section; or

(c) an extension of the period in which the conveyees are required under subsection (1)(i) to become entitled to possession of the land.

NT Pensioner and Carer Concession Card means a concession card administered for the Northern Territory Pensioner and Carer Concession Scheme by the Territory.

the first home owner concession, or the senior, pensioner and carer concession, for the conveyance

(f) the conveyee or conveyees will occupy a home on the land or to be built on the land as their principal place of residence for the prescribed period commencing within the period for occupancy; and

(c) approve an extension of the period in which the conveyee or conveyees are required under subsection (1)(g) to become entitled to possession of the land.

Part 8 Transitional matters for Revenue and Other Legislation Amendment Act 2010

2010 amending Act means the Revenue and Other Legislation Amendment Act 2010.

(a) covered by section 56C(1), definition acquire, paragraph (d)(v) as in force immediately before 4 May 2010; and

(b) entered into before 4 May 2010 (whether or not it was completed before that date).

relevant amendments means the amendments made by sections 11 to 13 of the 2010 amending Act.

102 Increase in first home owner concession and principal place of residence rebate and new senior, pensioner and carer concession

(a) the relevant amendments apply to a conveyance first executed on or after 4 May 2010; and

(b) if a conveyance was first executed before that date, this Act applies as if the relevant amendments had not been made.

(2) This Act also applies to a conveyance as if the relevant amendments had not been made if:

(a) the conveyance replaces an earlier conveyance, first executed before 4 May 2010, of the same or substantially similar land; or

(b) the conveyees entered into a contract or option, before 4 May 2010, to purchase the land to which the conveyance relates or substantially similar land; or

(c) the conveyor had an option, granted before 4 May 2010, to require the conveyees to purchase the land to which the conveyance relates or substantially similar land.

relevant amendments means the amendments made by sections 14(2), (3) and (5), 16 and 17(1) of the 2010 amending Act.

103 Extension of period for occupancy for entitlement to first home owner concession and principal place of residence rebate

(1) This section applies if, before 4 May 2010, duty was assessed on a conveyance of land on the basis that the conveyees were not entitled to the concession or rebate merely because the conveyees did not satisfy the requirement that a home be built on the land within 3 years after the relevant time for the conveyance.

(2) On application by the conveyees, the Commissioner may, under the Taxation Administration Act, reassess duty on the conveyance as if the relevant amendments had commenced.

(3) On making the reassessment, the Commissioner must refund to the conveyees the difference between the amount of duty paid on the assessment and the amount of duty payable on the reassessment.

concession or rebate means the first home owner concession or principal place of residence rebate, and includes a corresponding concession or rebate under an earlier enactment.

relevant amendments means the amendments made by sections 14(1) and (4), 15 and 17(2) to (5) of the 2010 amending Act.

(2) Duty is only chargeable on the grant of a lease if, in addition to or instead of rent payable for the lease, valuable consideration is given:

Division 3 Amendments commencing on 1 July 2010
20 Amendment of section 4 (Interpretation)

family trust means a trust whose beneficiaries are, and may only be, any of the following in relation to a particular family:

(1) This section applies to an acquisition of an interest in a corporation that is, or is to be, evidenced by a transfer of shares.

(2) For this Act, the acquisition is taken to occur, on the earliest of the following dates:

(a) the date on which the documents evidencing the transfer of, or the title to, the shares are delivered to the person acquiring the shares or someone else on that person's behalf;

(b) the date on which all or any part of the consideration for the shares is given to the person from whom the shares are acquired or someone else on that person's behalf;

(c) the date on which the name of the person acquiring the shares is registered on the register of the members of the corporation.

(a) the acquisition is taken to occur on the date mentioned in subsection (2)(b); and

(5) If an acquisition of an interest in relation to shares in a corporation is taken to have occurred on a day under subsection (2):

(a) the person acquiring the interest is taken to have become a shareholder of the corporation in relation to those shares on that day; and

(b) the person from whom the interest is acquired is taken to have ceased to be a shareholder of the corporation in relation to those shares on that day.

(6) If the Commissioner subsequently determines under subsection (4) that the acquisition did not occur:

(a) the person mentioned in subsection (5)(a) is taken never to have been the shareholder of the corporation in relation to those shares as provided under that subsection; and

(b) the person mentioned in subsection (5)(b) is taken never to have ceased to be a shareholder of the corporation in relation to those shares as provided under that subsection.

24 Amendment of section 86 (Creation of memorandum for the purpose of assessment)

(i) no instrument has been lodged in relation to the transaction for the assessment of duty;

(ii) it is impractical or impossible for the instrument, or a copy of the instrument, to be lodged for assessment or reassessment of duty;

(i) the new owner does not apply to the Registrar for transfer of registration of the vehicle within the period required by that Act;

(ii) the duty paid by the new owner in relation to the registration of the vehicle is not based on the dutiable value of the vehicle as worked out under section 59;

(a) an acquisition of an interest in a corporation is, or is to be, evidenced by a transfer of shares; and

(c) one or more of the dates mentioned in section 56CAA(2) occur on or after 1 July 2010 (whether or not any of those dates occurs before 1 July 2010).

(2) Despite section 56CAA(2), the acquisition of the interest is taken to occur on the earliest of those dates that occurs on or after 1 July 2010.

(9) If a conveyance is a grant by the Territory of an estate in fee simple in land, or of a convertible Crown lease, for monetary consideration, the duty is calculated at the ad valorem rate:

(a) if paragraphs (b) and (c) do not apply – on the amount of the consideration; or

(b) if all of the consideration is unascertainable at the time of the grant – the unencumbered value of the land at that time; or

(3) This item does not apply to Special Disability Trust as defined in the Social Security Act 1991 (Cth) or Veterans Entitlement Act 1986 (Cth).

(e) in relation to which the Commissioner is satisfied of both of the following:

(ii) the conveyance is made to a Special Disability Trust as defined in the Social Security Act 1991 (Cth) or Veterans Entitlement Act 1986 (Cth).

given (whether or not the consideration is subject to specified conditions and whether or not those conditions have been met); or

(2) In addition, a taxation law includes a provision of any of the following as in force at any time (whether before or after the commencement of this section) to the extent to which a tax liability accrued under the provision:

(c) a law mentioned in subsection (1) (for example, the Stamp Duty Act when it was in force as the Taxation (Administration) Act).

(1) An amount received by the Commissioner from a taxpayer or someone on behalf of a taxpayer must be applied in the following order:

Part 16 Transitional matters for Revenue and Other Legislation Amendment Act 2010

(1) The amendments relating to the definition taxation law in sections 3 and 3A made by the Revenue and Other Legislation Amendment Act 2010 apply in relation to a tax liability mentioned in section 3A accrued at any time before, on or after the commencement of this section.

Part 9 Transitional matters for Revenue and Other Legislation Amendment Act 2010

(1) Section 61(6)(a) as amended by the amending Act applies only in relation to an offence committed on or after the commencement.

Provision	Amendment
	omit	substitute
*First Home Owner Grant Act*
sections 11(4)(a) and 12(2)(a)	;	; and
section 13(1)(a), (5)(a) and (6)(a)(ii) and (b)	;	; or
section 13(7)(a)	;	; and
section 13(8)(a)	;	; or
section 14(2)(a)	;	; and
sections 30(4) and 41(8)	Penalty:	Maximum penalty:
sections 46(a) to (c) and 48(3)(a)	;	; or
*Mineral Royalty Act*
section 4, definitions *eligible capital assets expenditure, paragraphs (a) to (d) and (e)(i) to (viii) and expended*, paragraph (a)	;	; and
section 4, definition *mineral*, paragraph (a)	;	; or
section 4A(1)(a)(i), (ii) and (iv)	;	; and
section 4A(3)(a)	;	; or
section 4B(1)(b) to (m)	;	; and
section 4B(1)(q) to (u)	;	; or
section 4C(1)(a)	;	; and
section 4F(1)(a)	;	; or
sections 4G(1) definition, *royalty avoidance*, paragraph (a) and 11(1)(a) to (d) and (2)(a) and (c)	;	; and
section 11(2)	Penalty:	Maximum penalty:
section 12(1)(a) to (f) and (2)(a)	;	; and
section 12(6)	Penalty:	Maximum penalty:
section 14(1)(a)	;	; or
section 14(1)(d) and (e)	;	; and
section 14(3)(a)	;	; or
section 14(3) and (4)	Penalty:	Maximum penalty:
section 17(1)(a) and (b)	;	; and
section 17(2)	Penalty:	Maximum penalty:
sections 19(1)(a) and 42A(1)(a)	;	; or
section 42B(1)(a)	;	; and
section 43(1)(a) and (b)	;	; or
section 43(2)	Penalty:	Maximum penalty:
section 44(2)(a)	;	; and
section 46(1)	Penalty:	Maximum penalty:
section 47(a)	;	; or
sections 47, 49 and 50(1)	Penalty:	Maximum penalty:
section 50(1)(b), (2)(a) to (c) and (4A)(c)	;	; or
*Stamp Duty Act*
section 4(1), definitions *agreement, paragraph (a) and dutiable property*, paragraphs (a) to (ga)	;	; and
section 4(1), definition *dutiable property*, paragraph (j)(i) to (v)	;	; or
sections 4(1), definitions *life insurance, paragraphs (a) and (b) and marketable security, paragraph (a) and 4B(1), definition scheme*, paragraph (a)(i) and (ii)	;	; and
section 9BB(2) and (3)	be dutiable property;	be dutiable property; and
section 9C(1)(a)	;	; and
section 18(1), definitions *dormant, paragraph (a) and subsidiary*, paragraph (a)	;	; or
section 20(2)(a) and (b)	;	; and
sections 20(2)(c)(i) and (3)(a) and 27(3)(a)	;	; or
section 28(2)(a)	;	; and
section 28(2)(b)(i)	;	; or
section 29A(1)(a)	;	; and
section 37, definition *Australian insurer*, paragraph (a)	;	; or
section 39(1)	Penalty:	Maximum penalty:
sections 52A(1)(a), 56BD(1)(a) and 56BE(2)(a)	;	; and
sections 56BE(3), definition *proprietor, paragraphs (a) and (b) and 56C(1), definition acquire*, paragraph (d)(i), (ii) and (iii)(C)	;	; or
section 56C(1), definition *acquire*, paragraph (d)(iii)(A)	;	; and
section 56C(6)(b)(i)	;	; or
section 56C(10)(a), (11)(a), (12)(a) and (13)(a)	;	; and
section 56M(2)(a)(i)	;	; or
sections 56S(1)(a) and 59A(a)	;	; and
section 83E	Penalty:	Maximum penalty:
section 89(1)(a)	a natural person	an individual
section 89(8)	claiming claim	applying for application
section 90(1)(a)	a natural person	an individual
section 90(7)	claiming claim	applying for application
Schedule 2, item 6(c)(i)	a natural person	an individual

Northern Territory Bills

REVENUE AND OTHER LEGISLATION AMENDMENT BILL 2010