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TAXATION LEGISLATION (MISCELLANEOUS AMENDMENTS) BILL 74 OF 2005

                                      TASMANIA

                                       __________


                  TAXATION AND RELATED LEGISLATION
                (MISCELLANEOUS AMENDMENTS) BILL 2005
                                       __________

                                      CONTENTS
        PART 1 - PRELIMINARY
          1.       Short title
          2.       Commencement

        PART 2 - DUTIES ACT 2001 AMENDED
          3.       Principal Act
          4.       Section 3 amended (Interpretation)
          5.       Section 35 amended (Vesting order)
          6.       Section 53      amended   (Exemptions      relating   to   various
                   transactions)
          7.       Section 54 inserted
                     54.       Contracts of sale under Homes Act 1935
          8.       Section 56 amended (Exemptions - break-down of marriages)
          9.       Section 59A inserted
                     59A.     Company to be treated as private company in certain
                              circumstances
          10.      Section 178 amended (Who is an insurer?)
          11.      Section 214 amended (Applicable exemptions)
          12.      Section 227 amended (Miscellaneous exemptions)

        PART 3 - DUTIES ACT 2001 FURTHER AMENDED
          13.      Principal Act
[Bill 74]-I

 


 

14. Section 163 amended (What is general insurance?) PART 4 - FIRE SERVICE ACT 1979 AMENDED 15. Principal Act 16. Section 77F amended (Inspectors) PART 5 - PAY-ROLL TAX ACT 1971 AMENDED 17. Principal Act 18. Section 2AAB amended (Central fund scheme contributions constitute wages for pay-roll tax purposes) 19. Section 49 amended (Regulations) PART 6 - PAY-ROLL TAX ACT 1971 FURTHER AMENDED 20. Principal Act 21. Section 2AAA amended (Certain trust distributions constitute wages for pay-roll tax purposes) PART 7 - TAXATION ADMINISTRATION ACT 1997 AMENDED 22. Principal Act 23. Section 4 amended (Meaning of taxation laws) 24. Section 34A inserted 34A. Imposition of interest where making of duty assessment delayed 25. Section 118A inserted 118A. Administrative fee 2

 


 

TAXATION AND RELATED LEGISLATION (MISCELLANEOUS AMENDMENTS) BILL 2005 (Brought in by the Treasurer, the Honourable Paul Anthony Lennon) A BILL FOR An Act to amend the Duties Act 2001, the Fire Service Act 1979, the Pay-roll Tax Act 1971 and the Taxation Administration Act 1997 Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows: PART 1 - PRELIMINARY 1. Short title This Act may be cited as the Taxation and Related Legislation (Miscellaneous Amendments) Act 2005. 2. Commencement (1) This Act, except as specified in subsections (2) and (3), commences on the day on which this Act receives the Royal Assent. (2) Part 6 is taken to have commenced on 1 July 2005. (3) Part 3 commences on 1 July 2006. [Bill 74] 3

 


 

s. 3 No. Taxation and Related Legislation 2005 (Miscellaneous Amendments) PART 2 - DUTIES ACT 2001 AMENDED 3. Principal Act In this Part, the Duties Act 2001* is referred to as the Principal Act. 4. Section 3 amended (Interpretation) Section 3 of the Principal Act is amended as follows: (a) by omitting the definition of "insurance intermediary" and substituting the following definition: "insurance intermediary" means - (a) a person who arranges contracts of insurance in Tasmania - (i) for reward; or (ii) as an agent for a person carrying on a business of insurance; or (b) a financial services licensee (as defined in section 761A of the Corporations Act 2001 of the Commonwealth) whose licence covers the *No. 15 of 2001 4

 


 

2005 Taxation and Related Legislation No. s. 5 (Miscellaneous Amendments) arrangement of contracts of insurance as an agent for a person carrying on a business of insurance; or (c) a regulated principal (as defined in section 1430 of the Corporations Act 2001 of the Commonwealth) when carrying on business as an insurance broker as regulated by Subdivision D of Division 1 of Part 10.2 of that Act; (b) by inserting "domain name," after "trading name," in paragraph (a) of the definition of "intellectual property"; (c) by inserting "domain name," after "trading name," in paragraph (b)(i) of the definition of "intellectual property". 5. Section 35 amended (Vesting order) Section 35(1) of the Principal Act is amended by omitting "land" third occurring and substituting "capital". 6. Section 53 amended (Exemptions relating to various transactions) Section 53 of the Principal Act is amended by omitting paragraph (b). 5

 


 

s. 7 No. Taxation and Related Legislation 2005 (Miscellaneous Amendments) 7. Section 54 inserted After section 53 of the Principal Act, the following section is inserted in Part 6: 54. Contracts of sale under Homes Act 1935 Notwithstanding section 7(1), liability for duty on a contract of sale made under section 17 of the Homes Act 1935 does not arise until a transfer is executed pursuant to the contract. 8. Section 56 amended (Exemptions - break-down of marriages) Section 56(3)(b) of the Principal Act is amended by omitting "pursuant to" and substituting "effected by or in accordance with". 9. Section 59A inserted After section 59 of the Principal Act, the following section is inserted in Division 1: 59A. Company to be treated as private company in certain circumstances Notwithstanding the definition of "private company" in section 3, for the purposes of this Chapter, a company is a private company if the Commissioner is satisfied that its listing on a recognised stock exchange was part of an arrangement or scheme having as its purpose, or one of its purposes, the defeat of the objects of this Chapter. 6

 


 

2005 Taxation and Related Legislation No. s. 10 (Miscellaneous Amendments) 10. Section 178 amended (Who is an insurer?) Section 178(2)(c) of the Principal Act is amended by omitting "registered under" and substituting "authorised as a general insurer under". 11. Section 214 amended (Applicable exemptions) Section 214(1) of the Principal Act is amended as follows: (a) by omitting from paragraph (a) "acquired for the sole" and substituting "acquired and used solely for the"; (b) by inserting in paragraph (b) "and used solely" after "acquired"; (c) by inserting in paragraph (c) "and used solely" after "acquired". 12. Section 227 amended (Miscellaneous exemptions) Section 227(1) of the Principal Act is amended by omitting paragraph (h). 7

 


 

s. 13 No. Taxation and Related Legislation 2005 (Miscellaneous Amendments) PART 3 - DUTIES ACT 2001 FURTHER AMENDED 13. Principal Act In this Part, the Duties Act 2001* is referred to as the Principal Act. 14. Section 163 amended (What is general insurance?) Section 163(2) of the Principal Act is amended as follows: (a) by omitting "General" and substituting "Notwithstanding subsection (3), general"; (b) by inserting "regardless of how, or by whom, the insurance is effected" after "disease". *No. 15 of 2001 8

 


 

2005 Taxation and Related Legislation No. s. 15 (Miscellaneous Amendments) PART 4 - FIRE SERVICE ACT 1979 AMENDED 15. Principal Act In this Part, the Fire Service Act 1979* is referred to as the Principal Act. 16. Section 77F amended (Inspectors) Section 77F(1) of the Principal Act is amended by omitting "authorize" and substituting "authorise an authorised officer appointed under the Taxation Administration Act 1997 and". *No. 35 of 1979 9

 


 

s. 17 No. Taxation and Related Legislation 2005 (Miscellaneous Amendments) PART 5 - PAY-ROLL TAX ACT 1971 AMENDED 17. Principal Act In this Part, the Pay-roll Tax Act 1971* is referred to as the Principal Act. 18. Section 2AAB amended (Central fund scheme contributions constitute wages for pay-roll tax purposes) Paragraph (b) of the definition of "central fund scheme" in section 2AAB(3) of the Principal Act is amended as follows: (a) by omitting "various employers pay" and substituting "an employer pays"; (b) by omitting "their" first occurring and substituting "its". 19. Section 49 amended (Regulations) Section 49(1) of the Principal Act is amended by omitting paragraph (d). *No. 43 of 1971 10

 


 

2005 Taxation and Related Legislation No. s. 20 (Miscellaneous Amendments) PART 6 - PAY-ROLL TAX ACT 1971 FURTHER AMENDED 20. Principal Act In this Part, the Pay-roll Tax Act 1971* is referred to as the Principal Act. 21. Section 2AAA amended (Certain trust distributions constitute wages for pay-roll tax purposes) Section 2AAA of the Principal Act is amended by inserting after subsection (7) the following subsection: (8) For the purposes of this section - "industrial instrument" means an award, enterprise agreement or industrial agreement within the meaning of the Industrial Relations Act 1984, or an award, certified agreement, Australian workplace agreement or old IR agreement within the meaning of the Workplace Relations Act 1996 of the Commonwealth. *No. 43 of 1971 11

 


 

s. 22 No. Taxation and Related Legislation 2005 (Miscellaneous Amendments) PART 7 - TAXATION ADMINISTRATION ACT 1997 AMENDED 22. Principal Act In this Part, the Taxation Administration Act 1997* is referred to as the Principal Act. 23. Section 4 amended (Meaning of taxation laws) Section 4 of the Principal Act is amended by inserting after paragraph (ac) the following paragraph: (b) Land Tax Rating Act 2000; 24. Section 34A inserted After section 34 of the Principal Act, the following section is inserted in Division 1: 34A. Imposition of interest where making of duty assessment delayed (1) If in the opinion of the Commissioner the actions of the taxpayer or the taxpayer's representative, or both the taxpayer and the taxpayer's representative, unnecessarily delay the making of a duty assessment, the Commissioner may impose interest from the end of the last day for payment until the day on which the duty is paid. *No. 74 of 1997 12

 


 

2005 Taxation and Related Legislation No. s. 25 (Miscellaneous Amendments) (2) For the purposes of subsection (1), the "last day for payment" is the last day of the period of 3 months after the liability for duty arises as provided in section 10 of the Duties Act 2001. 25. Section 118A inserted After section 118 of the Principal Act, the following section is inserted in Division 4: 118A. Administrative fee (1) If a person lodges an instrument with the Commissioner for assessment or lodges a return with the Commissioner, the Commissioner may charge that person a prescribed fee. (2) For the purposes of this section - "instrument" has the meaning given to that term in the Duties Act 2001. Government Printer, Tasmania 13

 


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