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REVENUE MEASURES BILL 26 OF 2012

Department of Treasury and Finance

Notes on Clauses


Revenue Measures Bill 2012

              Part 1 - Preliminary
Clause 1      This Act may be cited as the Revenue Measures Act 2012.
Clause 2      This Act commences on 1 October 2012.
              Part 2  Duties Act 2001 amended
Clause 3      In this Part, the Duties Act 2001 is referred to as the Principal Act.
Clause 4      Amends section 29 by replacing subsection 1, which prescribes the general
              rate of duty, with a new table of thresholds and rates of duty.
Clause 5      Amends section 166, which prescribes the rate of duty that applies to
              contracts of general insurance, by replacing the former rate of 8% with the
              new rate of 10%.
Clause 6      Amends subsection 221(3), which prescribes the rate of duty that applies to
              motor accident insurance certificates, by replacing the former rate of $6 with
              the new rate of $20.
Clause 7      Creates a transitional provision to govern the calculation of duty where one
              or more transactions that occurred before 1 October 2012 are aggregated
              with any transactions that occur on or after 1 October 2012.
              Part 3  Vehicle and Traffic Act 1999 amended
Clause 8      In this Part, the Vehicle and Traffic Act 1999 is referred to as the Principal Act.
Clause 9      Amends subsection 34(4) by replacing 2007 with 2012, so that the consumer
              price index for the March quarter 2012 is used as the base for indexation of
              the revised rates of motor tax for light vehicles that are inserted by
              clause 10.
Clause 10     Repeals Schedule 1 and substitutes a new schedule, which contains tables
              prescribing the rates of motor tax on class A light vehicles and other light
              vehicles.
              Part 4  Repeal
Clause 11     The amendments contained in this Act will be incorporated into the primary
              Acts upon commencement. Clause 11 provides that this Act is repealed on
              the ninetieth day from the day on which it commences.

 


 

 


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