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TAXATION AND RELATED LEGISLATION (MISCELLANEOUS
AMENDMENTS) BILL 2011
NOTES ON CLAUSES
Part 1 Preliminary
Part 1 of the Act contains the short title and commencement
provisions.
Clause 1 Short title.
Clause 2 Part 5 of the Act is taken to have commenced on 1 July 2010. The
rest of the Act commences on the day on which the Act receives
Royal Assent.
Part 2 Duties Act 2001 Amended
Clause 3 In this Part, the Duties Act 2001 is referred to as the Principal Act.
Clause 4 Replaces the existing subsection 16(1) to provide that if a dutiable
transaction is effected by more than one instrument, one instrument
is to be stamped with the duty payable on the dutiable transaction,
and each other instrument is to be stamped with nil duty.
Clause 5 Defines "excluded costs", which are not to be considered "additional
consideration" for the purposes of Division 2 (Transfers involving
additional consideration) of Part 4A of Chapter 2 of the Duties Act.
Clause 6 Amends subsection 36B(4) to ensure that excluded costs are not
considered additional consideration.
Clause 7 Amends section 36D to ensure that excluded costs are not included
in the dutiable value of a subsequent transaction, and provides that
if a person obtains an increased transfer right as part of a
subsequent transaction, the amount for which the property might
reasonably have been sold is to be calculated only to the extent of
the transfer right obtained by the subsequent purchaser under the
subsequent transaction.
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Clause 8 Amends the exemption from duty of the transfer of matrimonial
property after a marriage is dissolved or annulled to include the
transfer of such property to a trustee of a child of the marriage under
the age of 18.
Provides that in this section a "child of a marriage" includes:
(a) a child of either or both of the parties to the marriage; and
(b) a trustee of such a child.
Clause 9 Provides that in section 56 a "child of the relationship" includes:
(a) a child of either or both of the parties to the relationship; and
(b) a trustee of such a child.
Clause 10 Provides for the refund of duty paid on the transfer of relationship
property, provided the Commissioner is satisfied that the
relationship has been terminated and the transfer was effected in
accordance with:
(a) a document registered or approved under the Relationships
Act 2003;
(b) an order of the court under the Relationships Act;
(c) a prescribed agreement; or
(d) a purchase at public auction of property that was relationship
property, and the auction was held to comply with such a
document, prescribed agreement or order.
Provides that in this section a "child of the relationship" includes:
(a) a child of either or both of the parties to the relationship; and
(b) a trustee of such a child.
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Clause 11 Provides for the refund of duty paid on the transfer of a relevant
acquisition in a land-rich private corporation provided the
Commissioner is satisfied that the relationship has been terminated
and the acquisition was pursuant to:
(a) a document registered or approved under the Relationships
Act 2003;
(b) an order of the court under the Relationships Act; or
(c) a prescribed agreement.
Provides that in this section a "child of the marriage" includes:
(a) a child of either or both of the parties to the marriage; and
(b) a trustee of such a child.
Provides that in this section a "child of the relationship" includes:
(a) a child of either or both of the parties to the relationship; and
(b) a trustee of such a child.
Provides that a "prescribed agreement" means an agreement that
is
(a) a personal relationship agreement or separation agreement
within the meaning of the Relationships Act 2003; and
(b) in accordance with paragraphs (b), (c), (d) and (e) of section
62(1) of the Relationships Act 2003."
Part 3 First Home Owner Grant Act 2000 Amended
Clause 12 In this Part, the First Home Owner Grant Act 2000 is referred to as
the Principal Act.
Clause 13 Criterion 5 of the First Home Owner Grant eligibility criteria requires
the applicant to occupy the home as their principal place of
residence for a continuous period of at least six months within 12
months after the transaction is completed, or such other period as is
approved by the Commissioner of State Revenue approves.
This Clause inserts a requirement in section 12 that an applicant to
retain their relevant interest in the land to which the application
relates until the residence requirement has been satisfied.
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Clause 14 Requires that if the applicant does not retain their relevant interest in
the land until the residence requirement has been satisfied, they
must give written notice of that fact to the Commissioner and repay
the grant, within 14 days, unless the Commissioner has exempted
the applicant from the residence requirement.
Provides that a person who fails to comply with this condition is
guilty of an offence.
Clause 15 Inserts a note in section 18 to clarify that when the consideration for
the eligible transaction is zero, a grant is not payable.
Part 4 Land Tax Act 2000 Amended
Clause 16 In this Part, the Land Tax Act 2000 is referred to as the Principal
Act.
Clause 17 In order to be classified as shack land, the owner must be a
qualifying owner. To be considered a qualifying owner, certain
criteria must be met, two of which relate to ownership of other shack
land.
This Clause relaces the two criteria regarding ownership of other
land that has been determined by the Commissioner to be shack
land in section 6A(4) with a single subsection that requires the
Commissioner to be satisfied that the owner of the land does not
own, or if the owner has a spouse both the owner and the spouse
do not own, in whole or in part (whether separately, together or with
some other person) other land that has been determined by the
Commissioner to be shack land.
Clause 18 General land is defined in section 8 as land that is not
(a) principal residence land; or
(b) primary production land.
This clause amends this definition so that general land is also not
shack land.
Clause 19 Corrects section 24(1A) so that it refers to the four classes of land,
including shack land.
Part 5 Land Tax Act 2000 Amended
Clause 20 In this Part, the Land Tax Act 2000 is referred to as the Principal
Act.
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Clause 21 In order to be classified as shack land, the owner must be a
qualifying owner. To be considered a qualifying owner one of the
current criterion is that the owner resides in this State.
This Clause broadens the criterion contained in paragraph 6A(4)(b)
such that an owner residing in Tasmania, or in another State or
Territory of the Commonwealth will satisfy this aspect of the
qualifying owner test.
Part 6 Payroll Tax Act 2008 Amended
Clause 22 In this Part, the Payroll Tax Act 2008 is referred to as the Principal
Act.
Clause 23 Replaces an outdated note in section 26 with one that is
harmonised with the payroll tax legislation in most other states and
territories.
Clause 24 Replaces "if" with "is" in section 72(2)(g) to correct a drafting error.
Part 7 Repeal
Clause 25 Provides that this Act is repealed on the 90th day from the day on
which it commences.