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This is a Bill, not an Act. For current law, see the Acts databases.


REVENUE LAWS AMENDMENT AND REPEAL BILL 2004

                       Western Australia


     Revenue Laws Amendment and Repeal
                  Bill 2004
                             CONTENTS

        Part 1 -- Preliminary
1.      Short title                             2
2.      Commencement                            2
        Part 2 -- The Land Tax Assessment
             Act 2002 amended
3.      The Act amended                         3
4.      Section 41 inserted                     3
5.      The Glossary amended                    3
        Part 3 -- The Pay-roll Tax Assessment
             Act 2002 amended
6.      The Act amended                         5
7.      Section 41 amended                      5
        Part 4 -- The Taxation Administration
             Act 2003 amended
8.      The Act amended                         6
9.      Section 24 amended                      6
10.     Section 45 amended                      6
11.     Section 77 amended                      6
12.     The Glossary amended                    7
        Part 5 -- The Stamp Act 1921 amended
        Division 1 -- The Act amended
13.     The Act amended                         8

                              295--1            page i
Revenue Laws Amendment and Repeal Bill 2004

Contents




           Division 2 -- Amendments related to conditional
                 contracts
   14.     Section 4 amended                                     8
   15.     Part II inserted                                      9
   16.     Section 16 amended                                   15
   17.     Section 17AA inserted                                15
   18.     Section 17BA inserted                                16
   19.     Transitional provisions                              17
           Division 3 -- Amendments related to concessions
                 for first home owners
   20.     Section 75AG replaced                                17
           Division 4 -- Other amendments
   21.     Section 4 amended                                    20
   22.     Section 17B amended                                  21
   23.     Section 17C amended                                  21
   24.     Section 31 inserted                                  22
   25.     Section 63AB amended                                 22
   26.     Section 75AE amended                                 22
   27.     Section 75D amended                                  23
   28.     Section 75E amended                                  23
   29.     Section 75I amended                                  24
   30.     Section 75JA amended                                 24
   31.     Section 75JB amended                                 24
   32.     Section 91 amended and transitional provision        24
   33.     Section 91D amended                                  25
   34.     Section 120 amended                                  25
   35.     The Third Schedule amended                           25
           Part 6 -- Repeal of certain laws and
                consequential amendment
   36.     The Taxation (Reciprocal Powers) Act 1989 repealed   26
   37.     The Financial Institutions Duty Act 1983 repealed    27
   38.     The Land Tax Relief Acts repealed                    27
   39.     The Hire-Purchase Act 1959 amended                   27




page ii
                           Western Australia

                     LEGISLATIVE ASSEMBLY


       Revenue Laws Amendment and Repeal
                    Bill 2004

                               A Bill for

An Act to amend the following Acts --
•    the Land Tax Assessment Act 2002;
•    the Pay-roll Tax Assessment Act 2002;
•    the Taxation Administration Act 2003;
•    the Stamp Act 1921,
and to repeal the following Acts --
•    the Financial Institutions Duty Act 1983;
•    the Land Tax Relief Act 1991;
•    the Land Tax Relief Act 1992;
•    the Taxation (Reciprocal Powers) Act 1989,
and to make amendments and provide for transitional matters as a
consequence of the amendments and repeals effected by this Act.



The Parliament of Western Australia enacts as follows:




                                                            page 1
     Revenue Laws Amendment and Repeal Bill 2004
     Part 1        Preliminary
     s. 1




                             Part 1 -- Preliminary
     1.        Short title
               This Act may be cited as the Revenue Laws Amendment and
               Repeal Act 2004.
5    2.        Commencement
          (1) Subject to subsections (2) and (3), this Act comes into operation
              on the day on which it receives the Royal Assent.
          (2) If this Act receives the Royal Assent before or on 1 July 2004,
              Part 2, Part 5 Divisions 2 and 3 and section 26 and 32 come into
10            operation on 1 July 2004.
          (3) If this Act receives the Royal Assent after 1 July 2004, Part 2,
              Part 5 Divisions 2 and 3 and sections 26 and 32 are deemed to
              have come into operation on 1 July 2004.




     page 2
                                Revenue Laws Amendment and Repeal Bill 2004
                      The Land Tax Assessment Act 2002 amended                   Part 2



                                                                                    s. 3




     Part 2 -- The Land Tax Assessment Act 2002 amended
     3.         The Act amended
                The amendments in this Part are to the Land Tax Assessment
                Act 2002*.
5               [* Act No. 52 of 2002.
                   For subsequent amendments see Western Australian
                   Legislation Information Tables for 2003, Table 1, p. 209.]
     4.         Section 41 inserted
                After section 40 the following section is inserted --
10   "
          41.        Land under a conservation covenant
                     Land that is used solely or principally for the
                     conservation of native vegetation is exempt for an
                     assessment year if the land is the subject of a
15                   conservation covenant that was in force at midnight on
                     30 June in the financial year before the assessment
                     year.
                                                                                        ".
     5.         The Glossary amended
20              The Glossary is amended in clause 1 by inserting the following
                definition in its appropriate alphabetical position --
                "
                     "conservation covenant"     means a covenant that --
                          (a)   restricts or prohibits certain activities on the land
25                              that could degrade the environmental value of
                                the land;
                          (b)   is permanent and registered on the title to the
                                land (if registration is possible); and
                          (c)   is approved in writing by, or is entered into under
30                              a program approved in writing by, the Minister
                                to whom the administration of the Conservation

                                                                                 page 3
Revenue Laws Amendment and Repeal Bill 2004
Part 2        The Land Tax Assessment Act 2002 amended
s. 5




                       and Land Management Act 1984 is for the time
                       being committed by the Governor;
                                                                      ".




page 4
                           Revenue Laws Amendment and Repeal Bill 2004
             The Pay-roll Tax Assessment Act 2002 amended           Part 3



                                                                      s. 6




            Part 3 -- The Pay-roll Tax Assessment
                     Act 2002 amended
     6.   The Act amended
          The amendment in this Part is to the Pay-roll Tax Assessment
5         Act 2002*.
          [* Act No. 48 of 2002.
             For subsequent amendments see Western Australian
             Legislation Information Tables for 2003, Table 1, p. 281.]
     7.   Section 41 amended
10        Section 41(5) is repealed.




                                                                   page 5
     Revenue Laws Amendment and Repeal Bill 2004
     Part 4        The Taxation Administration Act 2003 amended
     s. 8




                     Part 4 -- The Taxation Administration
                              Act 2003 amended
     8.            The Act amended
                   The amendments in this Part are to the Taxation Administration
5                  Act 2003*.
                   [* Act No. 1 of 2003.
                      For subsequent amendments see Western Australian
                      Legislation Information Tables for 2003, Table 1, p. 385.]
     9.            Section 24 amended
10         (1) Section 24(5) is amended by inserting after "specified in an
                 assessment notice" --
                 " in relation to an original assessment ".
           (2) After section 24(5) the following subsection is inserted --
              "
15              (5a) The date specified in an assessment notice in relation to
                       a reassessment as the due date for payment must be at
                       least 28 days after the date of the assessment notice.
                                                                                  ".
     10.           Section 45 amended
20                 Section 45(3) is repealed.
     11.           Section 77 amended
                   After section 77(1) the following subsection is inserted --
              "
                  (1a) If stamp duty payable as a result of a reassessment
25                     under section 75AG of the Stamp Act 1921 is not paid
                       by the due date, the Commissioner may lodge a
                       memorial with the Registrar of Titles to create a charge
                       on the land for the unpaid stamp duty.
                                                                                  ".

     page 6
                      Revenue Laws Amendment and Repeal Bill 2004
          The Taxation Administration Act 2003 amended               Part 4



                                                                      s. 12




12.   The Glossary amended
      The Glossary is amended in the definition of "due date" by
      deleting "section 45(1), (2) or (3)" and inserting instead --
      "  section 45(1) or (2)  ".




                                                                 page 7
     Revenue Laws Amendment and Repeal Bill 2004
     Part 5        The Stamp Act 1921 amended
     Division 1    The Act amended
     s. 13




                  Part 5 -- The Stamp Act 1921 amended
                      Division 1 -- The Act amended
     13.      The Act amended
              The amendments in this Part are to the Stamp Act 1921*.
5             [* Reprint 14 as at 12 September 2003.
                 For subsequent amendments see Western Australian
                 Legislation Information Tables for 2003, Table 1, p. 365 and
                 Act No. 56 of 2003.]
        Division 2 -- Amendments related to conditional contracts
10   14.     Section 4 amended
              Section 4 is amended by inserting the following definitions in
              their appropriate alphabetical positions --
              "
                     "eligible conditional contract" has the definition it is
15                        given in section 6;
                     "farming land conditional contract" has the
                          definition it is given in section 9;
                     "general conditional contract" has the definition it is
                          given in section 8(1) as modified by section 8(2);
20                   "mining tenement conditional contract" has the
                          definition it is given in section 11;
                     "off-the-plan conditional contract" has the definition
                          it is given in section 10;
                     "primary produce contract" has the definition it is
25                        given in section 9(2);
                     "related", in relation to a general conditional contract,
                          has the definition it is given in section 7;
                     "subdivision conditional contract" has the meaning it
                          is given in section 12;

     page 8
                              Revenue Laws Amendment and Repeal Bill 2004
                                  The Stamp Act 1921 amended                 Part 5

                       Amendments related to conditional contracts       Division 2

                                                                              s. 15




                      "terminated on relevant grounds", in relation to a
                          general conditional contract, has the definition it is
                          given in section 14;
                      "unconditional", in relation to a general conditional
5                         contract, has a meaning affected by section 13;
                      "unit", in Parts II and IIIB, has the definition it is
                          given in section 63(1);
                                                                                   ".
     15.        Part II inserted
10              After Part I the following Part is inserted --
     "
           Part II -- Conditional contracts (interpretation)


           6.       Meaning of "eligible conditional contract"
                (1) An "eligible conditional contract" is a contract for
15                  the sale of property where --
                      (a) completion of the contract is conditional on the
                            happening of an event;
                      (b) the parties to the contract do not have control
                            over the happening of the event, except to the
20                          extent that they are required under the contract
                            to use their best endeavours to secure the
                            happening of the event; and
                      (c) no other person who is related to a party to the
                            contract has control over the happening of the
25                          event.
                (2) However, none of the following is an eligible
                    conditional contract --
                      (a) a put option and a call option (as defined in
                            section 74B(1)) to which section 74B(6)
30                          applies;


                                                                            page 9
     Revenue Laws Amendment and Repeal Bill 2004
     Part 5        The Stamp Act 1921 amended
     Division 2    Amendments related to conditional contracts
     s. 15




                          (b) a contract for the sale of a unit in a unit trust
                              scheme as defined in section 63(1);
                          (c) a contract that is subject to a condition which,
                              in the opinion of the Commissioner, constitutes
5                             an arrangement or part of an arrangement to
                              avoid or defer the payment of duty.
              7.        Persons who are "related" for the purposes of
                        this Part
                   (1) For the purposes of sections 6(1)(c), 14(a) and
10                     17BA(3), persons are "related" if they are --
                         (a) joint owners of property;
                        (b) individuals who are in partnership with each
                               other;
                         (c) participants in the same joint venture;
15                      (d) spouses, or de facto partners, of each other or
                               between whom the relationship is that of parent
                               and child;
                         (e) related corporations;
                         (f) a trustee and another trustee if there is any
20                             beneficiary common to the trusts of which they
                               are trustees, whether the beneficiary has a
                               vested share or is contingently entitled or may
                               benefit from a discretionary trust;
                        (g) an individual and a corporation, if the
25                             individual is a majority shareholder, director or
                               secretary of the corporation or a related
                               corporation;
                        (h) an individual and a trustee, if the individual is a
                               beneficiary under the trust of which the trustee
30                             is a trustee, whether the beneficiary has a
                               vested share or is contingently entitled or may
                               benefit from a discretionary trust;


     page 10
                        Revenue Laws Amendment and Repeal Bill 2004
                            The Stamp Act 1921 amended                Part 5

                 Amendments related to conditional contracts     Division 2

                                                                       s. 15




                (i) a corporation and a trustee, if --
                         (i) the corporation, or a majority
                              shareholder, director or secretary of the
                              corporation, is a beneficiary of the trust
5                             of which the trustee is a trustee; or
                        (ii) a related corporation to the corporation
                              is a beneficiary of the trust of which the
                              trustee is a trustee,
                      whether (in either case) the beneficiary has a
10                    vested share or is contingently entitled or may
                      benefit from a discretionary trust.
          (2) For the purposes of subsection (1) --
                (a) an illegitimate person shall be treated as the
                      legitimate child of that person's parents;
15             (b) it is irrelevant whether a relationship is of the
                      whole or half-blood, or whether it is a natural
                      relationship or a relationship established by a
                      written law; and
                (c) a majority shareholder in relation to a
20                    corporation is a person who would have a
                      substantial holding in the corporation under the
                      definition of "substantial holding" in section 9
                      of the Corporations Act even if the reference in
                      that definition to 5% were a reference to 50%.
25   8.       Meaning of "general conditional contract"
          (1) A "general conditional contract" is an eligible
               conditional contract, completion of which is
               conditional on the happening of one or more of the
               following events, as specified in the contract --
30               (a) the obtaining by the purchaser of a satisfactory
                       private taxation ruling by the Commissioner of
                       Taxation of the Commonwealth as to the


                                                                    page 11
     Revenue Laws Amendment and Repeal Bill 2004
     Part 5        The Stamp Act 1921 amended
     Division 2    Amendments related to conditional contracts
     s. 15




                            consequences of the contract with respect to
                            taxation under a law of the Commonwealth;
                     (b)    the obtaining to the satisfaction of a purchaser
                            under the contract of funds or of approval to
5                           obtain funds to finance the purchase;
                     (c)    the obtaining by the purchaser of a satisfactory
                            building inspection, geotechnical or
                            environmental report from a third party in
                            relation to the property to be sold or conveyed
10                          under the contract;
                     (d)    the obtaining by a vendor of the consent of the
                            Minister responsible for administering the Land
                            Administration Act 1997 to transfer a lease of
                            leasehold land to a purchaser;
15                   (e)    the authorisation of the payment to the
                            purchaser of a first home owner grant under the
                            First Home Owner Grant Act 2000;
                      (f)   the obtaining by the purchaser of a licence to
                            trade or the grant of a franchise;
20                   (g)    the obtaining by the vendor of a commercial
                            property of the renewal of an existing lease of
                            the property;
                     (h)    the obtaining from the landlord of a leasehold
                            business by the vendor of the business of a new
25                          lease, or of an assignment of the lease to a
                            purchaser;
                      (i)   the sale of another property by the purchaser;
                      (j)   the obtaining by the vendor of the registration
                            of a plan of subdivision, or of a strata plan or
30                          survey strata plan;
                     (k)    the obtaining by the purchaser of approval from
                            a regulatory body;
                      (l)   the results of the making of due diligence
                            inquiries by the purchaser where the results are

     page 12
                         Revenue Laws Amendment and Repeal Bill 2004
                             The Stamp Act 1921 amended               Part 5

                  Amendments related to conditional contracts     Division 2

                                                                       s. 15




                       to be measured against objective criteria set out
                       in the contract;
                (m) the issue of a certificate of title (however
                       described) for the property that is the subject of
5                      the contract;
                 (n) a prescribed event.
           (2) Except for the purposes of the definitions in sections 9,
               10, 11 and 12, a reference in this Act to a general
               conditional contract is to be read as excluding a
10             reference to a farming land conditional contract, an
               off-the-plan conditional contract, a mining tenement
               conditional contract or a subdivision conditional
               contract.
     9.        Meaning of "farming land conditional contract"
15         (1) A "farming land conditional contract" is --
                (a) a general conditional contract that is solely or
                      principally for the sale of farming land as
                      defined in section 75D(1); or
                (b) a primary produce contract.
20         (2) A contract is a "primary produce contract" if --
                (a) it is solely or principally for the sale of farming
                      land as defined in section 75D(1); and
                (b) completion of the contract is affected by or
                      subject to an activity that constitutes primary
25                    production as defined in section 75D(1).
     10.        Meaning of "off-the-plan conditional contract"
                An "off-the-plan conditional contract" is a general
                conditional contract that includes provision for --
                  (a) the sale of a strata lot; and



                                                                     page 13
     Revenue Laws Amendment and Repeal Bill 2004
     Part 5        The Stamp Act 1921 amended
     Division 2    Amendments related to conditional contracts
     s. 15




                     (b) the construction on the strata lot, after the
                         contract is executed, of a building for
                         commercial, residential or mixed-use purposes.
              11.   Meaning of "mining tenement conditional contract"
5                   A "mining tenement conditional contract" is a
                    general conditional contract for the sale of --
                      (a) a mining tenement held under the Mining
                            Act 1978, being a mining tenement within the
                            meaning of that Act or the Mining Act 1904;
10                    (b) a right under a mining tenement in force under
                            section 5 of the Mining Act 1978;
                      (c) a right of occupancy in force under section 5 of
                            the Mining Act 1978; or
                      (d) a tenement, right or interest that is --
15                             (i) similar to a tenement or right described
                                    in paragraph (a), (b) or (c); and
                              (ii) held under the law of the
                                    Commonwealth or of another State or a
                                    Territory, or under the law of another
20                                  country.
              12.   Meaning of "subdivision conditional contract"
                    A "subdivision conditional contract" is a general
                    conditional contract for the sale of land, completion of
                    which is conditional on the obtaining by the purchaser
25                  of approval from the relevant authorities to subdivide
                    the land or part of the land.
              13.   When a conditional contract becomes unconditional
                    A general conditional contract becomes unconditional
                    when the condition to which its completion was subject
30                  is fulfilled.


     page 14
                               Revenue Laws Amendment and Repeal Bill 2004
                                   The Stamp Act 1921 amended                 Part 5

                        Amendments related to conditional contracts      Division 2

                                                                               s. 16




           14.        Termination of conditional contracts on relevant
                      grounds
                      A general conditional contract is "terminated on
                      relevant grounds" if --
5                       (a) it is not carried into effect because the
                            condition to which it is or was subject cannot
                            be fulfilled for reasons that are not within the
                            control of a party to the contract or a person
                            who is related to a party to the contract; and
10                      (b) none of the parties has received or will receive
                            a benefit under the contract.
                                                                                  ".
     16.         Section 16 amended
                 After section 16(3) the following subsection is inserted --
15         "
                 (4) Despite anything else in this Part or in the Second
                     Schedule, duty is not chargeable on a general
                     conditional contract if the contract is not required to be
                     lodged with the Commissioner because of the operation
20                   of section 17BA(4).
                                                                                  ".
     17.         Section 17AA inserted
                 After section 17A the following section is inserted --
     "
25         17AA. Time for payment on certain conditional contracts
                 (1) The duty on a farming land conditional contract or a
                     mining tenement conditional contract is payable within
                     12 months after the date on which the contract was first
                     executed or one month after the date of the assessment
30                   notice, whichever is the later.


                                                                           page 15
     Revenue Laws Amendment and Repeal Bill 2004
     Part 5        The Stamp Act 1921 amended
     Division 2    Amendments related to conditional contracts
     s. 18




                (2) The duty on an off-the-plan conditional contract or a
                    subdivision conditional contract is payable within
                    2 years after the date on which the contract was first
                    executed or one month after the date of the assessment
5                   notice, whichever is the later.
                                                                              ".
     18.        Section 17BA inserted
                After section 17B the following section is inserted --
     "
10            17BA. Time for lodging certain conditional contracts
                (1) If a general conditional contract becomes unconditional
                    within one month after the date on which it was first
                    executed, then the person who is, or may be, liable to
                    pay duty on the contract must lodge the contract with
15                  the Commissioner within 2 months after the date on
                    which it was first executed.
                    Penalty: $5 000.
                (2) If a general conditional contract is not required to be
                    lodged under subsection (1), then the person who is, or
20                  may be, liable to pay duty on the contract must lodge
                    the contract --
                       (a) within one month after the date on which the
                            contract becomes unconditional; or
                      (b) within 12 months after the date on which the
25                          contract was first executed,
                    whichever is earlier.
                    Penalty: $5 000.
                (3) Despite subsection (2), if a vendor is related to a
                    purchaser then the person who is, or may be, liable to
30                  pay the duty on the contract must lodge the contract
                    with the Commissioner within 2 months after the day
                    on which the contract was first executed.
                    Penalty: $5 000.

     page 16
                                 Revenue Laws Amendment and Repeal Bill 2004
                                     The Stamp Act 1921 amended           Part 5

            Amendments related to concessions for first home owners   Division 3

                                                                             s. 19




                (4) Despite subsections (1), (2) and (3), a person is not
                    required to lodge a general conditional contract with
                    the Commissioner if the contract is terminated on
                    relevant grounds before it is required to be lodged
5                   under this section.
                (5) The person who is or may be liable to pay duty on a
                    contract of any of the following kinds must lodge the
                    contract with the Commissioner within 2 months after
                    the day on which the contract was first executed --
10                    (a) a farming land conditional contract;
                      (b) a mining tenement conditional contract;
                      (c) an off-the-plan conditional contract;
                      (d) a subdivision conditional contract.
                    Penalty: $5 000.
15                                                                               ".
     19.        Transitional provisions
           (1) The Stamp Act 1921 as amended by this Division applies in
               relation to instruments executed on or after 1 July 2004.
           (2) The Stamp Act 1921 as in force immediately before the
20             commencement of this Division applies in relation to
               instruments executed before 1 July 2004.
         Division 3 -- Amendments related to concessions for
                          first home owners
     20.   Section 75AG replaced
25              Section 75AG is repealed and the following section is inserted
                instead --
     "
             75AG. Reduction of duty or refund for first home owner
                (1) Duty on an instrument of transfer of property referred
30                  to in the Second Schedule item 4(2) or (3) becomes

                                                                        page 17
     Revenue Laws Amendment and Repeal Bill 2004
     Part 5        The Stamp Act 1921 amended
     Division 3    Amendments related to concessions for first home owners
     s. 20




                     chargeable at the rate set out in the respective subitem
                     when the transferee, or each transferee, if there are
                     more than one --
                        (a) is paid a first home owner grant in relation to
5                             the property or becomes a person to whom a
                              first home owner grant is or will be payable, in
                              relation to the property; or
                       (b) becomes a person to whom a first home owner
                              grant would be, or would have been, payable in
10                            relation to the property if consideration had
                              been given for the transfer of the property.
               (2)   The transferee may apply to the Commissioner for the
                     amount of duty chargeable on the instrument to be
                     assessed under this section.
15             (3)   If there is more than one transferee, the application
                     must be made jointly by each transferee.
               (4)   The application may only be made within the period --
                        (a) beginning on the commencement date of the
                              eligible transaction to which the application
20                            relates; and
                       (b) ending 12 months after the completion of the
                              eligible transaction.
               (5)   The application must --
                        (a) be in an approved form; and
25                     (b) include the information necessary to enable the
                              Commissioner to decide whether duty on the
                              instrument is chargeable under this section.
               (6)   For the purposes of this section and for the purposes of
                     applying the Administration Act in relation to the
30                   operation of this section --
                        (a) the FHOG Act is to be treated as if it were a
                              taxation Act;

     page 18
                          Revenue Laws Amendment and Repeal Bill 2004
                              The Stamp Act 1921 amended               Part 5

     Amendments related to concessions for first home owners       Division 3

                                                                        s. 20




                  (b) the FHOG Act applies to and in relation to an
                        application under this section, to the extent that
                        it can be applied for those purposes, as if a
                        reference in the FHOG Act to an application or
5                       an applicant were a reference to the application
                        or applicant under this section; and
                  (c) this Act and the Administration Act apply in
                        relation to any information given to the
                        Commissioner for the purposes of the
10                      FHOG Act by a person who is an applicant
                        under this section as if the information had
                        been given to the Commissioner for the
                        purposes of this section.
         (7)   Information provided by an applicant in or in
15             connection with an application under this section must,
               if the Commissioner so requires, be verified by
               statutory declaration or supported by other evidence
               required by the Commissioner.
         (8)   If the instrument of transfer is or was chargeable under
20             the Second Schedule Item 19, this section does not
               apply unless the Commissioner is satisfied that the duty
               was or will be (as the case requires) paid by a
               transferee.
         (9)   If a transferee is required to repay an amount under
25             section 51 of the FHOG Act, or would be required to
               repay an amount if a first home owner grant had been
               paid to the transferee, duty on the instrument of
               transfer is not, or is no longer (as the case requires)
               chargeable under this section.
30      (10)   Despite section 17 of the Administration Act, the
               Commissioner must make any reassessment necessary
               to give effect to this section.



                                                                     page 19
     Revenue Laws Amendment and Repeal Bill 2004
     Part 5        The Stamp Act 1921 amended
     Division 4    Other amendments
     s. 21




               (11) An expression used in this section that is defined in the
                    FHOG Act has the same meaning in this section as it
                    has in that Act.
               (12) In this section, unless the contrary intention appears --
5                   "Administration Act" means the Taxation
                         Administration Act 2003;
                    "FHOG Act" means the First Home Owner Grant
                         Act 2000;
                    "instrument of transfer" includes --
10                       (a) an instrument of conveyance;
                         (b) an instrument on which duty is chargeable
                               under the Second Schedule Item 19; and
                         (c) any other instrument that is chargeable as a
                               conveyance or transfer;
15                  "transferee", in relation to property, means a person to
                         whom the property is conveyed or transferred,
                         except --
                         (a) a person who, under the FHOG Act, would
                               not be required to join in making an
20                             application for a first home owner grant; or
                         (b) a prescribed person.
                                                                                ".
                        Division 4 -- Other amendments
     21.        Section 4 amended
25              Section 4(1) is amended by inserting the following definitions in
                their appropriate alphabetical positions --
                "
                       "endorse" has a meaning affected by section 17C(7);
                       "mortgage" has the definition it is given in section 82;
30                                                                              ".


     page 20
                                  Revenue Laws Amendment and Repeal Bill 2004
                                     The Stamp Act 1921 amended             Part 5

                                              Other amendments          Division 4

                                                                             s. 22




     22.        Section 17B amended
           (1) Section 17B(1) is amended by inserting after "duty on an
                 instrument" --
                 " except a mortgage ".
5          (2) After section 17B(1) the following subsection is inserted --
              "
                (1a) The person who is, or may be, liable to pay duty on a
                       mortgage must lodge the mortgage with the
                       Commissioner each time a liability arises under
10                     section 87, and must lodge it within 2 months after the
                       respective liability date as defined in section 81.
                                                                                 ".
     23.        Section 17C amended
           (1) Section 17C(1) is amended by deleting " the Commissioner is to
15              endorse the instrument accordingly." and inserting instead --
                "
                      then the Commissioner must --
                        (g) endorse the instrument accordingly; or
                        (h) if the instrument is dealt with under a special
20                            tax return arrangement -- issue a stamp duty
                              certificate in accordance with the arrangement.
                                                                               ".
           (2) Section 17C(5) is amended by deleting "endorsement on an
                instrument" and inserting instead --
25              " endorsement of an instrument ".
           (3) After section 17C(6) the following subsection is inserted --
              "
                (7) In this Act, a reference to endorsing an instrument is to
                      be read as including a reference to issuing a stamp duty


                                                                          page 21
     Revenue Laws Amendment and Repeal Bill 2004
     Part 5        The Stamp Act 1921 amended
     Division 4    Other amendments
     s. 24




                         certificate in relation to the instrument under
                         subsection (1)(h).
                                                                                 ".
     24.            Section 31 inserted
5                   After section 30 the following section is inserted --
     "
              31.        Stamped instruments as evidence
                         An instrument that has been stamped or is taken to
                         have been stamped --
10                         (a) is admissible in evidence; and
                           (b) except in proceedings under Part 4 of the
                                Taxation Administration Act 2003, the
                                endorsement of the instrument is conclusive
                                evidence that the assessment is correct.
15                                                                               ".
     25.            Section 63AB amended
                    Section 63AB(3) is amended as follows:
                      (a) in paragraph (a)(i) by inserting after "shares" --
                           " , or an option to acquire shares, ";
20                   (b) after paragraph (a)(v) by inserting the following
                           subparagraph --
                               "
                                 (vi) any thing prescribed for the purposes of
                                        this paragraph;
25                                                                               ".
     26.            Section 75AE amended
                    Section 75AE(1)(b) is amended by deleting "$135 000" and
                    inserting instead --
                    " $200 000 ".

     page 22
                                Revenue Laws Amendment and Repeal Bill 2004
                                   The Stamp Act 1921 amended             Part 5

                                            Other amendments          Division 4

                                                                           s. 27




     27.       Section 75D amended
               Section 75D(1) is amended by deleting the definition of
               "farming land" and inserting instead --
               "
5                    "farming land" means --
                         (a) land that is used solely or principally for the
                               purpose of primary production; or
                         (b) land that is used solely or principally for the
                               purpose of silviculture or reafforestation;
10                                                                             ".
     28.       Section 75E amended
               Subsection 75E(3) is repealed and the following subsections are
               inserted instead --
           "
15             (3) This Part applies only where --
                    (a) the family member, trustee or discretionary
                          trustee to whom the farming property is
                          conveyed or transferred intends to continue to
                          use the farming property in the business of
20                        primary production;
                    (b) the farming partnership in which an interest is
                          conveyed or transferred to a family member,
                          trustee or discretionary trustee intends to
                          continue to use the farming property in the
25                        business of primary production; or
                    (c) section 75I applies and the farming company in
                          which an interest is conveyed or transferred to
                          the family member, trustee or discretionary
                          trustee intends to continue to use the farming
30                        property in the business of primary production.



                                                                        page 23
     Revenue Laws Amendment and Repeal Bill 2004
     Part 5        The Stamp Act 1921 amended
     Division 4    Other amendments
     s. 29




               (3a) However, if --
                      (a) part of the farming property consists of farming
                            land;
                      (b) some (but not all) of the farming land is leased
5                           to another person; and
                      (c) under the lease, the lessee is using the leased
                            land solely or principally for the purposes of
                            silviculture or reafforestation,
                    then this Part applies under subsection (3) as if the
10                  family member, trustee or discretionary trustee, or the
                    farming partnership or farming company, intends to
                    use or continue to use the leased portion of the land in
                    the business of primary production.
                                                                               ".
15   29.        Section 75I amended
                Section 75I(2) is amended by deleting "farming property" and
                inserting instead --
                " farming land ".
     30.        Section 75JA amended
20              Section 75JA(5) is repealed.
     31.        Section 75JB amended
                Section 75JB(9) is repealed.
     32.        Section 91 amended and transitional provision
           (1) Section 91(2) is amended by inserting after "located in" --
25             " the State of Victoria or ".
           (2) Despite the amendment effected by subsection (1), the Stamp
               Act 1921 as in force immediately before the commencement of
               that subsection continues to apply to and in relation to an

     page 24
                                  Revenue Laws Amendment and Repeal Bill 2004
                                     The Stamp Act 1921 amended                       Part 5

                                              Other amendments                   Division 4

                                                                                          s. 33




               advance made before 1 July 2004 in respect of property referred
               to in section 91.
     33.       Section 91D amended
               Section 91D(1) is amended by deleting "secured by that
5              package".
     34.       Section 120 amended
               After section 120(3) the following subsection is inserted --
           "
               (4) Regulations made under this section or under any other
10                 provision of this Act may be expressed to apply to an
                   instrument that was executed before the date on which
                   the regulations come into operation, or to an event or
                   transaction that took place before that date, if the
                   application of the regulations to the instrument, event
15                 or transaction would not adversely affect a person who
                   is or may become liable to pay duty on the instrument
                   or in relation to the event or transaction, or adversely
                   affect a party to the transaction.
                                                                                            ".
20   35.       The Third Schedule amended
               The Third Schedule is amended in item 3 by inserting after
               subitem (8) the following subitem --
           "
               (9)    A deed that evidences --
                      (a) a lease or an agreement to lease; or
                      (b) a bond, debenture, covenant, bill of sale, guarantee, lien
                            or other instrument of security that is not subject to duty
                            under item 13 of the Second Schedule.
                                                                                            ".




                                                                                   page 25
     Revenue Laws Amendment and Repeal Bill 2004
     Part 6        Repeal of certain laws and consequential amendment
     s. 36




                  Part 6 --  Repeal of certain laws and
                        consequential amendment
     36.       The Taxation (Reciprocal Powers) Act 1989 repealed
       (1) The Taxation (Reciprocal Powers) Act 1989 is repealed.
5      (2) The Taxation (Reciprocal Powers) Regulations 1990 are
           repealed.
       (3) The following orders are repealed --
             (a) the Taxation (Reciprocal Powers) Order 1990;
             (b) the Taxation (Reciprocal Powers) Amendment
10                 Order 1992;
             (c) the Taxation (Reciprocal Powers) Amendment Order
                   (No. 2) 1992;
             (d) the Taxation (Reciprocal Powers) Amendment
                   Order 1993;
15           (e) the Taxation (Reciprocal Powers) Amendment
                   Order 1994;
              (f) the Taxation (Reciprocal Powers) Amendment
                   Order 1997;
             (g) the Taxation (Reciprocal Powers) Amendment
20                 Order 1998;
             (h) the Taxation (Reciprocal Powers) Amendment
                   Order 1999;
              (i) the Taxation (Reciprocal Powers) Amendment
                   Order 2000;
25            (j) the Taxation (Reciprocal Powers) Amendment
                   Order 2001;
             (k) the Taxation (Reciprocal Powers) Amendment
                   Order 2002;
     .        (l) the Taxation (Reciprocal Powers) Amendment
30                 Order 2003.

     page 26
                                    Revenue Laws Amendment and Repeal Bill 2004
                Repeal of certain laws and consequential amendment       Part 6



                                                                          s. 37




     37.        The Financial Institutions Duty Act 1983 repealed
           (1) The Financial Institutions Duty Act 1983 is repealed.
           (2) The Financial Institutions Duty Regulations 1984 are repealed.
     38.        The Land Tax Relief Acts repealed
5          (1) The Land Tax Relief Act 1991 is repealed.
           (2) The Land Tax Relief Act 1992 is repealed.
     39.        The Hire-Purchase Act 1959 amended
           (1) The amendment in this section is to the Hire-Purchase
               Act 1959*.
10             [* Reprinted as at 12 May 2000.
                  For subsequent amendments see Western Australian
                  Legislation Information Tables for 2003, Table 1, p. 175 and
                  Act No. 70 of 2003.]
           (2) Section 3(2)(e)(viia) is deleted.
15




 


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