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This is a Bill, not an Act. For current law, see the Acts databases.
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 The Taxation (Reciprocal Powers) Act 1989 repealed 26 37. The Financial Institutions Duty Act 1983 repealed 27 38. The Land Tax Relief Acts repealed 27 39.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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