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State Revenue Legislation
Amendment Act 1999 No 10
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of Debits Tax Act 1990 No 112 2
4 Amendment of Duties Act 1997 No 123 2
5 Amendment of Land Tax Act 1956 No 27 3
6 Amendment of Land Tax Management Act 1956 No 26 3
7 Amendment of Premium Property Tax Act 1998 No 79 3
8 Amendment of Taxation Administration Act 1996 No 97 3
9 Amendment of Unclaimed Money Act 1995 No 75 3
Schedules
1 Amendment of Debits Tax Act 1990 4
2 Amendment of Duties Act 1997 6
3 Amendment of Land Tax Act 1956 14
4 Amendment of Land Tax Management Act 1956 15
5 Amendment of Premium Property Tax Act 1998 18
6 Amendment of Taxation Administration Act 1996 19
7 Amendment of Unclaimed Money Act 1995 21
[36]
New South Wales
State Revenue Legislation
Amendment Act 1999 No 10
Act No 10, 1999
An Act to make miscellaneous amendments to certain State revenue legislation,
and for other purposes. [Assented to 9 June 1999]
Section 1 State Revenue Legislation Amendment Act 1999 No 10
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the State Revenue Legislation Amendment Act 1999.
2 Commencement
(1) This Act commences on the date of assent, except as provided by
this section.
(2) The following provisions commence or are taken to have
commenced on the dates indicated:
Schedule 2 [1], [2], [3], [4], [6], [20], [21], [22] and [23] on
1 July 1998
Schedule 2 [5], [9], [13], [14], [16] and [17] on 1 June 1999
Schedule 2 [7] on 2 February 1999
Schedule 2 [8], in so far as it inserts section 65 (7) into the
Duties Act 1997, on 23 October 1998
Schedule 2 [8], in so far as it inserts section 65 (8) into the
Duties Act 1997, on 1 January 1999
Schedule 2 [10], [11] and [12] on 1 October 1998
Schedule 2 [15] on 26 April 1999
Schedule 6 [1], [2] and [3] on 1 July 1999
(3) The following provisions commence on a day or days to be
appointed by proclamation:
Schedule 3
Schedule 4 [1]
Schedule 5
3 Amendment of Debits Tax Act 1990 No 112
The Debits Tax Act 1990 is amended as set out in Schedule 1.
4 Amendment of Duties Act 1997 No 123
The Duties Act 1997 is amended as set out in Schedule 2.
Page 2
State Revenue Legislation Amendment Act 1999 No 10 Section 5
5 Amendment of Land Tax Act 1956 No 27
The Land Tax Act 1956 is amended as set out in Schedule 3.
6 Amendment of Land Tax Management Act 1956 No 26
The Land Tax Management Act 1956 is amended as set out in
Schedule 4.
7 Amendment of Premium Property Tax Act 1998 No 79
The Premium Property Tax Act 1998 is amended as set out in
Schedule 5.
8 Amendment of Taxation Administration Act 1996 No 97
The Taxation Administration Act 1996 is amended as set out in
Schedule 6.
9 Amendment of Unclaimed Money Act 1995 No 75
The Unclaimed Money Act 1995 is amended as set out in Schedule
7.
Page 3
State Revenue Legislation Amendment Act 1999 No 10
Schedule 1 Amendment of Debits Tax Act 1990
Schedule 1 Amendment of Debits Tax Act 1990
(Section 3)
[1] Section 3 Definitions
Omit the definitions of account, account transaction, bank, financial
institution, non-bank financial institution and payment order from
section 3 (1).
Insert in alphabetical order:
account means an account, kept with a financial institution, to
which payments by the institution in respect of cheques drawn
on the institution by the account holder, or by any one or more
of the account holders, may be debited.
account transaction means the payment of a cheque, or the
doing of any other thing, that will result in the making of a debit
to an account.
financial institution means an institution that is a financial
institution for the purposes of the Cheques Act 1986 of the
Commonwealth.
[2] Section 3 (1), definition of "cheque"
Omit "bank" where firstly occurring. Insert instead "financial institution".
[3] Section 3 (1), definition of "cheque"
Omit "bank" where secondly occurring. Insert instead "institution".
[4] Section 3 (1), definition of "excluded debit"
Omit "or payment order" wherever occurring in paragraph (b) (ii).
[5] Section 3 (1), definition of "incomplete"
Omit "or payment order" wherever occurring.
[6] Section 3 (9)
Omit "non-bank financial institution includes".
Insert instead "financial institution includes, where the institution is not a
bank,".
Page 4
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Debits Tax Act 1990 Schedule 1
[7] Section 3 (11)
Insert after section 3 (10):
(11) A reference in this Act to banking business includes a reference
to business carried on by a financial institution in the course of
which the institution keeps accounts for its customers.
[8] Section 4 Notional separation of debits
Omit section 4 (2). Insert instead:
(2) In this section, third party cheque arrangement means an
arrangement under which a person, other than the account
holder, is entitled to draw cheques on an account and the
account holder is entitled to recover the amount of any cheque
so drawn from the drawer.
[9] Section 8 Imposition of tax
Omit section 8 (2). Insert instead:
(2) A reference in this section to a debit made to an account kept
outside New South Wales includes a reference to a debit made
to an account (in this section called the customer's account)
kept outside New South Wales with a building society, credit
union or similar body (including an account kept by way of
withdrawable share capital in, or money deposited with, the
body) where:
(a) another account is kept with a financial institution in the
name of the body, and
(b) the customer's account has characteristics such that a
cheque may be drawn on the financial institution by the
body and, at a time when it is incomplete, be delivered by
the body to a customer under an agreement under which:
(i) the customer is authorised to fill up the cheque,
and
(ii) the body is authorised, for the purpose of making
a payment to the financial institution to enable the
financial institution to honour the cheque, to debit
the customer's account.
Page 5
State Revenue Legislation Amendment Act 1999 No 10
Schedule 2 Amendment of Duties Act 1997
Schedule 2 Amendment of Duties Act 1997
(Section 4)
[1] Section 54 Change in trustees
Insert "except in the case of a responsible entity of a managed investment
scheme," before "none" in section 54 (3) (a) and (b) wherever occurring.
[2] Section 54 (3) (c)
Insert "except in the case of a responsible entity of a managed investment
scheme that acquires a beneficial interest in the managed investment
scheme solely as a consequence of its appointment as the responsible
entity," before "the transfer".
[3] Section 54 (4)
Omit the subsection. Insert instead:
(4) Duty of $10 is chargeable in respect of a transfer of dutiable
property to a responsible entity if the Chief Commissioner is
satisfied that the transfer is necessary to enable an undertaking
that existed before the commencement of Chapter 5C of the
Corporations Law to become a registered scheme within the
meaning of Division 11 of Part 11.2 of the Corporations Law.
[4] Section 54A
Omit the section. Insert instead:
54A Transfers in relation to managed investment schemes
(1) Duty of $10 is chargeable in respect of a transfer of dutiable
property from:
(a) a responsible entity of a managed investment scheme, or
(b) a person who held the dutiable property as a trustee of a
prescribed interest scheme within the meaning of the
Corporations Law as in force immediately before 1 July
1998 when the scheme became a registered scheme
within the meaning of Division 11 of Part 11.2 of the
Corporations Law,
Page 6
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Duties Act 1997 Schedule 2
to a custodian or agent of the responsible entity as custodian or
agent of the scheme in which the transferor held the dutiable
property.
(2) Duty of $10 is chargeable in respect of a transfer of dutiable
property from the custodian of the responsible entity of a
managed investment scheme to the responsible entity.
[5] Section 57 Property passing to beneficiaries
Omit "dutiable" from section 57 (2) (a).
[6] Section 59 Instrument relating to managed investment scheme
Omit "responsible entity of a managed investment scheme" from section
59 (2) (a).
Insert instead "prescribed interest scheme within the meaning of the
Corporations Law as in force immediately before 1 July 1998".
[7] Section 64A
Insert after section 64:
64A Amalgamation of Western Lands leases
(1) This section applies to the transfer of, or an agreement to
transfer, a lease under the Western Lands Act 1901, being a
lease for a purpose specified in an order of the Governor made
for the purposes of this section and published in the Gazette.
(2) The duty chargeable on a dutiable transaction, being the transfer
of, or an agreement to transfer, a lease to which this section
applies is to be reduced if:
(a) the transferee has transferred another lease under the
Western Lands Act 1901 within 3 years before the
dutiable transaction, and
(b) the land subject to the dutiable transaction adjoins land
held by the transferee under a lease under the Western
Lands Act 1901.
(3) The duty chargeable on the dutiable transaction is to be reduced
by the amount of duty paid on the transfer of, or the agreement
to transfer, the other lease within 3 years before the dutiable
transaction.
Page 7
State Revenue Legislation Amendment Act 1999 No 10
Schedule 2 Amendment of Duties Act 1997
[8] Section 65 Exemptions from duty
Insert after section 65 (6):
(7) Poker machine permits
No duty is chargeable under this Chapter:
(a) on the transfer of a permit for a poker machine under the
Liquor Act 1982 that occurs as a consequence of the
transfer of a licence under that Act that is not chargeable
with duty under this Chapter, or
(b) on the vesting of a permit for a poker machine under the
Liquor Act 1982 that occurs by or as a consequence of a
decision of the Liquor Administration Board or order of
the Licensing Court if the Chief Commissioner is
satisfied that:
(i) there is no change, or contemplated change, in the
beneficial ownership of the permit as a
consequence of the vesting, or
(ii) the vesting occurs as a consequence of an
agreement for the sale or transfer of dutiable
property on which the duty chargeable in respect
of the agreement has been paid.
(8) Manufactured homes
No duty is chargeable under this Chapter on the transfer of, or
an agreement to transfer, a manufactured home in a caravan park
or manufactured home estate if the manufactured home, but not
the land on which the manufactured home is located, is owned
by the transferor.
In this subsection:
manufactured home means a manufactured home as defined in
the Local Government Act 1993 where the home is designed to
allow its transportation.
manufactured home estate has the same meaning as in the
Local Government Act 1993.
Page 8
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Duties Act 1997 Schedule 2
[9] Section 66 Exemptions--marketable securities
Omit section 66 (4) (a) and (b). Insert instead:
(a) a transfer of marketable securities made by the legal and
beneficial owner to a trustee or nominee to be held solely
as trustee or nominee for:
(i) the beneficial owner, or
(ii) a trustee or nominee of the beneficial owner,
without any change in beneficial ownership and without
contemplation of any such change, or
(b) a transfer of marketable securities to a beneficial owner
from a trustee or nominee if:
(i) the marketable securities were held solely for the
beneficial owner, or by a trustee or nominee for a
trustee or nominee of the beneficial owner, and
(ii) no person other than the beneficial owner has had
a beneficial interest in the marketable securities
(other than the trustee's or nominee's right of
indemnity) between any transfer of the marketable
securities to a trustee or nominee and their transfer
back to the beneficial owner,
without any change in beneficial ownership and without
contemplation of any such change, or
(b1) a transfer of marketable securities:
(i) from a trustee or nominee of the beneficial owner
to a custodian of the trustee or nominee, or
(ii) from a custodian of a trustee or nominee to the
trustee or nominee of the beneficial owner,
without any change in beneficial ownership and without
contemplation of any such change, or
[10] Section 74 Eligible agreements or transfers
Insert ", except in the case of a group self help scheme" after "value" in
section 74 (4).
Page 9
State Revenue Legislation Amendment Act 1999 No 10
Schedule 2 Amendment of Duties Act 1997
[11] Section 74 (4)
Insert "In the case of a group self help scheme, the purchase price paid by
the participants in the scheme is taken, for the purposes of this section, to
be the full market value." at the end of the subsection.
[12] Section 85 Definitions
Insert in alphabetical order:
group self help scheme means a scheme under which the
participants contribute labour to a housing project instead of a
cash deposit in order to obtain finance to purchase a house and
land at a price that is lower than the current full market value.
[13] Section 112 How may an interest be "acquired"?
Insert at the end of section 112 (c):
, or
(d) the variation or alteration of a right of a holder of any
such share or unit, including on payment of a call on
partially paid-up shares,
[14] Section 112
Omit "and (c)". Insert instead ", (c) and (d)".
[15] Section 157 Records of sales, purchases and transactions--generally
Insert "(pursuant to an order received by the broker or effected by the
broker on the broker's own account)" after "broker" where secondly
occurring in section 157 (1).
Page 10
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Duties Act 1997 Schedule 2
[16] Section 218 Collateral securities
Insert after section 218 (1):
(1A) If the same money is secured, or partly secured, by two or more
mortgages, at least one of which is a mortgage that is exempt
from duty under a corresponding Act because it effects a
refinancing (an exempt mortgage) and at least one of which is
a mortgage that is chargeable with duty under this Act (a
collateral mortgage), the duty chargeable on a collateral
mortgage is to be reduced by the amount of duty from which the
exempt mortgage is exempt under the corresponding Act.
[17] Section 220 Refinancing of loans
Insert "or is a partner in a de facto relationship that has, in the opinion of
the Chief Commissioner, been terminated" after "divorced" in section 220
(9).
[18] Schedule 1 Savings, transitional and other provisions
Insert at the end of clause 1 (1):
State Revenue Legislation Amendment Act 1999
[19] Schedule 1, clause 15
Insert after clause 14:
15 Exemptions from duty under the Stamp Duties Act 1920
If, by a provision of an Act other than the Stamp Duties Act
1920, a transaction or instrument was not chargeable with stamp
duty under the Stamp Duties Act 1920 immediately before 1 July
1998, the transaction or instrument is not chargeable with duty
under this Act, unless the contrary intention appears.
Page 11
State Revenue Legislation Amendment Act 1999 No 10
Schedule 2 Amendment of Duties Act 1997
[20] Schedule 1, Part 3
Insert after Part 2:
Part 3 Provisions consequent on enactment of State
Revenue Legislation Amendment Act 1999
16 Managed investment schemes--novation of contracts
(1) This clause applies to a transaction entered into or an instrument
executed by a responsible entity to replace a transaction entered
into or an instrument executed by a body holding the office of
trustee or representative and management company who has
retired from that office to enable an undertaking to become a
managed investment scheme.
(2) This clause applies only to transactions that occur and
instruments that are executed in relation to a managed
investment scheme after the commencement of Chapter 5C of
the Corporations Law and:
(a) within the period of 2 years starting on that
commencement, or
(b) before the date on which the scheme became a registered
scheme within the meaning of Division 11 of Chapter 5C
of the Corporations Law,
whichever first occurs.
(3) Despite the other provisions of this Act, a transaction or
instrument to which this clause applies is chargeable with duty
in accordance with this clause.
(4) The amount of duty chargeable in respect of the transaction or
instrument is:
(a) the amount of duty that would be chargeable in respect of
the transaction or instrument but for this clause, less the
amount of duty paid (under this Act or the Stamp Duties
Act 1920) in relation to the transaction or instrument that
is being replaced, or
(b) $10,
whichever is the greater.
Page 12
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Duties Act 1997 Schedule 2
[21] Dictionary, definition of "managed investment scheme"
Omit the definition. Insert instead:
managed investment scheme means a managed investment
scheme within the meaning of Chapter 5C of the Corporations
Law, and includes a public unit trust scheme.
[22] Dictionary, definition of "mortgage"
Insert ", and includes a charge over any such land" after "elsewhere".
[23] Dictionary, definition of "public unit trust scheme"
Omit "the Corporations Law that complies with Chapter 5C of that Law"
from paragraph (b1).
Insert instead "Chapter 5C of the Corporations Law".
Page 13
State Revenue Legislation Amendment Act 1999 No 10
Schedule 3 Amendment of Land Tax Act 1956
Schedule 3 Amendment of Land Tax Act 1956
(Section 5)
[1] Section 3 Levy of land tax
Omit subsection (3).
[2] Section 3AA Levy of land tax after 31 December 1984
Omit subsection (4).
[3] Section 3AB Levy of land tax after 31 December 1985 and before 1
January 1988
Omit subsection (4).
[4] Section 3AC Levy of land tax after 31 December 1987
Omit subsection (4).
[5] Section 3AD Levy of land tax after 31 December 1988
Omit subsection (4).
[6] Section 3AE Levy of land tax after 31 December 1989
Omit subsection (4).
[7] Section 3AF Levy of land tax after 31 December 1996
Omit subsection (4).
[8] Section 3AG Levy of land tax after 31 December 1997 and 31
December 1998
Omit subsection (4).
[9] Section 3AH Levy of land tax after 31 December 1999
Omit subsection (4).
Page 14
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Land Tax Management Act 1956 Schedule 4
Schedule 4 Amendment of Land Tax Management
Act 1956
(Section 6)
[1] Section 40
Insert after section 39:
40 Discount for early payment
(1) A person who pays land tax within 30 days after service of the
notice of assessment of the land tax is entitled to a discount of
the amount of land tax specified in the assessment excluding
overdue land tax if:
(a) the whole of the amount specified in the assessment is
paid, and
(b) no other liability in relation to land tax, interest or penalty
tax is, at the time of payment, payable by the person to
the Chief Commissioner (including a liability subject to
objection, appeal or other dispute) or any such liability is
paid in full when making the payment.
(2) The discount is to be at the rate determined by order of the
Treasurer published in the Gazette. A rate may be determined in
respect of assessments generally or in relation to assessments
issued in a specified land tax year.
(3) This section has effect despite any other provision of this Act or
the Land Tax Act 1956.
Page 15
State Revenue Legislation Amendment Act 1999 No 10
Schedule 4 Amendment of Land Tax Management Act 1856
[2] Section 47 Land tax to be first charge on land
Omit section 47 (1A). Insert instead:
(1A) The Chief Commissioner:
(a) on the application of any person, and
(b) on payment of a fee of $15 (or the making of
arrangements satisfactory to the Chief Commissioner for
its payment),
is to issue a certificate showing if there is any land tax charged
on land the subject of the application.
The Chief Commissioner may include in the certificate the land
value of the land in relation to a specified land tax year.
[3] Section 47 (1BA)
Insert after section 47 (1B):
(1BA) The Chief Commissioner may determine:
(a) the means by which a certificate may be issued, including
electronically, and
(b) the form of a certificate, including as a document or in an
electronic form or a form that may be produced from an
electronic message.
[4] Section 47 (2)
Omit the subsection. Insert instead:
(2) The Chief Commissioner may release the land taxed, or any part
of the land, from the charge imposed by subsection (1):
(a) on payment of an amount the Chief Commissioner
estimates to be not less than the proportion of land tax
referable to the land or part, or
(b) without payment of land tax if:
(i) the Chief Commissioner is satisfied that there is
no significant risk that the land tax for which the
charge is imposed will not be paid, and
(ii) a person who is or may become liable to pay the
land tax is not in arrears in payment of any land
tax.
Page 16
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Land Tax Management Act 1956 Schedule 4
[5] Section 53 Definition of land tax for certain purposes of this Part
Omit "additional land tax whether by way of penalty or otherwise" from
section 53 (b).
Insert instead "interest and penalty tax imposed under section 72, or under
section 47 or Part 5 of the Taxation Administration Act 1996".
[6] Section 62U Register of Land Values
Omit subsection (3).
[7] Section 62VA
Insert after section 62V:
62VA Certificates of land value
(1) The Chief Commissioner may issue a certificate to any person
certifying details of an entry in the Register of Land Values kept
under section 62U.
(2) The Chief Commissioner may determine:
(a) the means by which a certificate may be issued, including
electronically, and
(b) the form of a certificate, including as a document or in an
electronic form or a form that may be produced from an
electronic message.
(3) A certificate is conclusive evidence, as at the date specified in
the certificate, of the matter certified.
(4) The Chief Commissioner may determine:
(a) the means by which an application for a certificate may
be made, and
(b) the form of an application, and
(c) the fee to be paid for a certificate, and
(d) the means by which the fee may be paid.
Page 17
State Revenue Legislation Amendment Act 1999 No 10
Schedule 5 Amendment of Premium Property Tax Act 1998
Schedule 5 Amendment of Premium Property Tax
Act 1998
(Section 7)
Section 9 Rounding off of assessments
Omit the section.
Page 18
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Taxation Administration Act 1996 Schedule 6
Schedule 6 Amendment of Taxation Administration
Act 1996
(Section 8)
[1] Section 9 Reassessment
Insert at the end of section 9 (3) (c):
, or
(d) the reassessment is made as a consequence of an
application by a taxpayer, being an application made
within 5 years after the initial assessment of the liability,
and the reassessment reduces the tax liability.
[2] Section 22 Interest rate
Omit section 22 (2) (a). Insert instead:
(a) unless an order is in force under paragraph (b), the
Treasury Note yield rate rounded to the second decimal
place (rounding 0.005 upwards), or
[3] Section 22 (4)
Insert after section 22 (3):
(4) In this section, the Treasury Note yield rate in respect of any
day is the weighted average yield set at the last weekly tender
for the 13 week Treasury Note before the end of May in the
financial year preceding the financial year in which the day
occurs.
[4] Section 47 Arrangements for payment of tax
Insert after section 47 (2):
(3) The Chief Commissioner may, in such circumstances as the
Chief Commissioner considers appropriate, remit the payment
of interest required to be paid by a condition imposed under
subsection (2) by any amount.
Page 19
State Revenue Legislation Amendment Act 1999 No 10
Schedule 6 Amendment of Taxation Administration Act 1996
[5] Section 82 Permitted disclosures--to particular persons
Omit paragraph (d). Insert instead:
(d) in accordance with a requirement imposed, or
authorisation conferred, by or under an Act, or
[6] Section 82 (e) (viiib)
Insert after section 82 (e) (viiia):
(viiib) the Head of a Department of the Public
Service, the chief executive officer of a
declared authority (within the meaning of
the Public Sector Management Act 1988)
or the holder of a statutory office if the
information relates to land, including its
description, ownership and value, or
[7] Section 113A
Insert after section 113:
113A Use of certain information--notice of sale or transfer of land
The Chief Commissioner is entitled to receive, and to use in
relation to the administration of a taxation law, information
contained in a notice lodged with the Registrar-General as
referred to in section 604 (4) of the Local Government Act 1993.
Page 20
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Unclaimed Money Act 1995 Schedule 7
Schedule 7 Amendment of Unclaimed Money Act
1995
(Section 9)
[1] Section 3 Definitions
Omit "Commonwealth Act".
Insert instead "Commonwealth Superannuation Act".
[2] Section 3
Insert in alphabetical order:
Commonwealth RSA Act means the Retirement Savings
Accounts Act 1997 of the Commonwealth.
retirement savings account has the same meaning as it has in
the Commonwealth RSA Act.
RSA provider has the same meaning as it has in the
Commonwealth RSA Act.
unclaimed RSA benefit means an amount that, under Part 8 of
the Commonwealth RSA Act, is taken to be unclaimed money.
[3] Section 3, definition of "enterprise"
Insert "or a building society, credit union or friendly society" after
"Commonwealth)".
[4] Section 3, definition of "officer"
Omit "or trustee" wherever occurring.
Insert instead ", trustee or RSA provider".
[5] Section 3, definition of "return"
Omit "or 13B". Insert instead ", 13B or 13BA".
[6] Section 3, definition of "unclaimed superannuation benefit"
Omit "Commonwealth Act".
Insert instead "Commonwealth Superannuation Act".
Page 21
State Revenue Legislation Amendment Act 1999 No 10
Schedule 7 Amendment of Unclaimed Money Act 1995
[7] Part 3A, heading
Insert "and RSA benefits" after "benefits".
[8] Section 13A Definitions
Omit "Commonwealth Act" wherever occurring in the definitions of
approved deposit fund, beneficiary, exempt public sector superannuation
scheme, regulated superannuation fund and trustee.
Insert instead "Commonwealth Superannuation Act".
[9] Section 13A
Insert in alphabetical order:
data processing device means any article or material (for
example a disc) from which information is capable of being
reproduced with or without the aid of any other article or device.
holder of an RSA has the same meaning as it has in the
Commonwealth RSA Act.
[10] Part 3A, Division 2, heading
Insert "and RSA benefits" after "benefits".
[11] Section 13B Return and payment of unclaimed superannuation
benefits to Chief Commissioner
Omit section 13B (7).
[12] Section 13BA
Insert after section 13B:
13BA Return and payment of unclaimed RSA benefits to Chief
Commissioner
(1) An RSA provider must lodge with the Chief Commissioner a
return, in a form approved by the Chief Commissioner, of all
unclaimed RSA benefits held by the RSA provider as at the end
of each half-year.
Page 22
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Unclaimed Money Act 1995 Schedule 7
(2) The RSA provider must lodge the return:
(a) in relation to a half-year ending on 30 June, on or before
the following 31 October, and
(b) in relation to a half-year ending on 31 December, on or
before the following 30 April,
or on or before such later date as the Chief Commissioner may
in a particular case allow by notice in writing to the RSA
provider whether before or after 31 October or 30 April, as the
case requires.
(3) If, after the end of a half-year and before the RSA provider
lodges the return with the Chief Commissioner, the RSA
provider pays any unclaimed RSA benefit to a person who is
entitled to it, the return must contain such particulars relating to
the amounts so paid as are required by the form.
(4) An RSA provider, when lodging the return, must pay to the
Chief Commissioner an amount equal to the sum of the
unclaimed RSA benefits specified in the statement less the sum
of amounts paid by the provider and specified in accordance
with subsection (3).
(5) The Chief Commissioner is to pay money received under this
section into the Consolidated Fund.
(6) An approval by the Chief Commissioner of a form of return for
the purposes of this section may require or permit the return to
be given on a specified kind of data processing device in
accordance with specified software requirements.
[13] Section 13C Copies and inspection of returns
Insert after section 13C (1):
(1A) An RSA provider that lodges a return must retain a copy of the
return at the provider's registered office or principal place of
operation in the State.
Maximum penalty: 2 penalty units.
[14] Section 13C (3) and (4)
Insert "or RSA provider" after "trustee" wherever occurring.
Page 23
State Revenue Legislation Amendment Act 1999 No 10
Schedule 7 Amendment of Unclaimed Money Act 1995
[15] Section 13D Publication of information relating to unclaimed money
Insert "or unclaimed RSA benefits" after "benefits" in section 13D (a).
[16] Section 13E Payment of unclaimed benefits where money later
claimed
Omit "Commonwealth Act" from section 13E (b).
Insert instead "Commonwealth Superannuation Act".
[17] Section 13E (2)
Insert at the end of section 13E:
(2) If:
(a) any unclaimed RSA benefits have been paid to the Chief
Commissioner under this Part, and
(b) the Chief Commissioner is satisfied on application made
by a person in a form approved by the Chief
Commissioner that, if this Part and Part 8 of the
Commonwealth RSA Act had not been enacted, the
person would have been paid that unclaimed RSA benefit
by the RSA provider by whom it was paid to the Chief
Commissioner,
the Chief Commissioner must pay that unclaimed RSA benefit
to that person.
[18] Section 13F Chief Commissioner must repay excess payments
Insert at the end of section 13F:
(2) If an RSA provider, after paying an amount to the Chief
Commissioner under this Part, satisfies the Chief Commissioner
that the amount so paid exceeds the amount that would have
been paid to the person concerned, or is not unclaimed RSA
benefits that are required to be paid to the Chief Commissioner
under this Act, the Chief Commissioner must refund to the
RSA provider the amount of the excess.
Page 24
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Unclaimed Money Act 1995 Schedule 7
[19] Section 13HA
Insert after section 13H:
13HA Register of unclaimed RSA benefits
(1) The Chief Commissioner must keep a register of unclaimed
RSA benefits paid to the Chief Commissioner under this Part.
The register may be in such form, and kept in such manner, as
(2)
the Chief Commissioner determines but must include
particulars of:
(a) the unclaimed RSA benefits paid to the Chief
Commissioner by an RSA provider, and
(b) the holder of the RSA in respect of whom the benefit
was payable.
[20] Section 13I Discharge of liability
Insert "or RSA provider" after "fund".
[21] Section 13I
Insert "or provider" after "trustee" where secondly occurring.
[22] Section 13K Application of Part
Insert after section 13K (2):
(3) This Part applies to a retirement savings account and an RSA
provider if the provider has its registered office within New
South Wales.
[23] Section 13L Extra-territorial operation
Insert after section 13L (c):
(d) RSA providers and holders of RSAs situated or residing
outside New South Wales, whether in or outside
Australia.
Page 25
State Revenue Legislation Amendment Act 1999 No 10
Schedule 7 Amendment of Unclaimed Money Act 1995
[24] Section 27 Application of certain provisions of Taxation
Administration Act 1996
Omit "or the trustee of a superannuation fund" from section 27 (1) (b).
Insert instead ", the trustee of a superannuation fund or an RSA provider".
[25] Section 27 (1) (e)
Omit "or a trustee". Insert instead ", a trustee or an RSA provider".
[26] Section 27 (1) (e)
Omit "or unclaimed superannuation benefits".
Insert instead ", unclaimed superannuation benefits or unclaimed RSA
benefits".
[27] Section 27 (2)
Insert "or an RSA provider" after "fund" where firstly occurring.
[28] Section 27 (2)
Insert "or RSA benefit" after "benefit".
[29] Section 27 (2)
Insert "or a retirement savings account" after "fund" where lastly occurring.
[30] Section 28 General power to make assessment
Omit ", or a trustee of a superannuation fund to pay unclaimed
superannuation benefits" wherever occurring in section 28 (1) and (2).
Insert instead ", a trustee of a superannuation fund to pay unclaimed
superannuation benefits, or an RSA provider to pay unclaimed RSA
benefits".
[31] Section 28 (3) and (5)
Omit "or trustee" wherever occurring.
Insert instead ", trustee or RSA provider".
Page 26
State Revenue Legislation Amendment Act 1999 No 10
Amendment of Unclaimed Money Act 1995 Schedule 7
[32] Section 28 (4)
Omit "or unclaimed superannuation benefits".
Insert instead ", unclaimed superannuation benefits or unclaimed RSA
benefits".
[33] Section 28 (6)
Omit "or 13B (1)". Insert instead ", 13B (1) or 13BA (1)".
[34] Section 29 Enterprises, trustees and RSA providers that are not
natural persons
Omit "or the trustee of a superannuation fund".
Insert instead ", the trustee of a superannuation fund or an RSA provider".
[35] Section 29
Omit "or trustee" wherever occurring.
Insert instead ", trustee or provider".
[36] Schedule 2 Savings, transitional and other provisions
Insert at the end of clause 1 (1):
State Revenue Legislation Amendment Act 1999
[37] Schedule 2, clause 1 (2)
Omit "this Act". Insert instead "the Act concerned".
[Minister's second reading speech made in--
Legislative Assembly on 12 May 1999
Legislative Council on 1 June 1999]
BY AUTHORITY
Page 27
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