State Taxation and Financial Legislation Amendment Act 2013

Authorised by the Chief Parliamentary Counsel Authorised Version i State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 1 Purposes 1 2 Commencement 3 PART 2—AMENDMENT OF COMMONWEALTH PLACES (MIRROR TAXES ADMINISTRATION) ACT 1999 4 3 New sections 7A and 7B inserted 4 7A Modified operation of State taxing laws 4 7B Actions taken under corresponding applied law 5 PART 3—AMENDMENT OF DUTIES ACT 2000 7 Division 1—National Electronic Conveyancing System amendments 7 4 Definition of ELN inserted 7 5 References to ELN 7 6 New section 251C inserted 7 251C Definitions 7 7 Authentication of payment of duty using on-line duty payment system 8 8 Registration of instruments 8 Division 2—Statute law revision 8 9 Concessional rate of duty for certain PPR transfers 8 10 Registration of approved agents 8 PART 4—AMENDMENT OF FINANCIAL MANAGEMENT ACT 1994 9 11 Definitions of specified entity and accountable officer inserted 9 12 New section 54AA inserted 9 54AA Specified entities 9 13 Inclusion of specified entities 10 -- 1 of 20 -- Section Page ii Authorised by the Chief Parliamentary Counsel PART 5—AMENDMENT OF LAND TAX ACT 2005 12 14 Definitions 12 15 Absence from principal place of residence—indefinite absence permitted in certain circumstances 13 16 Sale of old principal residence 13 PART 6—AMENDMENT OF TAXATION ADMINISTRATION ACT 1997 14 17 Permitted disclosures—Electronic Lodgment Network 14 PART 7—AMENDMENT OF UNCLAIMED MONEY ACT 2008 15 18 Definition of proper officer 15 19 Definition of unclaimed money 15 20 Registrar of Unclaimed Money 15 21 Deputy Registrar of Unclaimed Money 15 22 Delegation 16 23 Provision of staff 16 24 Use of consultants and contractors 16 25 Authorised investigations 16 26 Permitted disclosures to particular persons 16 PART 8—REPEAL OF AMENDING ACT 17 27 Repeal of amending Act 17 ═══════════════ ENDNOTES 18 -- 2 of 20 -- Authorised by the Chief Parliamentary Counsel Authorised Version 1 State Taxation and Financial Legislation Amendment Act 2013 † No. 69 of 2013 [Assented to 19 November 2013] The Parliament of Victoria enacts: PART 1—PRELIMINARY 1 Purposes The purposes of this Act are— (a) to amend the Commonwealth Places (Mirror Taxes Administration) Act 1999— Victoria -- 3 of 20 -- Part 1—Preliminary State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 2 Authorised by the Chief Parliamentary Counsel (i) to provide for the generic modification of taxation Acts to enable the effective operation of the mirror taxes scheme; and (ii) to waive the requirement to do things under a taxation Act if those things have been done under a corresponding applied law of the Commonwealth; and (b) to amend the Duties Act 2000 to make provision for dutiable transactions effected electronically by means of an Electronic Lodgment Network; and (c) to amend the Financial Management Act 1994 to provide for additional entities to be subject to the supply management provisions of Part 7A of that Act; and (d) to amend the Land Tax Act 2005— (i) to extend the principal place of residence exemption to principal beneficiaries of special disability trusts; and (ii) to remove the 6 year time limit on the principal place of residence exemption in certain circumstances; and (e) to amend the Taxation Administration Act 1997 to authorise disclosures of information made in connection with the provision, operation or use of an Electronic Lodgment Network; and (f) to amend the Unclaimed Money Act 2008— (i) to make further provision for the powers of the Registrar and Deputy Registrar; and s. 1 -- 4 of 20 -- Part 1—Preliminary State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 3 Authorised by the Chief Parliamentary Counsel (ii) to authorise additional bodies as recipients of information obtained under or in relation to that Act; and (g) to make other miscellaneous amendments. 2 Commencement (1) Parts 1, 4, 5 and 7 and Division 2 of Part 3 of this Act come into operation on the day after the day this Act receives the Royal Assent. (2) Part 2 of this Act is taken to have come into operation on 30 January 2001. (3) Subject to subsection (4), the remaining provisions of this Act come into operation on a day or days to be proclaimed. (4) If a provision of this Act does not come into operation before 1 December 2014, it comes into operation on that day. __________________ s. 2 -- 5 of 20 -- Part 2—Amendment of Commonwealth Places (Mirror Taxes Administration) Act 1999 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 4 Authorised by the Chief Parliamentary Counsel PART 2—AMENDMENT OF COMMONWEALTH PLACES (MIRROR TAXES ADMINISTRATION) ACT 1999 3 New sections 7A and 7B inserted After section 7 of the Commonwealth Places (Mirror Taxes Administration) Act 1999 insert— "7A Modified operation of State taxing laws (1) If, in relation to a State taxing law, there is a corresponding applied law, the State taxing law is to be read and construed with any modifications that are necessary or convenient for any of the following purposes— (a) for the purpose of enabling the effective operation of the State taxing law in conjunction with the corresponding applied law; (b) for the purpose of enabling the State taxing law to operate so that a taxpayer has a combined liability under— (i) the State taxing law; and (ii) the corresponding applied law— that is as nearly as possible the same as the taxpayer's liability would be under the State taxing law alone if the Commonwealth places in the State were not Commonwealth places. (2) If a State taxing law applies to an event, state of affairs or transaction that occurred, existed or was entered into on or after 30 January 2001, then, to the extent of any inconsistency, the modifications (if any) to the State taxing law that have effect under this section in relation to the event, state of affairs or transaction prevail over the See: Act No. 34/1999. Reprint No. 1 as at 8 February 2008. LawToday: www. legislation. vic.gov.au s. 3 -- 6 of 20 -- Part 2—Amendment of Commonwealth Places (Mirror Taxes Administration) Act 1999 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 5 Authorised by the Chief Parliamentary Counsel amendments (if any) to the State taxing law made by section 19. Note Section 19 of this Act amended the Debits Tax Act 1990, the Financial Institutions Duty Act 1982, the Pay-roll Tax Act 1971, the Stamps Act 1958 and the Taxation Administration Act 1997. 7B Actions taken under corresponding applied law (1) A person is not required to take an action in relation to an event, state of affairs or transaction that is otherwise required or permitted, or could be required or permitted, under a State taxing law that applies, or could apply, to any extent, to or in relation to the event, state of affairs or transaction if— (a) a corresponding applied law applies, or could apply, to any extent, to or in relation to the same event, state of affairs or transaction; and (b) the person is required or permitted, or could be required or permitted, to take the action under both the State taxing law and the corresponding applied law in relation to the event, state of affairs or transaction; and (c) the person has taken the action in accordance with the corresponding applied law; and (d) the Commissioner of State Revenue has sufficient information about the event, state of affairs or transaction to carry out his or her functions in relation to it under the State taxing law or the corresponding applied law or both, as the case requires. s. 3 -- 7 of 20 -- Part 2—Amendment of Commonwealth Places (Mirror Taxes Administration) Act 1999 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 6 Authorised by the Chief Parliamentary Counsel (2) If subsection (1) applies to a person in relation to an event, state of affairs or transaction, the Commissioner of State Revenue may carry out his or her functions in relation to the event, state of affairs or transaction as if the person had taken whatever action is required or permitted under the State taxing law in relation to the event, state of affairs or transaction.". __________________ s. 3 -- 8 of 20 -- Part 3—Amendment of Duties Act 2000 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 7 Authorised by the Chief Parliamentary Counsel PART 3—AMENDMENT OF DUTIES ACT 2000 Division 1—National Electronic Conveyancing System amendments 4 Definition of ELN inserted In section 3(1) of the Duties Act 2000 insert the following definition— "ELN means ELN within the meaning of the Electronic Conveyancing National Law (Victoria);". 5 References to ELN In the Duties Act 2000— (a) in section 14(5), after "electronically" insert "by means of an ELN or"; (b) in section 15(2), after "electronically" insert "by means of an ELN or"; (c) in section 30(7), after "electronically" insert "by means of an ELN or". 6 New section 251C inserted After the heading to Part 1 of Chapter 12 of the Duties Act 2000 insert— "251C Definitions In this Part— electronic instrument means a registry instrument that is prepared in an electronic form to be lodged electronically for the purposes of land titles legislation by means of an ELN; See: Act No. 79/2000. Reprint No. 9 as at 27 September 2012 and amending Act Nos 9/2013, 13/2013 and 41/2013. LawToday: www. legislation. vic.gov.au s. 4 -- 9 of 20 -- Part 3—Amendment of Duties Act 2000 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 8 Authorised by the Chief Parliamentary Counsel land titles legislation has the same meaning as in section 5 of the Electronic Conveyancing (Adoption of National Law) Act 2013; registry instrument has the same meaning as in section 4(1) of the Transfer of Land Act 1958.". 7 Authentication of payment of duty using on-line duty payment system In section 255A(2) of the Duties Act 2000, after "instrument" insert "or electronic instrument". 8 Registration of instruments In section 269 of the Duties Act 2000, after "transaction" insert ", an electronic instrument that effects or evidences a dutiable transaction". Division 2—Statute law revision 9 Concessional rate of duty for certain PPR transfers In the note at the foot of section 57J of the Duties Act 2000, for "$500 000" substitute "$550 000". 10 Registration of approved agents In section 248A(4) of the Duties Act 2000, in the definition of Secretary, for "Department of Primary Industries" substitute "Department of Environment and Primary Industries". __________________ s. 7 -- 10 of 20 -- Part 4—Amendment of Financial Management Act 1994 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 9 Authorised by the Chief Parliamentary Counsel PART 4—AMENDMENT OF FINANCIAL MANAGEMENT ACT 1994 11 Definitions of specified entity and accountable officer inserted In section 3 of the Financial Management Act 1994— (a) insert the following definition— "specified entity means an entity specified under section 54AA for the purposes of Part 7A;"; (b) for the definition of accountable officer substitute— "accountable officer means— (a) in relation to a department or public body, the accountable officer for the department or public body as determined under section 42; (b) in relation to a specified entity that is not a department or public body, the chief executive officer (by whatever name called) of the specified entity;". 12 New section 54AA inserted After the heading to Part 7A of the Financial Management Act 1994 insert— "54AA Specified entities (1) The Governor in Council, by Order, may declare that an entity, or a class of entities, is a specified entity or entities for the purposes of this Part. See: Act No. 18/1994. Reprint No. 6 as at 26 September 2007 and amending Act No. 44/2008. LawToday: www. legislation. vic.gov.au s. 11 -- 11 of 20 -- Part 4—Amendment of Financial Management Act 1994 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 10 Authorised by the Chief Parliamentary Counsel (2) The Governor in Council may declare that an entity or class of entities is a specified entity or entities only if the entities, or all entities of the class, are entities the transactions of which form part of the transactions of the State for the purposes of section 24(2)(b). (3) An Order under this section may declare that an entity or class of entities is a specified entity for all the purposes of this Part or only in relation to specified provisions of this Part or specified provisions of a supply policy made under section 54L.". 13 Inclusion of specified entities In the Financial Management Act 1994— (a) in section 54B(a), after "departments" (where twice occurring) insert "and specified entities"; (b) in section 54B(b), for "departmental compliance" substitute "compliance by departments and specified entities"; (c) in section 54B(d), after "departments" (where twice occurring) insert "and specified entities"; (d) in section 54C(2)(a) and (c), after "departments" insert "or specified entities"; (e) in section 54C(2)(d), for "departmental compliance" substitute "compliance by departments and specified entities"; (f) in section 54H(4)(a), after "department" insert ", specified entity"; (g) in section 54L(1), after "departments" (where twice occurring) insert "and specified entities"; s. 13 -- 12 of 20 -- Part 4—Amendment of Financial Management Act 1994 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 11 Authorised by the Chief Parliamentary Counsel (h) in section 54L(2)(g), after "departments," insert "specified entities,"; (i) in section 54L(4), after "departments" insert "and specified entities". __________________ s. 13 -- 13 of 20 -- Part 5—Amendment of Land Tax Act 2005 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 12 Authorised by the Chief Parliamentary Counsel PART 5—AMENDMENT OF LAND TAX ACT 2005 14 Definitions (1) In section 52(1) of the Land Tax Act 2005 insert the following definitions— "principal beneficiary, of a special disability trust— (a) has the meaning given in section 1209M(1) of the Social Security Act, in the case of a special disability trust within the meaning of section 1209L of that Act; (b) has the meaning given in section 52ZZZWA(1) of the Veterans' Entitlements Act, in the case of a special disability trust within the meaning of section 52ZZZW of that Act; Social Security Act means the Social Security Act 1991 of the Commonwealth; special disability trust means— (a) a special disability trust within the meaning of section 1209L of the Social Security Act; or (b) a special disability trust within the meaning of section 52ZZZW of the Veterans' Entitlements Act; Veterans' Entitlements Act means the Veterans' Entitlements Act 1986 of the Commonwealth.". (2) In section 52(1) of the Land Tax Act 2005, in paragraph (b) of the definition of vested beneficiary, for "land." substitute "land or is the principal beneficiary of a special disability trust;". See: Act No. 88/2005. Reprint No. 4 as at 13 October 2011 and amending Act Nos 49/2010, 35/2011, 69/2011 and 76/2012. LawToday: www. legislation. vic.gov.au s. 14 -- 14 of 20 -- Part 5—Amendment of Land Tax Act 2005 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 13 Authorised by the Chief Parliamentary Counsel 15 Absence from principal place of residence— indefinite absence permitted in certain circumstances (1) In section 56(6) of the Land Tax Act 2005, for "under this section" substitute "under subsection (1)". (2) In the note at the foot of section 56(6) of the Land Tax Act 2005, after "taken" insert "under subsection (1)". 16 Sale of old principal residence In section 60(3) of the Land Tax Act 2005, for "subsection (1)(b) or (2)(b)" substitute "subsection (1)(a) or (2)(a)". __________________ s. 15 -- 15 of 20 -- Part 6—Amendment of Taxation Administration Act 1997 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 14 Authorised by the Chief Parliamentary Counsel PART 6—AMENDMENT OF TAXATION ADMINISTRATION ACT 1997 17 Permitted disclosures—Electronic Lodgment Network (1) In section 92(1) of the Taxation Administration Act 1997— (a) in paragraph (f), for "2005." substitute "2005; or"; (b) after paragraph (f) insert— "(g) in connection with the provision, operation or use of an ELN, in the case of information obtained under or in relation to the administration of the Duties Act 2000.". (2) In section 92(2) of the Taxation Administration Act 1997 insert the following definition— "ELN means ELN within the meaning of the Electronic Conveyancing National Law (Victoria);". __________________ See: Act No. 40/1997. Reprint No. 5 as at 13 October 2011 and amending Act Nos 69/2011, 76/2012, 13/2013 and 41/2013. LawToday: www. legislation. vic.gov.au s. 17 -- 16 of 20 -- Part 7—Amendment of Unclaimed Money Act 2008 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 15 Authorised by the Chief Parliamentary Counsel PART 7—AMENDMENT OF UNCLAIMED MONEY ACT 2008 18 Definition of proper officer In section 3(1) of the Unclaimed Money Act 2008, in paragraph (a) of the definition of proper officer, after "Prothonotary" insert "or the Senior Master of the Supreme Court". 19 Definition of unclaimed money After section 3(2) of the Unclaimed Money Act 2008 insert— "(2A) For the purposes of the definition of unclaimed money in subsection (1), an amount of money that consists of both principal and interest is unclaimed money if the sum of the principal and interest is equal to or greater than $20 or the prescribed amount (whichever is higher).". 20 Registrar of Unclaimed Money In section 4(1)(b) of the Unclaimed Money Act 2008, after "regulations" insert "or any other Act". 21 Deputy Registrar of Unclaimed Money For section 5(2) of the Unclaimed Money Act 2008 substitute— "(2) The Deputy Registrar has the same powers, duties or functions as the Registrar has under this Act or the regulations or any other Act.". See: Act No. 44/2008 and amending Act Nos 44/2008, 68/2009, 83/2009, 9/2013 and 13/2013. LawToday: www. legislation. vic.gov.au s. 18 -- 17 of 20 -- Part 7—Amendment of Unclaimed Money Act 2008 State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 16 Authorised by the Chief Parliamentary Counsel 22 Delegation In section 6 of the Unclaimed Money Act 2008, for "to any person employed or engaged in the administration of this Act." substitute— "to— (a) an employee referred to in section 7; or (b) a consultant or contractor engaged under section 8.". 23 Provision of staff In section 7 of the Unclaimed Money Act 2008, after "regulations" insert "or any other Act". 24 Use of consultants and contractors In section 8 of the Unclaimed Money Act 2008, after "functions" insert "under this Act and the regulations or any other Act". 25 Authorised investigations In section 68 of the Unclaimed Money Act 2008, for "The Registrar may authorise" substitute "An authorised investigation is". 26 Permitted disclosures to particular persons After section 77(1)(g)(vii) of the Unclaimed Money Act 2008 insert— "(viia) the Australian Securities and Investments Commission; or (viib) the Legal Services Board; or (viic) the Legal Services Commissioner; or". __________________ s. 22 -- 18 of 20 -- Part 8—Repeal of Amending Act State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 17 Authorised by the Chief Parliamentary Counsel PART 8—REPEAL OF AMENDING ACT 27 Repeal of amending Act This Act is repealed on 1 December 2015. Note The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984). ═══════════════ s. 27 -- 19 of 20 -- State Taxation and Financial Legislation Amendment Act 2013 No. 69 of 2013 18 Authorised by the Chief Parliamentary Counsel ENDNOTES † Minister's second reading speech— Legislative Assembly: 16 October 2013 Legislative Council: 31 October 2013 The long title for the Bill for this Act was "A Bill for an Act to amend the Commonwealth Places (Mirror Taxes Administration) Act 1999, the Duties Act 2000, the Financial Management Act 1994, the Land Tax Act 2005, the Taxation Administration Act 1997 and the Unclaimed Money Act 2008 and for other purposes." Endnotes -- 20 of 20 --