State Taxation Acts Amendment Act 2007

State Taxation Acts Amendment Act 2007 No. 33 of 2007 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 1 Purpose 1 2 Commencement 2 PART 2—DUTIES ACT 2000 3 3 Definition 3 4 What are interests and significant interests in landholders? 3 5 Who may acquire an interest? 3 6 How duty is charged on relevant acquisitions 4 7 Demonstrator vehicles 5 8 Part heading substituted 5 PART 3—TAXATION ADMINISTRATION ACT 1997 6 9 Reduction in penalty tax for voluntary disclosures 6 PART 4—REPEAL OF AMENDING ACT 7 10 Repeal of Act 7 ═══════════════ ENDNOTES 8 i -- 1 of 9 -- Victoria State Taxation Acts Amendment Act 2007† No. 33 of 2007 [Assented to 24 July 2007] The Parliament of Victoria enacts: PART 1—PRELIMINARY 1 Purpose The purpose of this Act is to— (a) amend the Duties Act 2000 to clarify the land rich duty provisions and the motor vehicle duty provisions; and (b) amend the Taxation Administration Act 1997 with respect to penalty tax reductions. 1 -- 2 of 9 -- Part 1—Preliminary State Taxation Acts Amendment Act 2007 No. 33 of 2007 s. 2 2 Commencement This Act comes into operation on the day after the day on which it receives the Royal Assent. __________________ 2 -- 3 of 9 -- Part 2—Duties Act 2000 State Taxation Acts Amendment Act 2007 No. 33 of 2007 s. 3 PART 2—DUTIES ACT 2000 3 Definition In section 3(1) of the Duties Act 2000, the definition of entitled is repealed. See: Act No. 79/2000. Reprint No. 5 as at 10 February 2006 and amending Act Nos 38/2006, 84/2006 and 86/2006. LawToday: www. legislation. vic.gov.au 4 What are interests and significant interests in landholders? In section 76(1) of the Duties Act 2000, for "a beneficial entitlement" substitute "an entitlement". 5 Who may acquire an interest? (1) After section 77(2) of the Duties Act 2000 insert— "(2AA) Without limiting subsection (1), a person is taken to obtain an interest beneficially if the person obtains the interest as trustee of a trust. (2AB) A trustee who holds or acquires an interest in a land rich landholder is to be treated as a separate person in respect of each trust of which the trustee is a trustee and the personal capacity of the trustee, if any.". 3 -- 4 of 9 -- Part 2—Duties Act 2000 State Taxation Acts Amendment Act 2007 No. 33 of 2007 s. 6 (2) Section 77(2B) of the Duties Act 2000 is repealed. (3) In section 77(2C) of the Duties Act 2000— (a) for "For the purposes of section 79, an acquisition" substitute "An acquisition"; (b) for "subsection (2A) or (2B)" substitute "subsection (2A)". 6 How duty is charged on relevant acquisitions (1) After section 83(1) of the Duties Act 2000 insert— "(1A) If a relevant acquisition results from the aggregation of the interests acquired by— (a) a person; or (b) an associated person; or (c) any other person in an associated transaction— a reference in subsection (1) to the interest acquired includes a reference to any interest acquired by those persons on the same day. (1B) If the relevant acquisition is the acquisition of an interest by a person that amounts to a significant interest in the landholder when aggregated with other interests acquired by— (a) the person; or (b) an associated person; or (c) any other person in an associated transaction— during the 3 years preceding the acquisition of the interest by the person, duty is chargeable at the rate specified under this Act for a transfer of dutiable property on the 4 -- 5 of 9 -- Part 2—Duties Act 2000 State Taxation Acts Amendment Act 2007 No. 33 of 2007 s. 7 aggregate of the amounts separately calculated in accordance with subsection (1) in respect of each of the interests that comprise the relevant acquisition.". (2) After section 83(4) of the Duties Act 2000 insert— "(5) In this section— associated transaction has the same meaning as in section 79.". 7 Demonstrator vehicles For section 230(2)(a)(ii) of the Duties Act 2000 substitute— "(ii) the use of the motor vehicle as a demonstrator vehicle; or". 8 Part heading substituted For the heading to Part 4 of Chapter 9 of the Duties Act 2000 substitute— "PART 4—DUTY ON CHANGE OF USE". __________________ 5 -- 6 of 9 -- Part 3—Taxation Administration Act 1997 State Taxation Acts Amendment Act 2007 No. 33 of 2007 s. 9 PART 3—TAXATION ADMINISTRATION ACT 1997 9 Reduction in penalty tax for voluntary disclosures (1) In sections 31(1) and 31(2) of the Taxation Administration Act 1997, for "the taxpayer discloses" substitute "the taxpayer voluntarily discloses". See: Act No. 40/1997. Reprint No. 3 as at 1 January 2006 and amending Act No. 84/2006. LawToday: www. legislation. vic.gov.au (2) For section 31(3) of the Taxation Administration Act 1997 substitute— "(3) Subsection (1) or (2) (as the case requires) does not apply in respect of information disclosed by a taxpayer if the taxpayer is registered by the Commissioner under a taxation law and— (a) the tax default involved the failure to lodge a return and pay tax by the date required under that taxation law; or (b) in the case of a taxpayer who lodged a return by the due date that disclosed a liability to pay tax, the tax default involved the failure to pay that tax by the date required under the taxation law.". __________________ 6 -- 7 of 9 -- Part 4—Repeal of amending Act State Taxation Acts Amendment Act 2007 No. 33 of 2007 s. 10 PART 4—REPEAL OF AMENDING ACT 10 Repeal of Act This Act is repealed on the first anniversary of its commencement. ═══════════════ 7 -- 8 of 9 -- State Taxation Acts Amendment Act 2007 No. 33 of 2007 Endnotes ENDNOTES † Minister's second reading speech— Legislative Assembly: 23 May 2007 Legislative Council: 19 June 2007 The long title for the Bill for this Act was "A Bill for an Act to amend the Duties Act 2000 and the Taxation Administration Act 1997 and for other purposes." 8 -- 9 of 9 --