State Taxation Acts (Miscellaneous Amendments) Act 2000

i State Taxation Acts (Miscellaneous Amendments) Act 2000 Act No. 42/2000 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 1. Purposes 1 2. Commencement 2 PART 2—REPEAL OF GIFT DUTY ACT 1971 AND PROBATE DUTY ACT 1962 3 3. Repeal of Gift Duty Act 1971 3 4. Repeal of Probate Duty Act 1962 3 PART 3—PAY-ROLL TAX ACT 1971 4 5. Employment agents 4 PART 4—STAMPS ACT 1958 5 6. Use of adhesive stamps for share transfers 5 7. Land-rich companies and unit trusts 5 PART 5—OTHER AMENDMENTS 9 8. First Home Owner Grant Act 2000—statute law revision 9 ═══════════════ NOTES 10 -- 1 of 11 -- 1 State Taxation Acts (Miscellaneous Amendments) Act 2000 † [Assented to 6 June 2000] The Parliament of Victoria enacts as follows: PART 1—PRELIMINARY 1. Purposes The main purposes of this Act are— (a) to repeal the Gift Duty Act 1971 and the Probate Duty Act 1962; (b) to amend the employment agency provisions of the Pay-roll Tax Act 1971; Victoria No. 42 of 2000 -- 2 of 11 -- Act No. 42/2000 State Taxation Acts (Miscellaneous Amendments) Act 2000 2 (c) to amend the land-rich provisions of the Stamps Act 1958. 2. Commencement (1) This Act (except Parts 3 and 4) comes into operation on the day after the day on which it receives the Royal Assent. (2) Parts 3 and 4 come into operation on 1 July 2000. _______________ s. 2 -- 3 of 11 -- Act No. 42/2000 State Taxation Acts (Miscellaneous Amendments) Act 2000 3 PART 2—REPEAL OF GIFT DUTY ACT 1971 AND PROBATE DUTY ACT 1962 3. Repeal of Gift Duty Act 1971 The Gift Duty Act 1971 is repealed. 4. Repeal of Probate Duty Act 1962 (1) The Probate Duty Act 1962 is repealed. (2) Despite section 14(2) of the Interpretation of Legislation Act 1984— (a) an administrator is not required to file a statement under section 11 of the Probate Duty Act 1962 after the commencement of this section; and (b) any liability for duty or interest under the Probate Duty Act 1962 that was outstanding immediately before the commencement of this section is abolished. _______________ s. 3 -- 4 of 11 -- Act No. 42/2000 State Taxation Acts (Miscellaneous Amendments) Act 2000 4 PART 3—PAY-ROLL TAX ACT 1971 5. Employment agents In the Pay-roll Tax Act 1971— (a) in section 3D(1), in the definition of "employment agency contract", at the end of paragraph (b) insert— "; or (c) a contract where the employment agent and client are both members of the same group within the meaning of section 9A."; (b) in section 3E, sub-section (2A) is repealed. _______________ No. 8154. Reprint No. 7 as at 1 September 1999. Further amended by Nos 34/1999 and 6/2000. s. 5 -- 5 of 11 -- Act No. 42/2000 State Taxation Acts (Miscellaneous Amendments) Act 2000 5 PART 4—STAMPS ACT 1958 6. Use of adhesive stamps for share transfers (1) In section 57 of the Stamps Act 1958, after sub- section (1) insert— "(1A) Sub-section (1) does not apply to the transfer of a marketable security or right in respect of shares— (a) that is not quoted on the market operated by Australian Stock Exchange Limited or a recognised stock exchange; and (b) that is a marketable security or right in respect of shares in a company that is the legal or beneficial owner of land in Victoria, including a company that is entitled to real property within the meaning of section 75I.". (2) In section 57(2) of the Stamps Act 1958, after "shares" insert "(including a transfer referred to in sub-section (1A))". 7. Land-rich companies and unit trusts (1) In section 75G of the Stamps Act 1958, for sub- section (3) substitute— "(3) A person who is required to lodge a statement under sub-section (1) or (2) must lodge it within 3 months after the occurrence of the relevant acquisition. Penalty: 500 penalty units in the case of a body corporate; 100 penalty units in any other case.". No. 6375. Reprint No. 15 as at 1 May 1999. Further amended by Nos 32/1999, 34/1999, 47/1999 and 6/2000. s. 6 -- 6 of 11 -- Act No. 42/2000 State Taxation Acts (Miscellaneous Amendments) Act 2000 6 (2) In section 75I(4) of the Stamps Act 1958, for paragraph (g) substitute— "(g) any property declared by the Comptroller in writing given to the corporation to be property that the Comptroller is satisfied was owned or acquired by the corporation— (i) on or after 1 July 1999; and (ii) principally for the purpose of defeating the object of this subdivision.". (3) In section 75I of the Stamps Act 1958, after sub- section (6) insert— "(7) This section, as amended by section 7(2) of the State Taxation Acts (Miscellaneous Amendments) Act 2000, applies to a relevant acquisition occurring on or after the commencement of that section and this section, as in force immediately before that commencement, continues to apply to a relevant acquisition that occurred before that commencement.". (4) In section 75J(1)(a)(ii) of the Stamps Act 1958, for "12 months immediately preceding the day on which the acquisition occurs" substitute "relevant period". (5) In section 75J of the Stamps Act 1958, for sub- section (2) substitute— '(2) For the purposes of sub-section (1)(a)(ii), if— (a) a person acquires an interest in a corporation ("the acquisition"); and (b) within the relevant period in respect of the acquisition or within a period after the acquisition that is the same length as the relevant period, the person s. 7 -- 7 of 11 -- Act No. 42/2000 State Taxation Acts (Miscellaneous Amendments) Act 2000 7 became or becomes entitled to a right to acquire a further shareholding in the corporation; and (c) that right is exercised after the end of the period after the acquisition that is the same length as the relevant period in respect of the acquisition— the person is deemed to acquire that further shareholding in the corporation on the last day of the period referred to in paragraph (c) after the acquisition. (3) For the purposes of sub-sections (1)(a)(ii) and (2), the "relevant period" in respect of an acquisition is to be determined in accordance with the following table. TABLE Column 1 For an acquisition occurring during the month of: Column 2 The relevant period is the period specified opposite that month that immediately precedes the date of the acquisition July 2000 or a previous month 12 months August 2000 13 months September 2000 14 months October 2000 15 months November 2000 16 months December 2000 17 months January 2001 18 months February 2001 19 months March 2001 20 months April 2001 21 months s. 7 -- 8 of 11 -- Act No. 42/2000 State Taxation Acts (Miscellaneous Amendments) Act 2000 8 Column 1 For an acquisition occurring during the month of: Column 2 The relevant period is the period specified opposite that month that immediately precedes the date of the acquisition May 2001 22 months June 2001 23 months July 2001 24 months August 2001 25 months September 2001 26 months October 2001 27 months November 2001 28 months December 2001 29 months January 2002 30 months February 2002 31 months March 2002 32 months April 2002 33 months May 2002 34 months June 2002 35 months July 2002 or a subsequent month 36 months'. _______________ s. 7 -- 9 of 11 -- Act No. 42/2000 State Taxation Acts (Miscellaneous Amendments) Act 2000 9 PART 5—OTHER AMENDMENTS 8. First Home Owner Grant Act 2000—statute law revision In section 3 of the First Home Owner Grant Act 2000, in the definition of "consideration", for "of" substitute "for". ═══════════════ No. 5/2000. s. 8 -- 10 of 11 -- Act No. 42/2000 State Taxation Acts (Miscellaneous Amendments) Act 2000 10 NOTES † Minister's second reading speech— Legislative Assembly: 4 May 2000 Legislative Council: 25 May 2000 The long title for the Bill for this Act was "to repeal the Gift Duty Act 1971 and the Probate Duty Act 1962, to amend the employment agency provisions of the Pay-roll Tax Act 1971 and the land-rich provisions of the Stamps Act 1958 and for other purposes." Notes -- 11 of 11 --