30 December, 2012

 

 

This Bulletin outlines Australian stamp duty developments in October 2012, which may impact your business, including:

 

Transfer duty

 

  • Western Australia: Revenue Laws Amendment Bill 2012 – the Revenue Laws Amendment Bill which makes a number of minor changes to the Duties Act received Royal Assent on 8 October 2012.
  • New South Wales: State Revenue Legislation Further Amendment Bill 2012 – the State Revenue Legislation Further Amendment Bill which makes a number of changes to the Duties Act, including in relation to duty on a transfer of a partnership interest, received Royal Assent on 29 October 2012.
  • Tasmania: Taxation Legislation (Miscellaneous Amendments) Bill awaits Royal Assent – the Taxation Legislation (Miscellaneous Amendments) Bill which makes some changes to the Duties Act has completed its passage through Parliament and awaits Royal Assent.

 

Fire services levy

 

  • Victoria: Fire Services Property Levy Bill 2012 – the Fire Services Property Levy Bill which implements a property-based levy on all land in Victoria unless specifically exempted received Royal Assent on 16 October 2012.

 

Relevant area At a glance
Transfer duty

 

Western Australia: Revenue Laws Amendment Bill 2012

 

Further to the September 2012 Stamp Duty article, the Revenue Laws Amendment Bill 2012 received Royal Assent on 8 October 2012 (“Act“).

 

The Act makes a number of minor amendments to the Duties Act 2008 (WA).

 

 

 

New South Wales: State Revenue Legislation Further Amendment Bill 2012

 

Further to the September 2012 Stamp Duty article, the State Revenue Legislation Further Amendment Bill 2012 received Royal Assent on 29 October 2012 (“Act“).

 

Among other things, the Act amends the Duties Act 1997 to:

 

a) clarify the liability to duty on a transfer of a partnership interest that occurs as a result of the retirement of a partner or the admission of a new partner;

b) provide a duty concession in respect of transfers relating to managed investment schemes;

c) exempt from duty an application to register a new heavy vehicle trailer; and

d) make other minor miscellaneous amendments, including amendments of a statute law revision nature.

 

 

 

Tasmania: Taxation Legislation (Miscellaneous Amendments) Bill awaits Royal Assent

 

Further to the September 2012 Stamp Duty article, the Taxation Legislation (Miscellaneous Amendments) Bill 2012 (“Bill“) has completed its passage through Parliament and now awaits Royal Assent.

 

The Act proposes a number of amendments to the Duties Act 2001 (Tas) (“Act”) to:

 

a) restore the policy intent that the transfer or surrender of a lease requires duty to be paid where a premium or consideration of more than $1,300 is paid; and

b) enable the Commissioner to apportion duty on transfers so that the portion of the property used for the exempt purpose of being a public road, or a park or garden for free public recreational use is exempt and the portion used for other purposes is taxable.

 

The amendments to the Act are proposed to commence on the day the Bill receives Royal Assent.

 

Fire services levy

 

Victoria: Fire Services Property Levy Bill 2012 (Vic)

 

Further to the September 2012 Special Indirect Tax Alert, the Fire Services Property Levy Bill 2012 (Vic) (“Act“) received Royal Asset on 16 October 2012. Some minor amendments were made to the Bill before it passed both Houses of Parliament.

 

The Act implements the Victorian Government’s announcement to impose a fire services property levy on all land in Victoria unless specifically exempted.

 

The new property levy will commence on 1 July 2013.

 

 

 

 

 

 

 

 

 

 

 

For further information, please contact:

 

Geoffrey Mann, Partner, Ashurst

[email protected]

 

Nika Dharmadasa, Ashurst

[email protected]

 

 

 

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