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PARLIAMENT OF VICTORIA
State Taxation and Other Acts Amendment Bill
2012
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1 Purpose 1
2 Commencement 3
PART 2--LAND TAX ACT 2005 4
3 Definitions--Section 3 4
4 Definitions--Section 52 4
5 Principal place of residence exemption 4
6 Deferral of tax on certain residential land for 6 months 5
7 New section 55A inserted 5
55A Deferral of tax for residential land to be used during
tax year 5
8 Absence from principal place of residence 6
9 Exemption continues if land becomes unfit for occupation 9
10 Purchase of new principal residence 9
11 Sale of old principal residence 11
12 Unoccupied land subsequently used as principal residence 13
13 Partial exemption if land used for business activities 14
14 New section 62A inserted 14
62A Partial exemption if separate residence is leased for
residential purposes 14
15 Section 63 substituted 15
63 Partial exemption or refund for trustees 15
16 Recovery from lessee, mortgagee or occupier 16
17 Land held on trust 16
18 Transitional provision 17
14 State Taxation and Other Acts Amendment
Act 2012 17
PART 3--ROAD SAFETY ACT 1986 18
19 Definitions 18
20 Effecting registration, renewal or transfer 18
571282B.I-23/10/2012 i BILL LA INTRODUCTION 23/10/2012
Clause Page
PART 4--TAXATION ADMINISTRATION ACT 1997 19
21 Permitted disclosures to particular persons 19
22 Objections concerning the value of property 19
23 Suspension of determination 20
24 Transitional provision 21
PART 5--TRUSTEE COMPANIES ACT 1984 22
25 New Division headings inserted in Part V 22
26 New section 26AA inserted 22
26AA Definitions 22
27 Transfer determinations 23
28 Consequential amendment of State Trustees (State Owned
Company) Act 1994 23
PART 6--REPEAL 24
29 Repeal of amending Act 24
ENDNOTES 25
571282B.I-23/10/2012 ii BILL LA INTRODUCTION 23/10/2012
PARLIAMENT OF VICTORIA
Introduced in the Assembly
State Taxation and Other Acts
Amendment Bill 2012
A Bill for an Act to amend the Land Tax Act 2005, the Road Safety
Act 1986, the Taxation Administration Act 1997, the Trustee
Companies Act 1984 and for other purposes.
The Parliament of Victoria enacts:
PART 1--PRELIMINARY
1 Purpose
The purpose of this Act is--
(a) to amend the Land Tax Act 2005--
5 (i) to modify the requirements for the
principal place of residence exemption;
and
(ii) to restrict the amount of unpaid tax the
Commissioner can recover from a
10 lessee or occupier of land; and
571282B.I-23/10/2012 1 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 1--Preliminary
s. 1
(iii) to make other minor amendments in
relation to trusts;
(b) to amend the Road Safety Act 1986 to set
out the base registration fee for vehicle
5 registration in that Act;
(c) to amend the Taxation Administration Act
1997--
(i) to permit the disclosure of taxation
information to the Registrar of Titles;
10 and
(ii) to give the Commissioner a discretion
to refer a matter for valuation if an
objection relates to the valuation of
property; and
15 (iii) to require an objector to pay the cost of
a valuation where the objector has not
provided information about the value of
property to the Commissioner; and
(iv) to change the time from which the
20 Commissioner may suspend the
determination of an objection;
(d) to amend the Trustee Companies Act 1984
to provide for the transfer of estate assets and
liabilities on all compulsory and voluntary
25 transfer determinations made under the
Corporations Act in respect of trustee
companies registered in Victoria and to make
a consequential amendment to the State
Trustees (State Owned Company) Act
30 1994.
571282B.I-23/10/2012 2 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 1--Preliminary
s. 2
2 Commencement
(1) This Act (except Part 3) comes into operation on
the day after the day on which it receives the
Royal Assent.
5 (2) Subject to subsection (3), Part 3 comes into
operation on a day to be proclaimed.
(3) If Part 3 does not come into operation before
30 March 2013, it comes into operation on that
day.
__________________
571282B.I-23/10/2012 3 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 3
PART 2--LAND TAX ACT 2005
See: 3 Definitions--Section 3
Act No.
88/2005. In section 3(1) of the Land Tax Act 2005, in the
Reprint No. 4 definition of discretionary trust omit ", a fixed
as at
5 13 October trust or a trust to which a unit trust scheme
2011 relates".
and
amending
Act Nos
49/2010,
35/2011 and
69/2011.
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4 Definitions--Section 52
In section 52(1) of the Land Tax Act 2005 insert
the following definitions--
10 "separate residence means a building affixed to
land that is capable of separate occupation as
a residence;
vested beneficiary, in relation to land held on
trust, means a beneficiary of the trust who--
15 (a) is a natural person; and
(b) has a vested beneficial interest in
possession in the land.".
5 Principal place of residence exemption
(1) In section 54(1)(b) of the Land Tax Act 2005, for
20 "natural person who is a beneficiary of the trust"
substitute "vested beneficiary in relation to the
land".
(2) In section 54(1A)(b)(i) and (ii) of the Land Tax
Act 2005, for "Part" substitute "Division".
25 (3) In section 54(2) of the Land Tax Act 2005, for
"beneficiary", substitute "vested beneficiary".
571282B.I-23/10/2012 4 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 6
(4) In section 54(3) of the Land Tax Act 2005--
(a) in paragraph (c)(ii), for "that year."
substitute "that year; and";
(b) after paragraph (c) insert--
5 "(d) does not contain a separate residence.".
6 Deferral of tax on certain residential land for
6 months
In section 55(1)(b) of the Land Tax Act 2005, for
"beneficiary" substitute "vested beneficiary in
10 relation to the land".
7 New section 55A inserted
After section 55 of the Land Tax Act 2005
insert--
"55A Deferral of tax for residential land to be
15 used during tax year
(1) The Commissioner may determine that land
tax in respect of land for a year is not
payable until the expiry of a 6 month period
that begins and ends in that year if--
20 (a) a person becomes the owner of the land
on or after 1 July in the preceding year;
and
(b) as at 31 December in the preceding
year, the person does not use or occupy
25 the land as his or her principal place of
residence; and
(c) the Commissioner is satisfied that the
person intends to continuously use and
occupy the land as his or her principal
30 place of residence for the 6 month
period.
571282B.I-23/10/2012 5 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 8
(2) The Commissioner may determine that land
tax in respect of land for a year is not
payable until the expiry of a 6 month period
that begins and ends in that year if--
5 (a) a trustee becomes the owner of the land
on or after 1 July in the preceding year;
and
(b) as at 31 December in the preceding
year, there is no vested beneficiary in
10 relation to that land using and
occupying it as his or her principal
place of residence; and
(c) the Commissioner is satisfied that a
vested beneficiary in relation to that
15 land intends to continuously use and
occupy it as his or her principal place of
residence for the 6 month period.
(3) If land referred to in subsection (1) or (2)
that would have been exempt land in respect
20 of a year but for section 54(2) has been
continuously used and occupied as the
person's principal place of residence for the
period of 6 months, the land becomes
exempt land in respect of that year at the end
25 of that period.".
8 Absence from principal place of residence
(1) In the heading to section 56 of the Land Tax Act
2005, for "Temporary absence" substitute
"Absence".
30 (2) For section 56(1)(c) and (d) of the Land Tax Act
2005 substitute--
"(c) that, in respect of the period of absence, no
other land is exempt land under this Division
or under a law of another jurisdiction
35 (whether in or outside Australia) as the
principal place of residence of the owner or,
571282B.I-23/10/2012 6 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 8
in the case of a trustee, as the principal place
of residence of a vested beneficiary in
relation to the land.".
(3) After section 56(1) of the Land Tax Act 2005
5 insert--
"(1A) For the purposes of this Division, land is
taken to be used and occupied as the
principal place of residence of a person
despite the person's absence from the land
10 if--
(a) the person has lost the ability to live
independently; and
(b) the person resides--
(i) at a hospital as a patient of the
15 hospital; or
(ii) at a residential care facility or
supported residential service
within the meaning of
section 76(4), or a residential
20 service within the meaning of the
Disability Act 2006, and receives
residential or respite care at the
facility or service; or
(iii) with another person who provides
25 personal support to the person on
a daily basis.".
(4) In section 56(2) of the Land Tax Act 2005, after
"subsection (1)" insert "or (1A)".
(5) For section 56(3) of the Land Tax Act 2005
30 substitute--
"(3) Land will not be taken to be used and
occupied as the principal place of residence
of a person under this section unless the
conditions set out in subsections (4) and (5)
35 are both satisfied.
571282B.I-23/10/2012 7 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 8
(4) The condition in this subsection is that the
land--
(a) was exempt land under section 54
immediately before the person's
5 absence; or
(b) was used and occupied--
(i) in the case of an owner--by the
owner as his or her principal place
of residence for a period of at least
10 6 consecutive months immediately
before the owner's absence; or
(ii) in the case of a trustee--by a
vested beneficiary in relation to
the land as his or her principal
15 place of residence for a period of
at least 6 consecutive months
immediately before the vested
beneficiary's absence.
(5) The condition in this subsection is that the
20 owner or trustee has not rented out the land
for a period which is 6 months or more, or
for periods which total 6 months or more, in
the year preceding the tax year.
(6) The maximum period for which land can be
25 taken to be used and occupied as the
principal place of residence of a person
despite the person's absence from the land
under this section is 6 years from the date of
the person's absence.
30 Note
If a person has been absent for more than 6 years and
land ceases to be taken to be used and occupied as the
principal place of residence of the person, the land
will no longer be exempt land under this Division
35 unless another exemption applies.
571282B.I-23/10/2012 8 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 9
(7) In this section--
personal support means the provision of one
or more of the following--
(a) assistance with personal hygiene,
5 toileting or dressing;
(b) assistance to achieve and maintain
mobility;
(c) support to seek out and maintain
contact with health professionals,
10 social networks, family, friends
and the community;
(d) emotional wellbeing support;
(e) assistance with or supervision in
administering medication;
15 (f) assistance with eating and
maintaining adequate nutrition.".
9 Exemption continues if land becomes unfit for
occupation
In section 58(4) of the Land Tax Act 2005, for
20 "beneficiary" substitute "vested beneficiary in
relation to the land".
10 Purchase of new principal residence
(1) For section 59(1) and (2) of the Land Tax Act
2005 substitute--
25 "(1) Land is exempt land in respect of a year if--
(a) a person becomes the owner of the land
in the preceding year for use and
occupation as his or her principal place
of residence; and
571282B.I-23/10/2012 9 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 10
(b) as at 31 December in the preceding
year, the person is the owner of other
land that he or she uses and occupies as
his or her principal place of residence.
5 Note
In this situation, the land referred to in paragraph (b)
will be exempt land in the circumstances set out in
section 54(1)(a).
(2) Land is exempt land in respect of a year if--
10 (a) a trustee becomes the owner of the land
in the preceding year for use and
occupation of a vested beneficiary in
relation to the land as his or her
principal place of residence; and
15 (b) as at 31 December in the preceding
year, the trustee is the owner of other
land that the vested beneficiary uses
and occupies as his or her principal
place of residence.
20 Note
In this situation, the land referred to in paragraph (b)
will be exempt land in the circumstances set out in
section 54(1)(b).".
(2) In section 59(3) of the Land Tax Act 2005, for
25 "An exemption under subsection (1) or (2) is
revoked if the owner or beneficiary" substitute
"The Commissioner may revoke an exemption
under subsection (1) or (2) if the owner or vested
beneficiary in relation to the land".
30 (3) For section 59(4) of the Land Tax Act 2005
substitute--
"(4) Subsection (1) does not apply to land in
respect of a year if the owner derived any
income from the land at any time when it
35 was not occupied as the principal place of
residence of the owner.
571282B.I-23/10/2012 10 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 11
(5) Subsection (2) does not apply to land in
respect of a year if the trustee derived any
income from the land at any time when it
was not occupied as the principal place of
5 residence of a vested beneficiary in relation
to the land.".
11 Sale of old principal residence
(1) For section 60(1) and (2) of the Land Tax Act
2005 substitute--
10 "(1) Land owned by a person is exempt land in
respect of a year if--
(a) either--
(i) the land was exempt land under
section 54(1) for the preceding
15 year; or
(ii) the person used and occupied the
land as his or her principal place
of residence for a period of at least
6 months during the preceding
20 year; and
(b) as at 31 December in the preceding
year, the person was the owner of other
land that he or she used and occupied as
his or her principal place of residence.
25 Note
In this situation, the land referred to in paragraph (b)
will be exempt land in the circumstances set out in
section 54(1)(a).
(2) Land owned by a trustee is exempt land in
30 respect of a year if--
(a) either--
(i) the land was exempt land under
section 54(1) for the preceding
year; or
571282B.I-23/10/2012 11 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 11
(ii) a vested beneficiary in relation to
the land used and occupied it as
his or her principal place of
residence for a period of at least
5 6 months during the preceding
year; and
(b) as at 31 December in the preceding
year, the trustee was the owner of other
land that a vested beneficiary referred
10 to in paragraph (a) used and occupied
as his or her principal place of
residence.
Note
In this situation, the land referred to in paragraph (b)
15 will be exempt land in the circumstances set out in
section 54(1)(b).".
(2) In section 60(3) of the Land Tax Act 2005, for
"An exemption under subsection (1) or (2) is
revoked if the owner or trustee" substitute
20 "The Commissioner may revoke an exemption
under subsection (1) or (2) if the owner or
trustee".
(3) For section 60(4) of the Land Tax Act 2005
substitute--
25 "(4) Subsection (1) does not apply to land in
respect of a year if the owner derived income
from the land at any time when it was not
occupied as the principal place of residence
of the owner.
30 (5) Subsection (2) does not apply to land in
respect of a year if the trustee derived any
income from the land at any time when it
was not occupied as the principal place of
residence of a vested beneficiary in relation
35 to the land.".
571282B.I-23/10/2012 12 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 12
12 Unoccupied land subsequently used as principal
residence
(1) For section 61(1)(a) of the Land Tax Act 2005
substitute--
5 "(a) the owner was unable to occupy that land as
his or her principal place of residence as at
31 December in the preceding year because a
residence was being constructed or renovated
on it; and
10 (ab) once construction or renovation of that
residence has been completed, the owner
continuously uses and occupies the land as
his or her principal place of residence for at
least 6 months commencing in that year;
15 and".
(2) For section 61(2) of the Land Tax Act 2005
substitute--
"(2) A trustee who was assessed for and paid land
tax in respect of a year in respect of land that
20 is not occupied as the principal place of
residence of a vested beneficiary in relation
to the land is entitled to a refund of that land
tax if--
(a) the vested beneficiary was unable to
25 occupy the land as his or her principal
place of residence as at 31 December
the preceding year because a residence
was being constructed or renovated on
it; and
30 (b) once construction or renovation of that
residence has been completed, the
vested beneficiary continuously uses
and occupies the land as his or her
principal place of residence for at least
35 6 months commencing in that year; and
571282B.I-23/10/2012 13 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 13
(c) an application for a refund is made
before the end of the next following
year.".
(3) The note at the foot of section 61(4) of the Land
5 Tax Act 2005 is repealed.
(4) In section 61(5) of the Land Tax Act 2005,
for "beneficiary under the trust" substitute
"vested beneficiary in relation to land".
13 Partial exemption if land used for business activities
10 (1) In section 62(1) of the Land Tax Act 2005--
(a) for "this Part" substitute "this Division";
(b) after "residential purposes" insert "by the
owner, a vested beneficiary in relation to the
land or a natural person who has a right to
15 reside on the land (as the case requires)".
(2) For section 62(2)(e) of the Land Tax Act 2005
substitute--
"(e) any other matters the Commissioner
considers relevant.".
20 14 New section 62A inserted
After section 62 of the Land Tax Act 2005
insert--
"62A Partial exemption if separate residence is
leased for residential purposes
25 If land that would be exempt under this
Division contains a separate residence that is
leased for residential purposes--
(a) land tax is assessable on the part of the
land that is leased for residential
30 purposes; and
(b) section 22 applies, if necessary, for that
purpose.".
571282B.I-23/10/2012 14 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 15
15 Section 63 substituted
For section 63 of the Land Tax Act 2005
substitute--
"63 Partial exemption or refund for trustees
5 (1) This section applies if--
(a) a trustee would be entitled to an
exemption from or refund of land tax
under this Division in respect of land
because a vested beneficiary in relation
10 to the land has used and occupied it as
his or her principal place of residence;
and
(b) there are other vested beneficiaries in
relation to the land who have not used
15 and occupied it as their principal place
of residence.
(2) Despite anything to the contrary in this
Division, the amount of the exemption or
refund is determined as if the value of the
20 land were the proportion of the value of the
land that is equal to the proportion that the
interest in the land held by the vested
beneficiary in relation to the land referred to
in subsection (1)(a) bears to the total
25 interests of all vested beneficiaries in relation
to that land.
(3) Nothing in this section applies in the case of
a person entitled to a life estate in
possession.".
571282B.I-23/10/2012 15 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 16
16 Recovery from lessee, mortgagee or occupier
(1) After section 98(1) of the Land Tax Act 2005
insert--
"(1A) The Commissioner cannot require a lessee or
5 occupier--
(a) to pay an amount of land tax under this
section that is greater than the amount
of rent the lessee or occupier is required
to pay the taxpayer; or
10 (b) to pay an amount of land tax under this
section before the day on which the
lessee or occupier is required to pay
rent to the taxpayer.
(1B) Subsection (1A) does not apply to a lessee or
15 occupier that is a related corporation or
relative of the taxpayer.".
(2) After section 98(6) of the Land Tax Act 2005
insert--
"(6A) If a lessee or occupier pays an amount of tax
20 under this section--
(a) the amount is deemed to have been paid
to the Commissioner by the taxpayer;
and
(b) the lessee or occupier is deemed to
25 have paid an equal amount of rent to
the taxpayer under the lease or
agreement or under any applicable
tenancy law.".
17 Land held on trust
30 In sections 46B(4)(a) and 46D(1)(a) of the Land
Tax Act 2005, after "deemed" insert ", for the
purposes of this Act other than Division 1 of
Part 4,".
571282B.I-23/10/2012 16 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 2--Land Tax Act 2005
s. 18
18 Transitional provision
After clause 13 of Schedule 3 to the Land Tax
Act 2005 insert--
"14 State Taxation and Other Acts
5 Amendment Act 2012
(1) Section 61, as in force immediately before
the commencement day, continues to apply
in relation to land tax paid in respect of the
2012 tax year.
10 (2) Section 98, as amended by section 16 of the
State Taxation and Other Acts
Amendment Act 2012, applies on and after
the commencement day irrespective of
whether the lease or other arrangement under
15 which the lessee or occupier occupies the
land was entered into or made before, on or
after that day.
(3) In this clause--
commencement day means the day on which
20 Part 2 of the State Taxation and
Other Acts Amendment Act 2012
comes into operation.".
__________________
571282B.I-23/10/2012 17 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 3--Road Safety Act 1986
s. 19
PART 3--ROAD SAFETY ACT 1986
See: 19 Definitions
Act No.
127/1986. Insert the following definition in section 3(1) of
Reprint No. 14 the Road Safety Act 1986--
as at
5 27 April 2012
and
"base registration fee means the fee specified in
amending section 9(2);".
Act Nos
19/1991,
32/2011,
34/2011,
65/2011,
21/2012,
43/2012,
45/2012,
50/2012 and
52/2012.
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20 Effecting registration, renewal or transfer
After section 9(1A) of the Road Safety Act 1986
insert--
10 "(2) Subject to the regulations, the fee payable for
registration or renewal of registration of a
motor vehicle or trailer is 18·54 fee units.
(3) The regulations may provide that a fee other
than the base registration fee, or that no fee,
15 is payable for registration or renewal of
registration of any category of motor vehicle
or trailer.".
__________________
571282B.I-23/10/2012 18 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 4--Taxation Administration Act 1997
s. 21
PART 4--TAXATION ADMINISTRATION ACT 1997
21 Permitted disclosures to particular persons See:
Act No.
After section 92(1)(e)(va) of the Taxation 40/1997.
Administration Act 1997 insert-- Reprint No. 5
as at
5 "(vab) the Registrar of Titles; or". 13 October
2011
and
amending
Act No.
69/2011.
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22 Objections concerning the value of property
(1) Insert the following heading to section 100A of
the Taxation Administration Act 1997--
"Objections concerning the value of property".
10 (2) In section 100A(1) of the Taxation
Administration Act 1997, for "must" substitute
"may".
(3) For section 100A(2) of the Taxation
Administration Act 1997 substitute--
15 "(2) The objector must pay the cost of a valuation
under subsection (1) if, at the time the
objection was lodged--
(a) the objector had not provided any
information to the Commissioner as to
20 the value of the property; or
(b) the objector--
(i) had provided information to the
Commissioner as to the value of
the property; and
25 (ii) the valuation under subsection (1)
exceeds the value provided by the
objector by 15% or more; and
571282B.I-23/10/2012 19 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 4--Taxation Administration Act 1997
s. 23
(iii) the valuation as determined on the
objection, or on appeal or review,
exceeds the value provided by the
objector by 15% or more.".
5 23 Suspension of determination
For section 102(1) and (2) of the Taxation
Administration Act 1997 substitute--
"(1) The Commissioner may suspend the
determination of an objection, by written
10 notice given to the objector, if--
(a) under a taxation law the Commissioner
has required or requested a person to
provide the Commissioner with
information relevant to the objection; or
15 (b) the Commissioner has referred the
matter to the Valuer-General or another
competent valuer under section 100A
for valuation.
(2) A suspension under this section--
20 (a) takes effect on service of the notice
under subsection (1); and
(b) remains in effect until--
(i) in the case of subsection (1)(a),
the objector, or another person,
25 provides the information that the
Commissioner has required or
requested; or
(ii) in the case of subsection (1)(b),
the Commissioner receives the
30 valuation.".
571282B.I-23/10/2012 20 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 4--Taxation Administration Act 1997
s. 24
24 Transitional provision
After clause 13(11) of Schedule 1 to the Taxation
Administration Act 1997 insert--
"(12) Sections 100A and 102, as in force
5 immediately before the commencement of
Part 4 of the State Taxation and Other
Acts Amendment Act 2012, continue to
apply on and after that commencement in
relation to an objection lodged under
10 section 96 before that commencement.".
__________________
571282B.I-23/10/2012 21 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 5--Trustee Companies Act 1984
s. 25
PART 5--TRUSTEE COMPANIES ACT 1984
25 New Division headings inserted in Part V
See: In the Trustee Companies Act 1984--
Act No.
10168.
Reprint No. 5
(a) after the heading to Part V insert--
as at
5 21 May 2009 "Division 1--General".
and
amending
Act Nos
(b) after section 26 insert--
68/2009 and
17/2010. "Division 2--Transfer of estate assets and
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26 New section 26AA inserted
10 Before section 26A of the Trustee Companies
Act 1984 insert--
"26AA Definitions
(1) Terms used in this Division and in Part 5D.6
of the Corporations Act have the same
15 meanings in this Division as they have in
that Part.
(2) For the of avoidance of doubt--
(a) a reference in Part 5D.6 of the
Corporations Act to the Public Trustee
20 of a State or Territory is taken to be, in
relation to Victoria, a reference to State
Trustees; and
(b) a reference in this Division to a
receiving company includes a reference
25 to State Trustees.".
571282B.I-23/10/2012 22 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 5--Trustee Companies Act 1984
s. 27
27 Transfer determinations
(1) For the heading to section 26A of the Trustee
Companies Act 1984 substitute--
"Transfer determinations under the
5 Corporations Act".
(2) For section 26A(1)(a) of the Trustee Companies
Act 1984 substitute--
"(a) the Australian Securities and Investments
Commission (ASIC) makes a determination
10 under section 601WBA(1) of the
Corporations Act that there is to be a transfer
of estate assets and liabilities from a
transferring company to a receiving
company; and".
15 28 Consequential amendment of State Trustees (State
Owned Company) Act 1994
At the end of section 20A of the State Trustees See:
Act No.
(State Owned Company) Act 1994 insert-- 45/1994.
Reprint No. 2
"(2) Despite subsection (1), sections 26AA, 26A as at
20 and 26B of the Trustee Companies Act 15 May 2008
and
1984 apply in respect of State Trustees.". amending
Act No.
17/2010.
LawToday:
www.
legislation.
vic.gov.au
__________________
571282B.I-23/10/2012 23 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Part 6--Repeal
s. 29
PART 6--REPEAL
29 Repeal of amending Act
This Act is repealed on 30 March 2014.
Note
5 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).
571282B.I-23/10/2012 24 BILL LA INTRODUCTION 23/10/2012
State Taxation and Other Acts Amendment Bill 2012
Endnotes
ENDNOTES
By Authority. Government Printer for the State of Victoria.
571282B.I-23/10/2012 25 BILL LA INTRODUCTION 23/10/2012
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