Schedule 1 Amendment of Duties Act 1997 No 123
(Section 3)
1.1 Amendments relating to deferred abolition of duties
[1] Section 11 What is “dutiable property”?
Omit “1 January 2009” from the note to the section.Insert instead “1 July 2012”.
Omit “1 January 2011”. Insert instead “1 July 2012”.
[3] Section 26 Certain transactions concerning goods and other property
Omit “1 January 2011” from section 26 (3) and the note to the section, wherever occurring.Insert instead “1 July 2012”.
[4] Section 26A Transactions involving goods and other property that occur on or after 1 July 2012
Omit “1 January 2011” from section 26A (2). Insert instead “1 July 2012”.
[5] Section 28 Apportionment—business assets in this and other jurisdictions
Omit “1 January 2011” from section 28 (6) and the note to the section, wherever occurring.Insert instead “1 July 2012”.
[6] Section 34 Abolition of duty on all transfers of marketable securities and commercial fishery shares—effective 1 July 2012
Omit “1 January 2009” from section 34 (1) and (2), wherever occurring.Insert instead “1 July 2012”.
[7] Section 35 Abolition of duty on transfers of business assets—effective 1 July 2012
Omit “1 January 2011” wherever occurring. Insert instead “1 July 2012”.
[8] Section 36 Abolition of duty on transfers of licences, permissions and entitlements—effective 1 July 2012
Omit “1 January 2011” wherever occurring. Insert instead “1 July 2012”.
[9] Section 37 Anti-avoidance measures
Omit “1 January 2011” wherever occurring. Insert instead “1 July 2012”.
[10] Section 65 Exemptions from duty
Omit “1 January 2011” from the notes to section 65 (6) and (7), wherever occurring.Insert instead “1 July 2012”.
[11] Section 66 Exemptions—marketable securities
Omit “1 January 2009” from the note to section 66 (11).Insert instead “1 July 2012”.
[12] Section 124 Abolition of duty charged by this Part—effective 1 July 2012
Omit “1 January 2009” wherever occurring. Insert instead “1 July 2012”.
[13] Section 137A Abolition of duty charged by this Part—effective 1 July 2012
Omit “1 January 2009” wherever occurring. Insert instead “1 July 2012”.
[14] Section 203A Abolition of mortgage duty—effective 1 July 2012
Omit “1 July 2009” wherever occurring. Insert instead “1 July 2012”.
[15] Section 218BA Collateral mortgages—anti-avoidance measure
Omit “1 July 2009” from the note to the section. Insert instead “1 July 2012”.
[16] Section 274 Transfer of certain business property between family members
Omit “1 January 2009” from the note to section 274 (2).Insert instead “1 July 2012”.
Item [6] of the proposed amendments in Schedule 1.1 defers (from 1 January 2009 to 1 July 2012) the abolition of duty on the transfer of unquoted marketable securities and commercial fishery shares. Similarly, items [12] and [13] defer, until 1 July 2012, the abolition of duty on an entitlement to voting shares that arises from a capital reduction or rights alteration, and duty on an allotment of shares by direction.Items [7]–[9] defer (from 1 January 2011 to 1 July 2012) the abolition of duty on the transfer of business assets and statutory licences and permissions.
Item [14] defers (from 1 July 2009 to 1 July 2012) the abolition of mortgage duty. Mortgages associated with owner occupied housing or investment housing remain exempt from mortgage duty.
The remaining items in Schedule 1.1 are consequential changes.
1.2 Amendments relating to flat-rate duties
Omit “$10” from section 18 (1) and (6A), wherever occurring.Insert instead “$50”.
Omit “$2” wherever occurring. Insert instead “$10”.
Omit “$10” from section 30 (4). Insert instead “$50”.
[4] Section 33 Shares, units, derivatives and interests (marketable securities)
Omit “$10” from section 33 (3). Insert instead “$50”.
[5] Sections 53, 54–56, 57, 59 and 59A
Omit “$10” wherever occurring. Insert instead “$50”.
[6] Section 58 Establishment of a trust relating to unidentified property and non-dutiable property
Omit “$200” from section 58 (1) and (2), wherever occurring.Insert instead “$500”.
[7] Section 61 Transfers of property in connection with persons changing superannuation funds
Omit “$200” from section 61 (2). Insert instead “$500”.
[8] Section 62 Transfers between trustees and custodians of superannuation funds or trusts
Omit “$200” from section 62 (3) (a). Insert instead “$500”.
Omit “$2”. Insert instead “$10”.
Omit “$10” wherever occurring. Insert instead “$50”.
[11] Section 163ZB Exempt transactions
Omit “$10” from section 163ZB (1) (i). Insert instead “$50”.
[12] Section 218B Collateral mortgage
Omit “$10” from section 218B (3). Insert instead “$50”.
[13] Section 227 Unregistered mortgages protected by caveats (anti-avoidance provision)
Omit “$10” from section 227 (2) (b). Insert instead “$50”.
Omit “$2” wherever occurring. Insert instead “$10”.
Omit “$10” from section 272 (1) (a). Insert instead “$50”.
Insert “Chapter 7 (Mortgages) or” after “to”.
The proposed amendments in items [1]–[15] of Schedule 1.2 increase the rate of certain nominal or flat-rate duties, effective 1 January 2009. The changes concerned affect a number of instruments or transactions in respect of which ad valorem duty is not payable, for example, duplicates of instruments on which ad valorem duty has already been paid, certain transfers that attract a concessional rate of duty (transfers relating to trusts, superannuation and deceased estates), and collateral mortgages. The changes are as follows:(a) if the duty payable is currently $2, it is increased to $10,(b) if the duty payable is currently $10, it is increased to $50,(c) if the duty payable is currently $200, it is increased to $500.Item [16] is a consequential amendment.
[1] Section 65 Exemptions from duty
Insert after section 65 (17):(18) Termination of strata scheme
No duty is chargeable under this Chapter on the vesting of an estate or interest in land by or as a consequence of the termination of a strata scheme to the extent that the persons who were proprietors of the lots the subject of the strata scheme concerned acquire, on the termination, an interest in the land that was the subject of the strata scheme in proportion to their unit entitlements immediately before the termination.(19) In subsection (18), a reference to the termination of a strata scheme is a reference to an order under section 51 or 51A of the Strata Schemes (Freehold Development) Act 1973 terminating a strata scheme under that Act.(20) Termination of scheme under Community Land Development Act 1989
No duty is chargeable under this Chapter on the vesting of an estate or interest in land by or as a consequence of the termination of a scheme to the extent that the persons who were the proprietors in the scheme concerned acquire, on the termination, an interest in the land that was the subject of the scheme in proportion to their unit entitlements immediately before the termination.(21) In subsection (20), a reference to the termination of a scheme is a reference to an order under section 70 or 72 of the Community Land Development Act 1989 terminating a scheme under that Act.
[2] Schedule 1 Savings, transitional and other provisions
Insert at the end of clause 1 (1):State Revenue and Other Legislation Amendment (Budget Measures) Act 2008
Insert after Part 29:Part 30 Provisions consequent on enactment of State Revenue and Other Legislation Amendment (Budget Measures) Act 2008
An amendment made to this Act by Schedule 1.2 to the State Revenue and Other Legislation Amendment (Budget Measures) Act 2008 applies in respect of any liability for duty that arises on or after 1 January 2009.71 Exemption for termination of strata and similar schemes
The amendments made to section 65 by the State Revenue and Other Legislation Amendment (Budget Measures) Act 2008 extend to a vesting of an estate or interest in land as referred to in those amendments that occurred before the date of assent to that Act if the vesting occurred on or after the day the Bill for the State Revenue and Other Legislation Amendment (Budget Measures) Act 2008 was introduced into the Legislative Assembly.
Item [1] of the proposed amendments in Schedule 1.3 provides for a new exemption from duty for a vesting of land, or an interest in land, that occurs as a consequence of the termination of a strata scheme or scheme under the Community Land Development Act 1989. The exemption will apply only if the unit holders in the scheme retain, following the termination, an interest in the land the subject of the scheme in proportion to their unit entitlements.Item [2] of the amendments enables the making of savings and transitional regulations as a consequence of any of the amendments in Schedule 1.
Item [3] of the amendments makes provision for application of some of the proposed amendments to the Duties Act 1997 in Schedule 1.