On 22.8.2018, the Queensland Government introduced the Revenue and Other Legislation Amendment Bill 2018 into their Legislative Assembly (which, in Queensland, is the only House of Parliament). On the same day it was referred to their Economics and Governance Committee.

The Bill will amend the Duties Act 2001, Duties Regulation 2013 and the Taxation Administration Act 2001 to support the expansion of electronic conveyancing (e-conveyancing) and to ensure its continued proper operation.

Other amendments included in the Bill are the following.

  • The Taxation Administration Act will be amended to ensure the charitable institution registration requirements, in relation to the use of income and property, operate as intended.
  • The Duties Act will be amended to give retrospective legislative effect to a number of administrative arrangements that:
    • extend the transfer duty concession for family businesses of primary production to all types of dutiable property used to conduct a primary production business;
    • ensure that certain deregistered managed investment schemes can be treated as exempt managed investment schemes in particular circumstances and subject to certain conditions; and
    • correct a cross-reference in the landholder duty provisions to ensure that landholder duty is properly calculated.
  • The Land Tax Act 2010 will be amended to give retrospective legislative effect to a beneficial administrative arrangement which ensures that deceased estate land is assessed for land tax as intended.
  • An amendment to the Payroll Tax Act 1971 (Payroll Tax Act) updates the rate used to calculate the exempt component of a motor vehicle allowance, ensuring that payroll tax can be correctly calculated and giving retrospective legislative effect to a beneficial administrative arrangement.

FJM 16.9.18

[Queensland Parliament website: Current Bills List, Explanatory Notes, Explanatory Speech, Committee Inquiries List, Committee Inquiry – Revenue Bill; LTN 164,27/8/18; Tax Month – August 2018]

 

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