The Duties (Commercial Leases) Amendment Bill 2014 (ACT) has passed all stages without amendment and awaits notification. It amends the Duties Act 1999 (ACT) to introduce a premium-based method for assessing duty on commercial leases, being leases that have only a commercial purpose, or more than one purpose including commercial purposes. Examples of commercial activities include (but are not limited to) retail outlets, supermarkets, department stores, service stations and commercial accommodation, such as a hotel. Duty will be levied once the premium amount exceeds an appropriate threshold amount (to be determined via disallowable instrument). Date of effect: The amendments will be effective 14 days after notification.
[LTN 71, 14/4/14]
Bill receives notification and disallowable instrument setting premium threshold notified also
The Duties (Commercial Leases) Amendment Bill 2014 (ACT) received notification on 15 April 2014 as Act No 12 of 2014. It had passed all stages without amendment and amends the Duties Act 1999 (ACT) to introduce a premium-based method for assessing duty on commercial leases. Duty will be levied once the premium amount exceeds an appropriate threshold amount (determined via disallowable instrument notified on 17 April 2014).
Date of effect: The amendments will be effective 14 days after notification (ie 29 April 2014).
[LTN 75, 22/4/14]