The Duties (Commercial Leases) Amendment Bill 2014 (ACT) was introduced into the ACT Legislative Assembly on 20 March 2014.
It proposes to amend 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: It is proposed that the amendments will be effective 14 days after notification.
[LTN 56, 24/3/14]