The Revenue and Other Legislation Amendment Bill 2014 (Qld) was introduced into the Qld Legislative Assembly on Wed 26.11.2014. The Bill proposes amendments to the Duties Act 2001 (Qld) and the Taxation Administration Act 2001 (Qld) to support electronic conveyancing in Queensland. It also proposes other amendments to the Duties Act, the Taxation Administration Act, the Payroll Tax Act 1971 (Qld), and the First Home Owner Grant Act 2000 (Qld) to maintain their currency and ensure their proper operation.
Some of the other key amendments are as follows:
- stamp duty concessions – gives retrospective legislative effect to a number of taxpayer beneficial administrative arrangements eg provides a transfer duty concession for resource sector farm-in arrangements as defined;
- payroll tax and contractor exemptions – clarifies the application of exemptions from liability under the relevant contract provisions of the Payroll Tax Act. The Qld Government said this would put beyond doubt that the contractor exemptions require the contract as a whole, as opposed to a portion of payments under the contract, to qualify for exemption; and
- interest on refunds – provides for the payment of interest on refunds to taxpayers by the Commissioner resulting from a reassessment giving effect to the Commissioner’s decision on an objection.
The Bill also proposes other amendments to other Acts.
The commencement dates vary depending on the amendment.
[LTN 230, 27/11/14]