The Taxation Legislation (Miscellaneous Amendments) Bill 2014 (Tas) and the Land Tax Rating Amendment Bill 2014 (Tas) have passed the Tasmanian House of Assembly without amendment and have moved to the Legislative Council.
The Bills propose to amend the following Tasmanian Acts: the Duties Act 2001, the Land Tax Act 2000, the Taxation Administration Act 1997, and the Land Tax Rating Act 2000. According to the Tasmanian Government, the amendments “clarify existing provisions” and are “largely administrative in nature”.
Some of the key amendments in these Bills are as follows:
- They expand the duty exemption for transfers made in accordance with a Will, so that a pro rata exemption can be applied in circumstances where a transfer is made partially in accordance with a Will.
- They align the eligibility test for the Principal Residence Land classification for land held by joint tenants with the test applied to land held by tenants in common.
- They ensure that the vendor is liable for land tax owing on a property being sold, together with land tax in default on any other properties owned by the taxpayer, before the end of the day on which a sale or transfer of land settles.
The majority of the amendments are proposed to commence on Royal Assent on the Bill.
The First Home Owner Grant Amendment Bill (No 2) 2014 (Tas) has also passed the Tasmanian House of Assembly without amendment and has moved to the Legislative Council. The Bill proposes to amend the First Home Owner Grant Act 2000 (Tas) to allow for the First Home Builder Boost to be extended for 6 months from 1 January to 30 June 2015 at the rate of $20,000. From 1 July 2015, the First Home Builder grant will then continue at id=”mce_marker”0,000 ongoing.
[LTN 215, 6/11/14]
Awaits Royal Assent
The Taxation Legislation (Miscellaneous Amendments) Bill 2014 (Tas) and the Land Tax Rating Amendment Bill 2014 (Tas) have passed all stages of the Tasmanian Parliament without amendment and await Royal Assent.
[LTN 225, 20/11/14]