Payroll Tax Rebate, Revenue and Other Legislation Amendment Bill 2015 (Qld)

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Queensland

Payroll Tax Rebate, Revenue

and Other Legislation Amendment Bill 2015

Includes amendments agreed during Consideration

Queensland

Payroll Tax Rebate, Revenue and Other Legislation Amendment Bill 2015

Contents 11 13 15

Page Preliminary Short title 2.0... eee eee 10 Commencement... .......... 0.0 cece eee eee 10 Amendment of Criminal Law (Criminal Organisations Disruption) and Other Legislation Amendment Act 2013 Act amended ......... 20. c eee ee tte 11 Amendment of s 2 (Commencement) ..................0-- 11 Amendment of Duties Act 2001 Act amended ......... 20. c eee ee tte 11 Amendment of s 8 (Imposition of transfer duty) .............. 11

Amendment of s 11 (What is the dutiable value of a dutiable transaction) Amendment of s 16 (When liability for transfer duty arises)... . . 12 Amendment of s 18 (Need for instrument or statement) ....... 12 Amendment of s 19 (Lodging instrument or statement). ....... 12 Amendment of s 20 (Effect of making or lodging instrument or statement by 1 party) 0.6... eee ee 13 Amendment of s 21 (No double duty—general).............. 13

Amendment of s 22 (No double duty—particular dutiable transactions) Amendment of s 30 (Aggregation of dutiable transactions) ... . . 14 Insertion of new ch 2, pt8A........ 0... eee eee 14 Part 8A Concessions for farm-in agreements Division 1 Some basic concepts about farm-in

agreements 84A Who is a farmor ... 2... eee 14

84B What is an upfront farm-in agreement ............ 15

Payroll Tax Rebate, Revenue and Other Legislation Amendment Bill 2015

Contents 17

Page 2

84C What is a deferred farm-in agreement ............ 16 84D What is a 100% transfer farm-in agreement........ 16 84E What is the expenditure completion date and an ECD variation... 6. eee eee 17 84F What is relevant exploration or development ....... 17 Division 2 Transfer duty for farm-in agreements 84G Farm-in agreement is an agreement for the transfer of dutiable property. ............ 0... c cece eee eee 18 84H Exemption—particular transfers to farmor under upfront farm-in agreement ...........00....0 0c eee eae 18 84l Exclusion of s 22(2) for particular dutiable transactions under farm-in agreement ...........00....0 0c eee eae 18 Division 3 Concessions for transfer duty for farm-in agreements 84J How transfer duty is initially assessed on farm-in agreementDivision 4 Lodgement and notice requirements for upfront farm-in agreements 84K Lodgement requirement on expenditure of exploration AMOUN. . 6... ee eee 19 84L Notice requirement for farmee in particular circumstances 20 Division 5 Reassessments 84M When commissioner must reassess transfer duty .. . 21 84N How transfer duty is reassessed on farm-in agreements 23 Division 6 Miscellaneous 840 Application of penalty tax under Administration Act. . 24 84P Exclusion of arrangements to avoid the imposition of transfer Guty. 6 tee eee 25 Amendment of s 136 (Exemption—dealings under Land Act) . . . 25 Amendment of s 145 (Exemption—transfer to State for public or community purpose). ......... 0.0... c eee eee eee eee 26 Amendment of s 156A (Reassessment of duty for cancelled transfer of dutiable property) .......... 0.0.00 e cece eee eee 26 Insertion of new ch 2, pt15 «11... ee eee 26 Part 15 Provisions for ELN transfers Division 1 Preliminary 156D Definitions for pt 15................ 002. e cee ee 26 156E When an ELN transfer document is signed ........ 30 156F When an ELN workspace is locked and unlocked . . . 30 212325