Duties and Other Legislation Amendment Bill 2016 (Qld)

An Act to amend the Duties Act 2001 and the First Home Owner Grant Act 2000 for particular purposes The Parliament of Queensland enacts—

Part 1 Preliminary

1 Short title This Act may be cited as the Duties and Other Legislation Amendment Act 2016 .

2 Commencement (1) The following provisions commence on 1 October 2016— • section 4 • sections 7 to 10 • section 11, so far as it inserts new section 662 • section 12. (2) The remaining provisions commence on 1 July 2016.

Part 2 Amendment of Duties Act 2001

3 Act amended This part amends the Duties Act 2001 .

4 Amendment of s 8 (Imposition of transfer duty) Section 8(1), note— omit, insert— Notes— 1 Concessions and exemptions for transfer duty are dealt with in parts 8A to 13. Also, other exemptions are dealt with in chapter 10. 2 Additional foreign acquirer duty is imposed on particular dutiable transactions under chapter 4.

5 Replacement of s 96 (Purpose of pt 10) Section 96— omit, insert—

96 Purposes of pt 10 The purposes of this part are to— (a) provide a concession for transfer duty on particular dutiable transactions for dutiable property used to carry on particular family businesses of primary production; and (b) provide a concession for transfer duty on particular dutiable transactions by way of gift of dutiable property used to carry on particular family prescribed businesses.

6 Replacement of s 105 (How transfer duty is assessed on dutiable transaction) Section 105— omit, insert—

105 How transfer duty is assessed on dutiable transaction—primary production business (1) This section applies for assessing transfer duty on a dutiable transaction to which this part applies if business property to which the transaction relates is used to carry on a primary production business. (2) The dutiable value of the business property is taken to be nil. (3) In addition, if the dutiable property the subject of the dutiable transaction includes residential land adjacent to land used to carry on the business, the dutiable value of the residential land is taken to be nil.