Revenue Legislation Amendment Bill 2017 (Qld)

An Act to amend the Duties Act 2001, the First Home Owner Grant Act 2000, the Land Tax Act 2010 and the Taxation Administration Act 2001 for particular purposes The Parliament of Queensland enacts—

Part 1 Preliminary

1 Short title This Act may be cited as the Revenue Legislation Amendment Act 2017.

2 Commencement Sections 24, 28 and 29 commence on 30 June 2017.

Part 2 Amendment of Duties Act 2001

3 Act amended This part amends the Duties Act 2001.

4 Amendment of s 116 (Exemption—particular agreements entered into before registration of company) Section 116(4)— insert— Note— See also section 241A in relation to the imposition of AFAD on the agreement in particular circumstances.

5 Amendment of s 232 (What is AFAD residential land ) Section 232— insert— (2) For the purpose of imposing AFAD relating to transfer duty, a reference to AFAD residential land includes a reference to a chattel in Queensland if— (a) the chattel and the land are included in the same dutiable transaction under section 29 or 30, whether or not the chattel is the subject of a separate agreement for transfer; and (b) the use of the chattel can be directly linked to, or is incidental to, the use and occupation of the land.

6 Amendment of s 237 (What is a foreign trust ) Section 237(2), definition foreign interest, paragraph (c), 'foreign trustee'— omit, insert— trustee of a foreign trust

7 Amendment of s 240 (Conditions for imposing AFAD) Section 240— insert— (2) Also, AFAD is imposed on a relevant transaction that is an agreement for the transfer of dutiable property if— (a) the commissioner is satisfied— (i) a person (the agent) is appointed in writing as an agent for another person (the principal); and (ii) under the appointment, the agent enters into the agreement for the transfer of the dutiable property from a person to the agent on behalf of the principal (the agreement); and (iii) the principal provided all the consideration, including any deposit paid; and (b) at the time the liability for transfer duty on the agreement arises— (i) the property condition under section 241 applies; and (ii) AFAD is not imposed on the agreement under subsection (1); and (iii) the principal is a foreign person. (3) For subsection (2)(a)(i), the commissioner must not be satisfied the person was properly appointed as agent unless the original instrument of appointment, or a copy of it, is lodged.