Revenue Legislation Amendment Bill 2022 (Qld)

An Act to amend the Duties Act 2001, the Duties Regulation 2013, the First Home Owner Grant and Other Home Owner Grants Act 2000, the Gaming Machine Regulation 2002, the Land Tax Act 2010, the Mineral Resources Regulation 2013 and the Payroll Tax Act 1971 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 2022.

2 Commencement (1) Part 4 is taken to have commenced on 1 January 2021. (2) Part 7 commences on 1 July 2022. (3) The following provisions commence on 1 January 2023— (a) part 2, division 3; (b) part 6; (c) part 8, division 3.

Part 2 Amendment of Duties Act 2001

Division 1 Preliminary

3 Act amended This part amends the Duties Act 2001.

Division 2 Amendments commencing on assent

4 Amendment of s 124 (Exemption—deceased person's estate) Section 124— insert— (d) a vesting of dutiable property under the Succession Act 1981, section 45; (e) a vesting of dutiable property under the Aboriginal and Torres Strait Islander Land Holding Act 2013, section 69A, including the section as it continues to apply under section 96 of that Act.

5 Amendment of s 157 (Imposition of landholder duty) Section 157(1), note 1, 'division 5. Also, particular'— omit, insert— division 5 and chapter 10. Particular

6 Insertion of new ch 10 , pt 1A Chapter 10— insert—

Part 1A Exemptions for particular duties for small business restructures

Division 1 Some basic concepts for small business restructures

413A What is a small business entity (1) A small business entity is an individual, partnership or discretionary trust carrying on a relevant Queensland business with an annual turnover of not more than $5m. (2) In this section— relevant Queensland business means a business— (a) conducted on or from a place in Queensland; or (b) the conduct of which consists wholly or partly of supplying land, money, credit or goods or any interest in them, or providing any service, to Queensland customers.