Revenue Legislation Amendment Bill 2024 (Qld)

An Act to amend the Duties Act 2001 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 2024.

2 Commencement (1) Part 2, other than division 3, is taken to have commenced on 6 December 2024. (2) Part 2, division 3 commences on 1 May 2025. (3) Part 3 is taken to have commenced on 1 December 2024.

Part 2 Amendment of Duties Act 2001

Division 1 Preliminary

3 Act amended This part amends the Duties Act 2001.

Division 2 Amendments taken to have commenced on 6 December 2024

4 Amendment of s 153 (Reassessment—disposal after occupation date for residence) (1) Section 153— insert— (1C) Also, for subsection (1)(b)(ii), a transferee, lessee or vested person for land does not dispose of land only by entering into a residential lease of part, but not all, of the land. (2) Section 153— insert— (4) In this section— residential lease, of part of land, means a lease, or other grant of exclusive possession, of the part to a person for use for residential purposes.

5 Insertion of new ch 17 , pt 30 Chapter 17— insert—

Part 30 Transitional provisions for Revenue Legislation Amendment Act 2024

686 Non-application of amendments of s 153 to residential leases entered into before commencement To remove any doubt, it is declared that a reference in section 153(1C) to a residential lease does not include a reference to a lease entered into, or other exclusive possession granted, before the commencement.

Division 3 Amendments commencing on 1 May 2025

6 Amendment of s 85 (Purpose of pt 9) (1) Section 85, heading, 'pt 9'— omit, insert— part (2) Section 85(a), (b)(i) and (c), 'or first home'— omit, insert— , first home or first home and new home