2003
2003
2004-07-06
act
government
publicspecial
act.reprint
allinforce
2003-06-24
2003-06-24
0
2004-07-06
act-2004-055
2003
none
act-2003-034
c8a6cc92-ff78-49d7-a975-5bb764972790
0358bdc2-a8b3-4ce4-966d-de4a69bce8ef
Note—
The Act was repealed by the Statute Law (Miscellaneous Provisions) Act 2004
No 55, Sch 3 with effect from 6.7.2004.
An Act to make miscellaneous amendments to
certain State revenue legislation; and for other
purposes.
1Name of
Act
This Act is the State Revenue
Legislation Amendment Act 2003.
2Commencement
(1)
This Act commences on the date of assent, except
as provided by this section.
(2)
The following provisions commence, or are taken
to have commenced, on the dates indicated:
Schedule 1 on the date on which the Bill for this
Act is introduced in the Legislative Assembly,
Schedule 2 on 1 October 2003,
Schedule 3 on 1 July 2003,
Schedule 4 (except Schedule 4 [7] and [8]) on 1
July 2003,
Schedule 4 [7] and [8] on 1 January
2004.
3Amendment of
Acts
The Acts specified in Schedules 1–4 are
amended as set out in those Schedules.
Schedule 1Amendment of Duties Act 1997 No
123
(Section 3)
[1]Section 226 Payment of duty on
mortgages associated with debenture issues
Insert “first executed before the cut-off
date” after “mortgage” in section 226 (1)
(b).
[2]Section 226
(2)
Omit the subsection. Insert instead:
(2)
If the corporation and the trustee for the
debenture holders give a written undertaking in the approved form to the Chief
Commissioner:
(a)
a mortgage first executed by the corporation
before the cut-off date and solely securing the repayment of money received or
to be received by the corporation in respect of its debentures is not liable
to mortgage duty in respect of advances arising from debentures subscribed for
before the cut-off date, and
(b)
a mortgage, not executed by the corporation, and
first executed before the cut-off date, solely securing the repayment of such
money is liable to duty of $10 in respect of advances arising from debentures
subscribed for before the cut-off date, and
(c)
a mortgage, whether executed by the corporation
or by another party, and first executed before the cut-off date, and securing
in part the repayment of such money is not liable to mortgage duty in respect
of advances arising from debentures subscribed for before the cut-off
date.
Note—
The State Revenue
Legislation Amendment Act 2003 terminated the concession
provided for by this section in respect of mortgages executed, or debentures
subscribed for, on or after the cut-off date.
[3]Section 226
(3)
Insert “before the cut-off date”
after “the total amount subscribed for in New South
Wales”.
[4]Section 226
(3A)–(3D)
Insert after section 226 (3):
(3A)
The obligation to lodge a statutory declaration
in July each year ceases after July 2003.
(3B)
Section 208 (2) applies in respect of a mortgage
referred to in subsection (2), first executed on or after 1 January 1999, if
an advance or further advance is made on or after the cut-off date (other than
an advance arising from debentures subscribed for before the cut-off date) as
if the reference to the amount secured by the mortgage at the time a liability
to duty last arose were a reference to the disclosed debenture
amount.
(3C)
For the purposes of the application of section
213 (2) to such a mortgage, the mortgage is taken to have been duly stamped
for the disclosed debenture amount.
(3D)
For the purposes of this section, the disclosed
debenture amount is the total amount of debentures
subscribed for in New South Wales before the cut-off date and disclosed to the
Chief Commissioner in a statutory declaration referred to in subsection
(3).
[5]Section 226
(5)
Insert after section 226 (4):
(5)
In this section:
cut-off
date means the date of commencement of Schedule 1 to the
State Revenue Legislation Amendment Act
2003.
[6]Schedule 1 Savings,
transitional and other provisions
Insert at the end of clause 1 (1):
State Revenue
Legislation Amendment Act 2003
[7]Schedule 1, Part
12
Insert after Part 11:
Part 12Provisions consequent on
enactment of State Revenue Legislation Amendment
Act 2003
33Changes to section
226
The imposition, payment and recovery of duty
under this Act before the date of assent to the State
Revenue Legislation Amendment Act 2003 is taken to have
been validly done to the extent that it would have been validly done had that
Act been in force at the time that it was done.
Schedule 2Amendment of Gaming Machine Tax Act 2001 No
72
(Section 3)
[1]Section 3
Definitions
Omit the definition of tax year from section 3 (1). Insert
instead:
tax
year means:
(a)
in relation to a hotelier—the period of 12
months commencing on 1 July, and
(b)
in relation to a registered club—the period
of 12 months commencing on 1 September.
[2]Section 3
(3)
Insert after section 3 (2):
(3)
A reference in this Act to a tax year of a
specified year is a reference to the tax year that commences in that specified
year. For example, a reference to the 2004 tax year is a reference to the tax
year that commences on 1 July 2004 (in relation to a hotelier) or 1 September
2004 (in relation to a registered club).
[3]Section 7 Payment by
instalments
Omit section 7 (1). Insert instead:
(1)
For the purposes of this Act:
(a)
each tax year of a hotelier is divided into 4
periods of 3 months commencing on 1 July, 1 October, 1 January and 1 April,
and
(b)
each tax year of a registered club is divided
into 4 periods of 3 months commencing on 1 September, 1 December, 1 March and
1 June.
[4]Part 3
Omit the Part. Insert instead:
Part 3Rates of
tax
Division 1Hoteliers
12Annual rate for
hoteliers
(1)
If the profits from all gaming machines kept in a
hotel in a tax year do not exceed $25,000, tax is payable on the profits at
the rate of tax rate 1 for the tax year.
(2)
If the profits from all gaming machines kept in a
hotel in a tax year exceed $25,000, but do not exceed $200,000, tax is
payable:
(a)
on $25,000 of those profits at the rate of tax
rate 1 for the tax year, and
(b)
on so much of those profits as exceeds $25,000 at
the rate of tax rate 2 for the tax year.
(3)
If the profits from all gaming machines kept in a
hotel in a tax year exceed $200,000, but do not exceed $400,000, tax is
payable:
(a)
on $25,000 of those profits at the rate of tax
rate 1 for the tax year, and
(b)
on $175,000 of those profits at the rate of tax
rate 2 for the tax year, and
(c)
on so much of those profits as exceeds $200,000
at the rate of tax rate 3 for the tax year.
(4)
If the profits from all gaming machines kept in a
hotel in a tax year exceed $400,000, but do not exceed $1,000,000, tax is
payable:
(a)
on $25,000 of those profits at the rate of tax
rate 1 for the tax year, and
(b)
on $175,000 of those profits at the rate of tax
rate 2 for the tax year, and
(c)
on $200,000 of those profits at the rate of tax
rate 3 for the tax year, and
(d)
on so much of those profits as exceeds $400,000
at the rate of tax rate 4 for the tax year.
(5)
If the profits from all gaming machines kept in a
hotel in a tax year exceed $1,000,000, but do not exceed $5,000,000, tax is
payable:
(a)
on $25,000 of those profits at the rate of tax
rate 1 for the tax year, and
(b)
on $175,000 of those profits at the rate of tax
rate 2 for the tax year, and
(c)
on $200,000 of those profits at the rate of tax
rate 3 for the tax year, and
(d)
on $600,000 of those profits at the rate of tax
rate 4 for the tax year, and
(e)
on so much of those profits as exceeds $1,000,000
at the rate of tax rate 5 for the tax year.
(6)
If the profits from all gaming machines kept in a
hotel in a tax year exceed $5,000,000, tax is payable:
(a)
on $25,000 of those profits at the rate of tax
rate 1 for the tax year, and
(b)
on $175,000 of those profits at the rate of tax
rate 2 for the tax year, and
(c)
on $200,000 of those profits at the rate of tax
rate 3 for the tax year, and
(d)
on $600,000 of those profits at the rate of tax
rate 4 for the tax year, and
(e)
on $4,000,000 of those profits at the rate of tax
rate 5 for the tax year, and
(f)
on so much of those profits as exceeds $5,000,000
at the rate of tax rate 6 for the tax year.
13Instalment rate for
hoteliers
(1)
If the profits from all gaming machines kept in a
hotel in an instalment period do not exceed $6,250, the instalment payable is
the amount determined by multiplying those profits by tax rate 1 for the tax
year in which the instalment period commences.
(2)
If the profits from all gaming machines kept in a
hotel in an instalment period exceed $6,250, but do not exceed $50,000, the
instalment payable is the sum of the following amounts:
(a)
the amount determined by multiplying $6,250 by
tax rate 1 for the tax year in which the instalment period
commences,
(b)
the amount determined by multiplying the amount
by which those profits exceed $6,250 by tax rate 2 for the tax year in which
the instalment period commences.
(3)
If the profits from all gaming machines kept in a
hotel in an instalment period exceed $50,000, but do not exceed $100,000, the
instalment payable is the sum of the following amounts:
(a)
the amount determined by multiplying $6,250 by
tax rate 1 for the tax year in which the instalment period
commences,
(b)
the amount determined by multiplying $43,750 by
tax rate 2 for the tax year in which the instalment period
commences,
(c)
the amount determined by multiplying the amount
by which those profits exceed $50,000 by tax rate 3 for the tax year in which
the instalment period commences.
(4)
If the profits from all gaming machines kept in a
hotel in an instalment period exceed $100,000, but do not exceed $250,000, the
instalment payable is the sum of the following amounts:
(a)
the amount determined by multiplying $6,250 by
tax rate 1 for the tax year in which the instalment period
commences,
(b)
the amount determined by multiplying $43,750 by
tax rate 2 for the tax year in which the instalment period
commences,
(c)
the amount determined by multiplying $50,000 by
tax rate 3 for the tax year in which the instalment period
commences,
(d)
the amount determined by multiplying the amount
by which those profits exceed $100,000 by tax rate 4 for the tax year in which
the instalment period commences.
(5)
If the profits from all gaming machines kept in a
hotel in an instalment period exceed $250,000, but do not exceed $1,250,000,
the instalment payable is the sum of the following amounts:
(a)
the amount determined by multiplying $6,250 by
tax rate 1 for the tax year in which the instalment period
commences,
(b)
the amount determined by multiplying $43,750 by
tax rate 2 for the tax year in which the instalment period
commences,
(c)
the amount determined by multiplying $50,000 by
tax rate 3 for the tax year in which the instalment period
commences,
(d)
the amount determined by multiplying $150,000 by
tax rate 4 for the tax year in which the instalment period
commences,
(e)
the amount determined by multiplying the amount
by which those profits exceed $250,000 by tax rate 5 for the tax year in which
the instalment period commences.
(6)
If the profits from all gaming machines kept in a
hotel in an instalment period exceed $1,250,000, the instalment payable is the
sum of the following amounts:
(a)
the amount determined by multiplying $6,250 by
tax rate 1 for the tax year in which the instalment period
commences,
(b)
the amount determined by multiplying $43,750 by
tax rate 2 for the tax year in which the instalment period
commences,
(c)
the amount determined by multiplying $50,000 by
tax rate 3 for the tax year in which the instalment period
commences,
(d)
the amount determined by multiplying $150,000 by
tax rate 4 for the tax year in which the instalment period
commences,
(e)
the amount determined by multiplying $1,000,000
by tax rate 5 for the tax year in which the instalment period
commences,
(f)
the amount determined by multiplying the amount
by which those profits exceed $1,250,000 by tax rate 6 for the tax year in
which the instalment period commences.
13ATax rates for
hoteliers
In this Division:
tax rate
1 for a tax year means the rate (expressed as a percentage)
specified in column 1 of Table 1 next to the tax year
concerned.
tax rate
2 for a tax year means the rate (expressed as a percentage)
specified in column 2 of Table 1 next to the tax year
concerned.
tax rate
3 for a tax year means the rate (expressed as a percentage)
specified in column 3 of Table 1 next to the tax year
concerned.
tax rate
4 for a tax year means the rate (expressed as a percentage)
specified in column 4 of Table 1 next to the tax year
concerned.
tax rate
5 for a tax year means the rate (expressed as a percentage)
specified in column 5 of Table 1 next to the tax year
concerned.
tax rate
6 for a tax year means the rate (expressed as a percentage)
specified in column 6 of Table 1 next to the tax year
concerned.
Table 1: Tax
rates—hoteliers
Column
1
Column
2
Column
3
Column
4
Column
5
Column
6
Tax
year
Tax rate 1
(%) ($0–$25K)
Tax rate 2
(%) (exceeds $25K but not $200K)
Tax rate 3
(%) (exceeds $200K but not $400K)
Tax rate 4
(%) (exceeds $400K but not $1M)
Tax rate 5
(%) (exceeds $1M but not $5M)
Tax rate 6
(%) (exceeds $5M)
2004
5.8
15.8
17.2
26.5
31.5
33.6
2005
5.7
15.7
18.5
27.1
32.1
36.4
2006
5.5
15.5
19.8
27.7
32.7
39.1
2007
5.4
15.4
21.1
28.2
33.2
41.8
2008
5.3
15.3
22.4
28.8
33.8
44.5
2009
5.1
15.1
23.7
29.4
34.4
47.3
2010 and
subsequent tax years
5.0
15.0
25.0
30.0
35.0
50.0
Note—
See Schedule 2A for arrangements for the 2003 tax
year.
Division 2Registered
clubs
14Annual rate for registered
clubs
(1)
If the profits from all gaming machines kept on
the premises of a registered club in a tax year do not exceed $200,000, no tax
is payable on the profits.
(2)
If the profits from all gaming machines kept on
the premises of a registered club in a tax year exceed $200,000, but do not
exceed $1,000,000, tax is payable on so much of those profits as exceeds
$200,000 at the rate of tax rate 1 for the tax year.
(3)
If the profits from all gaming machines kept on
the premises of a registered club in a tax year exceed $1,000,000, but do not
exceed $5,000,000, tax is payable:
(a)
on $800,000 of those profits at the rate of tax
rate 1 for the tax year, and
(b)
on so much of those profits as exceeds $1,000,000
at the rate of tax rate 2 for the tax year.
(4)
If the profits from all gaming machines kept on
the premises of a registered club in a tax year exceed $5,000,000, but do not
exceed $10,000,000, tax is payable:
(a)
on $800,000 of those profits at the rate of tax
rate 1 for the tax year, and
(b)
on $4,000,000 of those profits at the rate of tax
rate 2 for the tax year, and
(c)
on so much of those profits as exceeds $5,000,000
at the rate of tax rate 3 for the tax year.
(5)
If the profits from all gaming machines kept on
the premises of a registered club in a tax year exceed $10,000,000, tax is
payable:
(a)
on $800,000 of those profits at the rate of tax
rate 1 for the tax year, and
(b)
on $4,000,000 of those profits at the rate of tax
rate 2 for the tax year, and
(c)
on $5,000,000 of those profits at the rate of tax
rate 3 for the tax year, and
(d)
on so much of those profits as exceeds
$10,000,000 at the rate of tax rate 4 for the tax
year.
(6)
This section is subject to Part
4.
15Instalment rate for registered
clubs
(1)
If the profits from all gaming machines kept on
the premises of a registered club in an instalment period do not exceed
$50,000, no instalment is payable.
(2)
If the profits from all gaming machines kept on
the premises of a registered club in an instalment period exceed $50,000, but
do not exceed $250,000, the instalment payable is the amount determined by
multiplying the amount by which those profits exceed $50,000 by tax rate 1 for
the tax year in which the instalment period commences.
(3)
If the profits from all gaming machines kept on
the premises of a registered club in an instalment period exceed $250,000, but
do not exceed $1,250,000, the instalment payable is the sum of the following
amounts:
(a)
the amount determined by multiplying $200,000 by
tax rate 1 for the tax year in which the instalment period
commences,
(b)
the amount determined by multiplying the amount
by which those profits exceed $250,000 by tax rate 2 for the tax year in which
the instalment period commences.
(4)
If the profits from all gaming machines kept on
the premises of a registered club in an instalment period exceed $1,250,000,
but do not exceed $2,500,000, the instalment payable is the sum of the
following amounts:
(a)
the amount determined by multiplying $200,000 by
tax rate 1 for the tax year in which the instalment period
commences,
(b)
the amount determined by multiplying $1,000,000
by tax rate 2 for the tax year in which the instalment period
commences,
(c)
the amount determined by multiplying the amount
by which those profits exceed $1,250,000 by tax rate 3 for the tax year in
which the instalment period commences.
(5)
If the profits from all gaming machines kept on
the premises of a registered club in an instalment period exceed $2,500,000,
the instalment payable is the sum of the following amounts:
(a)
the amount determined by multiplying $200,000 by
tax rate 1 for the tax year in which the instalment period
commences,
(b)
the amount determined by multiplying $1,000,000
by tax rate 2 for the tax year in which the instalment period
commences,
(c)
the amount determined by multiplying $1,250,000
by tax rate 3 for the tax year in which the instalment period
commences,
(d)
the amount determined by multiplying the amount
by which those profits exceed $2,500,000 by tax rate 4 for the tax year in
which the instalment period commences.
(6)
For the purposes of this section, tax rate 2, 3 or 4 for a tax year is the rate that
results from reducing by 1.5 the number specified as the tax rate concerned
for that year in Table 2.
Note—
For example, tax rate 2 for an instalment in the
2004 tax year is 16.8 (18.3 minus 1.5). The purpose of the reduction under
subsection (6) is to take account of any rebate that may be available under
Part 4.
(7)
Despite anything to the contrary in this section,
the remainder of any tax that, under this Division, remains payable in respect
of the whole of a tax year is payable at the time of payment of the last
instalment for the year.
(8)
Subsection (7) does not affect any provision of
the Taxation Administration Act 1996 or any
arrangement that may be entered into under that Act for the payment or
compromise of any debt.
15ATax rates for registered
clubs
In this Division:
tax rate
1 for a tax year means the rate (expressed as a percentage)
specified in column 1 of Table 2 next to the tax year
concerned.
tax rate
2 for a tax year means the rate (expressed as a percentage)
specified in column 2 of Table 2 next to the tax year
concerned.
tax rate
3 for a tax year means the rate (expressed as a percentage)
specified in column 3 of Table 2 next to the tax year
concerned.
tax rate
4 for a tax year means the rate (expressed as a percentage)
specified in column 4 of Table 2 next to the tax year
concerned.
Table 2: Tax
rates—registered clubs
Column
1
Column
2
Column
3
Column
4
Tax
year
Tax rate 1
(%) (exceeds $200K but not $1M)
Tax rate 2
(%) (exceeds $1M but not $5M)
Tax rate 3
(%) (exceeds $5M but not $10M)
Tax rate 4
(%) (exceeds $10M)
2004
10.8
18.3
19.7
20.4
2005
10.7
19.4
22.3
23.7
2006
10.5
20.5
24.8
26.9
2007
10.4
21.6
27.4
30.2
2008
10.3
22.8
29.9
33.5
2009
10.1
23.9
32.5
36.7
2010 and
subsequent tax years
10.0
25.0
35.0
40.0
Note—
See Schedule 2A for arrangements for the 2003 tax
year.
[5]Section 17 Tax rebate for
community development and support expenditure
Omit “section 14 (3) (b)” wherever
occurring.
Insert instead “section 14 (3), (4) or
(5)”.
[6]Section
27A
Insert after section 27:
27AArrangements for 2003 tax
year
Schedule 2A has effect.
[7]Schedule 2 Savings and
transitional provisions
Insert at the end of clause 1 (1):
State Revenue
Legislation Amendment Act 2003
[8]Schedule 2, Part
3
Insert after Part 2:
Part 3Provisions consequent on
enactment of State Revenue Legislation Amendment
Act 2003
6Changes to tax
year
(1)
The amendment made to this Act by Schedule 2 [1]
to the State Revenue Legislation Amendment
Act 2003 applies in respect of a tax year commencing on or
after:
(a)
in the case of a hotelier—1 July 2004,
and
(b)
in the case of a registered club—1
September 2004.
(2)
The amendments made to this Act by Schedule 2 to
the State Revenue Legislation Amendment Act
2003 do not affect any liability for tax in respect of a
tax year that commenced before the commencement of that Schedule and this Act
continues to apply in respect of such a tax year, as if the amendments had not
been made.
Note—
Special arrangements apply to the 2003 tax year.
See Schedule 2A.
[9]Schedule
2A
Insert after Schedule 2:
Schedule 2AArrangements for 2003 tax
year
(Section 27A)
12003 tax
year—definition
(1)
This Schedule applies in respect of the period of
9 months commencing on:
(a)
in the case of a hotelier—1 October 2003,
or
(b)
in the case of a registered club—1 December
2003.
(2)
The period to which this Schedule applies is
taken, for the purposes of this Act, to be a tax year (referred to in this
Schedule as the 2003 tax
year).
2Instalment periods for 2003
tax year
(1)
The 2003 tax year is taken, for the purposes of
this Act, to be divided into 3 periods of 3 months:
(a)
in the case of a hotelier—commencing on 1
October 2003, 1 January 2004 and 1 April 2004, and
(b)
in the case of a registered club—commencing
on 1 December 2003, 1 March 2004 and 1 June 2004.
(2)
Each of those periods (referred to in this
Schedule as a 2003
instalment period) is taken to be an instalment period for
the purposes of this Act in respect of the 2003 tax year and section 7 applies
accordingly.
(3)
Section 10 applies in respect of the 2003 tax
year as if a reference to the relevant 4 quarterly instalments were a
reference to the 3 instalments payable for the 2003 tax
year.
3Part 3 does not apply to 2003
tax year
Part 3 does not apply in respect of the 2003 tax
year.
4Annual rate for
hoteliers—2003 tax year
(1)
If the profits from all gaming machines kept in a
hotel in the 2003 tax year do not exceed $18,750, tax is payable on the
profits at the rate of 5.91%.
(2)
If the profits from all gaming machines kept in a
hotel in the 2003 tax year exceed $18,750 but do not exceed $300,000, tax is
payable:
(a)
in the sum of $1,108.13, and
(b)
on so much of the profits as exceeds $18,750, at
the rate of 15.91%.
(3)
If the profits from all gaming machines kept in a
hotel in the 2003 tax year exceed $300,000 but do not exceed $750,000, tax is
payable:
(a)
in the sum of $45,855, and
(b)
on so much of the profits as exceeds $300,000, at
the rate of 25.91%.
(4)
If the profits from all gaming machines kept in a
hotel in the 2003 tax year exceed $750,000, tax is payable:
(a)
in the sum of $162,450, and
(b)
on so much of the profits as exceeds $750,000, at
the rate of 30.91%.
5Instalment rate for
hoteliers
(1)
If the profits from all gaming machines kept in a
hotel in a 2003 instalment period do not exceed $6,250, the instalment payable
is an amount equal to 5.91% of those profits.
(2)
If the profits from all gaming machines kept in a
hotel in a 2003 instalment period exceed $6,250 but do not exceed $100,000,
the instalment payable is:
(a)
the sum of $369.38, and
(b)
an amount equal to 15.91% of the amount by which
the profits exceed $6,250.
(3)
If the profits from all gaming machines kept in a
hotel in a 2003 instalment period exceed $100,000 but do not exceed $250,000,
the instalment payable is:
(a)
the sum of $15,285, and
(b)
an amount equal to 25.91% of the amount by which
the profits exceed $100,000.
(4)
If the profits from all gaming machines kept in a
hotel in a 2003 instalment period exceed $250,000, the instalment payable
is:
(a)
the sum of $54,150, and
(b)
an amount equal to 30.91% of the amount by which
the profits exceed $250,000.
6Annual rate for registered
clubs—2003 tax year
(1)
If the profits from all gaming machines kept on
the premises of a registered club in the 2003 tax year do not exceed $150,000,
no tax is payable on the profits.
(2)
If the profits from all gaming machines kept on
the premises of a registered club in the 2003 tax year exceed $150,000 but do
not exceed $750,000, tax is payable on so much of the profits as exceeds
$150,000 at the rate of 10.91%.
(3)
If the profits from all gaming machines kept on
the premises of a registered club in the 2003 tax year exceed $750,000, tax is
payable:
(a)
in the sum of $65,460, and
(b)
on so much of the profits as exceeds $750,000, at
the rate of 17.16%, except as provided by Part 4.
7Instalment rate for registered
clubs
(1)
If the profits from all gaming machines kept on
the premises of a registered club in a 2003 instalment period do not exceed
$50,000, no instalment is payable.
(2)
If the profits from all gaming machines kept on
the premises of a registered club in a 2003 instalment period exceed $50,000
but do not exceed $250,000, the instalment payable is an amount equal to
10.91% of the amount by which the profits exceed
$50,000.
(3)
If the profits from all gaming machines kept on
the premises of a registered club in a 2003 instalment period exceed $250,000,
the instalment payable is:
(a)
the sum of $21,820, and
(b)
an amount equal to 15.66% of the amount by which
the profits exceed $250,000.
(4)
Despite anything to the contrary in this clause,
the remainder of any tax that, under this Schedule, remains payable in respect
of the whole of the 2003 tax year is payable at the time of payment of the
last instalment for the year.
(5)
Subclause (4) does not affect any provision of
the Taxation Administration Act 1996 or any
arrangement that may be entered into under that Act for the payment or
compromise of any debt.
8Application of Part
4
Part 4 applies in respect of the 2003 tax year as
if a reference in section 17 to section 14 (3), (4) or (5) included a
reference to clause 6 (3) (b) and as if the reference in section 17 (4) to
$1,000,000 were a reference to $750,000.
Schedule 3Amendment of Parking Space Levy Act 1992 No
32
(Section 3)
[1]Section 4
Definitions
Insert in alphabetical order in section 4
(1):
CPI
adjusted levy for a Category 1 area or a Category 2 area for
a particular financial year means the amount determined in accordance with
section 12.
[2]Section 4
(6)
Insert after section 4 (5):
(6)
Notes included in this Act do not form part of
this Act.
[3]Section 11 Amount of
levy
Omit “in the 2000 financial year and on 1
September in each financial year after 2000” from section 11
(3).
Insert instead “in each of the financial
years from 2000 to 2002 (both years inclusive)”.
[4]Section 11 (4) and
(5)
Insert after section 11 (3):
(4)
The amount of the levy that is payable on 1
September in the 2003 financial year is:
(a)
$840 for each parking space within a Category 1
area for which the levy is payable, or
(b)
$420 for each parking space within a Category 2
area for which the levy is payable.
Note—
The levy payable for the 2003 financial year
($840 for a Category 1 area and $420 for a Category 2 area) was calculated by
adjusting the previous levy ($800 and $400 respectively) in accordance with
the cumulative percentage increase in the consumer price index for the period
from 30 September 2000 to 31 March 2003, with a discount for the impact of the
Goods and Services Tax.
(5)
The amount of the levy that is payable on 1
September in the 2004 financial year and on 1 September in each subsequent
financial year is:
(a)
for each parking space within a Category 1
area—the CPI adjusted levy for a Category 1 area for the particular
financial year concerned, and
(b)
for each parking space within a Category 2
area—the CPI adjusted levy for a Category 2 area for the particular
financial year concerned.
[5]Sections 12 and
12A
Omit section 12. Insert instead:
12CPI adjusted
levy
(1)
The CPI adjusted levy for a Category 1 area or a
Category 2 area for a particular financial year is to be determined in
accordance with the following formula:
where:
C is the CPI adjusted levy being
determined, rounded down to the nearest 2 decimal points.
L is:
(a)
in the case of a determination of the CPI
adjusted levy for a Category 1 area for a particular financial year—the
amount of the levy payable on 1 September in the previous financial year in
respect of a parking space within a Category 1 area, or
(b)
in the case of a determination of the CPI
adjusted levy for a Category 2 area for a particular financial year—the
amount of the levy payable on 1 September in the previous financial year in
respect of a parking space within a Category 2
area.
A is the sum of the consumer price
index numbers for the 4 consecutive quarters of June, September, December and
March with the September quarter being the September quarter of the financial
year previous to the financial year for which the CPI adjusted levy is being
determined.
Note—
For example, in the case of a determination of
the CPI adjusted levy for the 2004 financial year, “A” is the sum
of the consumer price index numbers for June 2003, September 2003, December
2003 and March 2004.
B is the sum of the consumer price
index numbers for the 4 consecutive quarters of June, September, December and
March with the September quarter being the September quarter of the financial
year that is 2 years previous to the financial year for which the CPI adjusted
levy is being determined.
Note—
For example, in the case of a determination of
the CPI adjusted levy for the 2004 financial year, “B” is the sum
of the consumer price index numbers for June 2002, September 2002, December
2002 and March 2003.
(2)
The CPI adjusted levy determined under subsection
(1) is to be rounded up or down to the nearest $10 (and, if the amount by
which the levy is to be rounded is $5, is to be rounded
up).
(3)
In this section:
consumer
price index means the Consumer Price Index (All Groups
Index) for Sydney issued by the Australian Statistician (or such other
economic index as the regulations prescribe).
12ANotice of CPI adjusted
levy
(1)
By the beginning of each financial year, the
Minister is to cause a notice to be published in the Gazette specifying the
amount of the levy payable on 1 September in that financial year:
(a)
for each parking space within a Category 1 area
for which the levy is payable, and
(b)
for each parking space within a Category 2 area
for which the levy is payable,
as determined in accordance with section
12.
(2)
A failure to publish such a notice for a
financial year does not have any effect on the operation of section 12 in
respect of the levy payable in that financial year.
[6]Schedule 1 Savings,
transitional and other provisions
Insert before clause 1:
Part 1Regulations
1ARegulations
(1)
The regulations may contain provisions of a
savings or transitional nature consequent on the enactment of the following
Acts:
State Revenue
Legislation Amendment Act 2003
(2)
Any such provision may, if the regulations so
provide, take effect from the date of assent to the Act concerned or a later
date.
(3)
To the extent to which any such provision takes
effect from a date that is earlier than the date of its publication in the
Gazette, the provision does not operate so as:
(a)
to affect, in a manner prejudicial to any person
(other than the State or an authority of the State), the rights of that person
existing before the date of its publication, or
(b)
to impose liabilities on any person (other than
the State or an authority of the State) in respect of anything done or omitted
to be done before the date of its publication.
Part 2Provisions consequent on
enactment of this Act
[7]Schedule 1, Part 3,
heading
Insert before clause 3:
Part 3Provisions consequent on
enactment of Parking Space Levy Amendment Act
2000
[8]Schedule 1, Part
4
Insert after clause 3:
Part 4Provisions consequent on
enactment of State Revenue Legislation Amendment
Act 2003
4Increase in levy for 2003
financial year
The imposition, payment and recovery of a levy
under this Act on or after 1 July 2003 and before the date of assent to the
State Revenue Legislation Amendment Act
2003is taken to have been validly done to the extent that
it would have been validly done had that Act been in force at the time that it
was done.
5Notice of levy
amount
Section 12A, as inserted by the State Revenue Legislation Amendment Act
2003, does not apply in respect of the 2003 financial
year.
Schedule 4Amendment of Pay-roll Tax Act 1971 No
22
(Section 3)
[1]Section 3AA
Wages
Insert after section 3AA (2):
(2A)
Wages includes the value of any contribution that
is taken to constitute wages under section 3AD or 3AE.
[2]Section 3AA
(6BA)
Insert after section 3AA (6B):
(6BA)
Wages includes an amount paid or payable by a
company as a consequence of the termination of the services or office of a
director or member of the governing body of the company, whether or not paid
to the director or member or to any other person or body, that would be an
eligible termination payment (within the meaning of section 27A of the Income Tax
Assessment Act 1936 of the Commonwealth) if the amount had
been paid or payable as a consequence of termination of
employment.
[3]Section 3AA
(6C)
Insert “or (6BA)” after
“(6B)”.
[4]Section 3AA
(9A)
Insert after section 3AA (9):
(9A)
A reference in this section to a director or
member of the governing body of a company includes a reference to a former
director or former member of the governing body of a
company.
[5]Sections 3AD and
3AE
Insert after section 3AC:
3ADInclusion of employee share
scheme contributions as wages
(1)
The value of any contribution (other than
anything that is otherwise wages under this Act) to a share scheme that is
provided or liable to be provided to or in relation to an employee is taken,
for the purposes of section 3AA, to constitute wages paid or payable (as the
case requires) to the employee.
(2)
For the purposes of this section, a share
scheme is a scheme by which an employer provides shares,
rights to acquire shares, units in a unit trust scheme or rights to acquire
units in a unit trust scheme, whether directly or indirectly, to or in
relation to an employee in respect of services performed or rendered by the
employee.
(3)
The value of a contribution to a share scheme
is:
(a)
if the contribution is a share, unit in a unit
trust scheme or right to acquire a share or unit in a unit trust
scheme—the market value of the contribution, determined in accordance
with Schedule 1A, on the day that the share, unit or right is contributed,
less any consideration for the acquisition of the share, unit or right paid or
given by the employee, or
(b)
if the contribution is money—the amount of
money provided, or
(c)
if the contribution is property (other than
property referred to in paragraph (a) or money) that is worth money—the
amount of money that it is worth at the time the property is
contributed.
(4)
A contribution to a share scheme that is provided
or liable to be provided to or in relation to an employee by a person acting
for, or in concert with, or under an arrangement or undertaking (whether
formal or informal and whether express or implied) with, the employer is taken
to be provided by the employer.
(5)
In this section:
provided includes paid, given,
conferred or granted and, in relation to a contribution to a share scheme that
is property, includes a reference to the conferral or disposal of any right,
title or interest in the property, whether legal or beneficial, by sale, gift,
declaration of trust or otherwise.
right to acquire a share or unit
includes any right, or option, whether actual, prospective or contingent, of a
person to have a share or unit issued or transferred to the
person.
unit in a unit trust scheme means a
right or interest (whether described as a unit or a sub-unit or otherwise) of
a beneficiary under the scheme.
unit
trust scheme means any arrangements made for the purpose, or
having the effect, of providing, for persons having funds available for
investment, facilities for the participation by them, as beneficiaries under a
trust, in any profits, income or distribution of assets arising from the
acquisition, holding, management or disposal of any property whatever pursuant
to the trust.
3AEInclusion of share scheme
contributions made to directors and members of governing bodies of companies
as wages
(1)
The value of any contribution (other than
anything that is otherwise wages under this Act) provided or liable to be
provided to or in relation to a director or member of the governing body of a
company by way of remuneration to the director or member that would be a
contribution to a share scheme under section 3AD if the director or member
were an employee of the company is taken, for the purposes of section 3AA, to
constitute wages paid or payable (as the case requires) to the director or
member.
(2)
Section 3AD, and Schedule 1A, apply in respect of
any such contribution as if a reference to the employer were a reference to
the company and a reference to the employee were a reference to the director
or member of the governing body of the company.
(3)
In this section, a reference to a director or
member of the governing body of a company includes a reference to a former
director or former member of the governing body of a
company.
(4)
In this section:
provided has the meaning given by
section 3AD.
[6]Section 3A Application of this
Act to certain contracts
Insert after section 3A (2) (e):
, and
(f)
an amount paid or payable for or in relation to
the performance of work under a relevant contract is taken to include the
value of any contribution to a share scheme (not otherwise included as wages
under this Act) provided or liable to be provided by the employer that is
taken to constitute wages under section 3AD.
[7]Section 10 Exemption from
pay-roll tax
Insert after section 10 (1) (l):
(l1)
to a trainee within the meaning of the Apprenticeship and Traineeship Act 2001,
other than an existing worker trainee within the meaning of that
Act,
[8]Section 10
(2B)
Insert after section 10 (2A):
(2B)
Paragraph (l1) of subsection (1) only operates to
exclude from wages liable to pay-roll tax under this Act wages that are paid
or payable under a traineeship contract (within the meaning of the Apprenticeship and Traineeship Act 2001)
but, if an application for approval of the traineeship to which the contract
relates is dismissed by the Commissioner for Vocational Training (referred to
in section 56 of that Act) or the Vocational Training Tribunal of New South
Wales (constituted by section 59 of that Act), the exclusion ceases when the
application is dismissed.
[9]Schedule
1A
Insert before Schedule 1:
Schedule 1ACalculation of market value of
contribution to share scheme
(Sections 3AD and
3AE)
1Market value of shares, units
or rights quoted on recognised stock exchange
(1)
The market value of a share, unit or right to
acquire a share or unit that is quoted on a recognised stock exchange on the
relevant day is:
(a)
if there was at least one transaction on that
stock exchange in shares, units or rights of that class during the one week
period before that day—the weighted average of the prices at which those
shares, units or rights were traded on that stock exchange during the one week
period before that day, or
(b)
if there were no transactions on that stock
exchange in that one week period in such shares, units or rights—the
last price at which an offer was made on that stock exchange in that period to
buy such a share, unit or right.
(2)
If a share, unit or right is quoted on a day on 2
or more recognised stock exchanges, the price on that day is the price on
whichever of those stock exchanges is nominated by the employer, but if one or
more of the stock exchanges on which the share, unit or right is quoted is an
Australian stock exchange, the employer must nominate one of the Australian
stock exchanges.
2Market value of shares, units
and rights not quoted on recognised stock exchange
(1)
The market value of a share or unit (other than a
unit in an unlisted public unit trust scheme) not quoted on a recognised stock
exchange on the relevant day is the arm’s length value of the share or
unit:
(a)
as specified in a written report given to the
employer by a person who is a qualified person in relation to valuing the
share or unit, or
(b)
as calculated in accordance with any other method
approved in writing by the Chief Commissioner, either generally or in a
particular case, as a reasonable method of calculating the arm’s length
value of unlisted shares or units.
(2)
The market value of a unit in an unlisted public
unit trust scheme is the weighted average of the issue prices for the units
during the one week period before the relevant day or, if there are no issue
prices for the units during that period, the arm’s length value of the
unit:
(a)
as specified in a written report given to the
employer by a person who is a qualified person in relation to valuing the
unit, or
(b)
as calculated in accordance with any other method
approved in writing by the Chief Commissioner, either generally or in a
particular case, as a reasonable method of calculating the arm’s length
value of units in unlisted public unit trust
schemes.
(3)
The market value of a right not quoted on a
recognised stock exchange on the relevant day is the market value on that day
of the share or unit that may be acquired by exercising the right, determined
in accordance with this Schedule, less the lowest amount that must be paid to
exercise the right to acquire the share or unit.
(4)
In determining the market value of a share, unit
or right under this clause, the share, unit or right and any share or unit
that may be acquired as a consequence of the exercise or operation of the
right, is taken not to be subject to any conditions or
restrictions.
(5)
If the lowest amount that must be paid to
exercise a right to acquire a share or unit is nil or cannot be determined,
the market value of the right on a particular day is the same as the market
value of the share or unit on that day (determined in accordance with this
Schedule).
3Value to be expressed in
Australian currency
The market value of a share, unit or right
wherever determined is to be expressed in Australian
currency.
4Definitions
(1)
In this Schedule:
qualified
person, in relation to valuing a share in a company or a
unit in a unit trust scheme, means a person who is a registered company
auditor under the Corporations Act 2001 of the
Commonwealth other than:
(a)
a trustee of the unit trust scheme,
or
(b)
a director, secretary or employee of the company
or of the trustee of the unit trust scheme, or
(c)
a partner, employer or employee of a person
referred to in paragraph (a) or (b), or
(d)
a partner or employee of a person referred to in
paragraph (c).
recognised stock exchange has the
meaning given by the Duties Act
1997.
relevant
day means, in relation to the contribution of a share, unit
or right, the day the share, unit or right was contributed.
unlisted
public unit trust scheme means a unit trust scheme the units
in which are not quoted on a recognised stock exchange and in respect of which
either of the following applies:
(a)
units in the unit trust scheme were offered to
the public,
(b)
at all times during the previous 12 months, the
units in the unit trust scheme were held by at least 50 unit
holders.
(2)
Expressions used in this Schedule have the same
meaning as they have in section 3AD.
[10]Schedule 6 Savings,
transitional and other provisions
Insert at the end of clause 1 (1):
State Revenue
Legislation Amendment Act 2003
[11]Schedule 6, Part
9
Insert after Part 8:
Part 9Provisions consequent on
enactment of State Revenue Legislation Amendment
Act 2003
16Exemption for
trainees
Section 10 (1) (l1), as inserted by the State Revenue Legislation Amendment Act
2003, does not operate to exclude from wages liable to
pay-roll tax under this Act any wages paid or payable to a trainee before 1
January 2004.
Historical
notes
Table of amending
instruments
State Revenue
Legislation Amendment Act 2003 No 34. Second reading
speech made: Legislative Assembly, 24.6.2003; Legislative Council, 3.7.2003.
Assented to 22.7.2003. Date of commencement (except Schs 1–4), assent,
sec 2 (1); date of commencement of Sch 1, 24.6.2003 (the day on which the Bill
for this Act was introduced into the Legislative Assembly), sec 2 (2); date of
commencement of Sch 2, 1.10.2003, sec 2 (2); date of commencement of Schs 3
and 4 (except Sch 4 [7] and [8]), 1.7.2003, sec 2 (2); date of commencement of
Sch 4 [7] and [8], 1.1.2004, sec 2 (2).