Page 1398 - Week 05 - Wednesday, 12 May 2021
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Amendment agreed to.
Original question, as amended, resolved in the affirmative.
Revenue Legislation Amendment Bill 2021
Debate resumed from 31 March 2021, on motion by Mr Barr:
That this bill be agreed to in principle.
MR CAIN (Ginninderra) (4.24): The amendments in this bill make provision for changes to a range of taxation legislation. The Canberra Liberals will be supporting its passage.
The amendments in the bill include changes to the Duties Act. The bill will rectify an error in drafting in 2014 that applies duty to acquisitions of interest in long- and short-term commercial leases. Further, the bill will clarify when duty must be paid on the acquisition of an option over dutiable property and provides a conveyance duty exemption for pensioners who have a disability purchasing residential shares in not-for-profit supportive housing properties.
Regarding the Land Tax Act, the bill will exclude corporations and trustees from exemptions on land tax involving an owner’s principal place of residence, consistent with the longstanding application of land tax to holdings of land by companies and trusts. The bill will remove the current expiry date of 30 June 2021 for the affordable community housing land tax exemption, which provides less than two months notice for land tax which is imposed quarterly.
Regarding the Land Titles Act, Unit Titles Act and Planning and Development Act, the bill will make clear that a notice of assessment reflects the lease variation charge liability of the lessee and that an obligation to pay that liability arises when a variation of a crown lease is executed. The bill will require a payment date for a deferred lease variation charge prior to registering a unit plan. This will support compliance and provides a currently missing element to allow the lease variation charge to be deferred. The bill will also change the current annual requirement to provide valuation advice to the treasurer for codified lease variation charge determinations to a three-year requirement.
The bill harmonises the payroll tax reporting requirements for lodging of an annual tax reconciliation.
Regarding the Rates Act, the application of penalty tax provisions under the Taxation Administration Act will apply to overdue and unpaid rates on land owned by corporations and trusts. The bill will clarify the application requirements for the operation of provisions allowing for a parcel of mixed-use land for development to have rating factors applied based on the intended proportion of residential and commercial development. The bill will align reporting requirements for the commissioner to provide information on airport rates, with processes for rates in
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