Homeโ€บBillsโ€บBill 67

๐Ÿ“œ Duties Amendment Bill 2022

Assented toLABill 676 April 2022

The Duties Amendment Bill 2022 amends the Duties Act 2008 to introduce tax simplification measures, reduce the tax burden on some taxpayers, and simplify tax administration. Key changes include aligning duty rates and introducing exemptions for vehicle licences and prospecting licences.

Impact

This bill affects taxpayers involved in property and vehicle transactions, as well as mining companies dealing with prospecting licences. It aims to reduce red tape and provide targeted duty exemptions, potentially lowering costs for some.

Key Changes

["Aligns the general and residential property transfer duty rates.", "Introduces a vehicle licence duty exemption for new service demonstrator vehicles.", "Introduces an exemption for vehicle transactions where the vehicle is returned for a refund or replacement.", "Abolishes duty on transactions for prospecting licences unless they include other dutiable property."]

Parliamentary Progress

  1. LA IntroducedLA6 Apr 2022
  2. LA Second Reading MovedLA6 Apr 2022
  3. LC Second Reading MovedLC12 May 2022
  4. LA Third ReadingLA12 May 2022
  5. LA Second Reading AgreedLA12 May 2022
  6. LC Second Reading AgreedLC19 May 2022
  7. LC Third ReadingLC19 May 2022
  8. Royal Assent27 May 2022
Affected Sectors
financeminingtransport

Penalty Provisions1 found

unclear
s. 249(1)Unclearcross reference

Violation of conditions under section 246(1), (2) or (3) or 247(1)(a) regarding vehicle licences.

Ref: Violation of conditions under section 246(1), (2) or (3) or 247(1)(a) regarding vehicle licences.

โ€œPenalty for this subsection:โ€

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