2007
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL TERRITORY

(As presented)
(Treasurer)
Duties Amendment Bill 2007

Contents
	Page
	1	Name of Act	2
	2	Commencement	2
	3	Legislation amended	2
	4	Imposition of duty on dutiable transactions that are not transfers
Section 8, table 8, item 4	2
	5	Dutiable property
New section 10 (1) (da) and (db)	3
	6	New section 10 (2A)	3
	7	No double duty
New section 17 (6A) and (6B)	4
	8	What is the dutiable value of dutiable property?
New section 20 (2A)	4
	9	Application of ch 5 to certain arrangements 
Section 421 (2) (b)	4
	10	Section 421 (3)	5
	11	Dictionary, definition of long-term lease	5

2007
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL TERRITORY

(As presented)
(Treasurer)
Duties Amendment Bill 2007

A Bill for
An Act to amend the Duties Act 1999

    

The Legislative Assembly for the Australian Capital Territory enacts as follows:

1	Name of Act
This Act is the Duties Amendment Act 2007.
2	Commencement
This Act commences on the day after its notification day.
Note	The naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).
3	Legislation amended
This Act amends the Duties Act 1999.
4	Imposition of duty on dutiable transactions that are not transfers
Section 8, table 8, item 4
substitute
4	grant of a long-term lease	(a)		for a long-term lease mentioned in section 10 (1) (d) or (da)—the leasehold interest; and
(b)		for a long-term lease mentioned in section 10 (1) (db)—the extension or further extension mentioned in that section	the lessor	(a)		for a long-term lease mentioned in section 10 (1) (d) or (da)—when the lease is granted; and
(b)	for a long-term lease mentioned in section 10 (1) (db)—when the lease is extended or further extended as mentioned in that section	
5	Dutiable property
New section 10 (1) (da) and (db)
insert
	(da)	a lease (also a long term lease) of land that is granted to a person for a term of 30 years or less if—
	(i)	the lease is granted on the surrender of a previous lease of the land granted to the person; and
	(ii)	the term of the lease, taken together with—
	(A)	the term for which the person held the previous lease; and
	(B)	the term (if any) for which the person held a lease of the land under any earlier surrendered lease;
		would result in the person holding a lease of the land for a continuous period of longer than 30 years;
	(db)	a lease (also a long term lease) that is granted for an initial term of 30 years or less if—
	(i)	the lease is subsequently extended, or further extended; and
	(ii)	the term as extended, or further extended, is longer than 30 years; 
6	New section 10 (2A)
insert
	(2A)	For subsection (1) (da), a lease is granted to, or held or surrendered by, a person if it is granted to, or held or surrendered by, the person or an associated person.
7	No double duty
New section 17 (6A) and (6B)
insert
	(6A)	The duty charged by this chapter on the grant of a long-term lease mentioned in section 10 (1) (da) must be reduced by the amount (if any) of duty paid under chapter 5 on the lease instrument that evidenced or effected the previous surrendered lease or any earlier surrendered lease mentioned in that section.
	(6B)	The duty charged by this chapter on the grant of a long-term lease mentioned in section 10 (1) (db) must be reduced by the amount (if any) of duty paid under chapter 5 on the lease instrument that evidenced or effected the lease that was extended or further extended as mentioned in that section.
8	What is the dutiable value of dutiable property?
New section 20 (2A)
insert
	(2A)	However, if the land the subject of a long-term lease mentioned in section 10 (1) (da) is not identical to the land the subject of the previous lease and any earlier surrendered lease, land in subsection (1) (b) (i) means the part of the land the person would hold continuously for longer than 30 years.
9	Application of ch 5 to certain arrangements
Section 421 (2) (b) 
omit
another arrangement was made
substitute
an option was granted, or another arrangement was made,
10	Section 421 (3)
after
lease the property
insert
, or substantially the same property,
11	Dictionary, definition of long-term lease
substitute
long-term lease—see section 10 (1) (d), (da) and (db).

Endnotes
1	Presentation speech
	Presentation speech made in the Legislative Assembly on	2007.
2	Notification
	Notified under the Legislation Act on	2007.
3	Republications of amended laws
	For the latest republication of amended laws, see www.legislation.act.gov.au.

© Australian Capital Territory 2007