2012

THE LEGISLATIVE ASSEMBLY FOR THE
AUSTRALIAN CAPITAL TERRITORY

DUTIES (LANDHOLDERS) AMENDMENT BILL 2012

GOVERNMENT AMENDMENT

SUPPLEMENTARY EXPLANATORY STATEMENT

Presented by
Andrew Barr MLA
Treasurer

June 2012
Government Amendment to the Duties (Landholders) Amendment Bill 2012

This Government amendment is minor and technical in nature (refer to Assembly Standing Order 182A).

Supplementary Explanatory Statement

This explanatory statement relates to a Government amendment to the Duties (Landholders) Amendment Bill 2012 as introduced in the ACT Legislative Assembly.

Overview of Amendment

This amendment matches the linking threshold, by which entities are linked, with the threshold required to trigger landholder duty, which is 50% in the Bill.  The amendment also improves the consistency of the ACT’s tracing provisions with NSW.

Outline of Provisions
Clause 1 - 	This clause replaces 20% with 50% in section 81 (2) (a) (iii) of the Duties Act 1999.  The effect of this change is that the threshold for linking entities under the tracing provisions is the same as the entitlement threshold required for a relevant acquisition.  It also means that the entitlement threshold for linking entities in the ACT is the same as the threshold in NSW.