Australian Capital Territory
Taxation Administration (Amounts Payable–Duty) Determination 2013 (No 1)
Disallowable instrument DI2013-87
made under the  
Taxation Administration Act 1999, s 139 (Determination of amounts payable under tax laws)
EXPLANATORY STATEMENT

1.	This Disallowable Instrument commences on 5 June 2013.

2.	As part of the 2012-13 Budget, the Government announced that it would be reforming the Territory’s taxation system.  As part of this package, reform will be undertaken to conveyance duty and insurance duty.  This instrument implements the next stage of the Government’s reforms to conveyance duty, by further reducing the marginal tax rates.

3.	Under section 139 of the Taxation Administration Act 1999, the Minister has the authority to determine, in writing by disallowable instrument, amounts, rates and licence fees applicable for the Duties Act 1999 (Duties Act).

4.	The purpose of this instrument is to implement the Government’s reform agenda resulting from the ACT Taxation Review in relation to changes in amounts of duty payable. 

5.	This instrument determines the amounts of duty payable under various provisions of the Duties Act by specifying:
(a)	the ranges of dutiable amounts of dutiable transactions and the corresponding rates of duty payable for each range; and 
(b)	the rates of duty payable on the relevant amount of certain other specified transactions.

6.	This instrument introduces a new duty rate to residential and commercial conveyance transactions with a total transaction value over $1.65 million. These transactions will now attract a flat duty rate of 5.5 per cent.

7.	For the purposes of section 31 of the Duties Act, column 2 of Table 1, Amounts payable – Duties Act, section 31 (in paragraph 4 of the instrument) determines the amount of duty payable on the ranges of dutiable amounts listed in column 1 of the Table.

8.	For the purposes of various sections of the Duties Act, column 2 of Table 2, Amounts payable – Duties Act, various sections (in paragraph 6 of the instrument) determines the amounts of duty payable for the various sections of the Act as identified in column 1 of the Table.

9.	This instrument revokes Disallowable Instrument DI2012- 220. However, 
DI2012-220 continues to apply to transactions and insurance contracts that occur during the period 1 October 2012 to 4 June 2013 inclusive. 

10.	The changes in this instrument are to the relevant amounts of conveyance duty, as defined in section 4 of the instrument. All other aspects of the instrument remain unchanged.

Authorised by the Treasurer
Andrew Barr MLA